Private Equity picked up pace in 2025, yet beneath the headline recovery lies an uncomfortable reality: distributions remain depressed, exits are scarce, and holding periods have reached record highs. This article examines the structural liquidity challenges facing the asset class - from a decade-high investment-to-exit ratio to more than 16,000 companies held for over four years - and explores why disciplined company selection in non-cyclical sectors is proving essential. Oliver Schumann, Senior Managing Director and Chairman of the Private Equity Investment Committee, shares the firm's approach to navigating the current environment.
Article available in Spanish.