Report: China's private equity market's exit scale in 2025 reaches a new high since 2022.

On April 21, Bain & Company released the "2026 China Private Equity Market Report," which shows that in 2025, the Chinese private equity market continued its recovery trend, with investment transaction volume and value increasing for the second consecutive year and exit sizes reaching a new high since 2022. The report points out that in the Chinese private equity market, investment transaction volume and value have continued to increase for the second consecutive year, with growth investments accounting for approximately 55% of the total transactions. The amount and number of controlling investments have been steadily increasing, reflecting investors' shift towards controlling investments in pursuit of more stable cash flow and stronger performance control. In 2025, exit activities rebounded strongly, reaching a new high since 2022. The total exit transaction volume surged to approximately $53 billion, a significant increase from around $17 billion in 2023 and $46 billion in 2024. In early 2025, transactions between private equity funds became the main exit strategy, and IPO exits gradually picked up momentum starting in the second quarter.