全球基金业绩报告

2022As of Q1 2022 with preliminary Q2 2022 dataGLOBALFund PerformanceReport 2ContentsPitchBook Data, Inc.John Gabbert Founder, CEONizar Tarhuni Senior Director, Institutional Research & EditorialDylan Cox, CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisGLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)DataZane Carmean, CFA, CAIA Lead Quantitative Research Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Chloe Ladwig & Julia MidkiffPublished on November 8, 2022Click here for PitchBook’s report methodologies. Click here for PitchBook’s private market glossary.Overview3Private equity6Venture capital8Real estate10Real assets12Private debt14Funds of funds16Secondaries18Horizon IRRs by strategy*Source: PitchBook | Geography: Global*Yearly horizons are as of March 31, 2022 **Preliminary quarterly returnHilary Wiek, CFA, CAIA Lead Analyst, Fund Strategies & Sustainable Investinghilary.wiek@pitchbook.comKyle Stanford, CAIA Senior Analyst, US Venture Leadkyle.stanford@pitchbook.comTim Clarke Senior Analyst, Private Equitytim.clarke@pitchbook.comAnikka Villegas Analyst, Fund Strategies & Sustainable Investinganikka.villegas@pitchbook.comKyle Walters Associate Analyst, Private Equitykyle.walters@pitchbook.comJuliet Clemens Analyst, Fund Strategiesjuliet.clemens@pitchbook.com xQ2 2022**1-year3-year5-year10-yearPrivate equity-3. 2%29.9%26.1%21.8%17.1%Venture capital-2. 3%24. 3%30.6%24. 3%17.1%Real estate3.6%2 7. 8 %14.4%12.4%12.7%Real assets2.2%22.5%8.1%8.0%7.1 %Private debt-1. 8%12.9%9.3%8.6%9.1%Funds of funds4.8%30.5%24.9%19.9%14.7%Secondaries4.7%42.1%21.2%18.6%14.5%Private capital-1.1%27.0%20.7%17.5%14.5%An accompanying Excel file contains additional charts and all underlying data for this report.PitchBook Benchmarks (as of Q1 2022 with preliminary Q2 2022 data) may be found here. The quarterly report provides greater detail than the Fund Performance Report, with granular IRR, multiple, and PME breakouts for Global, North America, Europe, Private Equity, Venture Capital, Real Estate, Real Assets, Private Debt, Funds of Funds, and Secondaries. Both Excel and PDF versions are available. 3GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)OVERVIEWOverviewPrivate equityVenture capitalReal estateReal assetsPrivate debtFunds of fundsSecondaries-20%-10%0%10%20%30%40%50%60%70%80%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1201720182019202020212022*Rolling one-year horizon IRRs by strategy Source: PitchBook | Geography: Global*As of March 31, 2022Hilary Wiek, CFA, CAIA Lead Analyst, Fund Strategies & Sustainable Investing Through the first quarter of 2022, one-year private fund performance was still at historically high levels, as more muted performance in Q1 2022 was still overcome by three quarters of phenomenal 2021 performance. While well off from the 42.8% one-year figure seen just three quarters earlier, the 27.0% overall private capital return was still well ahead of the 10-year average of 14.5%. Preliminary figures for Q2 2022 do show a recognition that the macro environment has shifted, as private capital is indicating a -1.1% return. In the preliminary figures, PE and VC trailed the other private fund strategies in Q2 2022, with the highest fliers of 2021 having further to fall back to recognize the new normal. As often happens when the public markets fall dramatically, private markets tread a less volatile path. While arguments can and will be made that the muted volatility in private funds versus public markets may not fully reflect reality, private funds valuations are not indicating much concern about the macro environment in comparison to the S&P 500. Inclusive of the preliminary results of Q2 2022, several strategies continued to increase in value in the first half of the year, although VC, PE, and private debt have all come off their peaks. Compared to the 20.0% drop in the S&P, however, the -6.7% VC return for the first six months through June was much milder than one might have expected given the headlines around the war in Ukraine, inflation, and the possibility of entering a recession.While private funds have not shown extreme volatility overall, within strategies the median returns mask a fairly high amount of dispersion, meaning that any one investor’s experience of individual funds may vary widely from the headline median numbers. As an example, while we report that VC funds that launched between 2004 and 2017 had a median IRR of 15.5%, top decile funds provided a 39.9% return or better and bottom decile funds have returned -6.7% or worse. Private debt continues to have the narrowest band of top-to-bottom returns, with the median IRR of 8.5% flanked by a top decile return of 15.7% and a bottom decile of 1.5%. Funds of funds (FoF) and secondaries have seen a nice positive skew to their return dispersion—top decile FoF performed 15.2% better than the 12.5% median, while bottom decile FoF only did 8.2% worse. Secondaries fund outcomes ranged from 14.9% abov