Preqin-2018全球私募股权投资和风险资本报告_-_采样页面（英文）-2018-13页-2mb

2018 Preqin Global Private Equity & Venture Capital Report Summary

Core Content Overview

The 2018 Preqin Global Private Equity & Venture Capital Report provides an in-depth analysis of the private equity and venture capital markets, highlighting trends, performance metrics, fundraising dynamics, and the evolving landscape for investors and fund managers. It includes insights from industry leaders, such as KKR's Johannes Huth, and covers the global context of private equity, with a particular focus on Europe, the US, and emerging markets.

Main Views and Key Information

Market Environment and Cycles

• Market Conditions: The private equity market is in a strong bull phase, with high valuations driven by economic recovery and sustained performance relative to public equity.
• Dry Powder Levels: Dry powder reached an estimated $1tn, with 76% of it held in 2015–2017 vintage funds.
• Fund Size Trends: There is a growing concentration of capital among fewer funds, with the average fund size increasing from $384m in 2016 to $535m in 2017.
• Fundraising Performance: 2017 was the largest fundraising year ever, with $453bn raised across 921 funds, marking the second consecutive year exceeding $400bn.

Challenges and Concerns

• High Valuations: Concerns over high entry prices persist, with 88% of LPs and 62% of GPs identifying pricing as the biggest challenge in 2018.
• Investor Allocation Decisions: LPs are advised to maintain a disciplined deployment across fund vintages to manage risk, as it is difficult to time markets.
• Political Risk: Brexit has created volatility in the UK's economy, with a substantial current account deficit and high consumer credit growth raising concerns. KKR remains cautious but still sees value in UK companies with global revenue streams.

Private Equity Performance

• Performance Benchmarks: The report provides performance data across various vintages, showing a decline in returns compared to previous years, particularly in 2017.
• Net IRR and Multiples: For the year ending June 2017, the median net IRR for 2017 vintage funds was 1.00x, with Q1 at 0.95x and Q3 at 0.88x.
• Distributions and Liquidity: While net distributions in H1 2017 were lower than 2016, they still exceeded capital calls, contributing to LP liquidity.

Fundraising Trends

• Quarterly Fundraising: Q2 2017 saw the highest quarterly fundraising, with $147bn raised excluding the $93bn initial close of the SoftBank Vision Fund.
• Fund Manager Strategies: Fund managers are increasingly adopting multi-product strategies, long-life funds, and using the secondary market to extend ownership.
• ESG Integration: ESG and responsible investment practices are becoming more prominent, with fund managers emphasizing best-practice businesses to deliver returns.

Investor Appetite and Behavior

• Investor Satisfaction: 63% of LPs have a positive perception of private equity, with 53% planning to increase their allocations in the long term.
• LP Concerns: A significant portion of LPs are concerned about future returns due to high valuations, with 34% expecting lower returns in the long term.
• Access to Managers: LPs face challenges in accessing the right managers, as fund sizes have grown and competition has increased.

Industry Focus and Deal Activity

• Buyout Deals: In 2017, over 4,000 private equity-backed buyout deals were completed, with aggregate deal value slightly up from 2016.
• Venture Capital Deals: Venture capital saw 11,145 transactions, with value increasing by 28% compared to 2016, reaching $182bn.
• Industry Highlights: The report includes industry-specific analyses, such as industrials, information technology, consumer & retail, internet, software, and telecoms.

Alternative Structures and Regulatory Developments

• Alternative Structures: LPs are increasingly using alternative structures to access private equity, driven by a desire for transparency and diversification.
• Regulatory Focus: The SEC has imposed fines on private equity firms for inaccurate fee disclosures, and ILPA has introduced new reporting guidelines around subscription credit lines.
• Technology Impact: The private equity industry is undergoing significant technological transformation, both in portfolio company operations and internal reporting and management.

Fund Managers and Their Role

• ESG Integration: Fund managers are incorporating ESG criteria into their investment screening and management practices.
• Global Resources: KKR, for example, leverages its global resources, including operating experts and a network of over 100 portfolio companies, to enhance its investment value.
• Fund Manager Outlook: The report includes views from fund managers on investor appetite, compensation, and employment trends.

Conclusion

The 2018 report underscores the continued growth and attractiveness of the private equity industry, despite concerns over high valuations. It highlights the importance of diversification, ESG integration, and long-term strategies for both fund managers and investors. The emergence of new structures and increased regulatory scrutiny also signals a more mature and transparent market. Overall, the industry is well-positioned for further growth, with 2018 expected to be another strong fundraising year.