Top private equity buyout groups have been unable to sell Chinese portfolio companies for the second year in a row, as they struggle to cash out of their earlier investments in the world’s second-largest economy.
Ten of the biggest buyout firms with investments in China including KKR, Blackstone and CVC had zero publicly disclosed complete divestments from mainland Chinese portfolio companies in 2025, according to data from providers PitchBook and Dealogic.
Private equity globally has struggled to sell its investments and reap the blockbuster gains of the past as higher interest rates depress valuations and firms face a more mature, competitive industry.
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