贝恩公司最新发布的《2026年中国私募股权市场报告》显示，2025年中国私募股权市场延续复苏态势，投资交易量与交易额连续第二年保持增长，退出规模创下2022年以来新高。

在中国私募股权市场，投资回报表现仍是核心指标。资金持续向优质资产集中，投资者在交易搜寻、投前评估与投后管理等环节更趋谨慎。

贝恩公司全球合伙人、大中华区私募股权基金业务主席周浩表示：“私募股权市场的复苏进程已经启动，但呈现结构分化、择优配置的特征。资金正流向少数优质资产，尤其集中在投资者对行业主题有明确判断、并能主动推动投后价值创造的领域。”

投资活动整体保持平稳，但投资标的筛选更为严格。投资交易量与交易额连续第二年保持增长，其中成长型投资约占交易总额的55%。控股型投资的交易金额与数量持续攀升，反映投资者为追求更稳定现金流与更强业绩掌控力，正持续向控股型投资转型。

2025年，退出活动强劲反弹，创下2022年以来新高。退出交易总额猛增至约530亿美元，较2023年约170亿美元、2024 年460亿美元大幅攀升。2025年初，私募基金间交易成为退出主力，二季度起IPO退出势头逐渐回升。

募资形势依旧严峻，投资回报表现仍是核心指标。聚焦中国市场的美元基金募资规模仍处于低位，而人民币基金则呈现上升趋势，成为募资的主要增长极。同时，募集资金的流向，越来越集中于头部优质基金，头部基金公司的募资额占比持续提升。

此外，资本持续向半导体、先进技术及医药等赛道集中，估值倍数因此小幅抬升。

报告指出，投资者的行为模式在不断变化。有限合伙人（LP）的参与度显著提升，积极投资更多超大额交易，并优化全球配置；同时，本土普通合伙人（GP）持续将约 20%-30%的资金配置于海外市场，充分发挥中国市场布局、供应链优势以及投资组合的协同资源。

贝恩公司全球合伙人、大中华区兼并收购业务主席郑思远表示，“随着私募市场的不断发展，成功的门槛也日益提高。投资交易须以投资逻辑为导向，挖掘独家交易机会，聚焦创始人主导控股型投资、业务分拆、跨境控股交易等复杂的交易机会。”

在目前的进入估值倍数与杠杆水平下，实现目标收益率所需的盈利增速远高于以往。正如贝恩提出的全新经验法则——“12 is the new 5”（12%增长成为新基准），如今要实现20%以上的内部收益率，年均EBITDA增速需达到约12%，相比十年前仅需5%左右的增速大幅提升。

贝恩公司全球合伙人陈捷指出：“在当前市场环境下，打造差异化竞争力变得至关重要。头部机构将深厚行业专长、严格投前评估与深入投后管理相结合，并在找投管退全周期始终保持高效执行力，从而构筑核心护城河。”

展望未来，募资预计将继续向头部优质基金集中，资本竞争加剧，头部与中型私募机构的差距持续拉大。唯有具备差异化优势、深耕特定赛道、拥有可复制模式的GP，才能在募资中占据优势，并实现业绩领跑。

贝恩认为，尽管市场仍面临阻力，但退出环境持续改善、资本供给保持充裕，将为具备优势的投资者带来优质投资机会。那些能驾驭市场波动、保持高效执行的私募机构，有望在未来数年收获最大红利。

Greater China's private equity (PE) market continued to recover in 2025, with deal volume and value increasing for a second consecutive year and exits reaching its highest level since 2022, according to Bain & Company's 2026 Greater China Private Equity Report.

China's PE market remains performance-driven. Capital is concentrating in higher-quality assets, and investors are applying greater discipline in how they source, underwrite and manage investments.

"Recovery is underway, but it is uneven and highly selective," said Hao Zhou, head of Bain's Greater China PE practice. "We are seeing capital flow to a narrower set of opportunities, particularly where investors have clear conviction on sector themes and the ability to actively drive outcomes post-investment."

Deal activity remained stable but selective. Both deal volume and value increased for a second consecutive year, with growth investments accounting for around 55% of total deal value. Buyout activity continued to rise in both value and volume, reflecting a sustained shift toward control deals as investors seek more predictable cash flows and greater influence over performance.

Fundraising remained difficult and performance-driven. Greater China–focused USD-denominated fundraising stayed low, while RMB-denominated funds continued to grow and became the dominant source of new capital. At the same time, fundraising became more concentrated among top-performing managers, with leading firms capturing a growing share of total capital raised.

Exit activity rebounded in 2025, reaching its highest point since 2022. Total exit value rose to approximately $53 billion, up from about $17 billion in 2023 and $46 billion in 2024. Secondary transactions drove activity early in the year, while IPOs gained momentum from the second quarter onward.

Multiples experienced a slight increase as capital concentrated in sectors such as semiconductors, advanced technology and pharmaceuticals.

Investor behavior continued to evolve. Limited partners (LPs) became more actively involved, backing an increasing number of mega-deals and refining global exposure. At the same time, domestic GPs continued to allocate approximately 20–30% of capital internationally, leveraging access to the China market, supply chain advantages and portfolio connections.

As the market evolves, the requirements for success are becoming more demanding. Deal making must be more thesis-driven and more proprietary, with a focus on complex opportunities such as founder-led buyouts, carve-outs and cross-border control transactions. At current entry multiples and leverage levels, achieving target returns requires significantly stronger earnings growth than in the past – what many investors describe as "12 is the new 5", meaning delivering 20%+ IRR now requires approximately 12% annual EBITDA growth vs. 5% a decade ago.

"In this environment, differentiation is becoming critical," said Stanley Chen, partner at Bain & Company. "Leading firms are combining deep sector expertise with more rigorous underwriting and hands-on portfolio management. The ability to execute consistently across the investment lifecycle – from sourcing to exit – is becoming a key differentiator."

Looking ahead, fundraising is expected to remain selective, with competition for capital intensifying and a growing gap between leading and mid-tier firms. Only differentiated, deep-sector GPs with a repeatable model will be best positioned to raise capital and outperform.

Despite ongoing headwinds, improving exit conditions and continued availability of capital suggest that the current environment may present attractive opportunities for well-positioned investors. Firms that can navigate volatility and execute consistently are likely to benefit most in the coming years.