* Private equity returned fewer profits to investors for a fourth straight year as the industry sat on $3.8 trillion of unsold assets and struggled to raise money for new funds.

* Distributions as a percentage of net asset value remained at 14% last year — the second-lowest level since the depths of the 2008 financial crisis.

* Fundraising tumbled 16% in 2025 to $395 billion - the fourth straight year of declines - even as investors devoted more capital to vehicles focused on infrastructure and secondaries.