2017年全球私募股权投资报告_77页-11mb

2017 Global Private Equity Report Summary

Core Content

The 2017 Global Private Equity Report by Bain & Company provides an in-depth analysis of the private equity (PE) industry's performance in 2016, focusing on exits, fund-raising, investments, returns, and firm strategy. It highlights the evolving dynamics of the market, including the impact of macroeconomic conditions, competition, and the shift from short-term to long-term value creation.

Main Points

1. Market Overview in 2016

• Solid Results: Despite early-year volatility due to disruptive events, the PE industry posted strong results in 2016.
• High Prices and Limited Exits: The market was characterized by high asset prices and a relative decline in exit activity compared to previous years.
• New Normal: The PE industry is moving towards a more balanced market structure, with exits returning to a more typical level after years of high activity.

2. Exit Activity

• Back to a New Normal: Exit activity in 2016 was strong but not as robust as in 2014 and 2015. The decline was due to the digestion of deals from the financial crisis.
• Regional Variations:
  • North America: Exits dropped by 17% in count and 18% in value, totaling $182 billion across 437 exits.
  • Europe: Exit value fell by 28%, with 107 billion in asset sales.
  • Asia-Pacific: Exit value was $36 billion, down 24% from 2015.
• Exit Channels:
  • Strategic Buyers: Dominated exit activity, with corporate buyers willing to pay premium prices for assets that enhance their reach or create synergies.
  • IPOs: IPO activity declined sharply (40% in count, 48% in value) due to market volatility, but some large IPOs occurred, particularly in the US and China.
  • Sponsor-to-Sponsor Sales: Became a more attractive option for PE firms due to uncertain IPO conditions and market stability.
  • Follow-On Sales: A significant source of liquidity, with $79 billion in global follow-on sales in 2016.
  • Dividend Recapitalizations: PE firms used debt to fund cash distributions to LPs, which increased liquidity but also added risk to the underlying assets.

3. Fund-Raising

• Strong Demand: PE firms raised $589 billion in 2016, slightly less than in 2015, but still robust.
• Megabuyout Funds: There was a surge in megabuyout funds (raising over $5 billion), with 11 such funds raising $90 billion.
• Regional Focus:
  • North America: Raised $106 billion, a 3% increase.
  • Western Europe: Showed strong growth, raising $53 billion, a 16% increase.
  • Asia-Pacific: Maintained steady capital inflows, with China-focused funds compensating for the slowdown in pan-Asia-Pacific funds.
• Separately Managed Accounts: Grew to 6% of total private capital raised, up from 2.5% in 2006.

4. Investments and Returns

• Challenging Investment Environment: Good deals were harder to find in 2016 due to high valuations and competition.
• Outperforming Public Markets: PE returns continued to outperform public markets across both short and long time horizons, reinforcing investor confidence.
• Median Holding Period: Stabilized at around five years in 2016, up from three to five years historically. This reflects the need for longer-term value creation due to high purchase prices and slow market recovery.

5. Firm and Institutional Strategy

• PE Firms' Strategy: Firms focused on differentiated investment theses, operational due diligence, and value enhancement to achieve returns.
• Institutional Investors: Continued to increase their PE allocations, viewing it as a high-performing asset class. They emphasized asset class allocation, portfolio construction, and manager selection.

Key Information

• Exit Trends: The decline in exit activity was not due to a lack of deals but rather the digestion of post-crisis assets.
• Capital Flow: Distributions from exits exceeded new capital contributions, leading to a decline in net asset value (NAV) for buyout funds.
• Market Uncertainty: Macroeconomic and political uncertainties affected deal-making, but PE firms adapted by focusing on value creation and strategic exits.
• Future Outlook: The PE industry is moving toward a more sustainable model, with a focus on long-term value generation and strategic alignment with portfolio companies.

Conclusion

The 2016 private equity market saw a shift toward a more balanced and sustainable environment, with exits returning to a new normal, fund-raising remaining strong, and returns continuing to outperform public markets. PE firms and institutional investors adapted to these changes by focusing on operational due diligence, strategic exits, and long-term value creation. The industry is now more mature and resilient, with a clear understanding of how to navigate macroeconomic challenges and deliver consistent returns.