麦肯锡2021全球私募市场报告：混乱之中的“K型”复苏（英）-64页_8mb

Summary of A Year of Disruption in the Private Markets (McKinsey Global Private Markets Review 2021)

Core Content

The 2021 McKinsey Global Private Markets Review provides a comprehensive analysis of the private markets sector in 2020, highlighting its resilience and transformation in the wake of the pandemic. The report outlines the impact of the crisis on various asset classes, the evolution of private market firms, and the broader implications for the industry.

Main Points

1. Pandemic Impact and Recovery

• The year 2020 was marked by significant disruption for private markets, with a sharp decline in fundraising during the early months of the pandemic.
• A "K-shaped" recovery emerged: private equity rebounded strongly, while real estate faced challenges.
• Despite initial volatility, private equity (PE) outperformed other private market asset classes and public market equivalents, with net global returns of over 14 percent.

2. Fundraising Trends

• Global Fundraising Decline: Private markets fundraising fell by 21.4 percent year-over-year in 2020, reaching $858 billion.
• Regional Performance:
  • North America: Fundraising declined by 23.1 percent to $300 billion.
  • Europe: Fundraising declined by 8.5 percent, with buyouts and venture capital (VC) showing resilience.
  • Asia: Fundraising dropped by 46.4 percent to $72.9 billion, driven by a steep decline in PE and growth equity.
• Recovery in Q4: Fundraising rebounded in the latter half of the year, with the pre-pandemic pace returning.
• Secondaries Growth: Private equity secondaries fundraising tripled, reflecting strong performance and increased interest.

3. Assets Under Management (AUM)

• Total AUM in private markets reached $7.3 trillion, a 5.1 percent increase from 2019.
• Private Equity: Led the growth with an increase to $4.5 trillion, accounting for 61 percent of total AUM.
• Real Estate: Suffered a significant drop, with AUM declining due to reduced deal activity and uncertain valuations.
• Asia's Growth: Continued to outpace other regions, with a growing share of AUM in VC and growth equity.

4. Performance of Private Equity

• PE outperformed other asset classes for the fourth consecutive year, with a nine-month trailing pooled net IRR of 10.6 percent as of September 30.
• Median Performance: PE funds raised between 2007-17 achieved a median net IRR of 13.3 percent.
• Performance Dispersion: PE showed greater variability in returns, but top performers significantly outperformed the median.
• Risk of Underperformance: The risk of underperformance in PE was lower than in other asset classes.

5. Private Debt and Real Estate

• Private Debt: Showed resilience, with a 7 percent decline in fundraising from 2019 and a 16 percent increase in North America. It is seen as a "port in the storm."
• Real Estate: Suffered due to the pandemic, with a sharp drop in fundraising and deal activity. Office and retail sectors were most affected, while industrial real estate remained relatively stable.

6. Natural Resources and Infrastructure

• These asset classes faced a challenging year, with lackluster investment performance and further declines in fundraising.
• The energy transition was a major theme, with growing interest in renewables contrasting with depressed demand for conventional energy.

7. Industry Structure and Evolution

• The private markets sector saw continued growth in the number of active firms, surpassing that of hedge funds.
• Private Equity Dominance: PE accounted for about 75 percent of all private markets firms.
• Diversification of Strategies: Top firms increasingly pursued multiple strategies, including credit, real estate, and non-flagship buyout funds.
• Geographic Expansion: Global mandates became more common, with the top ten GPs raising 25 global funds since 2010.

8. Diversity and ESG Commitment

• Diversity, equity, and inclusion (DE&I) gained more attention, with both GPs and LPs beginning to track and report DE&I metrics.
• ESG Metrics: Investors increasingly consider environmental, social, and governance (ESG) factors in decision-making, with evidence suggesting that ESG improvements correlate with higher total returns.

9. Remote Work and Operational Shifts

• The pandemic accelerated the shift to remote operations, with online meetings and virtual deal processes becoming more common.
• This change may become a standard practice, altering traditional norms in how GPs and LPs interact and operate.

Key Information

• Fundraising Trends: PE rebounded strongly in Q4, while real estate and natural resources faced declines.
• AUM Growth: PE led the increase in AUM, which reached a record high of $7.3 trillion.
• Performance Outperformance: PE continued to outperform other asset classes, with a median net IRR of 13.3 percent.
• Market Resilience: Despite initial shocks, private markets demonstrated resilience, especially in PE and private debt.
• ESG and Diversity: These became increasingly important considerations for investors, with evidence of positive correlation with returns.
• Long-Term Trends: The industry is evolving rapidly, with a focus on diversification, remote operations, and the expansion of strategies and geographies.

Conclusion

2020 was a transformative year for private markets, marked by disruption, resilience, and a shift in investor behavior and industry practices. While the pandemic initially caused a decline in fundraising and performance, the sector rebounded quickly, particularly in private equity. The year also saw increased emphasis on ESG, diversity, and the adoption of remote work practices, signaling a new era of evolution in the private markets landscape.