Kroll：2025年创造价值归因白皮书（英文版）

Until recently, private equity (PE) investors have greatly benefited from historically low interest rates. Throughout 2022 and 2023, interest rates rose significantly. This new interest rate environment results in major impacts on value creation for PE investments. There is a three-fold impact in the new interest rate environment. First, debt capacity is reduced, which reduces the magnitude of potential leveraged returns. Second, more of each debt payment during the expected holding period go