Since 2020, Mergermarket and Dechert have conducted annual studies of senior-level PE executives to take the pulse of the industry and its prospects in the coming year. Their 2025 Global Private Equity Outlook (Report) found that, although the volume and value of PE transactions are likely to exceed last year’s levels, PE sponsors are facing ongoing challenges exiting investments and – partly as a result – raising new funds. This article discusses those findings and the portions of the Report covering return expectations, fees and other fund trends; co‑investments; investment exits and other liquidity events; GP‑led secondaries; private credit; and responsible investing. See our two-part series on Dechert and Mergermarket’s 2024 PE survey: “Navigating Fundraising and Regulatory Headwinds” (Jan. 25, 2024); and “Parsing the Ongoing Growth of GP‑Led Transactions and Other Sectors” (Feb. 8, 2024).