News Brief: Private Equity Fees Hit Record Low in 2025
Summary
Private equity funds raised in 2025 charged the lowest average management fees on record, continuing a multi-year decline. The trend is driven by a tough fundraising environment and a shift of capital towards larger funds.
Key Points
- Record Low Fees: The average management fee for 2025 vintage funds fell to 1.61% of assets, significantly below the traditional 2% benchmark.
- Fundraising Pressure: Managers offered fee discounts to attract capital in a difficult market, though total fundraising volume in 2025 remained steady with 2024.
- Capital Concentration: Nearly 46% of capital raised in 2025 went to the 10 largest funds, up from 34.5% in 2024. Larger funds have lower average fees due to economies of scale.
- Fee Compression Driver: Preqin identifies growing fund sizes as the primary reason for falling fee rates, a trend expected to continue in the near-to-medium term.
- Incentive Fees Muted: Performance-based “carried interest” fees have been subdued due to a slowdown in asset sales (realizations), partly caused by higher financing costs and valuation gaps.
- 2026 Outlook: A potential improvement in the market, including possible interest rate cuts, could revive asset sales and incentive fee collections for managers.
Source: Analysis based on data from Preqin and PitchBook, reported by CNBC’s Inside Alts.
新闻简报：2025年私募股权基金管理费创历史新低
摘要
2025年募资的私募股权基金收取的平均管理费创下历史新低，延续了多年的下降趋势。这一趋势由艰难的募资环境和资金向大型基金集中所驱动。
关键点
- 创纪录的低费率：2025年设立基金的平均管理费降至资产规模的1.61%，显著低于传统的2%标准。
- 募资压力：在困难的市场环境中，基金管理人为吸引资金提供了费用折扣，尽管2025年总募资额与2024年基本持平。
- 资金集中：2025年募集的资金中，近46%流向了前十大基金，高于2024年的34.5%。大型基金因规模经济而平均费率更低。
- 费率压缩动因：Preqin指出，基金规模不断扩大是费率下降的主要原因，预计这一趋势将在中短期内持续。
- 绩效报酬低迷：基于业绩的”超额收益提成”因资产出售（退出）放缓而受到抑制，部分原因是融资成本上升和估值差距。
- 2026年展望：市场的潜在改善，包括可能的降息，可能会重启资产出售，增加管理人的绩效报酬收入。
来源：基于Preqin和PitchBook的数据分析，由CNBC的Inside Alts通讯报道。
Original Article Link: https://www.cnbc.com/2026/01/06/private-equity-management-fees-new-low.html