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总结
多家媒体报道，2025年私募股权机构以创纪录速度将所持投资组合公司“卖给自己”管理的延续基金（continuation funds），通过同一管理人旗下基金间交易实现账面退出、延长持有期并回笼现金。该做法部分源于IPO与并购退出渠道放缓、募资趋紧及向投资者返还资金压力。投资者担忧循环交易可能推高估值、加剧利益冲突与信息不透明，抬升流动性与潜在金融风险，并可能引发监管关注。
正文
Private equity firms sell assets to themselves at a record rate Financial Times Investors Warn of 'Rot in Private Equity' as Funds Strike Circular Deals The New York Times Private equity firms sell assets to themselves at a record rate in 2025 City AM More Private-Equity Firms Plan to Sell Stakes to Raise Cash The Wall Street Journal Gottfried: Continuation funds now make up nearly 20% of private equity exits MSN
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