{"id":53118,"date":"2026-02-23T10:06:53","date_gmt":"2026-02-23T10:06:53","guid":{"rendered":"https:\/\/www.globalresearch.co.kr\/insight\/global-private-equity-market-mordor\/"},"modified":"2026-09-25T00:24:56","modified_gmt":"2026-09-24T15:24:56","slug":"global-private-equity-market-mordor","status":"publish","type":"post","link":"https:\/\/www.globalresearch.co.kr\/insight\/global-private-equity-market-mordor\/","title":{"rendered":"\uc138\uacc4\uc758 \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc810\uc720\uc728 \ubd84\uc11d &#8211; \uc131\uc7a5 \ub3d9\ud5a5 \ubc0f \uc804\ub9dd (2026-2031\ub144)"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.globalresearch.co.kr\/insight\/wp-content\/uploads\/2026\/02\/global-private-equity-market-1768574572955-major-players.webp\" alt=\"Chart\" class=\"aligncenter size-full\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.globalresearch.co.kr\/insight\/wp-content\/uploads\/2026\/02\/global-private-equity-market-size-image-1768581269560.webp\" alt=\"Chart\" class=\"aligncenter size-full\" \/><\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-0\">1. \uc11c\ub860<\/p>\n<ul>\n<li class=\"toc-level-2\">1.1 \uc5f0\uad6c \uac00\uc815 \ubc0f \uc2dc\uc7a5 \uc815\uc758<\/li>\n<li class=\"toc-level-2\">1.2 \uc5f0\uad6c \ubc94\uc704<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-1\">2. \uc5f0\uad6c \ubc29\ubc95\ub860<\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-2\">3. \uc694\uc57d<\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-3\">4. \uc2dc\uc7a5 \ud658\uacbd<\/p>\n<ul>\n<li class=\"toc-level-2\">4.1 \uc2dc\uc7a5 \uac1c\uc694<\/li>\n<li class=\"toc-level-2\">4.2 \uc2dc\uc7a5 \ub3d9\uc778\n<ul>\n<li class=\"toc-level-3\">4.2.1 \ubc30\uce58\ub97c \uae30\ub2e4\ub9ac\ub294 \uae30\ub85d\uc801\uc778 \ub4dc\ub77c\uc774\ud30c\uc6b0\ub354 \uc794\uc561<\/li>\n<li class=\"toc-level-3\">4.2.2 \uc5f0\uae30\uae08 \ubc0f \uad6d\ubd80\ud380\ub4dc \ud22c\uc790\uc790\ub4e4\uc758 \ub300\uccb4 \ud22c\uc790 \ube44\uc911 \uc99d\uac00<\/li>\n<li class=\"toc-level-3\">4.2.3 \uc6b4\uc601 \uac00\uce58 \ucc3d\ucd9c \uc804\ubb38\uc131\uc5d0 \ub300\ud55c \ub514\uc9c0\ud138 \uc804\ud658 \uc218\uc694<\/li>\n<li class=\"toc-level-3\">4.2.4 \uc900\uc720\ub3d9\uc131 \/ 401(k) \uad6c\uc870\ub97c \ud1b5\ud55c \uac1c\uc778 \ud22c\uc790\uc790 \uc811\uadfc<\/li>\n<li class=\"toc-level-3\">4.2.5 \uc9c0\uc18d \ubc0f \uc138\ucee8\ub354\ub9ac \ud380\ub4dc\ub97c \ud1b5\ud55c \uc720\ub3d9\uc131 \ud655\ubcf4 (\uc8fc\ubaa9\ubc1b\uc9c0 \ubabb\ud558\ub294)<\/li>\n<li class=\"toc-level-3\">4.2.6 \ud380\ub4dc \ub2e8\uc704 \ud1a0\ud070\ud654\ub97c \ud1b5\ud55c \ubd80\ubd84 \uc18c\uc720\uad8c \uac00\ub2a5 (\uc8fc\ubaa9\ubc1b\uc9c0 \ubabb\ud558\ub294)<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">4.3 \uc2dc\uc7a5 \uc81c\uc57d\n<ul>\n<li class=\"toc-level-3\">4.3.1 \uace0\uae08\ub9ac\ub85c \uc778\ud55c \uc790\uae08 \uc870\ub2ec \ube44\uc6a9 \uc99d\uac00<\/li>\n<li class=\"toc-level-3\">4.3.2 \ub9e4\uc218-\ub9e4\ub3c4 \ud638\uac00 \ud3c9\uac00 \uaca9\ucc28\ub85c \uc778\ud55c \uc5d1\uc2dc\ud2b8 \uc5b5\uc81c<\/li>\n<li class=\"toc-level-3\">4.3.3 \ub354\uc6b1 \uc5c4\uaca9\ud574\uc9c4 ESG \ubc0f \uc601\ud5a5 \ubcf4\uace0 \uaddc\uc815 \uc900\uc218 \ubd80\ub2f4 (\uc8fc\ubaa9\ubc1b\uc9c0 \ubabb\ud558\ub294)<\/li>\n<li class=\"toc-level-3\">4.3.4 AIFMD II \ubc0f \ub3d9\ub4f1\ud55c \ub370\uc774\ud130 \ud22c\uba85\uc131 \uc758\ubb34 (\uc8fc\ubaa9\ubc1b\uc9c0 \ubabb\ud558\ub294)<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">4.4 \uac00\uce58 \/ \uacf5\uae09\ub9dd (\uac70\ub798 \uc8fc\uae30) \ubd84\uc11d<\/li>\n<li class=\"toc-level-2\">4.5 \uaddc\uc81c \ud658\uacbd<\/li>\n<li class=\"toc-level-2\">4.6 \uae30\uc220 \uc804\ub9dd<\/li>\n<li class=\"toc-level-2\">4.7 \ud3ec\ud130\uc758 5\uac00\uc9c0 \uacbd\uc7c1\uc694\uc778 \ubd84\uc11d\n<ul>\n<li class=\"toc-level-3\">4.7.1 \uc2e0\uaddc \uc9c4\uc785\uc790\uc758 \uc704\ud611<\/li>\n<li class=\"toc-level-3\">4.7.2 \uc720\ud55c\ucc45\uc784\uc870\ud569\uc6d0\uc758 \ud611\uc0c1\ub825<\/li>\n<li class=\"toc-level-3\">4.7.3 \ud53c\ud22c\uc790\ud68c\uc0ac\uc758 \ud611\uc0c1\ub825<\/li>\n<li class=\"toc-level-3\">4.7.4 \ub300\uccb4 \uc790\uc0b0 \ud074\ub798\uc2a4\uc758 \uc704\ud611<\/li>\n<li class=\"toc-level-3\">4.7.5 \uacbd\uc7c1 \uac15\ub3c4<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-4\">5. \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc131\uc7a5 \uc608\uce21 (\uac00\uce58, \uc2ed\uc5b5 USD)<\/p>\n<ul>\n<li class=\"toc-level-2\">5.1 \ud380\ub4dc \uc720\ud615\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.1.1 \ubc14\uc774\uc544\uc6c3 &amp; \uc131\uc7a5<\/li>\n<li class=\"toc-level-3\">5.1.2 \ubca4\ucc98 \uce90\ud53c\ud0c8<\/li>\n<li class=\"toc-level-3\">5.1.3 \uba54\uc790\ub2cc &amp; \ubd80\uc2e4\ucc44\uad8c<\/li>\n<li class=\"toc-level-3\">5.1.4 \uc138\ucee8\ub354\ub9ac &amp; \ud380\ub4dc \uc624\ube0c \ud380\ub4dc<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.2 \ubd80\ubb38\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.2.1 \uae30\uc220 (\uc18c\ud504\ud2b8\uc6e8\uc5b4)<\/li>\n<li class=\"toc-level-3\">5.2.2 \ud5ec\uc2a4\ucf00\uc5b4<\/li>\n<li class=\"toc-level-3\">5.2.3 \ubd80\ub3d9\uc0b0 \ubc0f \uc11c\ube44\uc2a4<\/li>\n<li class=\"toc-level-3\">5.2.4 \uae08\uc735 \uc11c\ube44\uc2a4<\/li>\n<li class=\"toc-level-3\">5.2.5 \uc0b0\uc5c5\uc7ac<\/li>\n<li class=\"toc-level-3\">5.2.6 \uc18c\ube44\uc7ac &amp; \uc18c\ub9e4<\/li>\n<li class=\"toc-level-3\">5.2.7 \uc5d0\ub108\uc9c0 &amp; \uc804\ub825<\/li>\n<li class=\"toc-level-3\">5.2.8 \ubbf8\ub514\uc5b4 &amp; \uc5d4\ud130\ud14c\uc778\uba3c\ud2b8<\/li>\n<li class=\"toc-level-3\">5.2.9 \ud1b5\uc2e0<\/li>\n<li class=\"toc-level-3\">5.2.10 \uae30\ud0c0 (\uc6b4\uc1a1 \ub4f1)<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.3 \ud22c\uc790 \uaddc\ubaa8\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.3.1 \ub300\ud615\uc8fc<\/li>\n<li class=\"toc-level-3\">5.3.2 \uc0c1\uc704 \uc911\uacac \uc2dc\uc7a5<\/li>\n<li class=\"toc-level-3\">5.3.3 \ud558\uc704 \uc911\uacac \uc2dc\uc7a5<\/li>\n<li class=\"toc-level-3\">5.3.4 \uc18c\ud615 &amp; SMID<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.4 \uc9c0\uc5ed\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.4.1 \ubd81\ubbf8\n<ul>\n<li class=\"toc-level-4\">5.4.1.1 \uce90\ub098\ub2e4<\/li>\n<li class=\"toc-level-4\">5.4.1.2 \ubbf8\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.1.3 \uba55\uc2dc\ucf54<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-3\">5.4.2 \ub0a8\ubbf8\n<ul>\n<li class=\"toc-level-4\">5.4.2.1 \ube0c\ub77c\uc9c8<\/li>\n<li class=\"toc-level-4\">5.4.2.2 \uc544\ub974\ud5e8\ud2f0\ub098<\/li>\n<li class=\"toc-level-4\">5.4.2.3 \ub0a8\ubbf8 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-3\">5.4.3 \uc544\uc2dc\uc544-\ud0dc\ud3c9\uc591\n<ul>\n<li class=\"toc-level-4\">5.4.3.1 \uc778\ub3c4<\/li>\n<li class=\"toc-level-4\">5.4.3.2 \uc911\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.3.3 \uc77c\ubcf8<\/li>\n<li class=\"toc-level-4\">5.4.3.4 \ud638\uc8fc<\/li>\n<li class=\"toc-level-4\">5.4.3.5 \ub300\ud55c\ubbfc\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.3.6 \ub3d9\ub0a8\uc544\uc2dc\uc544 (\uc2f1\uac00\ud3ec\ub974, \ub9d0\ub808\uc774\uc2dc\uc544, \ud0dc\uad6d, \uc778\ub3c4\ub124\uc2dc\uc544, \ubca0\ud2b8\ub0a8, \ud544\ub9ac\ud540)<\/li>\n<li class=\"toc-level-4\">5.4.3.7 \uc544\uc2dc\uc544-\ud0dc\ud3c9\uc591 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-3\">5.4.4 \uc720\ub7fd\n<ul>\n<li class=\"toc-level-4\">5.4.4.1 \uc601\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.4.2 \ub3c5\uc77c<\/li>\n<li class=\"toc-level-4\">5.4.4.3 \ud504\ub791\uc2a4<\/li>\n<li class=\"toc-level-4\">5.4.4.4 \uc2a4\ud398\uc778<\/li>\n<li class=\"toc-level-4\">5.4.4.5 \uc774\ud0c8\ub9ac\uc544<\/li>\n<li class=\"toc-level-4\">5.4.4.6 \ubca0\ub124\ub8e9\uc2a4 (\ubca8\uae30\uc5d0, \ub124\ub35c\ub780\ub4dc, \ub8e9\uc148\ubd80\ub974\ud06c)<\/li>\n<li class=\"toc-level-4\">5.4.4.7 \ubd81\uc720\ub7fd (\ub374\ub9c8\ud06c, \ud540\ub780\ub4dc, \uc544\uc774\uc2ac\ub780\ub4dc, \ub178\ub974\uc6e8\uc774, \uc2a4\uc6e8\ub374)<\/li>\n<li class=\"toc-level-4\">5.4.4.8 \uc720\ub7fd \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-3\">5.4.5 \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74\n<ul>\n<li class=\"toc-level-4\">5.4.5.1 \uc544\ub78d\uc5d0\ubbf8\ub9ac\ud2b8<\/li>\n<li class=\"toc-level-4\">5.4.5.2 \uc0ac\uc6b0\ub514\uc544\ub77c\ube44\uc544<\/li>\n<li class=\"toc-level-4\">5.4.5.3 \ub0a8\uc544\ud504\ub9ac\uce74<\/li>\n<li class=\"toc-level-4\">5.4.5.4 \ub098\uc774\uc9c0\ub9ac\uc544<\/li>\n<li class=\"toc-level-4\">5.4.5.5 \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-5\">6. \uacbd\uc7c1 \ud658\uacbd<\/p>\n<ul>\n<li class=\"toc-level-2\">6.1 \uc2dc\uc7a5 \uc9d1\uc911\ub3c4<\/li>\n<li class=\"toc-level-2\">6.2 \uc804\ub7b5\uc801 \uc6c0\uc9c1\uc784<\/li>\n<li class=\"toc-level-2\">6.3 \uc2dc\uc7a5 \uc810\uc720\uc728 \ubd84\uc11d<\/li>\n<li class=\"toc-level-2\">6.4 \uae30\uc5c5 \ud504\ub85c\ud544 (\uae00\ub85c\ubc8c \uac1c\uc694, \uc2dc\uc7a5 \uac1c\uc694, \ud575\uc2ec \ubd80\ubb38, \uc7ac\ubb34 \uc815\ubcf4(\uc0ac\uc6a9 \uac00\ub2a5\ud55c \uacbd\uc6b0), \uc804\ub7b5 \uc815\ubcf4, \uc8fc\uc694 \uae30\uc5c5\uc758 \uc2dc\uc7a5 \uc21c\uc704\/\uc810\uc720\uc728, \uc81c\ud488 \ubc0f \uc11c\ube44\uc2a4, \ucd5c\uadfc \uac1c\ubc1c \ud3ec\ud568)\n<ul>\n<li class=\"toc-level-3\">6.4.1 Bain Capital<\/li>\n<li class=\"toc-level-3\">6.4.2 BC Partners<\/li>\n<li class=\"toc-level-3\">6.4.3 Blackstone<\/li>\n<li class=\"toc-level-3\">6.4.4 Brookfield Asset Management<\/li>\n<li class=\"toc-level-3\">6.4.5 Carlyle Group<\/li>\n<li class=\"toc-level-3\">6.4.6 Cinven<\/li>\n<li class=\"toc-level-3\">6.4.7 Clayton Dubilier &amp; Rice<\/li>\n<li class=\"toc-level-3\">6.4.8 CVC Capital Partners<\/li>\n<li class=\"toc-level-3\">6.4.9 EQT AB<\/li>\n<li class=\"toc-level-3\">6.4.10 General Atlantic<\/li>\n<li class=\"toc-level-3\">6.4.11 Hellman &amp; Friedman<\/li>\n<li class=\"toc-level-3\">6.4.12 Insight Partners<\/li>\n<li class=\"toc-level-3\">6.4.13 KKR<\/li>\n<li class=\"toc-level-3\">6.4.14 Neuberger Berman<\/li>\n<li class=\"toc-level-3\">6.4.15 Oaktree Capital Management<\/li>\n<li class=\"toc-level-3\">6.4.16 Partners Group<\/li>\n<li class=\"toc-level-3\">6.4.17 Permira<\/li>\n<li class=\"toc-level-3\">6.4.18 Silver Lake<\/li>\n<li class=\"toc-level-3\">6.4.19 Thoma Bravo<\/li>\n<li class=\"toc-level-3\">6.4.20 TPG Capital<\/li>\n<li class=\"toc-level-3\">6.4.21 Vista Equity Partners<\/li>\n<li class=\"toc-level-3\">6.4.22 Apollo Global Management<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-6\">7. \uc2dc\uc7a5 \uae30\ud68c \ubc0f \ubbf8\ub798 \uc804\ub9dd<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc810\uc720\uc728 \ubd84\uc11d: \uc131\uc7a5 \ub3d9\ud5a5 \ubc0f \uc804\ub9dd (2026-2031)<\/p>\n<p># 1. \uc2dc\uc7a5 \uac1c\uc694 \ubc0f \ubd84\uc11d<\/p>\n<p>\uc0ac\ubaa8\ud380\ub4dc(Private Equity) \uc2dc\uc7a5\uc740 2026\ub144 19\uc870 9,600\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc5d0\uc11c 2031\ub144\uae4c\uc9c0 37\uc870 8,500\uc5b5 \ub2ec\ub7ec\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \uc804\ub9dd\ub418\uba70, \uc608\uce21 \uae30\uac04(2026-2031) \ub3d9\uc548 \uc5f0\ud3c9\uade0 \uc131\uc7a5\ub960(CAGR) 13.65%\uc758 \uacac\uc870\ud55c \uc131\uc7a5\uc744 \ubcf4\uc77c \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \uc774\ub7ec\ud55c \uc131\uc7a5\uc740 2025\ub144 \uc911\ubc18 \uae30\uc900 1\uc870 2\ucc9c\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\ub294 \ubc14\uc774\uc544\uc6c3(Buyout)\uc744 \uc704\ud55c \ub4dc\ub77c\uc774 \ud30c\uc6b0\ub354(Dry Powder, \ubbf8\uc18c\uc9c4 \uc790\uae08), \ub300\uccb4 \uc720\ub3d9\uc131 \uc194\ub8e8\uc158, \uadf8\ub9ac\uace0 \uace0\ud655\uc2e0(high-conviction) \uc139\ud130\uc5d0 \ub300\ud55c \ud22c\uc790 \uc99d\uac00\uc5d0 \ud798\uc785\uc740 \ubc14\uac00 \ud07d\ub2c8\ub2e4.<\/p>\n<p>2022-2023\ub144\uc758 \uac00\uce58 \ud3c9\uac00 \uc555\ucd95 \ubc0f \uc5d1\uc2dc\ud2b8(Exit) \ubcd1\ubaa9 \ud604\uc0c1 \uc774\ud6c4, 2025\ub144\uc5d0\ub294 \uae00\ub85c\ubc8c \uac70\ub798 \uac00\uce58\uac00 3\ubd84\uae30\uae4c\uc9c0 1\uc870 5\ucc9c\uc5b5 \ub2ec\ub7ec\uc5d0 \ub3c4\ub2ec\ud588\uc73c\uba70, \uc5f0\uac04 \ucd1d\uc561\uc740 1\uc870 4\ucc9c\uc5b5 \ub2ec\ub7ec\uc5d0\uc11c 2\uc870 \ub2ec\ub7ec \uc0ac\uc774\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \ubc14\uc774\uc544\uc6c3 \uac70\ub798\uc758 \uc911\uac04 \uc9c4\uc785 \ubc30\uc218\ub294 2024\ub144 11.9\ubc30 EV\/EBITDA\ub85c \uc548\uc815\ud654\ub418\uc5c8\ub294\ub370, \uc774\ub294 \uc790\uae08 \uc870\ub2ec \uc870\uac74\uc774 \uc5b4\ub824\uc6cc\uc84c\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uc6b0\ub7c9 \uc790\uc0b0\uc5d0 \ub300\ud55c \uacbd\uc7c1\uc774 \uce58\uc5f4\ud588\uc74c\uc744 \ubc18\uc601\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc138\ucee8\ub354\ub9ac(Secondaries) \uc2dc\uc7a5\uc740 2025\ub144 \uc0c1\ubc18\uae30\uc5d0 1,030\uc5b5 \ub2ec\ub7ec\uc758 \uac70\ub798\ub7c9\uc744 \uae30\ub85d\ud558\uba70 \uc804\ub144 \ub300\ube44 51% \uc99d\uac00\ud588\uc73c\uba70, \uc5f0\uac04 \ucd1d\uc561\uc740 2,100\uc5b5 \ub2ec\ub7ec\ub97c \ucd08\uacfc\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \ud2b9\ud788 GP \uc8fc\ub3c4(GP-led)\uc758 \ucee8\ud2f0\ub274\uc5d0\uc774\uc158 \ube44\ud788\ud074(Continuation Vehicle)\uc740 2025\ub144 \uc0c1\ubc18\uae30 GP \uc8fc\ub3c4 \uac70\ub798\ub7c9\uc758 87%, \uc2a4\ud3f0\uc11c \uc9c0\uc6d0 \uc5d1\uc2dc\ud2b8\uc758 16-19%\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. 2024\ub144 \uc0c1\ubc18\uae30\uc5d0\ub294 LP(\ucd9c\uc790\uc790)\uc5d0 \ub300\ud55c \ubd84\ubc30\uae08\uc774 \uc790\ubcf8 \uc694\uccad\uc561\uc744 \ucd08\uacfc\ud588\uc73c\ub098, 2018\ub144 \ube48\ud2f0\uc9c0 \ud380\ub4dc\uc758 \uc911\uac04 DPI(\ubd84\ubc30\uae08 \ub300 \ub0a9\uc785\uc790\ubcf8\uae08 \ube44\uc728)\ub294 0.6\ubc30\ub85c, \ud1b5\uc0c1\uc801\uc778 0.8\ubc30\uc5d0\ub294 \ubbf8\uce58\uc9c0 \ubabb\ud588\uc2b5\ub2c8\ub2e4. \uc138\ubbf8-\uc720\ub3d9\uc131(semi-liquid) \uad6c\uc870\uc640 \uc5d0\ubc84\uadf8\ub9b0 \ud380\ub4dc(evergreen funds)\ub97c \ud1b5\ud574 \uac1c\uc778 \ud22c\uc790\uc790\ub4e4\uc758 \uc811\uadfc\uc131\uc774 \ud655\ub300\ub418\uc5c8\uc73c\uba70, 2025\ub144 \ucd1d \uc21c\uc790\uc0b0\uac00\uce58(NAV)\ub294 4,000\uc5b5~4,270\uc5b5 \ub2ec\ub7ec\ub97c \ub118\uc5b4 2023\ub144 \ub9d0 \ub300\ube44 \ub450 \ubc30 \uc99d\uac00\ud588\uace0, \uc138\ucee8\ub354\ub9ac \ud380\ub4dc\ub808\uc774\uc9d5\uc758 18-22%\ub97c \uac1c\uc778 \uc790\uc0b0\uc774 \uae30\uc5ec\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 2. \uc8fc\uc694 \ubcf4\uace0\uc11c \uc694\uc57d<\/p>\n<p>*   \ud380\ub4dc \uc720\ud615\ubcc4: 2025\ub144 \ubc14\uc774\uc544\uc6c3 \uc804\ub7b5\uc774 38.39%\uc758 \uac00\uc7a5 \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud588\uc73c\uba70, \uc138\ucee8\ub354\ub9ac \ubc0f \ud380\ub4dc \uc624\ube0c \ud380\ub4dc(Fund-of-Funds)\ub294 2031\ub144\uae4c\uc9c0 8.84%\uc758 \uac00\uc7a5 \ube60\ub978 CAGR\ub85c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4.<br \/>\n*   \uc139\ud130\ubcc4: 2025\ub144 \uae30\uc220 \uc139\ud130\uac00 32.87%\ub85c \uac00\uc7a5 \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud588\uc73c\uba70, \uc5d0\ub108\uc9c0 \ubc0f \uc804\ub825 \uc139\ud130\ub294 2031\ub144\uae4c\uc9c0 11.38%\uc758 \uac15\ub825\ud55c CAGR\ub85c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4.<br \/>\n*   \ud22c\uc790 \uaddc\ubaa8\ubcc4: 2025\ub144 \ub300\ud615(Large-cap) \uac70\ub798\uac00 34.49%\uc758 \ube44\uc911\uc744 \ucc28\uc9c0\ud588\uc73c\uba70, \ud558\uc704 \ubbf8\ub4e4 \ub9c8\ucf13(Lower Middle Market)\uc740 2031\ub144\uae4c\uc9c0 9.39%\uc758 \uac00\uc7a5 \ube60\ub978 CAGR\ub85c \ud655\uc7a5\ub420 \uac83\uc73c\ub85c \uc608\uce21\ub429\ub2c8\ub2e4.<br \/>\n*   \uc9c0\uc5ed\ubcc4: 2025\ub144 \ubd81\ubbf8\uac00 51.87%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\ub85c \uc120\ub450\ub97c \ub2ec\ub838\uc73c\uba70, \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uc9c0\uc5ed\uc740 2031\ub144\uae4c\uc9c0 7.48%\uc758 \uac00\uc7a5 \ub192\uc740 CAGR\uc744 \uae30\ub85d\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4.<\/p>\n<p># 3. \uae00\ub85c\ubc8c \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \ub3d9\ud5a5 \ubc0f \ud1b5\ucc30<\/p>\n<p> 3.1. \uc131\uc7a5 \ub3d9\ub825 (Drivers)<\/p>\n<p>*   \uae30\ub85d\uc801\uc778 \ub4dc\ub77c\uc774 \ud30c\uc6b0\ub354 \uc794\uc561: 2025\ub144 \uc911\ubc18 \ubc14\uc774\uc544\uc6c3 \ud380\ub4dc\uc758 \ub4dc\ub77c\uc774 \ud30c\uc6b0\ub354\ub294 1\uc870 2\ucc9c\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uba70, \uc774\ub294 \uae08\ub9ac \uc644\ud654\uc640 \ud568\uaed8 \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \uc804\ubc18\uc5d0 \uac78\uccd0 \uc790\ubcf8 \ubc30\ud3ec \uc555\ub825\uc744 \ub192\uc774\uace0 \uac70\ub798 \ud65c\ub3d9\uc744 \uc9c0\uc6d0\ud569\ub2c8\ub2e4. \ud2b9\ud788 \ubbf8\uad6d\uc5d0\uc11c\ub294 2025\ub144 9\uc6d4 \uae30\uc900 8,800\uc5b5 \ub2ec\ub7ec\ub85c \uac10\uc18c\ud558\uc5ec \uc790\ubcf8 \ubc30\ud3ec\uac00 \ud65c\ubc1c\ud574\uc9c0\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4. \uc138\ucee8\ub354\ub9ac \uc804\uc6a9 \ub4dc\ub77c\uc774 \ud30c\uc6b0\ub354\ub294 2025\ub144 3\ubd84\uae30 3,020\uc5b5~3,150\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud574 GP \uc8fc\ub3c4 \uac70\ub798\uc758 \uac00\uaca9 \uacb0\uc815\ub825\uacfc \uac70\ub798\ub7c9\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4. \uc5f0\ub9d0\uae4c\uc9c0 75bp\uc758 \uae08\ub9ac \uc778\ud558\ub85c \uc778\uc218 \uae08\uc735 \ube44\uc6a9\uc774 \ub0ae\uc544\uc838 \uc790\ubcf8 \ubc30\ud3ec\uc758 \uc8fc\uc694 \uc7a5\uc560\ubb3c\uc774 \uc81c\uac70\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc5f0\uae30\uae08 \ubc0f \uad6d\ubd80\ud380\ub4dc\uc758 \ub300\uccb4 \ud22c\uc790 \ube44\uc911 \ud655\ub300: 2025\ub144 \uc5f0\uae30\uae08\uacfc \uad6d\ubd80\ud380\ub4dc\ub294 \uc218\uc775\ub960 \ud5a5\uc0c1 \ubc0f \ub2e4\uac01\ud654\ub97c \uc704\ud574 \uc0ac\ubaa8\ud380\ub4dc \ub178\ucd9c\uc744 \ub298\ub9ac\uac70\ub098 \uc720\uc9c0\ud588\uc73c\uba70, \uc774\ub294 \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5\uc758 \uc7a5\uae30 \uc790\ubcf8 \ud615\uc131\uc744 \uc9c0\uc6d0\ud569\ub2c8\ub2e4. \uc601\uad6d \ub9e8\uc158 \ud558\uc6b0\uc2a4 \ud611\uc57d(Mansion House Accord)\uc740 \ud655\uc815 \uae30\uc5ec\ud615(defined-contribution) \uc5f0\uae08 \uacc4\ud68d\uc774 2030\ub144\uae4c\uc9c0 \uad6d\ub0b4 \uc0ac\ubaa8 \uc2dc\uc7a5\uc5d0 5-10%\ub97c \ud560\ub2f9\ud558\ub3c4\ub85d \uad8c\uc7a5\ud558\uba70 \uc815\ucc45\uc801 \uc9c0\uc6d0\uc744 \ub3c4\uc785\ud588\uc2b5\ub2c8\ub2e4. \uc544\uc2dc\uc544 \uae30\uad00\ub4e4\ub3c4 \uc778\ud504\ub77c \ud22c\uc790\ub97c \ub298\ub838\uc73c\uba70, \uc911\ub3d9 \uad6d\ubd80\ud380\ub4dc\ub294 AI, \ub370\uc774\ud130 \uc13c\ud130, \uce69, \uc2a4\ud3ec\uce20 \uc790\uc0b0\uc5d0 \uc9d1\uc911\ud558\uc5ec \uc804\ub7b5\uc801 \ub2e4\uac01\ud654\ub97c \ucd94\uad6c\ud588\uc2b5\ub2c8\ub2e4. \uac1c\uc778 \uc790\uc0b0\uc758 \uad00\ub828\uc131\ub3c4 \ucee4\uc838 2025\ub144 \uc5d0\ubc84\uadf8\ub9b0 \ud380\ub4dc\uc758 NAV\ub294 4,000\uc5b5 \ub2ec\ub7ec\ub97c \ub118\uc5b4\uc130\uace0, \uc138\ucee8\ub354\ub9ac \ud380\ub4dc\ub808\uc774\uc9d5\uc758 18-22%\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ub514\uc9c0\ud138 \uc804\ud658\uc5d0 \ub530\ub978 \uc6b4\uc601 \uac00\uce58 \ucc3d\ucd9c \uc804\ubb38\uc131 \uc218\uc694: \ubc30\uc218 \ud655\ub300\uac00 \ub454\ud654\ub418\uba74\uc11c \uc6b4\uc6a9\uc0ac\ub4e4\uc740 EBITDA \uc131\uc7a5\uc744 \uc704\ud574 \uc6b4\uc601 \uac00\uce58 \ucc3d\ucd9c, \uae30\uc220 \ud65c\uc131\ud654, AI \ub3c4\uc785\uc73c\ub85c \uc804\ud658\ud588\uc2b5\ub2c8\ub2e4. \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uae30\uc5c5\ub4e4\uc740 2025\ub144 AI \ub3c4\uad6c\ub97c \ube60\ub974\uac8c \ucc44\ud0dd\ud588\uc73c\uba70, \uacbd\uc601\uc9c4\uc740 \uc0dd\uc0b0\uc131 \ubc0f \uc218\uc775 \ud655\ubcf4\ub97c \uc704\ud574 AI \uad00\ub828 \uc18c\ud504\ud2b8\uc6e8\uc5b4 \uc608\uc0b0\uc744 \ub298\ub838\uc2b5\ub2c8\ub2e4. \uc911\uacac \uc0ac\ubaa8\ud380\ub4dc\ub4e4\ub3c4 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc804\ubc18\uc5d0 \uac78\uccd0 \uad11\ubc94\uc704\ud55c AI \uc774\ub2c8\uc154\ud2f0\ube0c\ub97c \ubcf4\uace0\ud588\uc73c\uba70, \uc774\ub294 \ub514\uc9c0\ud138 \uc5ed\ub7c9\uc774 \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5\uc5d0\uc11c \ud575\uc2ec\uc801\uc778 \ucc28\ubcc4\ud654 \uc694\uc18c\uac00 \ub418\uc5c8\uc74c\uc744 \ub098\ud0c0\ub0c5\ub2c8\ub2e4. \uc6b4\uc601 \uac1c\uc120\uc740 \uc5d1\uc2dc\ud2b8 \uc2dc \uce21\uc815 \uac00\ub2a5\ud55c \uc9c0\ubd84 \uac00\uce58 \ud504\ub9ac\ubbf8\uc5c4\uc744 \uac00\uc838\uc624\ubbc0\ub85c, \uae30\uc5c5\ub4e4\uc740 \uc6b4\uc601 \ud30c\ud2b8\ub108 \ubc0f \uc804\ubb38 \uc139\ud130 \ud300\uc5d0 \ud22c\uc790\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ucee8\ud2f0\ub274\uc5d0\uc774\uc158 \ubc0f \uc138\ucee8\ub354\ub9ac \ud380\ub4dc\ub97c \ud1b5\ud55c \uc720\ub3d9\uc131 \ud655\ubcf4: \ucee8\ud2f0\ub274\uc5d0\uc774\uc158 \ube44\ud788\ud074\uacfc GP \uc8fc\ub3c4 \uc138\ucee8\ub354\ub9ac\ub294 2025\ub144 \uac00\uc7a5 \ube60\ub974\uac8c \uc131\uc7a5\ud558\ub294 \uc720\ub3d9\uc131 \ucc44\ub110\ub85c \ubd80\uc0c1\ud558\uc5ec \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \uc804\ubc18\uc758 \ubd84\ubc30\ub97c \uc9c0\uc6d0\ud558\uace0 \uc5d1\uc2dc\ud2b8 \ubcd1\ubaa9 \ud604\uc0c1\uc744 \uc644\ud654\ud588\uc2b5\ub2c8\ub2e4. 2025\ub144 \uc0c1\ubc18\uae30 GP \uc8fc\ub3c4 \uac70\ub798\ub7c9\uc740 470\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\uc73c\uba70, \uc5f0\uac04 1,000\uc5b5 \ub2ec\ub7ec\ub97c \ucd08\uacfc\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \ub300\ubd80\ubd84\uc758 \ub2e8\uc77c \uc790\uc0b0 CV(Continuation Vehicle)\ub294 NAV\uc758 90% \uc774\uc0c1\uc5d0\uc11c \uac70\ub798\ub418\uc5c8\uace0, LP \uc8fc\ub3c4 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub3c4 \ud3c9\uade0 NAV\uc758 94%\uc5d0 \ub3c4\ub2ec\ud558\uc5ec \uac15\ub825\ud55c \uad6c\ub9e4\uc790 \uc218\uc694\ub97c \ubc18\uc601\ud588\uc2b5\ub2c8\ub2e4. \uc804\uc6a9 \ub4dc\ub77c\uc774 \ud30c\uc6b0\ub354\ub294 \uacc4\uc18d \uc99d\uac00\ud588\uc73c\uba70, \uc804\ud1b5\uc801\uc778 LP\uc640 \uac1c\uc778 \ud22c\uc790\uc790 \uc790\uae08\uc774 \ucd94\uac00\ub418\uc5b4 GP \uc8fc\ub3c4 \uacf5\uae09 \ubc0f \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uc7ac\uc870\uc815 \ud761\uc218\ub97c \uc9c0\uc6d0\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc18c\ub9e4 \ud22c\uc790\uc790 \uc811\uadfc\uc131 \ud655\ub300: \uc138\ubbf8-\uc720\ub3d9\uc131 \ubc0f 401(k) \uad6c\uc870\ub97c \ud1b5\ud55c \uc18c\ub9e4 \ud22c\uc790\uc790 \uc811\uadfc\uc131 \ud655\ub300\ub294 \uc7a5\uae30\uc801\uc778 \uc131\uc7a5 \ub3d9\ub825\uc73c\ub85c \uc791\uc6a9\ud569\ub2c8\ub2e4.<br \/>\n*   \ud380\ub4dc \uc720\ub2db\uc758 \ud1a0\ud070\ud654: \ubd84\ud560 \uc18c\uc720\uad8c\uc744 \uac00\ub2a5\ud558\uac8c \ud558\ub294 \ud380\ub4dc \uc720\ub2db\uc758 \ud1a0\ud070\ud654\ub294 \ucd08\uae30 \ub2e8\uacc4\uc774\uc9c0\ub9cc \uc7a5\uae30\uc801\uc73c\ub85c \uc2dc\uc7a5\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce60 \uc7a0\uc7ac\ub825\uc744 \uac00\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p> 3.2. \uc131\uc7a5 \uc81c\uc57d \uc694\uc778 (Restraints)<\/p>\n<p>*   \uace0\uae08\ub9ac\ub85c \uc778\ud55c \ub192\uc740 \uae08\uc735 \ube44\uc6a9: 2024\ub144\uae4c\uc9c0 \ub192\uc740 \ucc28\uc785 \ube44\uc6a9\uc740 \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5\uc5d0\uc11c \ub808\ubc84\ub9ac\uc9c0\ub97c \uac10\uc18c\uc2dc\ud0a4\uace0, \ubd80\ucc44 \uc0c1\ud658 \uc5ec\ub825\uc744 \ucd95\uc18c\ud558\uba70, \ub808\ubc84\ub9ac\uc9c0 \ubc14\uc774\uc544\uc6c3\uc758 \uc218\uc775 \uc7a0\uc7ac\ub825\uc744 \uc555\ucd95\ud588\uc2b5\ub2c8\ub2e4. 2025\ub144 \ud6c4\ubc18\uc5d0 \uae08\ub9ac\uac00 \uc644\ud654\ub418\uae30 \uc2dc\uc791\ud588\uc9c0\ub9cc, 2010-2021\ub144 \uae30\uc900\uc120\ubcf4\ub2e4\ub294 \uc5ec\uc804\ud788 \ub192\uc544 \ub808\ubc84\ub9ac\uc9c0 \uc804\ub7b5\uc5d0 \ub300\ud55c \ud5c8\ub4e4\uc774 \ub192\uc2b5\ub2c8\ub2e4. \uc0ac\ubaa8 \uc2e0\uc6a9 \ucc28\uc785\uc790\uc758 \uc774\uc790 \ubcf4\uc0c1 \ubc30\uc728\uc740 2021\ub144 3.2\ubc30\uc5d0\uc11c 2025\ub144 \uc0c1\ubc18\uae30 1.5\ubc30 \uadfc\ucc98\ub85c \ub5a8\uc5b4\uc84c\uc73c\uba70, \uc774\ub294 \ub300\ucd9c \uad6c\uc870\uc758 \uac15\ud654\uc640 \ubcf4\uc218\uc801\uc778 \uc5b8\ub354\ub77c\uc774\ud305\uc73c\ub85c \uc774\uc5b4\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ub9e4\ub3c4-\ub9e4\uc218\uc790 \uac04 \uac00\uce58 \ud3c9\uac00 \uaca9\ucc28\ub85c \uc778\ud55c \uc5d1\uc2dc\ud2b8 \uc5b5\uc81c: 2025\ub144 \uc5d1\uc2dc\ud2b8 \ud65c\ub3d9\uc774 \uac1c\uc120\ub418\uc5c8\uc74c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, 2021-2022\ub144 \ube48\ud2f0\uc9c0 \uc790\uc0b0\uc5d0 \ub300\ud55c \uac00\uce58 \ud3c9\uac00 \ubd88\uc77c\uce58\uac00 \uc9c0\uc18d\ub418\uc5b4 \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \uc77c\ubd80\uc5d0\uc11c \uc644\uc804\ud55c \uc2e4\ud604\uc744 \ub2a6\ucd94\uace0 \ubd84\ubc30\ub97c \uc704\ucd95\uc2dc\ucf30\uc2b5\ub2c8\ub2e4. \uc9c0\ub09c 3\ub144\uac04 \uc5d1\uc2dc\ud2b8 \ub9c8\ud06c\uc5c5(markup)\uc774 \ucd95\uc18c\ub418\uc5c8\uace0, \ub9ce\uc740 \ub9e4\uac01\uc774 \uc7a5\ubd80\uac00\uce58 \uadfc\ucc98\uc5d0\uc11c \uc774\ub8e8\uc5b4\uc838 \uc5d1\uc2dc\ud2b8 \uc2dc \ubc30\uc218 \ud655\ub300\uc758 \uc5ed\ud560\uc774 \uc904\uc5b4\ub4e4\uc5c8\uc2b5\ub2c8\ub2e4. \uc218\ub9cc \uac1c\uc758 \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uae30\uc5c5\uc774 \ub9e4\uac01 \ub300\uae30 \uc911\uc774\uba70, \uc774 \uc911 3\ubd84\uc758 1\uc740 6\ub144 \uc774\uc0c1 \ubcf4\uc720\ub418\uc5b4 \uc788\uc5b4 2026\ub144\uc5d0\ub3c4 GP \uc8fc\ub3c4 \ub3c4\uad6c\uc758 \uc9c0\uc18d\uc801\uc778 \uc0ac\uc6a9\uc744 \ub4b7\ubc1b\uce68\ud569\ub2c8\ub2e4.<br \/>\n*   \uac15\ud654\ub41c ESG \ubc0f \uc601\ud5a5 \ubcf4\uace0 \uaddc\uc81c: \uc720\ub7fd\uc744 \uc911\uc2ec\uc73c\ub85c \ubd81\ubbf8 \ubc0f \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \ud655\ub300\ub418\ub294 \uc5c4\uaca9\ud55c ESG \ubc0f \uc601\ud5a5 \ubcf4\uace0 \uaddc\uc81c \uc900\uc218 \ubd80\ub2f4\uc740 \uc911\uae30\uc801\uc73c\ub85c \uc2dc\uc7a5\uc5d0 \uc81c\uc57d \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud569\ub2c8\ub2e4.<br \/>\n*   AIFMD II \ubc0f \ub3d9\ub4f1\ud55c \ub370\uc774\ud130 \ud22c\uba85\uc131 \uc758\ubb34: EU\ub97c \uc911\uc2ec\uc73c\ub85c \ud55c AIFMD II \ubc0f \uc720\uc0ac\ud55c \ub370\uc774\ud130 \ud22c\uba85\uc131 \uc758\ubb34\ub294 \uc911\uae30\uc801\uc73c\ub85c \uaddc\uc81c \uc900\uc218 \ube44\uc6a9\uc744 \uc99d\uac00\uc2dc\ud0ac \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 4. \uc138\ubd80 \uc2dc\uc7a5 \ubd84\uc11d<\/p>\n<p> 4.1. \ud380\ub4dc \uc720\ud615\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \ubc14\uc774\uc544\uc6c3 \uc804\ub7b5: 2025\ub144 38.39%\uc758 \uc810\uc720\uc728\uc744 \uae30\ub85d\ud558\uba70 \uba54\uac00-LBO \ubc0f \ubbf8\ub4e4 \ub9c8\ucf13 \ud65c\ub3d9\uc774 \ubc18\ub4f1\ud588\uc2b5\ub2c8\ub2e4. \uc911\uac04 \uc9c4\uc785 \ubc30\uc218\ub294 2024\ub144 11.9\ubc30 EV\/EBITDA\ub85c \uc548\uc815\ud654\ub418\uc5c8\uc73c\uba70, \uc774\ub294 \ud32c\ub370\ubbf9 \uc774\uc804 \uc218\uc900\ubcf4\ub2e4 \ub192\uace0 \uace0\ud488\uc9c8 \ud50c\ub7ab\ud3fc\uc5d0 \ub300\ud55c \uacbd\uc7c1\uc744 \ubc18\uc601\ud569\ub2c8\ub2e4. \uc2e0\ub514\ucf00\uc774\ud2b8\ub860 \uc2dc\uc7a5\uc774 \ub300\uaddc\ubaa8 \uac70\ub798 \ubc0f \uc0c1\uc7a5 \ud3d0\uc9c0 \uac70\ub798\ub97c \uc9c0\uc6d0\ud558\uae30 \uc704\ud574 \uc7ac\uac1c\ub418\uc5c8\uace0, \uc9c1\uc811 \ub300\ucd9c \uae30\uad00\ub3c4 \ud65c\ubc1c\ud558\uac8c \ud65c\ub3d9\ud558\uc5ec \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \uc804\ubc18\uc758 \uc790\uae08 \uc870\ub2ec\uc6d0\uc744 \ub2e4\uac01\ud654\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc138\ucee8\ub354\ub9ac \ubc0f \ud380\ub4dc \uc624\ube0c \ud380\ub4dc: 2031\ub144\uae4c\uc9c0 8.84%\uc758 \uac00\uc7a5 \ube60\ub978 CAGR\ub85c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. 2025\ub144 \uc0c1\ubc18\uae30 \uc138\ucee8\ub354\ub9ac \uac70\ub798\ub7c9\uc740 1,030\uc5b5 \ub2ec\ub7ec\ub85c \uc804\ub144 \ub300\ube44 51% \uc99d\uac00\ud588\uc73c\uba70, GP \uc8fc\ub3c4 \uac70\ub798\uac00 \uc804\uccb4 \uc138\ucee8\ub354\ub9ac \ud65c\ub3d9\uc758 \uc808\ubc18\uc5d0 \uc721\ubc15\ud588\uc2b5\ub2c8\ub2e4. \ub300\ubd80\ubd84\uc758 \ub2e8\uc77c \uc790\uc0b0 \ucee8\ud2f0\ub274\uc5d0\uc774\uc158 \ube44\ud788\ud074\uc740 NAV\uc758 90% \uc774\uc0c1\uc5d0\uc11c \uac70\ub798\ub418\uc5c8\uace0, LP \uc8fc\ub3c4 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub294 \ud3c9\uade0 NAV\uc758 94%\uc5d0 \ub3c4\ub2ec\ud558\uc5ec \uac15\ub825\ud55c \uad6c\ub9e4\uc790 \uc218\uc694\ub97c \ubc18\uc601\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<p> 4.2. \uc139\ud130\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \uae30\uc220: 2025\ub144 \uc139\ud130 \ud65c\ub3d9\uc758 32.87%\ub97c \ucc28\uc9c0\ud588\uc73c\uba70, 4,690\uc5b5 \ub2ec\ub7ec\uc758 \uae00\ub85c\ubc8c TMT(\uae30\uc220, \ubbf8\ub514\uc5b4, \ud1b5\uc2e0) \uc0ac\ubaa8\ud380\ub4dc \ud22c\uc790\uc640 \uace0\ud488\uc9c8 \uc18c\ud504\ud2b8\uc6e8\uc5b4 \ubc0f AI \uc790\uc0b0\uc5d0 \ub300\ud55c \ub192\uc740 \uac00\uce58 \ud3c9\uac00\uc5d0 \ud798\uc785\uc5c8\uc2b5\ub2c8\ub2e4. 2025\ub144 3\ubd84\uae30\uae4c\uc9c0 1,608\uc5b5~1,930\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\ub294 AI \ubc0f \uba38\uc2e0\ub7ec\ub2dd \uc790\uae08 \uc870\ub2ec\uc740 \ubca4\ucc98 \uac70\ub798 \uac00\uce58\uc758 \ub300\ubd80\ubd84\uc744 \ucc28\uc9c0\ud558\uba70, AI\uc5d0 \uc9d1\uc911\ub418\ub294 \uc790\ubcf8\uc758 \uaddc\ubaa8\ub97c \ubcf4\uc5ec\uc8fc\uc5c8\uc2b5\ub2c8\ub2e4. \ud558\uc774\ud37c\uc2a4\ucf00\uc77c\ub7ec(Hyperscaler)\ub4e4\uc740 2025\ub144 4,150\uc5b5 \ub2ec\ub7ec\ub97c \uc9c0\ucd9c\ud55c \ud6c4 2026\ub144 CAPEX \uacc4\ud68d\uc744 \ub298\ub838\uc73c\uba70, \ub300\ubd80\ubd84\uc744 \ub370\uc774\ud130 \uc13c\ud130, \uce69, \uc804\ub825 \uc2dc\uc2a4\ud15c \ubc0f \uc5f0\uacb0\uc131\uc744 \ud3ec\ud568\ud55c AI \uc778\ud504\ub77c\uc5d0 \ud22c\uc790\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc5d0\ub108\uc9c0 \ubc0f \uc804\ub825: 2031\ub144\uae4c\uc9c0 11.38%\uc758 \uac00\uc7a5 \ube60\ub978 CAGR\ub85c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\uba70, \uc804\ub825\ud654, \uadf8\ub9ac\ub4dc \ud655\uc7a5, AI \uad00\ub828 \uc804\ub825 \uc218\uc694\uc5d0 \uc758\ud574 \uc8fc\ub3c4\ub429\ub2c8\ub2e4. 2025\ub144 \uae00\ub85c\ubc8c \uc804\ub825 \ud22c\uc790\ub294 3\uc870 3\ucc9c\uc5b5 \ub2ec\ub7ec\uc5d0 \uc721\ubc15\ud588\uc73c\uba70, \ub300\ubd80\ubd84 \uc7ac\uc0dd \uc5d0\ub108\uc9c0, \uc800\uc7a5 \uc7a5\uce58 \ubc0f \uadf8\ub9ac\ub4dc \ucd5c\uc801\ud654\uc5d0 \ud560\ub2f9\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \ub370\uc774\ud130 \uc13c\ud130 \uc804\ub825 \uc218\uc694\ub294 2030\ub144\uae4c\uc9c0 \ucd5c\uc18c \ub450 \ubc30 \uc99d\uac00\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\uba70, \uc8fc\uc694 \ud074\ub77c\uc6b0\ub4dc \uc81c\uacf5\uc5c5\uccb4\ub294 \uc774\ub7ec\ud55c \uc790\uc0b0\uc5d0 \ub300\ud55c \uccad\uc815 \uc5d0\ub108\uc9c0 \uacc4\uc57d\uc758 \ub300\ubd80\ubd84\uc744 \ucc28\uc9c0\ud569\ub2c8\ub2e4.<\/p>\n<p> 4.3. \ud22c\uc790 \uaddc\ubaa8\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \ub300\ud615 \uac70\ub798 (Large-cap): 2025\ub144 10\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc758 \ub300\ud615 \uac70\ub798\uac00 34.49%\uc758 \uc810\uc720\uc728\uc744 \uae30\ub85d\ud588\uc73c\uba70, \uc0c1\uc7a5 \ud3d0\uc9c0(public-to-private) \uac70\ub798\uac00 \uc7ac\uac1c\ub418\uace0 \uc2a4\ud3f0\uc11c \uac04 \ub9e4\uac01\uc774 \uc99d\uac00\ud588\uc2b5\ub2c8\ub2e4. 2025\ub144 3\ubd84\uae30 \uc2e0\ub514\ucf00\uc774\ud2b8\ub860 \ubc1c\ud589\uc740 \ubd84\uae30\ubcc4 \ucd5c\uace0\uce58\ub97c \uae30\ub85d\ud588\uc73c\uba70, \uc9c1\uc811 \ub300\ucd9c \uae30\uad00\ub3c4 \uc0c1\ub2f9\ud55c \uc790\uae08 \uc870\ub2ec \ub2a5\ub825\uc744 \uc81c\uacf5\ud558\uc5ec \ubcf4\uc218\uc801\uc778 \ub808\ubc84\ub9ac\uc9c0\ub85c \ub300\uaddc\ubaa8 LBO\ub97c \uc9c0\uc6d0\ud588\uc2b5\ub2c8\ub2e4. 550\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 Electronic Arts \uc0c1\uc7a5 \ud3d0\uc9c0 \uac70\ub798\ub294 LBO\uc758 \uc0c8\ub85c\uc6b4 \ucd5c\uace0 \uae30\ub85d\uc744 \uc138\uc6e0\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ud558\uc704 \ubbf8\ub4e4 \ub9c8\ucf13 (Lower Middle Market): 2031\ub144\uae4c\uc9c0 9.39%\uc758 \uac00\uc7a5 \ube60\ub978 CAGR\ub85c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\uba70, \uc57d 7.7\ubc30 EV\/EBITDA\uc758 \uc9c4\uc785 \ubc30\uc218, \ub0ae\uc740 \ub808\ubc84\ub9ac\uc9c0, \uadf8\ub9ac\uace0 \ub192\uc740 \uc6b4\uc601 \ubbfc\ucca9\uc131\uc5d0 \ud798\uc785\uc5c8\uc2b5\ub2c8\ub2e4. \uc11c\ube44\uc2a4 \uc9c0\ud5a5\uc801\uc778 \uc218\uc775 \ubaa8\ub378\uc740 \ubb34\uc5ed \ubc0f \uc790\ubcf8 \uc2dc\uc7a5 \uc8fc\uae30\uc5d0 \ub300\ud55c \ub178\ucd9c\uc744 \uc904\uc5ec \uacf5\uacf5 \uc2dc\uc7a5\uc774 \ubd88\uc548\uc815\ud560 \ub54c\ub3c4 \uac70\ub798 \ud750\ub984\uc744 \uc720\uc9c0\ud558\ub294 \ub370 \ub3c4\uc6c0\uc774 \ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 5. \uc9c0\uc5ed\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \ubd81\ubbf8: 2025\ub144 51.87%\uc758 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \ucc28\uc9c0\ud588\uc73c\uba70, 2025\ub144 9\uc6d4 \uae30\uc900 8,800\uc5b5 \ub2ec\ub7ec\uc758 \ub4dc\ub77c\uc774 \ud30c\uc6b0\ub354(2024\ub144 12\uc6d4 1\uc870 3\ucc9c\uc5b5 \ub2ec\ub7ec\uc5d0\uc11c \uac10\uc18c)\uc5d0 \ud798\uc785\uc5c8\uc2b5\ub2c8\ub2e4. 2025\ub144 \uc0c1\ubc18\uae30 \ubbf8\uad6d \uc0ac\ubaa8\ud380\ub4dc \uac70\ub798 \uac00\uce58\ub294 \uc804\ub144 \ub300\ube44 8% \uc99d\uac00\ud55c 1,950\uc5b5 \ub2ec\ub7ec\ub97c \ub118\uc5b4\uc130\uc73c\uba70, \ubd81\ubbf8 \uc2a4\ud3f0\uc11c\ub4e4\uc774 \uba54\uac00 \uac70\ub798\ub97c \uc8fc\ub3c4\ud588\uc2b5\ub2c8\ub2e4. TMT \uc139\ud130\ub294 2025\ub144 3\ubd84\uae30\uae4c\uc9c0 2,859\uc5b5 \ub2ec\ub7ec\uc758 \uc0ac\ubaa8\ud380\ub4dc \ud22c\uc790\ub97c \uc720\uce58\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591: 2031\ub144\uae4c\uc9c0 7.48%\uc758 \uac00\uc7a5 \ube60\ub978 CAGR\ub85c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\uba70, \uc778\ub3c4\uc758 \uc804\ub144 \ub300\ube44 73% \uac70\ub798 \uac00\uce58 \uae09\uc99d\uacfc \uc77c\ubcf8\uc758 155% \uc99d\uac00\uc5d0 \ud798\uc785\uc5c8\uc2b5\ub2c8\ub2e4. 2025\ub144 3\ubd84\uae30\uae4c\uc9c0 \ucd1d \ud22c\uc790 \ud65c\ub3d9\uc740 750\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\uc73c\uba70, \uc778\ub3c4\uc640 \uc77c\ubcf8\uc774 60%\ub97c \uae30\uc5ec\ud588\uc2b5\ub2c8\ub2e4. \uc778\ub3c4\uc758 \uc131\uc7a5\uc740 SaaS \ud50c\ub7ab\ud3fc, \ud5ec\uc2a4\ucf00\uc5b4, \uc0dd\uba85 \uacfc\ud559 \ubc0f \uc720\ub9ac\ud55c IPO \uc2dc\uc7a5\uc5d0 \uc758\ud574 \uc8fc\ub3c4\ub429\ub2c8\ub2e4.<br \/>\n*   \uc720\ub7fd: 2025\ub144 3\ubd84\uae30 \uc720\ub7fd \uc0ac\ubaa8\ud380\ub4dc \uac70\ub798 \uac00\uce58\ub294 1,770\uc5b5 \uc720\ub85c(2,082\uc5b5 \ub2ec\ub7ec)\uc5d0 \ub2ec\ud558\uc5ec 2\ubd84\uae30 \ub300\ube44 25% \uc99d\uac00\ud588\uc73c\uba70, 10\uc5b5 \uc720\ub85c(11\uc5b5 8\ucc9c\ub9cc \ub2ec\ub7ec)\ub97c \ucd08\uacfc\ud558\ub294 \uba54\uac00\ub51c\uc774 \uc804\uccb4 \uac00\uce58\uc758 32%\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. \ud5ec\uc2a4\ucf00\uc5b4 \ud65c\ub3d9\uc740 590\uc5b5 \ub2ec\ub7ec\ub85c \ub450 \ubc30 \uc99d\uac00\ud588\uc73c\uba70, Verisure IPO\ub294 \uc720\ub7fd \uc0ac\ubaa8\ud380\ub4dc \uc9c0\uc6d0 IPO \uc911 \uac00\uc7a5 \ud070 32\uc5b5 \uc720\ub85c\ub97c \uc870\ub2ec\ud588\uc2b5\ub2c8\ub2e4. AIFMD II \ubc0f ELTIF 2.0\uc744 \ud3ec\ud568\ud55c \uaddc\uc81c \ubcc0\uacbd\uc740 \uad6d\uacbd \uac04 \ud22c\uc790\ub97c \uac15\ud654\ud558\ub294 \uac83\uc744 \ubaa9\ud45c\ub85c \ud569\ub2c8\ub2e4.<br \/>\n*   \ub0a8\ubbf8 \ubc0f \uc911\ub3d9 &#038; \uc544\ud504\ub9ac\uce74: \uc120\ubcc4\uc801\uc778 \uc131\uc7a5\uc744 \ubcf4\uc785\ub2c8\ub2e4. \ub77c\ud2f4 \uc544\uba54\ub9ac\uce74\ub294 39\uac1c\uc758 \uc720\ub2c8\ucf58 \uae30\uc5c5\uacfc 60\uac1c \uc774\uc0c1\uc758 \uae30\uc220 \uae30\uc5c5\uc774 \uc720\ub3d9\uc131 \uc774\ubca4\ud2b8\ub97c \uc55e\ub450\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ube0c\ub77c\uc9c8\uc740 \uc2a4\ud14c\uc774\ube14\ucf54\uc778 \ucc44\ud0dd\uc744 \uc8fc\ub3c4\ud558\uace0 \uc788\uc73c\uba70, \ub098\uc774\uc9c0\ub9ac\uc544\uc758 \ud540\ud14c\ud06c \uc0dd\ud0dc\uacc4\ub294 \uc8fc\ubaa9\ud560 \ub9cc\ud55c \uc778\uc218\ub97c \ud1b5\ud574 \uc131\uc219\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc911\ub3d9\uc740 \uc778\ud504\ub77c \ubc0f \uc5d0\ub108\uc9c0 \uc804\ud658 \uc790\ubcf8\uc744 \uc720\uce58\ud558\uace0 \uc788\uc73c\uba70, \uad6d\ubd80\ud380\ub4dc\ub294 \uc804 \uc138\uacc4\uc801\uc73c\ub85c \uadf8\ub9ac\uace0 \uad6d\ub0b4\uc801\uc73c\ub85c \uacf5\ub3d9 \ud22c\uc790\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 6. \uacbd\uc7c1 \ud658\uacbd<\/p>\n<p>\uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5\uc740 \uae00\ub85c\ubc8c \uc218\uc900\uc5d0\uc11c \ud30c\ud3b8\ud654\ub418\uc5b4 \uc788\uc9c0\ub9cc, LP\ub4e4\uc774 \ub354\uc6b1 \uc120\ubcc4\uc801\uc73c\ub85c \ubcc0\ud558\uace0 \uc790\ubcf8\uc774 \uac80\uc99d\ub41c \ud50c\ub7ab\ud3fc\uc5d0 \uc9d1\uc911\ub418\uba74\uc11c \ub300\uaddc\ubaa8 \uc6b4\uc6a9\uc0ac\ub4e4 \uac04\uc758 \uacbd\uc7c1\uc774 \uc2ec\ud654\ub418\uc5c8\uc2b5\ub2c8\ub2e4. \uc9c0\ub09c 5\ub144\uac04 \ub300\uaddc\ubaa8 \uc6b4\uc6a9\uc0ac\ub4e4\uc740 \uc774\uc804 \uae30\uac04\ubcf4\ub2e4 \ub354 \uc790\uc8fc \ub3d9\uc885 \uc5c5\uccb4\ub97c \uc778\uc218\ud588\uc73c\uba70, \uc774\ub294 \uc9c0\uc18d\uc801\uc778 \ud380\ub4dc\ub808\uc774\uc9d5 \ubc0f \uc6b4\uc601 \uc5ed\ub7c9\uc744 \uac16\ucd98 \ud50c\ub7ab\ud3fc\uc744 \uc911\uc2ec\uc73c\ub85c \ud55c \ud1b5\ud569\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4. \uc0c1\uc704 \uc6b4\uc6a9\uc0ac\ub4e4\uc758 \uc131\uacfc \uc9c0\uc18d\uc131\uc740 \uc774\uc804 \ube48\ud2f0\uc9c0\uc5d0 \ube44\ud574 \uc99d\uac00\ud588\uc73c\uba70, \uc0c1\uc704 \ucffc\ud0c0\uc77c\uacfc \ud558\uc704 \ucffc\ud0c0\uc77c \uac04\uc758 \uaca9\ucc28\uac00 \ud655\ub300\ub418\uc5b4 \uc6b4\uc6a9\uc0ac \uc120\uc815\uc758 \uc911\uc694\uc131\uc774 \ub354\uc6b1 \ucee4\uc84c\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc218\uc775\uc758 \uc8fc\uc694 \uc6d0\ucc9c\uc73c\ub85c\uc11c \uc7ac\ubb34 \uacf5\ud559(financial engineering)\ubcf4\ub2e4 \uc6b4\uc601 \uac00\uce58 \ucc3d\ucd9c\uc774 \uc6b0\uc704\ub97c \uc810\ud558\uba74\uc11c, \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5 \uc804\ubc18\uc5d0\uc11c \ub9e4\ucd9c \uac00\uc18d\ud654, \uac00\uaca9 \ucc45\uc815, AI \uae30\ubc18 \uc0dd\uc0b0\uc131\uc5d0 \ub300\ud55c \uac15\uc870\uac00 \ucee4\uc84c\uc2b5\ub2c8\ub2e4. \uc6b4\uc6a9\uc0ac\ub4e4\uc740 \uc5d1\uc2dc\ud2b8 \uc2dc \uc6b4\uc601 \uaca9\ucc28\ub97c \ud655\ub300\ud558\uae30 \uc704\ud574 \uc6b4\uc601 \ud30c\ud2b8\ub108\uc640 AI \ud1b5\ud569, \uac00\uaca9 \ucd5c\uc801\ud654, \uacf5\uae09\ub9dd \ud0c4\ub825\uc131, \ub370\uc774\ud130 \ubd84\uc11d\uc744 \uc704\ud55c \uc804\ubb38 \uc778\ub825\uc5d0 \ud22c\uc790\ud588\uc2b5\ub2c8\ub2e4. \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uae30\uc5c5\ub4e4\uc740 2025\ub144 AI \uc0ac\uc6a9 \uc0ac\ub840\ub97c \ud655\ub300\ud588\uc73c\uba70, \uacbd\uc601\uc9c4\uc740 \ube44AI \ubc94\uc8fc\uc5d0 \ube44\ud574 AI \uad00\ub828 \uc18c\ud504\ud2b8\uc6e8\uc5b4 \uc608\uc0b0\uc744 \ub298\ub824 \ub514\uc9c0\ud138 \ucc44\ud0dd\uc774 \uc774\uc81c \uac00\uce58 \ucc3d\ucd9c\uc758 \uae30\ubcf8 \uae30\ub300\uce58\uac00 \ub418\uc5c8\uc74c\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ubc31\uc9c0 \uc0c1\ud0dc(White-space) \uae30\ud68c\uc5d0\ub294 \uc800\ud3c9\uac00\ub41c \uc0b0\uc5c5 \uc790\uc0b0, \ub514\uc9c0\ud138 \uad6c\ucd95\uc5d0 \uc778\uc811\ud55c \uc2e4\ubb3c \uc790\uc0b0, \uadf8\ub9ac\uace0 \uaddc\uc728 \uc788\ub294 \uc6b4\uc601 \uacc4\ud68d\uacfc \ub2e4\uc591\ud55c \uc5d1\uc2dc\ud2b8 \uacbd\ub85c\ub97c \uac00\uc9c4 \ud558\uc704 \ubbf8\ub4e4 \ub9c8\ucf13 \ud50c\ub7ab\ud3fc\uc774 \ud3ec\ud568\ub429\ub2c8\ub2e4. AI \uc6cc\ud06c\ub85c\ub4dc, \uc7ac\uc0dd \uc5d0\ub108\uc9c0 \ubc0f \uadf8\ub9ac\ub4dc\uc640 \uad00\ub828\ub41c \uc778\ud504\ub77c\ub294 \ub2e4\ub144\uac04\uc758 \ud22c\uc790 \uc7a0\uc7ac\ub825\uc744 \uc81c\uc2dc\ud558\uba70, \ub300\uaddc\ubaa8 \uc6b4\uc6a9\uc0ac\ub4e4\uc740 \uc774\ub7ec\ud55c \ubd84\uc57c\ub85c \ud655\uc7a5\ud558\uae30 \uc704\ud574 \uc804\uc6a9 \uc790\ubcf8\uc744 \uc870\ub2ec\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ucee8\ud2f0\ub274\uc5d0\uc774\uc158 \ube44\ud788\ud074\uc740 \uc720\ub3d9\uc131 \ud655\ubcf4 \ubc0f \uace0\ud655\uc2e0 \uc790\uc0b0\uc758 \uc18c\uc720\uad8c \uc5f0\uc7a5\uc744 \uc704\ud55c \ud575\uc2ec \ub3c4\uad6c\ub85c \uc131\uc219\ud588\uc73c\uba70, \uc6b4\uc6a9\uc0ac\ub4e4\uc740 \uc6b4\uc601 \uacc4\ud68d\uc744 \uc2e4\ud604\ud558\uae30 \uc704\ud574 \ubcf4\uc720 \uae30\uac04\uc744 \ucd5c\uc801\ud654\ud588\uc2b5\ub2c8\ub2e4. \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5\uc740 \ub610\ud55c \uc5d0\ubc84\uadf8\ub9b0 \uad6c\uc870\ub97c \ud1b5\ud574 \uc810\uc9c4\uc801\uc778 \uac1c\uc778 \uc790\ubcf8\uc744 \uc720\uce58\ud558\uc5ec \uc804\ud1b5\uc801\uc778 \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uacfc \ud568\uaed8 \ubcf4\ub2e4 \uc548\uc815\uc801\uc774\uace0 \uacbd\uae30 \uc5ed\ud589\uc801\uc778 \ud22c\uc790\uc790 \uae30\ubc18\uc744 \ucd94\uac00\ud588\uc2b5\ub2c8\ub2e4.<\/p>\n<p># 7. \ucd5c\uadfc \uc0b0\uc5c5 \ub3d9\ud5a5<\/p>\n<p>*   2025\ub144 12\uc6d4: \ube14\ub799\uc2a4\ud1a4(Blackstone)\uacfc TPG\ub294 \uc5ec\uc131 \uac74\uac15 \uc758\ub8cc \uae30\uc220 \uae30\uc5c5\uc778 Hologic\uc744 183\uc5b5 \ub2ec\ub7ec\uc5d0 \uc778\uc218\ud558\ub294 \uc0c1\uc7a5 \ud3d0\uc9c0 \uac70\ub798\ub97c \uc644\ub8cc\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 2025\ub144 \uc804\uccb4 \uae00\ub85c\ubc8c \ud5ec\uc2a4\ucf00\uc5b4 \uc0ac\ubaa8\ud380\ub4dc \uac70\ub798 \uac00\uce58\uc758 \uc57d 9%\ub97c \ucc28\uc9c0\ud558\uba70, \ubc29\uc5b4 \uac00\ub2a5\ud55c \uc2dc\uc7a5 \uc9c0\uc704\ub97c \uac00\uc9c4 \ub300\uaddc\ubaa8 \uc758\ub8cc \uae30\uc220 \ud50c\ub7ab\ud3fc\uc5d0 \ub300\ud55c \ud22c\uc790\uc790\ub4e4\uc758 \uc9c0\uc18d\uc801\uc778 \uad00\uc2ec\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.<br \/>\n*   2025\ub144 11\uc6d4: \ubaac\ud0dc\uaddc(Montagu)\ub294 \uae00\ub85c\ubc8c \uad00\ub9ac\ud615 \uc5f0\uacb0\uc131 \uc81c\uacf5\uc5c5\uccb4\uc778 Wireless Logic\uc744 \uc704\ud574 20\uc5b5 \uc720\ub85c(23\uc5b5 5\ucc9c\ub9cc \ub2ec\ub7ec) \uaddc\ubaa8\uc758 \ucee8\ud2f0\ub274\uc5d0\uc774\uc158 \ube44\ud788\ud074\uc744 \uc870\uc131\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc2a4\ud0c0 \uc790\uc0b0\uc758 \uc18c\uc720\uad8c\uc744 \uc5f0\uc7a5\ud558\uba74\uc11c LP\uc5d0\uac8c \uc120\ud0dd\uad8c\uc744 \uc81c\uacf5\ud558\ub294 \uc720\ub3d9\uc131 \uba54\ucee4\ub2c8\uc998\uc73c\ub85c\uc11c \ub300\uaddc\ubaa8 GP \uc8fc\ub3c4 \uc138\ucee8\ub354\ub9ac\uc758 \uc9c0\uc18d\uc801\uc778 \uc2e4\ud589 \uac00\ub2a5\uc131\uc744 \uc785\uc99d\ud569\ub2c8\ub2e4.<br \/>\n*   2025\ub144 10\uc6d4: \ube14\ub799\ub85d(BlackRock)\uc774 \uc8fc\ub3c4\ud558\uace0 \uc5d4\ube44\ub514\uc544(Nvidia)\uc640 \ub9c8\uc774\ud06c\ub85c\uc18c\ud504\ud2b8(Microsoft)\uac00 \ucc38\uc5ec\ud55c \ucee8\uc18c\uc2dc\uc5c4\uc740 Aligned Data Centers\ub97c \uc57d 400\uc5b5 \ub2ec\ub7ec(\ubd80\ucc44 \ud3ec\ud568 \uc2dc 1,000\uc5b5 \ub2ec\ub7ec \ucd08\uacfc \uac00\ub2a5\uc131)\uc5d0 \uc778\uc218\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc5ed\uc0ac\uc0c1 \uac00\uc7a5 \ud070 \ub370\uc774\ud130 \uc13c\ud130 \uac70\ub798\ub85c, AI \uc6cc\ud06c\ub85c\ub4dc\ub97c \uc9c0\uc6d0\ud558\uae30 \uc704\ud55c \uc804\ub825 \ubc0f \ucef4\ud4e8\ud305 \uc778\ud504\ub77c \ud655\ubcf4\uc758 \uc804\ub7b5\uc801 \uc911\uc694\uc131\uc744 \uc2dc\uc0ac\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc774 \ubcf4\uace0\uc11c\ub294 \uae00\ub85c\ubc8c \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc2ec\uce35 \ubd84\uc11d\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \uc5f0\uad6c\ub294 \ube44\uc0c1\uc7a5 \uae30\uc5c5\uc5d0 \ub300\ud55c \uc778\uc218 \ub610\ub294 \uc131\uc7a5 \uc790\ubcf8\uc744 \uc81c\uacf5\ud558\ub294 \ud380\ub4dc\uc758 \ucd1d \uc6b4\uc6a9 \uc790\uc0b0(AUM), \uc57d\uc815 \uc790\ubcf8, \ubbf8\uc18c\uc9c4 \uc790\uae08(Dry Powder)\uc744 \ud3ec\uad04\ud558\uba70, \ubc14\uc774\uc544\uc6c3, \uc131\uc7a5, \ubca4\ucc98, \uc138\ucee8\ub354\ub9ac, \ud380\ub4dc \uc624\ube0c \ud380\ub4dc \ub4f1 \ub2e4\uc591\ud55c \ud380\ub4dc \uc720\ud615\uc744 \uc9c0\uc5ed \ubc0f \uc139\ud130\ubcc4\ub85c \ub2e4\ub8f9\ub2c8\ub2e4. \uc0ac\ubaa8 \uc2e0\uc6a9, \ubd80\ub3d9\uc0b0, \uc778\ud504\ub77c, \ud5e4\uc9c0\ud380\ub4dc\ub294 \uc5f0\uad6c \ubc94\uc704\uc5d0\uc11c \uc81c\uc678\ub429\ub2c8\ub2e4.<\/p>\n<p>\uc5f0\uad6c \ubc29\ubc95\ub860:<br \/>\n\ubcf8 \uc5f0\uad6c\ub294 1\ucc28(\uc778\ud130\ubdf0, \uc124\ubb38) \ubc0f 2\ucc28(UNCTAD, OECD, Preqin \ub4f1) \uc870\uc0ac\ub97c \ubcd1\ud589\ud558\uba70, \uae00\ub85c\ubc8c AUM \ubc0f \ubbf8\uc18c\uc9c4 \uc57d\uc815\uc561 \uae30\ubc18\uc758 \ud0d1\ub2e4\uc6b4 \ubaa8\ub378\uacfc \ub2e4\ubcc0\ub7c9 \ud68c\uadc0, ARIMA \uae30\ubc95\uc744 \ud1b5\ud574 \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc131\uc7a5 \uc608\uce21\uc744 \uc218\ud589\ud569\ub2c8\ub2e4. Mordor Intelligence\ub294 \ud3ec\uad04\uc801\uc778 \uc5f0\uad6c \ubc94\uc704\uc640 \uc5c4\uaca9\ud55c \ub370\uc774\ud130 \uac80\uc99d\uc744 \ud1b5\ud574 \uc2dc\uc7a5 \ucd94\uc815\uce58\uc758 \uc2e0\ub8b0\uc131\uc744 \ud655\ubcf4\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc2dc\uc7a5 \ub3d9\uc778 \ubc0f \uc81c\uc57d:<br \/>\n\uc8fc\uc694 \uc2dc\uc7a5 \ub3d9\uc778\uc73c\ub85c\ub294 \u25b2\uae30\ub85d\uc801\uc778 \ubbf8\uc18c\uc9c4 \uc790\uae08 \u25b2\uc5f0\uae30\uae08 \ubc0f \uad6d\ubd80 \ud380\ub4dc\uc758 \ub300\uccb4 \ud22c\uc790 \ud560\ub2f9 \uc99d\uac00 \u25b2\ub514\uc9c0\ud138 \uc804\ud658\uc5d0 \ub530\ub978 \uc6b4\uc601 \uac00\uce58 \ucc3d\ucd9c \uc804\ubb38\uc131 \uc218\uc694 \u25b2\uac1c\uc778 \ud22c\uc790\uc790 \uc811\uadfc\uc131 \ud655\ub300 \u25b2\uc5f0\uc18d \ud380\ub4dc \ubc0f \uc138\ucee8\ub354\ub9ac \ud380\ub4dc\ub97c \ud1b5\ud55c \uc720\ub3d9\uc131 \ud655\ubcf4 \u25b2\ud380\ub4dc \uc720\ub2db \ud1a0\ud070\ud654 \ub4f1\uc774 \uc788\uc2b5\ub2c8\ub2e4. \ubc18\uba74, \u25b2\uace0\uae08\ub9ac\ub85c \uc778\ud55c \uc790\uae08 \uc870\ub2ec \ube44\uc6a9 \uc99d\uac00 \u25b2\ub9e4\ub3c4-\ub9e4\uc218 \uac00\uce58 \ud3c9\uac00 \uaca9\ucc28 \u25b2\uac15\ud654\ub41c ESG \uaddc\uc81c \ubc0f \ub370\uc774\ud130 \ud22c\uba85\uc131 \uc758\ubb34 \ub4f1\uc740 \uc2dc\uc7a5 \uc81c\uc57d \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc131\uc7a5 \uc804\ub9dd:<br \/>\n\uae00\ub85c\ubc8c \uc0ac\ubaa8\ud380\ub4dc \uc2dc\uc7a5\uc740 2026\ub144 19.96\uc870 \ub2ec\ub7ec\uc5d0\uc11c 2031\ub144 37.85\uc870 \ub2ec\ub7ec\ub85c \uc5f0\ud3c9\uade0 13.65% \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4.<\/p>\n<p>\uc8fc\uc694 \ubd80\ubb38\ubcc4 \ubd84\uc11d:<br \/>\n*   \ud380\ub4dc \uc720\ud615\ubcc4: 2025\ub144 \ubc14\uc774\uc544\uc6c3 \ud380\ub4dc\uac00 38.39%\ub85c \uc120\ub450\uc774\uba70, \uc138\ucee8\ub354\ub9ac \ubc0f \ud380\ub4dc \uc624\ube0c \ud380\ub4dc\uac00 \uc5f0\ud3c9\uade0 8.84%\ub85c \uac00\uc7a5 \ube60\ub974\uac8c \uc131\uc7a5\ud569\ub2c8\ub2e4.<br \/>\n*   \uc139\ud130\ubcc4: 2025\ub144 \uae30\uc220(\uc18c\ud504\ud2b8\uc6e8\uc5b4) \uc139\ud130\uac00 32.87%\ub85c \uac00\uc7a5 \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud558\uba70, \uc5d0\ub108\uc9c0 \ubc0f \uc804\ub825 \uc139\ud130\uac00 \uc5f0\ud3c9\uade0 11.38%\ub85c \uac00\uc7a5 \ube60\ub978 \uc131\uc7a5\uc138\ub97c \ubcf4\uc785\ub2c8\ub2e4.<br \/>\n*   \uc9c0\uc5ed\ubcc4: 2025\ub144 \ubd81\ubbf8 \uc9c0\uc5ed\uc774 51.87%\ub85c \uac00\uc7a5 \ud070 \uc2dc\uc7a5\uc744 \ud615\uc131\ud558\uba70, \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uc9c0\uc5ed\uc740 \uc778\ub3c4, \uc77c\ubcf8 \ubc0f \uc778\ud504\ub77c \uc218\uc694 \uc99d\uac00\uc5d0 \ud798\uc785\uc5b4 \uc5f0\ud3c9\uade0 7.48%\ub85c \uac00\uc7a5 \ube60\ub974\uac8c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4.<\/p>\n<p>\uac70\ub798 \ud65c\ub3d9 \ubc0f \uc720\ub3d9\uc131:<br \/>\n\ub192\uc740 \ubbf8\uc18c\uc9c4 \uc790\uae08, \uc2e0\ub514\ucf00\uc774\ud2b8\ub860 \uc2dc\uc7a5 \uc7ac\uac1c, GP \uc8fc\ub3c4 \uc5f0\uc18d \ud380\ub4dc \ubc0f \uc138\ucee8\ub354\ub9ac \ud380\ub4dc\uc758 \ucc44\ud0dd\uc774 \ud22c\uc790 \ubc30\uce58 \ubc0f \uc5d1\uc2dc\ud2b8\ub97c \ucd09\uc9c4\ud569\ub2c8\ub2e4. \uace0\uae08\ub9ac\ub294 \ucd08\uae30 \uc555\ubc15 \uc694\uc778\uc774\uc5c8\uc73c\ub098, 2025\ub144 \uae08\ub9ac \uc644\ud654\ub85c \ub300\ud615 \uac70\ub798 \uc811\uadfc\uc131\uc774 \uac1c\uc120\ub418\uba70 \uc6b4\uc601 \uac1c\uc120\uc744 \ud1b5\ud55c \uac00\uce58 \ucc3d\ucd9c\uc774 \uc911\uc694\ud574\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uacbd\uc7c1 \ud658\uacbd \ubc0f \uc804\ub7b5:<br \/>\n\ubcf4\uace0\uc11c\ub294 \uc2dc\uc7a5 \uc9d1\uc911\ub3c4, \uc8fc\uc694 \uae30\uc5c5\ub4e4\uc758 \uc804\ub7b5\uc801 \uc6c0\uc9c1\uc784, \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \ubd84\uc11d\ud558\uba70, Bain Capital, Blackstone, KKR \ub4f1 22\uac1c \uc8fc\uc694 \uae30\uc5c5\uc758 \ud504\ub85c\ud544\uc744 \ub2e4\ub8f9\ub2c8\ub2e4. \uc120\ub3c4 \uae30\uc5c5\ub4e4\uc740 \uc6b4\uc601 \uac00\uce58 \ucc3d\ucd9c, AI \ud1b5\ud569, \uc139\ud130 \uc804\ubb38\ud654, \uc720\ub3d9\uc131 \uc194\ub8e8\uc158(\uc5f0\uc18d \ud380\ub4dc, \uc138\ucee8\ub354\ub9ac)\uc744 \ud1b5\ud574 \uc218\uc775\ub960\uc744 \ud5a5\uc0c1\uc2dc\ud0a4\ub294 \uc804\ub7b5\uc744 \uad6c\uc0ac\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc2dc\uc7a5 \uae30\ud68c \ubc0f \ubbf8\ub798 \uc804\ub9dd:<br \/>\n\ubcf4\uace0\uc11c\ub294 \ubbf8\uac1c\ucc99 \uc2dc\uc7a5 \ubc0f \ubbf8\ucda9\uc871 \uc218\uc694 \ud3c9\uac00\ub97c \ud1b5\ud574 \ud5a5\ud6c4 \uc2dc\uc7a5 \uae30\ud68c\ub97c \uc81c\uc2dc\ud569\ub2c8\ub2e4.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-53118","post","type-post","status-publish","format-standard","hentry","category-market-reports"],"_links":{"self":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts\/53118"}],"collection":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/comments?post=53118"}],"version-history":[{"count":0,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts\/53118\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/media?parent=53118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/categories?post=53118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/tags?post=53118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}