PEI-2016年私募股权投资报告-20171-21页_1mb

PEI Annual Fundraising Report 2016 Summary

Core Content

The PEI Annual Fundraising Report 2016 provides an in-depth overview of the private equity fundraising landscape for the year, highlighting key trends, figures, and insights from major fund managers and institutional investors.

Key Highlights

Global Fundraising Trends

• Total Capital Raised: $423.6 billion from the close of 660 vehicles in 2016, the highest since 2013.
• Average Fund Size: Increased to $642 million in 2016, up from $586 million in 2015.
• Oversubscription: 279 funds were oversubscribed in 2016, a slight increase from 262 in 2015.
• Funds Raised Above Target: $31.89 billion was raised above targets in 2016, down from previous years.
• Top Fund: Ardian Secondary Fund VII was the largest fund closed in 2016, with a final size of $14 billion (originally targeting $9 billion).
• Sector Trends: TMT (Technology, Media, and Telecommunications) specific funds raised the most capital in 2016, with $34.7 billion collected from 121 funds, over three times the second most successful sector (energy, oil and gas).

Fund Managers and LP Relationships

• Investor Appetite: Despite global uncertainty and a slowdown in the economy, investors remained optimistic about private equity, planning to increase exposure and the number of managers they invest with.
• GP Relationships: HIERS (Employees' Retirement System of the State of Hawaii) has 73 GP relationships, with plans to reduce this to 30-40 by 2017.
• Strategic Partnerships: Institutional investors, especially public pensions, are increasingly seeking strategic partnerships with GPs that offer more than just returns, such as market research and educational sessions.

Canada-Focused Fundraising

• Canadian Stability: Canada is viewed as a stable economy, with strong private equity fundraising activity, reaching a peak of $3.7 billion in 2016.
• Domestic Dominance: Most Canadian-focused funds were raised by domestic managers, with only 8% of capital coming from foreign fund managers.
• Top Fund Managers: Onex and Brookfield Asset Management were the top fund managers in Canada, raising significant amounts in 2016.
• Largest Fund: Altas Partners I was the largest Canadian-focused fund closed in 2016, with $1 billion raised.

Key Figures

• Q4 2016 Fundraising: $123.1 billion raised from 162 funds.
• Largest Fund in Q4: $9 billion (Advent International GPE VIII).
• Funds Closed in Q4: 154 GPs closed funds in the quarter.
• Total Funds in Market (as of 1 Jan 2017): 2,397 funds targeting $707.9 billion.
• Largest Fund in Market: Medical Research Future Fund with a target of $14.4 billion.

LP Interview: Vijoy Chattergy (HIERS)

• Performance: HIERS' private equity portfolio had a strong one-year IRR of 7.4% and 9.4% since inception, outperforming the MSCI ACWI IMI benchmark.
• 2017 Outlook: Performance is expected to remain strong, though with decreasing returns, especially if interest rates rise and event-driven volatility increases.
• Allocation Plans: HIERS plans to allocate between $450 million and $600 million to private equity in 2017, with a focus on buyout, debt, and secondaries.
• Secondaries Strategy: HIERS uses a secondaries fund manager and may add to this position or bring on another manager.
• GP Relationships: HIERS plans to reduce the number of GP relationships from 73 to 30-40 by 2017, focusing on those that offer additional value.
• Counteracting High Valuations: HIERS looks for strategies that return capital quickly and teams with a proven track record through market cycles.
• Challenges for 2017: Justifying higher fees and expenses due to the complexity, illiquidity, and political risks involved in private equity.

People Moves

• Kimberly Walker: Resigned as CIO of Washington University Investment Management.
• Steve Davis: Appointed as CIO of SCERS.
• Christian Hyldahl: New CEO of ATP.
• Martin Noven: New executive director of the State Universities Retirement System of Illinois.
• John Graham: New head of principal credit investments at Canada Pension Plan Investment Board.
• Jeffrey Akers: New head of secondary investments at Adams Street Partners.
• Laurie Martin: Deputy CIO of Connecticut Retirement Plans and Trust Funds.
• Mark Warner: Interim CEO and CIO of UTIMCO.

LP Radar

• Japan Bank for International Cooperation (JBIC): Signed a MoU with RDIF to establish a $1 billion Russia-Japan Investment Fund.
• Dallas Police and Fire Pension System: Planning to offload a portfolio of 37 fund stakes.
• Iowa Public Employees' Retirement System: Pathway Capital Management authorized to commit up to $800 million in 2017.
• Asiya Investments: Interested in committing to three additional private debt funds.
• State Universities Retirement System of Illinois: Plans to invest $850 million in private equity between 2015 and 2017.
• Alberta Teachers Retirement Fund Board: Expected to nearly double AUM to C$25 billion by 2025.
• Industrial Bank of Kuwait: Planning to invest $40 million to $50 million in six to eight private equity and infrastructure funds.
• North Dakota Retirement and Investment Office: Paused future investments in private equity due to transparency concerns and is reviewing fund managers.

Significant LP Commitments in Q4 2016

• Pennsylvania Public School Employees' Retirement System: Committed $300 million to Platinum Equity Capital Partners IV and $200 million to Apollo European Principal Finance Fund III and LLR Equity Partners V.
• New York State Common Retirement Fund: Committed $300 million to Brightwood Capital Fund IV, $196 million to IK VIII, and $150 million to GSO Capital Opportunities Fund III.
• Florida State Board of Administration: Committed $200 million to GSO Capital Opportunities III and $150 million to Crescent Mezzanine Partners VII.
• North Carolina State Treasury: Committed $125 million to Trident VII.

Platinum Subscription Benefits

• Access to Data: Over 5,100 investors and 5,000 fund managers.
• Bespoke Research: Direct access to the research team for tailored analysis.
• Investor Insights: Includes detailed data on fund appetite, investment history, and geography.
• Contact Details: Over 17,000 investment professionals available for contact.
• Linked Profiles: LP and GP profiles connected to news articles and in-depth analysis.

Survey Insights

• Investor Sentiment: A survey of 93 institutional investors showed a shift in sentiment, with 45% planning to increase the number of GP relationships in 2017.
• Consolidation Trend: Previously, there was a trend toward consolidation, but this is now changing.
• Increased Allocations: Many investors plan to increase their allocations to private equity in 2017.

Conclusion

The 2016 private equity fundraising year was marked by increased capital inflows, a rise in fund size, and a continued interest in the asset class despite global uncertainty. While sector-specific funds saw a decline in fundraising, sector-agnostic funds remained popular. Canada showed strong fundraising activity, with domestic fund managers dominating the market. Institutional investors are shifting toward more strategic partnerships with GPs and are looking to diversify their allocations to counteract high valuations and ensure long-term performance.