2023-03-08-PitchBook-全球私人市场融资报告（英）_31页_3mb

Summary of 2022 Annual Global Private Market Fundraising Report by PitchBook

Overview of 2022 Fundraising

In 2022, global private market fundraising experienced a decline due to macroeconomic headwinds, including high inflation, rising interest rates, and LP caution. Total capital raised across all strategies was $1.167 trillion, representing a decrease compared to 2021. Key trends included a shift toward experienced managers and a reduction in allocations to emerging firms. LP concerns about economic slowdowns impacted net cash flows but supported distributions in depressed markets.

Asset Under Management (AUM) Forecast

PitchBook forecasts private capital AUM growth, with closed-end fund AUM reaching $13.0 trillion by 2027 under a base case scenario. This represents a cumulative 20.7% growth, though the estimate varies widely based on economic conditions. Factors like fund performance and regulatory changes influence future growth. Projections for asset classes like PE, VC, private debt, real estate, and real assets were detailed in scenarios.

Fundraising by Strategy

• Private Equity (PE): $460.8 billion raised, down 17.2% year-over-year, with experienced managers dominating due to their track record and ability to secure larger funds (e.g., Thoma Bravo's $24.3 billion fund). North America led fundraising, accounting for 78.0% of total value.
• Venture Capital (VC): $252.6 billion raised, falling 11.4% YoY. Established managers closed record-sized funds, capturing 66.8% of capital. Regional dominance by North America reflected its resilient ecosystem, but declines toward end-of-year fundraising suggest LP exhaustion.
• Real Estate: Fundraising dropped to $85.3 billion, the lowest in a decade, driven by interest rate hikes, recessions fears, and asset class corrections. Opportistic funds saw increased interest as investors sought higher returns amid volatility.
• Real Assets: $108.2 billion raised primarily through infrastructure, boosted by legislative support (e.g., US infrastructure bills) and energy-related opportunities.
• Private Debt: $200.2 billion raised, with growth in non-traded vehicles (BDCs and interval funds). Experienced managers led fundraising, with a shift from direct lending to mezzanine debt reflecting demand for real assets.
• Funds of Funds (FoF): Fundraising fell to $23.5 billion, the lowest since 2010, as LPs reduced new commitments due to market uncertainties and the denominator effect.
• Secondaries: Returned to average levels with $36.5 billion raised, as dry powder recycled from 2020 fundraising waves. North American and European funds dominated, with mega-deals like Ardian’s $5.3 billion closure.

Regional Breakdown

North America was the primary fundraising hub, accounting for over 78% of PE and similar percentages in other strategies. Europe and Asia saw declines but remained significant, with Asia's share dropping due to LP preferences and economic conditions.

Top Funds by Size (2022)

• PE: Advent International GPE X ($25B), Thoma Bravo Fund XV ($24.3B).
• VC: Tiger Global Private Investment Partners XV ($12.7B).
• Real Estate: TPG Real Estate Partner IV ($6.8B).
• Real Assets: KKR Global Infrastructure Investors IV ($16.7B).
• Private Debt: Blackstone Capital Opportunities Fund IV ($8.8B).
• FoF: Mercer Private Investment Partners VI ($4.8B).
• Secondaries: ASF VIII Infrastructure ($5.3B).

Additional Notes

The report highlights challenges for emerging managers, declining fundraising for certain strategies, and resilience in specific asset classes. Forecasts emphasize sensitivity to economic conditions, with continued emphasis on sustainable and digital infrastructure in attracting investment.