2022-12-03-PitchBook-PitchBook分析师注释_2022年第三季度公共体育公司盈利分析（英）_8页_806kb

Summarized Report on PitchBook Data Analysis of Public PE Firm Earnings in Q3 2022

• Key Takeaways from Market Dislocation:

  • Public alternative asset managers deployed significant capital in Q3 2022, but deployment was less than previous quarters due to market dislocation.
  • Realizations declined as exits slowed, caused by mismatches in buyer-seller prices.
  • High dry powder levels (record highs) position firms to capitalize on lower asset prices and new financing options, despite current dislocation.

• Fundraising Success Amid Challenges:

  • Fundraising momentum was strong, partly due to brand loyalty and diverse product offerings, such as credit and private markets strategies.
  • Fund size records were set (e.g., Blackstone Strategic Partners IX nearing $20 billion), helping maintain market share despite a crowded fundraising environment.
  • Adaptation to changing conditions includes targeting international investors and new asset classes like credit and real assets to attract capital.

• Credit Strategies:

  • Credit arms performed well due to benefits from rising interest rates, with portfolios in floating rate instruments driving returns.
  • Diversification into credit strategies provides protection from PE declines, as seen in managers like Ares (approx. 60% AUM in credit) and KKR.

• Secondaries Market Opportunities:

  • Increased demand for liquidity in the secondaries market, allowing firms like Ares, Blackstone, and Carlyle to buy assets at discounts.
  • Strong performance in Q3 secondary deals, with Ares deploying over $500 million, driven by LP needs for rebalancing amid volatility.

• Financial Performance and Headwinds:

  • Fees remain a key driver of earnings, boosted by growth in perpetual capital strategies, though deployment slowed due to debt shortages and market dislocation.
  • Distributable earnings (DE) and fee-related earnings (FRE) increased for firms like Blackstone and Apollo, but overall DE growth is muted.
  • Stock prices declined significantly for most firms, reflecting broader market bearishness, with potential valuation challenges as flagship funds approach.

• Overall Outlook:

  • Firms are optimistic about future opportunities in dislocated markets, highlighting the role of PERE strategies, real assets (e.g., infrastructure), and capital preservation.
  • Persistent inflation and higher rates create opportunities in credit and real assets but limit PE returns, emphasizing the importance of diversification.