摩根士丹利-为什么选择私募股权 当今投资组合中的核心增长引擎 Why Private Equity A Core Growth Engine in Today's Portfolio

WhyPrivateEquity?

ACoreGrowthEngineinToday’sPortfolio

PRIVATEEQUITY|May2026

1

WHATIS

PRIVATEEQUITY?

2

OPPORTUNITYSET

3

EFFICIENTEQUITY

5

LONG-TERMGROWTH

6

LOWERMIDDLEMARKET

Whatisprivateequity?

PublicEquityisownershipinpubliclytraded

companies,boughtandsoldonstockexchanges(NYSE,NASDAQ,etc.)withdailyliquidityandmarket‑drivenpricing.

PrivateEquityisownershipinprivatelyheld

companies,notsoldonpublicexchanges,generallyaccessedthroughprivatefundswherereturnsaredrivenbyactiveownershipandvaluecreation.

IllustrativePrivateEquityFundStructure

Investor

Managedby

GeneralPartner(GP)PrivateEquityFund

Oftenknownas

LimitedPartner(LP)

PrivateCompanyPrivateCompanyPrivateCompany

Privateequityoffersadifferentiatedpathtolong-termcapitalgrowth

1

EXPANDED

OPPORTUNITY

SET

2

MOREEFFICIENT

EQUITY

EXPOSURE

Accesstoabroader,lessefficientopportunitysetthanpublicmarkets

Returnsdrivenbycompany‑levelfundamentals,proprietaryinformationaladvantagesanddirectcontrolovervaluecreation—notmarketbeta

3

DESIGNEDFOR

LONG-TERM

GROWTH

Privateequityisdesignedtocapitalizeonthelong‑termperspective

WideTarget-RichOpportunitySet

Morecompanies,moreinefficiencies,morechancestogeneratealpha

Theuniverseofprivatecompaniesvastlyexceedsthenumberofpubliccompaniesandthisopportunitysetcontinuesto

growascompaniesarestayingprivateforlonger.

NUMBEROFCOMPANIES

NUMBEROF

U.S.COMPANIES1

Thenumberofcompanies

operatingintheU.S.

is~730,000

NUMBEROFU.S.PUBLICLY

LISTEDCOMPANIES2

Thenumberofcompaniespubliclylistedinthe

U.S.is

~4,050

AVERAGECOMPANYAGEATIPO3

CompanyValue

Valuetodayis

disproportionatelyaccruingin

privatemarkets

Late1990sTodayYears

4.5Years10.7Years

Forillustrativepurposesonlyandisnotrepresentativeofanyactualoranticipatedtransactions.Diversificationdoesnoteliminatetheriskofloss.

PRIVATEEQUITY|MORGANSTANLEYINVESTMENTMANAGEMENT2

MoreEfficientEquity

Deploycapitalwhereitworkshardest

nPrivateEquityinvestsearlierinthecorporatelifecycleandtargetspricinginefficienciesunavailableinpublicmarkets

nCapitaldeployedintobusinesseswhereitcandirectlyaccelerategrowth,improveoperationsandunlockvalue

nExposuretocompaniesbeforepublic-marketefficiencycompressesreturns

–Publicmarketinvestorsareoftenonlyabletoinvestincompaniesafterlargegainshavealreadybeenaccruedbyearlierstageprivateinvestors

PrivateEquityvsPublicMarkets

AsofDecember31,2025

5%

0%

25Year20Year15Year10Year5Year

■PrivateEquity■PublicEquity

15.1%

12.2%

10%

7.1%

13.4%

8.4%

14.0%

9.6%

9.7%10.8%

11.5%

20%

15%

Source:PitchbookCapitalIndexesDatasetasofDecember31,2025.PublicEquityisrepresentedbytheMSCIACWIIndex.Allreturnsarenetoffees.

TheMSCIAllCountryWorldIndex(ACWI)isafreefloat-adjustedmarketcapitalizationweightedindexdesignedtomeasuretheequitymarket

performanceofdevelopedandemergingmarkets.Theterm“freefloat”representstheportionofsharesoutstandingthataredeemedtobeavailableforpurchaseinthepublicequitymarketsbyinvestors.TheperformanceoftheIndexislistedinU.S.dollarsandassumesreinvestmentofnetdividends.

Forillustrativepurposesonlyandisnotrepresentativeofanyactualoranticipatedtransactions.Diversificationdoesnoteliminatetheriskofloss.

3MORGANSTANLEYINVESTMENTMANAGEMENT|PRIVATEEQUITY

PRIVATEEQUITY|MORGANSTANLEYINVESTMENTMANAGEMENT4

Informational

Advantages&Control

nPrivatemarketsarelesstransparent,creating

opportunitiesforexperiencedmanagerstoidentifyandcapitalizeonmispricedassets

nDirectaccesstomanagementteamsandprivatefinancialscanleadtobetterunderwriting,earlierriskidentification,andfastercorrectiveaction

nAbilitytodirectlyinfluencestrategy,operations,capitalallocation,managementandgovernancetodrive

intentionalvaluecreation

Allocatetostrategies

wherereturnsare

drivenbycontrol,notmarketsentimentthat’shighlyinfluencedby

passiveinvestors

Historically,59%ofValueCreationhascomefromOperationalImprovements

Medianindexedvaluecreation,PEBuyoutdealsintheUnitedStates,entryyears2010-2024

%

100

50

0

EnterpriseValueatEntryRevenueGrowthMarginExpansionMultipleExpansionEnterpriseValueatExit

ofValueCreated56%3%41%

OperationalValueCreation

200

150422

31175

100

Source:DealE

(January2026forPitchBook).Note:Enterprisevaluefiguresareindexedandshouldnotbeusedtoassesstheunderlyingdeals’performance,i.e.ahigherindexedenterprisevaluedoesnotmeanahigherdealMOIC.Allcalculationsin$.Dealuniverseincludesfullyandpartiallyrealizedbuyoutdealswithinitialinvestmentsin2010-2024intheUnitedStates;allequitychecksizes.

5MORGANSTANLEYINVESTMENTMANAGEMENT|PRIVATEEQUITY

DesignedforLong-TermCapitalGrowth

InPublicMarkets,managersoftenfacepressuretosupportsharepriceinthenearterm.Thiscanincentivizedecisionsthatoptimizeforshort-termresultsattheexpenseof

long-termvaluecreation.

InPrivateEquity,investmentdecisionsareevaluatedonwhethertheywillbevalue-accretiveatexit,typically3–4yearsout.

Thislong-termmindsetsupportsinvestmentin:

nOperationalimprovements

nStrategicinitiatives

nSustainablegrowth

PrivateEquityDeliversBetterRisk-AdjustedReturnsovertheLongTerm

Privatevs.PublicEquity20YearAnnualizedRisk&Return20

Volatility:16.0%Volatility:14.1%

Return:12.2%

Return:8.9%

0

PrivateEquityPublicEquity

15

10

5

Source:PitchbookCapitalIndexesDatasetasofDecember31,2025.

PublicEquityisrepresentedbytheS&P500Index.Allreturnsnetoffees.

Thislong-termorientationhasresultedinhigherrisk-adjustedreturnsoverfullcyclesrelativetopublicequity.

PRIVATEEQUITY|MORGANSTANLEYINVESTMENTMANAGEMENT6

WhyLowerMiddle

MarketPrivateEquity

LowerMiddleMarketPrivateEquitypresentsanattractiveopportunityset…

Withintheuniverseofprivateequity,theopportunitysetspansmorethan700,000privatelyheldcompaniesacrossawiderangeofsizes,industries,andgrowthprofiles.Againstthisbackdrop,thelowermiddlemarketstandsoutasaparticularlyattractivesegmentwithstructuralcharacteristicsthathavehistoricallysupportedstrongoutcomes.

DefiningtheLowerMiddleMarket

BROADEROPPORTUNITYSET

23

morelowermiddle_marketbusinessesthanlarge_capbusinesses6

LOWERENTRYVALUATIONS

30%

discountcomparedtolarge_capcompanies7

ATTRACTIVEPERFORMANCE

395bps

outperformanceversuslargerpeersonanIRRbasis8

x

806>$5Bn

2,692

$500MM–$5Bn

6,451

$100MM–$500MM

73,911

$10MM–$100MM

MegaCap PrivateEquityFocus

NumberofCompaniesbyRevenue4

S&P5005Exposure

Pastperformanceisnotindicativeoffutureresults.ThestatementsabovereflecttheviewsandopinionsofMorganStanleyPrivateEquitySolutionsasofthedatehereofandwillnotbeupdatedorsupplemented.Forillustrativepurposesonlyandisnotrepresentativeofanyactualoranticipated

transactionsoftheFund.

7MORGANSTANLEYINVESTMENTMANAGEMENT|PRIVATEEQUITY

…WithmoreoptionsforLiquiditythanMegaCapSegment

Favorablesupply-demanddynamics,lowerentryvaluations,andmoreflexibleliquidity—lessdependentonmacro

conditions—createacompellingandresilientopportunityset.Importantly,thissegmenthashistoricallybeendifficulttoaccess,givingexperiencedmanagersameaningfulsourcingandinformationadvantage.

PrivateEquityTypicalExitTypes9

SaletoaLargerPEFirm

StrategicM&A

Recapitalization

SecondaryPurchase

ManagerBuyout

InitialPublicOffering

LowerMiddleMarketOptions

MegaCapOptions

Lowermiddlemarketprivateequityinvestmentshaveavarietyofexitpathways,andtheabilitytobemoreflexibleacrossmarketcycles.

Pastperformanceisnotindicativeoffutureresults.ThestatementsabovereflecttheviewsandopinionsofMorganStanleyPrivateEquitySolutionsasofthedatehereofandwillnotbeupdatedorsupplemented.

PRIVATEEQUITY|MORGANSTANLEYINVESTMENTMANAGEMENT8

ENDNOTES

1Source:NAICSAssociation,asofDecember2025.Includesfirmswith20ormoreemployees.

2Source:Worldfederationofexchange-NumberoflisteddomesticcompaniesinNasdaqandNYSE,asofDecember2025.

3Morningstar,“Unicornsandthegrowthofprivatemarkets|MorningstarIndexes”,January21,2025.

4Source:CapitalIQ,includesoperatingpublicandprivatecompanieslocatedinNorthAmerica,asreportedonJanuary16,2026.

5TheStandard&Poor’s500(S&P500)isastockmarketindexbasedonthemarketcapitalizationsof500largecompanieshavingcommonstocklistedontheNYSEorNASDAQ.

6Source:CapitalIQ,includesoperatingpublicandprivatecompanies

locatedinNorthAmerica,asreportedonJanuary16,2026.LowerMiddleMarketdefinedascompanieswithrevenuebetween$10MM-$500MM,LargeCapdefinedascompanieswithrevenueabove$500MM.

7Source:Pitchbook,allU.S.LBOsfromJanuary1,2016toDecember31,

2025.LowerMiddleMarketdefinedastransactionsize$25MM-$500MM,LargeCapdefinedastransactionsizeabove$500MM.

8CambridgeAssociatesIndexandSelectedBenchmarkStatisticsareasofSeptember30,2025.Benchmarkincludesglobalbuyoutfundsfromvintageyears2013to2022.Vintageyeardefinedaslegalinceptiondate.LowerMiddleMarketdefinedasfundslessthan$750MM,LargerPeersdefinedasfundsgreaterthan$2Bn.

9Forillustrativepurposesonly.Listisnotexhaustive.

RISKFACTORS

Alternativeinvestmentsareintendedforqualifiedinvestorsonly.

Alternativeinvestments,includingprivateequityfunds,providelimitedliquidityandinclude,amongotherthings,therisksinherentininvestinginsecuritiesandusingleverage.Aninvestmentinanalternative

investmentfundcanbespeculativeandshouldnotconstituteacompleteinvestmentprogram.

Privateequityfundswilltypicallyinvestinsecurities,instrumentsand

assetsthatarenot,andarenotexpectedtobecome,publiclytradedandthereforemayrequireasubstantiallengthoftimetorealizeareturnorfullyliquidate.Therecanbenoassurancethatanysuchfundwillbeabletoidentify,choose,makeorrealizeinvestmentsofthetypetargetedfortheirfund,orthatsuchfundwillbeabletoinvestfullyitscommitted

capital.Therecanbenoassurancethatafundwillbeabletogeneratereturnsforitsinvestorsorthatreturnswillbecommensuratewith

therisksoftheinvestmentswithinsuchfund’sinvestmentobjectives.Thebusinessofidentifyingandstructuringinvestmentsofthetypes

contemplatedbythesefundsiscompetitiveandinvolvesahighdegreeofuncertainty.Inadditiontocompetitionfromotherinvestors,the

availabilityofinvestmentopportunitiesgenerallywillbesubjectto

marketconditionsaswellas,inmanycases,theprevailingregulatoryorpoliticalclimate.

IMPORTANTINFORMATION

Theviewsandopinionsand/oranalysisexpressedarethoseoftheauthorortheinvestmentteamasofthedateofpreparationofthismaterial

andaresubjecttochangeatanytimewithoutnoticeduetomarketor

economicconditionsandmaynotnecessarilycometopass.Furthermore,theviewswillnotbeupdatedorotherwiserevisedtoreflectinformationthatsubsequentlybecomesavailableorcircumstancesexisting,orchangesoccurring,afterthedateofpublication.TheviewsexpresseddonotreflecttheopinionsofallinvestmentpersonnelatMorganStanleyInvestment

Management(MSIM)anditssubsidiariesandaffiliates(collectively“the

Firm”),andmaynotbereflectedinallthestrategiesandproductsthattheFirmoffers.

Thismaterialhasbeenpreparedonthebasisofpubliclyavailable

information,internallydevelopeddataandotherthird-partysourcesbelievedtobereliable.However,noassurancesareprovidedregardingthereliabilityofsuchinformationandtheFirmhasnotsought

toindependentlyverifyinformationtakenfrompublicandthird-partysources.

Thismaterialisageneralcommunication,whichisnotimpartialandallinformationprovidedhasbeenpreparedsolelyforinformationalandeducationalpurposesanddoesnotconstituteanofferora

recommendationtobuyorsellanyparticularsecurityortoadopt

anyspecificinvestmentstrategy.Theinformationhereinhasnotbeenbasedonaconsiderationofanyindividualinvestorcircumstancesand

isnotinvestmentadvice,norshoulditbeconstruedinanywayastax,accounting,legalorregulatoryadvice.Tothatend,investorsshouldseekindependentlegalandfinancialadvice,includingadviceastotaxconsequences,beforemakinganyinvestmentdecision.

Anychartsandgraphsprovidedareforillustrativepurposesonly.

Anyperformancequotedrepresentspastperformance.Pastperformancedoesnotguaranteefutureresults.

Theindexesareunmanagedanddonotincludeanyexpenses,feesorsalescharges.Itisnotpossibletoinvestdirectlyinanindex.Anyindexreferredtohereinistheintellectualproperty(includingregisteredtrademarks)

oftheapplicablelicensor.Anyproductbasedonanindexisinnowaysponsored,endorsed,soldorpromotedbytheapplicablelicensoranditshallnothaveanyliabilitywithrespectthereto.

ThismaterialisnotaproductofMorganStanley’sResearchDepartmentandshouldnotberegardedasaresearchmaterialorarecommendation.TheFirmhasnotauthorisedfinancialintermediariestouseandto

distributethismaterial,unlesssuchuseanddistributionismadein

accordancewithapplicablelawandregulation.Additionally,financial

intermediariesarerequiredtosatisfythemselvesthattheinformation

inthismaterialisappropriateforanypersontowhomtheyprovidethis

materialinviewofthatperson’scircumstancesandpurpose.TheFirm

shallnotbeliablefor,andacceptsnoliabilityfor,theuseormisuseofthismaterialbyanysuchfinancialintermediary.

Thismaterialmaybetranslatedintootherlanguages.Wheresucha

translationismadethisEnglishversionremainsdefinitive.IfthereareanydiscrepanciesbetweentheEnglishversionandanyversionofthismaterialinanotherlanguage,theEnglishversionshallprevail.

Thewholeoranypartofthismaterialmaynotbedirectlyorindirectly

reproduced,copied,modified,usedtocreateaderivativework,performed,displayed,published,posted,licensed,framed,distributedortransmittedoranyofitscontentsdisclosedtothirdpartieswithouttheFirm’sexpresswrittenconsent.Thismaterialmaynotbelinkedtounlesssuchhyperlinkisforpersonalandnon-commercialuse.Allinformationcontainedhereinisproprietaryandisprotectedundercopyrightandotherapplicablelaw.

MorganStanleyInvestmentManagementistheassetmanagementdivisionofMorganStanley.

DISTRIBUTION

Thismaterialisonlyintendedforandwillonlybedistributedtopersonsresidentinjurisdictionswheresuchdistributionoravailabilitywould

notbecontrarytolocallawsorregulations.

MSIM,theassetmanagementdivisionofMorganStanley(NYSE:MS),anditsaffiliateshavearrangementsinplacetomarketeachother’s

productsandservices.EachMSIMaffiliateisregulatedasappropriateinthejurisdictionitoperates.MSIM’saffiliatesare:CalvertResearchandManagement,EatonVanceManagement,ParametricPortfolio

AssociatesLLC,ParametricSAS,andAtlantaCapitalManagementLLC.

Thismaterialhasbeenissuedbyanyoneormoreofthefollowingentities:

EMEA

ThismaterialisforProfessionalClients/AccreditedInvestorsonly.

IntheEU,MSIMmaterialsareissuedbyMSIMFundManagement(Ireland)Limited(“FMIL”).FMILisregulatedbytheCentralBankofIrelandand

isincorporatedinIrelandasaprivatecompanylimitedbyshareswith

companyregistrationnumber616661andhasitsregisteredaddressat24-26CityQuay,Dublin2,DO2NY19,Ireland.

OutsidetheEU,MSIMmaterialsareissuedbyMorganStanleyInvestmentManagementLimited(MSIMLtd)isauthorisedandregulatedbythe

FinancialConductAuthority.RegisteredinEngland.RegisteredNo.1981121.RegisteredOffice:25CabotSquare,CanaryWharf,LondonE144QA.

InSwitzerland,MSIMmaterialsareissuedbyMorganStanley&Co.

Internationalplc,London(ZurichBranch)Authorisedandregulatedby

theEidgenössischeFinanzmarktaufsicht(“FINMA”).RegisteredOffice:Beethovenstrasse33,8002Zurich,Switzerland.

Italy:MSIMFMIL(MilanBranch),(SedeSecondariadiMilano)Palazzo

SerbelloniCorsoVenezia,1620121Milano,Italy.TheNetherlands:MSIMFMIL(AmsterdamBranch),RembrandtTower,11thFloorAmstelplein

11096HA,Netherlands.France:MSIMFMIL(ParisBranch),61ruede

Monceau75008Paris,France.Spain:MSIMFMIL(MadridBranch),CalleSerrano55,28006,Madrid,Spain.Germany:MSIMFMILFrankfurt

Branch,GroßeGallusstraße18,60312FrankfurtamMain,Germany

(Gattung:Zweigniederlassung(FDI)gem.§53bKWG).Denmark:MSIMFMIL(CopenhagenBranch),GorrissenFederspiel,AxelTowers,Axeltorv2,1609CopenhagenV,Denmark.

MIDDLEEAST

DubaiInternationalFinancialCentre:Thisinformationdoesnot

constituteorformpartofanyoffertoissueorsell,oranysolicitation

ofanyoffertosubscribefororpurchase,anysecuritiesorinvestment

productsintheUAE(includingtheDubaiInternationalFinancialCentreandtheAbuDhabiGlobalMarket)andaccordinglyshouldnotbe

construedassuch.Furthermore,thisinformationisbeingmadeavailableonthebasisthattherecipientacknowledgesandunderstandsthattheentitiesandsecuritiestowhichitmayrelatehavenotbeenapproved,

licensedbyorregisteredwiththeUAECentralBank,theDubaiFinancialServicesAuthority,theUAESecuritiesandCommoditiesAuthority,theFinancialServicesRegulatoryAuthorityoranyotherrelevantlicensingauthorityorgovernmentagencyintheUAE.ThecontentofthisreporthasnotbeenapprovedbyorfiledwiththeUAECentralBank,theDubaiFinancialServicesAuthority,theUAESecuritiesandCommodities

AuthorityortheFinancialServicesRegulatoryAuthority.

SaudiArabia

ThisfinancialpromotionwasissuedandapprovedforuseinSaudiArabiabyMorganStanleySaudiArabia,AlRashidTower,KingsSandStreet,

Riyadh,SaudiArabia,authorizedandregulatedbytheCapitalMarketAuthoritylicensenumber06044-37.

U.S.

NOTFDICINSURED.OFFERNOBANKGUARANTEE.MAYLOSE

VALUE.NOTINSUREDBYANYFEDERALGOVERNMENTAGENCY.NOTADEPOSIT.

ASIAPACIFIC

HongKong:ThisdocumenthasbeenissuedbyMorganStanleyAsiaLimited,CENo.AAD291,foruseinHongKongandshallonlybemadeavailableto“professionalinvestors”asdefinedundertheSecuritiesandFuturesOrdinanceofHongKong(Cap571).Thecontentsofthis

documenthavenotbeenreviewednorapprovedbyanyregulatory

auth