Contents
Methodology
2
Foreword
3
Introduction
4
Key findings
6
Deal environment
8
The impact of technology
14
Sector focus
15
Fund trends
20
LP co-investments
23
North America spotlight
24
Private credit
26
EMEA spotlight
30
Alternative liquidity solutions
32
Antitrust and national security
39
Asia-Pacific spotlight
42
Conclusion
44
Key takeaways
45
Methodology In July 2025, Mergermarket , on behalf of Dechert LLP, surveyed 100 senior-level executives at different private equity firms based in North America (45%), EMEA (35%) and Asia-Pacific (20%). In order to qualify for inclusion, the firms all needed to have US$2.5 billion or more in assets under management, and respondents could not be first-time fund managers. The survey included a combination of qualitative and quantitative questions, and all interviews were conducted over the telephone by appointment. Results were analyzed and collated by Mergermarket , and all responses are anonymized and presented in aggregate.
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