Preqin-2018Q1私募基金市场报告（英文）-2018.5-12页

Preqin Quarterly Update: Private Equity & Venture Capital - Q1 2018 Summary

Core Content Overview

This report provides a detailed analysis of private equity and venture capital activity in Q1 2018, highlighting fundraising trends, fund performance, and deal activity across different regions and fund types.

Main Highlights

Fundraising

• Global Fundraising: In Q1 2018, 180 private equity funds reached final close, raising a total of $80bn.
• Comparison to Previous Quarter: Fundraising slowed compared to Q4 2017, which saw 252 funds raising $102bn.
• Capital Concentration: Over half (59%) of the capital raised was secured by the top 10 funds.
• Fund Types:
  • Buyout funds reached a five-year low in number, with 39 funds closing.
  • Venture capital fundraising accounted for 14% of total private equity capital raised.
  • Growth funds and funds of funds saw significant declines in fundraising activity.
• Regional Performance:
  • Europe-focused funds raised the most capital in Q1 2018, with $43bn, up 111% from Q1 2017.
  • North America-focused funds raised $32bn, down from $67bn in Q1 2017.
  • Asia-focused funds raised only $4.8bn, a 59% decrease from Q1 2017.
• Fund Size Achievement: 82% of the funds closed achieved or exceeded their target size.
• Largest Fund: EQT VIII raised €10.8bn, exceeding its target by 34%.

Funds in Market

• Total Funds in Market: A record 2,575 funds were in market at the start of Q2 2018, targeting $844bn in institutional capital.
• Capital Increase: Aggregate capital sought increased by 33% compared to the start of Q2 2017.
• Largest Funds:
  • SoftBank Vision Fund targets $100bn, the largest ever.
  • China Structural Reform Fund targets $53bn.
  • Other notable funds include the Sino-Singapore Connectivity Private Equity Fund and the China State-Owned Capital Venture Investment Fund.

Institutional Investors

• Targeted Strategies: Buyout, venture capital, and growth remain the most targeted strategies.
• Geographic Focus:
  • Europe is the most targeted region (51%), followed closely by North America (49%).
  • Asia-Pacific saw the largest increase in investor appetite, with 28% of investors targeting the region.
• Commitment Size:
  • 42% of investors plan to commit $50–299mn.
  • The proportion of investors committing less than $50mn or more than $600mn remained stable.
• Fund Commitment Trends: Fewer investors are targeting four or more funds, with a greater proportion targeting 2–3 funds.

Buyout Deals and Exits

• Deal Activity: 1,023 buyout deals were announced or completed globally, valued at $116bn.
• Deal Value Increase: Deal value rose 90% compared to Q1 2017.
• Regional Activity:
  • North America saw an 185% increase in deal value.
  • Europe had a 30% increase in deal activity.
  • Asia saw a 34% decline in deal numbers.
• Exit Activity: 354 exits were recorded, totaling $52bn, a 15% decline from Q4 2017.
• Exit Types:
  • IPOs & follow-ons, sales to GP, and trade sales declined.
  • Restructures increased by 250%.
• Largest Deals:
  • Keurig Dr Pepper merger ($21bn).
  • Thomson Reuters Financial and Risk Business acquisition ($17bn).
  • Akzo Nobel's Specialty Chemicals Business ($10.1bn).
  • Gas Natural Fenosa acquisition ($3.8bn).
  • Westinghouse Electric Company acquisition ($4.6bn).

Venture Capital Deals

• Deal Count: 3,269 venture capital financings were announced, up 11% from Q1 2017.
• Deal Value: Aggregate deal value increased 57% to $51bn.
• Investment Stages:
  • Angel/seed financings represented 35% of deals.
  • Series A/Round 1 accounted for 29%.
  • Series B/Round 2 accounted for 14%.
• Largest Deals:
  • Go-Jek Indonesia (Series E, $1.5bn).
  • Ping An Healthcare Administration (Series A, $1.15bn).
  • Mobike Ltd. (Unspecified Round, $1bn).
  • Ofo Bicycle (Series E, $866mn).
  • Katerra Inc. (Series D, $865mn).

Fund Performance and Dry Powder

• Fund Returns:
  • Buyout funds outperformed the private equity asset class.
  • Venture capital funds performed relatively poorly.
• Median Net IRRs:
  • 2009–2012 vintage funds performed better than 2005–2008 vintage funds.
  • The interquartile range for 2015 vintage funds reached 19.9%.
• Dry Powder:
  • Dry powder levels reached a record high of $1.09tn as of March 2018.
  • Buyout funds accounted for 59% of dry powder.
  • Growth funds saw the largest year-on-year increase in dry powder (+30%).

Key Takeaways

• Despite a slowdown in fundraising, the industry remains active with strong performance and significant dry powder.
• Europe remains a key region for fundraising and deal activity.
• Venture capital deal value and count increased, indicating growing interest.
• Institutional investors are increasingly focused on Europe and North America.
• The market is becoming more competitive, especially at the top end, with the emergence of mega funds.