PitchBook-2023年二季度美国公共PE和GP交易综述（英）-2023.8-23页_2mb

报告摘要

Key Takeaways Summary

Private Equity (PE) Performance: In Q2 2023, the top-seven US-listed alt managers reported positive gross returns, with a median 3.1% growth. TTM returns were 9.0%, slightly below the S&P 500's 13.0%. Performance showed stability after two negative quarters in 2022. Specific firms: Apollo returned 5% in Q2, TPG at 2.7%, Blackstone 3.5%.
Capital Deployment: TTM deployment was down 22.3% YoY, but Q2 deployment increased for most managers. For example, Blackstone deployed $7.8 billion (up from $0.4 billion in Q1), TPG $1.6 billion, and Apollo $3.5 billion. Factors include reduced interest rate volatility and better valuation convergence.
Fundraising Challenges: Fundraising rebounded slightly from weak Q1 but is down 57.4% YTD compared to 2022. Q2 saw $106.7 billion raised, with Apollo leading at $35.0 billion. Most managers are below prior TTM run rates. Blackstone and Apollo are focused on entering the S&P 500 index.
GP Deal Activity: Deal activity accelerated in Q2, with 45.0% control transactions. Notable deals include TPG's $2.7 billion acquisition of Angelo Gordon and Blue Owl's $55.7 billion GP stake in Stonepeak. Pipeline is building, supporting future activity.
Realizations: Stunted by market challenges; realizations were down YoY for all managers. Some improvements in Q2 for Carlyle, KKR, and Ares. Blackstone and TPG noted potential for acceleration.
Strategy Expansion: Managers diversified into new areas like asset-based financing (ABF), private credit, and secondaries. For instance, KKR and Apollo are scaling insurance platforms, while Blue Owl entered GP-led secondaries funds. YTD deals highlight growth in consolidation and sustainability-focused investments.
Overall Market Outlook: The second half of 2023 is expected to see improved dealmaking, higher deployments, and moderate realizations. Challenges persist in fundraising and market volatility, but positive trends in private credit and innovation.