根据凯雷集团最新报告，2025年第三季度全球并购基金向有限合伙人返还215亿美元资本，创下自2021年第四季度以来单季度最高分配纪录。这家私募股权巨头指出："虽然2025年完全退出项目仍然进展缓慢，但股息资本重组和延续基金领域的活跃表现，使基金管理人得以向投资者返还资金。"
在股息资本重组操作中，投资组合公司通过新增债务向股东派发股息；而延续基金则从原有基金收购资产，为原投资者提供变现渠道。凯雷预计并购基金分配节奏将持续活跃，因基金管理人正受益于"强劲"的信贷市场环境，且在"资产账面价值连续三年高于实际退出倍数"后，通过出售资产获取必要回报的能力显著提升。
（注：本文根据公开市场信息整理，不构成任何投资建议）
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.