PitchBook-全球基金业绩报告（含2023年第二季度初步数据）（英）-20页_1mb

报告摘要

GLOBAL Fund Performance Report Q2 2023 Summary

Overview

This report analyzes preliminary Q2 2023 data alongside Q1 2023 results for various global private market strategies. Key observations:

Most strategies' 1-year returns declined relative to their multi-year averages, except Real Assets.
Fund of Funds (FoF) had a surprisingly strong preliminary Q2 return, but expects alignment with overall private capital data.
Venture Capital (VC) performance widened the gap against Private Equity (PE) over longer horizons (-14.5% 3-year IRR for VC vs 25.6% for PE).
Quarterly returns showed a shift from unrealized gains to realized distributions as NAV markups reversed.

Key Findings by Strategy

Performance Dispersion (Vintage 2005-2018*)

PE: Strong dispersion saw smaller funds underperform larger ones for the first time since 2021.
VC: Smaller funds saw steeper declines post-COVID, with further divergence noted regionally.

Returns & Sources by Strategy (as of Geo: Global)

Strategy	1-Year (%)	3-Year (%)	Q1 Source Split (% Distribution/NAV)
PE	2.7	1.0	Primarily Distributions
VC	-0.3	-14.5	Mixed
Real Estate	2.1	0.8	Primarily NAV Increases
Real Assets	1.3	11.1	Primarily Distributions
Private Debt	0.7	4.2	Primarily Distributions
FoF	9.6	-5.5	Mixed (High Lag)
Secondaries	0.4	4.2	Mixed

Conclusion

Most strategies show moderate to negative 1-year returns, with VC continued underperformance and increasing dispersion remains notable. Market conditions highlight ongoing divergence between asset classes and strategies. Future returns dependent largely on exit environments improving.

[Note: All Q2 2023 data preliminary; Detailed performance drivers and charts available in full report via PitchBook links. Reports include granular IRR breakdowns by geography/strategy.]

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