关于私募股权筹资的全球见解（英文版）_20页_1mb

Summary of Global Insights on PE Fundraising

Core Content

The document provides an overview of the current state and future trends in global private equity (PE) fundraising, with a focus on ESG (Environmental, Social, and Governance) integration, regulatory developments, and the role of technology in enhancing fundraising strategies.

Main Views

ESG Integration in PE Fundraising

• Growing ESG Interest: ESG investments are gaining traction globally, with significant growth in AUM (Assets Under Management) for ESG-oriented funds. In Europe, AUM increased by 40% between 2015 and 2018, reaching EUR684 billion. In the US, AUM doubled to almost USD90 billion in the same period.
• Impact Investing: ESG is increasingly seen as a driver for impact investing, with investors demanding more than just marketing; they want credible evidence of impact.
• GP Influence: GPs, due to their equity stakes and board representation, are in a better position to influence ESG strategies in portfolio companies. Their longer holding periods are also aligned with sustainable investing goals.
• Regulatory Support: Luxembourg and other jurisdictions are supporting ESG through initiatives like the LuxFLAG label, which certifies ESG compliance in funds. These initiatives are influencing even unregulated PE/RE managers.
• ESG and Returns: There is evidence that ESG investing correlates with better returns. For example, Bain & Company found higher median valuation multiples for ESG-focused PE exits in the Asia-Pacific region.

Regulatory Developments

• EU Action Plan: The EU's Action Plan on Financing Sustainable Growth aims to align finance with sustainable economic needs and includes measures like mandatory ESG reporting and a common taxonomy for ESG disclosure.
• French Regulation: France introduced mandatory climate change reporting for institutional investors in 2016.
• UK Green Finance Strategy: The UK government expects all listed companies and large asset owners to disclose climate-related risks by 2022.
• Regulation as an Ally: While some see regulation as a burden, it is increasingly viewed as a way to protect end investors and promote best practices. GPs are adapting by hiring more compliance and administrative staff.

Key Information

Regional Insights

• Luxembourg:

  • A major hub for regulated PE funds, with a growing number of large funds (EUR500 million+).
  • The SCSp (Special Limited Partnership) and RAIF (Reserved Alternative Investment Fund) are popular structures, offering flexibility and regulatory compliance.
  • Luxembourg has a well-established fund industry, with a strong presence of legal, accounting, and tech firms.
  • The market remains optimistic despite political uncertainties like Brexit.

• Jersey:

  • Technology is playing a crucial role in improving fundraising efficiency and investor engagement.
  • Platforms like CEPRES offer tools for portfolio monitoring and benchmarking, enhancing transparency and trust.
  • PE managers are beginning to adopt technology for better data access and modeling.

• Guernsey:

  • The Guernsey Green Fund is a regulatory initiative to provide confidence and transparency in ESG investments.
  • There is increasing interest from North American LPs, especially after the launch of the US Alliance for Sustainable Finance (USASF).

• Asia Pacific:

  • ESG is becoming a key factor in PE decision-making, with European and Asian LPs more likely to consider it than North American ones.
  • The region is seeing a rise in ESG-focused PE funds and increased investor engagement.

• United Arab Emirates:

  • The UAE is not a mature PE market yet, but technology is helping to enhance fundraising efforts.
  • There is potential for growth as ESG becomes more mainstream.

LP Demands

• Sophisticated Engagement: LPs are now more engaged with ESG, requiring detailed understanding of how GPs integrate ESG into their investment processes.
• Case Studies and Evidence: LPs want to see evidence of ESG policy implementation, such as case studies, rather than just having a policy in place.
• Regional Variations: European and Asian LPs are more likely to consider ESG than North American ones, though the latter is showing increased interest.

Trends and Outlook

• ESG-Compliant Funds: There is a growing trend towards ESG-compliant PE funds, driven by both investor demand and regulatory pressures.
• Technology Adoption: While PE managers are lagging behind hedge funds in technology adoption, they are increasingly using it to improve fundraising and portfolio management.
• Market Correction Risk: Some experts warn of the risk of overvaluation in the current market and the potential for a market correction to impact fundraising.
• Focus on Long-Term Value: PE managers are advised to focus on long-term value creation and multi-year targets rather than short-term volatility.
• Impact Investing: The rise of millennial and Z-generation investors is pushing PE and RE managers to develop ESG-compliant funds to align with future investment trends.

Conclusion

The global PE fundraising landscape is evolving rapidly, with ESG integration becoming a key differentiator. Regulatory frameworks are playing an important role in shaping this shift, while technology is enhancing transparency and efficiency. Luxembourg remains a leading jurisdiction for PE fundraising, offering a mix of regulatory support, financial infrastructure, and strategic location. As the market continues to mature, the ability to demonstrate ESG impact and leverage technology will be critical for success.