PitchBook-2022年四季度私人资本指数（英）-2023-24页_4mb

PitchBook Private Capital Indexes Q4 2022 Overview

Contents

• Private Capital Indexes: 7 strategies (equity, venture capital, real estate, real assets, private debt, funds of funds, secondaries).
• Quarterly Returns (Q4 2022):
  • Private Equity: -0.2%
  • Venture Capital: -0.8%
  • Real Estate: 0.4%
  • Real Assets: 4.5%
  • Private Debt: 0.4%
  • Funds of Funds: 0.8%
  • Secondaries: -0.3%
• Additional Indices:
  • Growth Equity: -1.3%
  • Buyout/Expansion Segments:
    • $250M+ VC: -0.8%
  • Segment Distribution: Large cap (Sub-$250M) underperformed smaller segments in venture.
• Long-term Performance:
  • 5-year: PE -2.6%, RE 11.0%, RE Assets 9.0%, PD 6.8%.
  • 10-year trends show moderate returns across most classes.
• Risk Measurement:
  • Reported returns: Smoothed due to cashflow implementation leading to cyclical lags.
  • Adjusted returns (via autocorrelation) show higher risk (volatility).
  • 5-year rolling correlations with S&P 500 vary by asset class.
• Impact of Smoothing:
  Adjustment factors show higher real volatility for most classes.
• Drawdown Metrics:
  • Markets experienced drawdowns during GFC, dot-com bubble, COVID-19, and 2022 reports.
  • May 2023 data shows improved market conditions.
• Regulatory & Risk Norms:
  • Standard returns/risk adhere to industry benchmarks.
• Key Findings:
  • Regional dominance in North America (driven by key asset classes).
  • Decreasing correlation to public markets following smoothing adjustments.
  • Asset class volatility changes post-adjustment.
• Glossary:
  • Includes terms including: ACF, desmoothed returns, fund classifications, NAV, and more.

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**Key Conclusion**: While private market returns experienced fluctuation in 2022, certain strategies still outperformed peers historically. Q4 2022 data indicated slight recovery compared to prior quarters, particularly in real assets and real estate. However, risks remain due to return smoothing and the need for adjusted data analysis.