2024-09-09-PitchBook-PitchBook年二季度美国公共PE和GP交易综述（英）_30页_1mb

2024 Q2 US Public PE & GP Deal Roundup Summary

Key Takeaways:

• GP Consolidation & Credit Surge: GP (General Partner) deal activity surged, with deal counts increasing 84% YoY and on track to exceed the prior record. Credit deployment rose significantly (155% YoY YTD), surpassing PE deployment volume. Strategic minority investments, driven by LPs (Limited Partners) seeking specialized access.
• PE Performance & Returns: PE returns stabilized in the low-single digits, still trailing public equities like the S&P 500. Credit strategies generally outperformed PE. Longer-term data shows PE remaining strong over multi-year horizons.
• Fundraising: PE fundraising increased significantly YTD (9.5% YoY), though momentum slowed from Q1. Credit fundraising led overall inflows. Large deals via strategic combinations (KKR/Global Atlantic, TPG/Angelo Gordon) drove substantial fundraising growth.
• Realizations: PE realizations saw a significant quarterly increase (57.1% YoY) in Q2. Realization activity is expected to accelerate further in the second half due to improving market conditions and anticipated rate cuts.
• Geographic & Strategic Shifts: Asian markets continue to be a key growth area. MENA markets experienced volatility with the Gulf crisis impact. New strategies like AI infrastructure and climate transition finance are being pursued.

Public Alternative Manager Insights (Q2 2024)

• Gross PE Returns (TTM): Median Peaked, Blackstone (9.7%), KKR (6.2%), Carlyle (5.0%), TPG (1.6%), Ares (1.0%), Apollo (0.5%). Most lagged R3.
• Gross Credit Returns (TTM): Median 16.4%; Apollo led (20.5%), KKR strong (18.1%), Ares robust (17.5%). All significantly outperformed PE.
• PE Deployment (TTM): Blackstone led (~27.9B). KKR and Apollo showed strong quarterly increases. Corporate PE deployment down YoY but saw weaker Q1 to strong Q2 transition.
• Fundraising (TTM): Blackstone led (~57B). KKR achieved record levels (~106.6B). Ares reached its highest ever quarter (~26B). Both Blackstone & KKR saw strong Primary Capital partner fundraising.
• Deals Targeting GPs: 89 deals (84% YoY). Strategy expansion into GP staking slowed (16 deals, half ordered). Robust strategic minority investment (30 deals).
• AUM Share: Blackstone (13.7%) and Carlyle (10.1%) led. Growth is being driven by specialized credit/insurance channels (Cayre, Ares) and wealth platforms (Blue Owl, Blackstone).
• Stock Performance: Most Public Alt Managers lagged broad indices like the S&P 500. Revenue Growth remains a key driver of valuation.

Overall Trend: Q2 marked a continuation of consolidation and strategic shifts. Credit and specialized strategies saw heightened interest. The outlook remains cautiously optimistic for realization acceleration and fundraising continuation in H2.