2017年全球私募股权投资报告英文_77页_11mb

Global Private Equity Report 2017 Summary

Core Content

The Bain & Company Global Private Equity Report 2017 provides an in-depth analysis of the private equity (PE) market in 2016, highlighting trends in exits, fund-raising, investments, and returns. It also outlines the evolving strategies of PE firms and institutional investors in response to market conditions and macroeconomic uncertainties.

Main Points and Key Insights

1. Market Overview

• The private equity industry in 2016 posted solid results, despite a volatile year marked by high prices, limited partners (LPs) with ample cash, and a challenging exit environment.
• Exit activity remained strong, but aggregate values and counts declined from 2015, reflecting the digestion of a backlog of deals from the 2006-2007 period.
• The PE industry is adapting to a new normal, with more balanced markets and a focus on value creation and longer holding periods.

2. Exit Trends

• Exit activity in 2016 was $182 billion across 437 exits in North America, $107 billion in Europe, and $36 billion in Asia-Pacific.
• Strategic acquirers dominated exit channels, with $7.5 billion in the largest sponsor-to-sponsor deal (MultiPlan).
• IPO activity declined significantly, with 40% fewer IPOs by count and 48% less value than in 2015. However, some notable IPOs occurred, such as ZTO Express (China) and Athene Holding (US).
• Follow-on sales and dividend recapitalizations were also significant exit mechanisms, with follow-on sales totaling $79 billion in 2016.
• Dividend recaps increased due to strong creditor demand, with $7.1 billion raised through the loan market.

3. Fund-Raising

• Global fund-raising reached $589 billion, slightly down from 2015 but still strong.
• Buyout funds outperformed, raising $221 billion, with a 20% increase in capital raised.
• Megabuyout funds (raising over $5 billion) surged, with 11 funds closing to raise $90 billion.
• Separately managed accounts increased in popularity, now comprising 6% of private capital raised.

4. Investment Activity

• Buyout activity declined due to high valuations, competition from corporate buyers, and macroeconomic uncertainties.
• Deal generation became more challenging as good deals were harder to close, especially in a high-price environment.
• Operational due diligence gained prominence as PE firms sought to improve portfolio performance and manage risks.

5. Returns and Performance

• Private equity outperformed public markets across both short and long-term horizons.
• Median net IRR for public pension funds was 8.3% over the past decade, significantly higher than the 5.3% for their total portfolio.
• Investor confidence remained high, with 95% of LPs reporting that their PE investments met or exceeded expectations.

6. Institutional Investor Strategies

• Bain & Company supports institutional investors in developing best-in-class investment programs, including strategies for asset class allocation, portfolio construction, and manager selection.
• The firm also assists in expanding private equity participation, such as through coinvestment and direct investing.

Key Takeaways

• The PE market is moving toward a more balanced state, with longer holding periods becoming the norm.
• Exit strategies are diversifying, with strategic acquisitions, IPOs, follow-on sales, and dividend recaps all playing important roles.
• Fund-raising remains robust, driven by positive cash flows from previous exits and continued LP interest.
• High valuations and limited market beta are making value creation more challenging, requiring operational excellence and strategic alignment.
• Institutional investors are increasing their PE allocations, seeing long-term value despite short-term volatility.

Spotlights

Technology Sector

• Fundamentals drive valuations, not hype.
• PE firms are focusing on operational improvements and strategic value in the sector.

Europe

• Despite political and economic fragmentation, the region still offers strong investment opportunities.
• Exit activity declined but remained healthy, with strategic acquirers and sponsor-to-sponsor sales being key channels.

Conclusion

The 2016 PE market was characterized by high valuations, limited exits, and strong fund-raising. As the industry moves toward a more balanced and sustainable model, value creation and strategic alignment are becoming more critical. Bain & Company continues to be a leading partner for PE firms and institutional investors, helping them navigate challenging macroeconomic conditions and intensifying competition.