2022年四季度美国公共体育综述（英）

Q4 2022 US PublicPERoundup Contents Keytakeaways3 Privateequityperformance4 Fundraising5 Deployment7 Realizations8 Strategyexpansion9 PitchBookData,Inc. JohnGabbertFounder,CEO NizarTarhuniVicePresident,InstitutionalResearchandEditorial DylanCox,CFAHeadofPrivateMarketsResearch InstitutionalResearchGroup Analysis AUMbyfirmandstrategy11 Dealactivityinthealternativemanagerspace12 Operatingresults15 Stockperformanceandcomps16 TimClarke LeadAnalyst,PrivateEquitytim.clarke@pitchbook.com JinnyChoi Analyst,PrivateEquityjinny.choi@pitchbook.com KyleWalters AssociateAnalyst,PrivateEquitykyle.walters@pitchbook.com Data TJMei DataAnalyst pbinstitutionalresearch@pitchbook.com Publishing ReportdesignedbyJoeySchaffer PublishedonFebruary28,2023 ClickhereforPitchBook’sreportmethodologies. 2Q42022USPUBLICPEROUNDUP Keytakeaways PEfundraisingwassurprisinglyrobustin2022:FundraisingforPEstrategiesexceededthepreviousyearatfourofthesixbigpublicalternativeassetmanagers.Thisoccurredevenasthesesamemanagerspushedhardintonewstrategiesand tosomeextentdiversifyawayfromPE.AllsixhadflagshipPEfundsinthemarket,withnewlaunchestargetingasmuchas $28billionincapital. MarketdislocationsloweddeploymentinQ4:Significantcapitalwasputtoworkrelativetotheindustryoverall;however,PEdeploymentwasdownsharplytofinishtheyear,continuingatrendofsequentialdeclinesthroughout2022. Fundraisingexpectationsaremoreoptimisticfor2023:WithstrategiesspanningmultipleassetclassesandafreshyearofLPallocationstobehad,thesixpublicaltmanagersallexpressedconfidencethatinflowswillbegreaterin2023thanin2022. Portfoliocompaniescontinuetoseestrongrevenuegrowth:WithmutedreturnsinQ4,managershighlightedtherevenuestrengthoftheirrespectiveportfoliocompanies,whichdeliveredmid-teens-typegrowthdespitethemorechallengingmacroenvironment. Theprivatewealthchannelremainsattheforefrontforthesemanagers:Theprivatewealthchannelofferstremendousgrowthopportunitiesforyearstocomeas thesemanagerslooktocapturehigherpercentagesoftotalinflowsfromthespace.Managersarepreparingtolaunchmorevehiclesin2023gearedtowardprivatewealthinvestorsacrossvariousstrategies. Creditremainsastrongperformeramidthehigherrateenvironment:Severalfirmshavelargeandgrowingcreditarmsthatcontinuetobenefitfromrisingratesasthemajorityoftheirportfoliosareinfloatingrateinstruments,whichfarebetterinahigher-interest-rateenvironment. $9.1 $23.6 PEinflows($B)bymanager* $14.3 $20.7 BX¹ $14.7 $18.1 KKR² APO³ CG¹ $1.5 $8.3 $16.1 ARESª 0.0 $14.0 $17.5 TPG⁵ Q42021TTMQ42022TTM Notes: 1:CorporatePEasdefinedincompanyreports 2:TraditionalPE,corePE,growthequityasdefinedincompanyreports3:FlagshipPE,Europeanprincipalfinanceasdefinedincompanyreports4:CorporatePEandspecialopportunitiesasdefinedincompanyreports5:Capital,growthasdefinedincompanyreports Source:Companyreports|Geography:Global *AsofDecember31,2022 Privateequityperformance GrossPEreturns/appreciationbymanager* -0.6% -14.0%0.0% 1.0% 0.7% 1.4% 1.8% 3.8% 4.3% 5.2% 6.0% 5.4% 7.7% 9.5% BX¹KKR²APO³CG¹ARESªTPG⁵MedianTTMQ42022 Notes: 1:CorporatePEasdefinedincompanyreports2:TraditionalPEasdefinedincompanyreports 3:FlagshipPE,Europeanprincipalfinanceasdefinedincompanyreports4:CorporatePEandspecialopportunitiesasdefinedincompanyreports5:Capital,growthasdefinedincompanyreports Source:Companyreports|Geography:Global *AsofDecember31,2022 Thepublicalternatives(alt)managersfinishedofftheyearwithsequentialquartersofmutedPEresults.Market headwindseffectivelyendedthedecade-longbullrunfortheindustry,andbigPEmanagerswerenotimmunetothemarketsqueeze.PreliminaryestimatesforQ32022quarterlyIRRs forPEfundsgloballysuggest-0.6%returnsforthesecondconsecutivedownquarterandthefirsttimesince2009.SomemanagerspointedoutthatdespitePEportfoliosbeingdown,theystilloutperformedpublicindices:KKR’sannualPEreturnsaggedto-14%,thelowestofthegroup,butstillcameoutaheadoftheS&P500andMSCIWorldIndex,whichwere -18.1%and-17.7%,respectively. Overall,PEperformancewasslightlyupbeatinQ4forthebigsixpublicaltmanagers:ApolloandBlackstonebothturnedaroundfromnegativereturnsinQ3toreach5.4%and3.8%,respectively,andTPG,Carlyle,andAresalsomarkedpositiveperformance,whileKKRwasflat.ThesepositiveresultstoendtheyearcomeasWallStreetexpectednegativereturnstoroundouttheyear.Forthetrailingtwelvemonths(TTM),allbig-sixpublicaltmanagersfellshortofthedouble-digitreturnsthePEindustryhasbecomeaccustomedto,withthe medianTTMreturnat5.2%.KKR’sTTMreturnwasanoutlierfromthegroupat-14%,possiblyduetoarelativelygreaterallocationtolate-stageventureandPEgrowthinvestments,whichwouldhavebeenhitthehardestwiththefallofIPOmarkets.KKRalsonotedthatthefirmdeployedmorecapitalintoPEin2022thanin2021,meaningtheyareearlierindrivingreturns. WithrelativelydiminishedPEreturnscomparedtohistoricalperformance,thesealtmanagersareincreasinglyhighlightingotherfundstrategies.Credit,realestate,andrealassetshavebeengeneratinghigherreturnsandattractingmoreinterestasmarketconditionsworsenfortraditionalleveragedequityinvesting.Floatingratedebtonthecreditsideandrealestateassetswithrentsthatareoutpac