2022-08-20-PitchBook-全球基金业绩报告（截至2021第4季度_2022年第1季度初步数据）（英）_20页_3mb

Fund Performance Report Summary

Core Content

This document provides an overview of the performance of various private market strategies in the global context as of December 31, 2021, and includes preliminary data for Q1 2022. It highlights the returns, cash flows, and IRR dispersion across different strategies, including Private Equity (PE), Venture Capital (VC), Real Estate, Real Assets, Private Debt, Funds of Funds (FoF), and Secondaries.

Main Points

• Overall Performance in 2021:

  • All private market strategies posted strong returns in 2021, with the exception of VC in Q1 2022.
  • The one-year IRR for private capital was 37.6%, significantly higher than the 10-year average of 14.9%.

• Performance by Strategy:

  • Private Equity (PE):
    • One-year IRR: 46.6%
    • Rolling one-year IRR in Q4 2021: 7.7%
    • Q1 2022 preliminary IRR: 1.6%
    • PE funds had a record $1.3 trillion in dry powder at the end of 2021.
    • Mega-funds (≥$5B) led the performance in 2021.
  • Venture Capital (VC):
    • One-year IRR: 50.5%
    • Q1 2022 preliminary IRR: -2.2%
    • VC funds had a record $60 billion in contributions in 2021.
    • Smaller funds (under $250M) outperformed the broader market.
    • VC funds face potential write-downs if public equity valuations decline.
  • Real Estate:
    • One-year IRR: 24.8%
    • Q1 2022 preliminary IRR: 7.6%
    • Real estate outperformed other asset classes, especially in 2021.
    • REITs declined in Q1 2022, but private real estate may not be as affected.
  • Real Assets:
    • One-year IRR: 20.7%
    • Q1 2022 preliminary IRR: 4.1%
    • Oil & gas had the best performance with 43.7% one-year return.
    • Metals, timber, and agriculture saw significant declines.
  • Private Debt:
    • One-year IRR: 14.9%
    • Q1 2022 preliminary IRR: 0.6%
    • Distressed and special situations funds had the highest returns in Q4 2021.
    • Direct lending funds had the lowest returns, at 7.0%.
  • Funds of Funds (FoF):
    • One-year IRR: 43.0%
    • Q1 2022 preliminary IRR: 1.4%
    • Venture FoF outperformed VC funds.
    • FoF returns have been increasing over the years due to a focus on high-performing strategies.
  • Secondaries:
    • One-year IRR: 41.6%
    • Q1 2022 preliminary IRR: 5.5%
    • Secondaries had strong returns in 2021 due to high distributions.
    • They are now facing potential challenges due to depressed valuations and delayed exits.

Key Information

• Rolling One-Year IRRs:

  • PE: 46.6%
  • VC: 50.5%
  • Real Estate: 24.8%
  • Real Assets: 20.7%
  • Private Debt: 14.9%
  • FoF: 43.0%
  • Secondaries: 41.6%

• Cash Flows:

  • All strategies showed net negative cash flows in 2021, with PE having the highest inflow.
  • The record growth in secondaries fundraising has led to more negative cash flows due to higher capital calls.

• IRR Dispersion:

  • There was significant variation in returns among strategies and vintage years.
  • The spread between top and bottom decile VC returns was 23.9%.

• Market Trends:

  • Public markets declined significantly in Q1 2022, impacting private market strategies.
  • Rising interest rates and inflation are affecting asset valuations and returns.
  • The venture market, while performing well in 2021, is now facing headwinds.
  • Real estate and real assets continue to offer inflation protection but may slow in 2022.
  • Private debt remains relatively stable, but its returns are expected to lag behind equities.

• Future Outlook:

  • Q2 2022 is expected to see lower returns, especially for VC and real estate.
  • Secondaries and FoF may face challenges due to depressed valuations and delayed exits.
  • The private capital performance is heavily influenced by PE, which dominates the IRR figures.

Conclusion

The 2021 performance of private market strategies was robust, with many posting returns well above historical averages. However, the impact of public market declines and macroeconomic factors is starting to show in Q1 2022, particularly for VC and real estate. While some strategies like PE and FoF continue to perform well, others such as private debt and secondaries may face challenges in the coming quarters. The report emphasizes the importance of considering the diversity of performance within each strategy and the influence of macroeconomic trends on private market outcomes.