《PitchBook：2022年第三季度全球私募市場募資報告（英文版）（29頁）.pdf》由會員分享，可在線閱讀，更多相關《PitchBook：2022年第三季度全球私募市場募資報告（英文版）（29頁）.pdf（29頁珍藏版）》請在三個皮匠報告上搜索。

1、GLOBALPrivate MarketFundraising ReportQ320222Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTContentsPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisDataTJ Mei

2、Data Analyst PublishingReport designed by Drew Sanders and Chloe LadwigHilary Wiek,CFA,CAIA Lead Analyst,Fund Strategies&Sustainable IAnikka Villegas Analyst,Fund Strategies&Sustainable IJuliet Clemens Analyst,Fund SJinny Choi Analyst,Private EMax Navas Analyst,Venture CPublished on November 30,2022

3、Click here for PitchBooks private market glossary.Click here for PitchBooks report methodologies.Overview3Spotlight:Why private market dry powderfigures are understated6Private equity8Venture capital11Real estate14Real assets17Private debt20Funds of funds23Secondaries25Top funds by size27StrategyCap

4、ital raised($B)YoY changeFund countYoY changePrivate capital$1,350.1-7.6%3,500-31.6%Private equity$483.9-13.7%852-26.2%Venture capital$301.25.5%1,822-28.7%Real estate$113.6-19.2%363-33.4%Real assets$147.222.6%106-38.0%Debt$214.2-7.3%222-46.6%Funds of funds$31.1-27.9%74-57.2%Secondaries$59.0-26.5%61-

5、40.2%YoY fundraising changes by strategy(trailing 4-quarters)Source:PitchBook|Geography:Global*As of September 30,2022The accompanying Excel file contains additional charts and all underlying data for this report.Download the XLS summary here.3Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTOVERVIE

6、WOverview$508.1$639.8$826.8$905.2$983.6$1,151.1$1,219.9$1,346.0$1,289.1$1,410.9$926.42,1142,4763,6014,1504,5854,7474,7464,5154,5294,4211,84720122013201420152016201720182019202020212022*Capital raised($B)Fund countPrivate capital fundraising activity Source:PitchBook|Geography:Global*As of September

7、30,2022Hilary Wiek,CFA,CAIA Lead Analyst,Fund Strategies&Sustainable InvestingBased on conversations weve been having,the tone of those raising funds in Q4 2022 has turned extremely pessimistic as they recognize that the easy capital raises of recent years have come to an end.Overallocated LPs are b

8、eing asked to re-up at levels well above 2023 allocation budgets,and distributions have fallen precipitously in a frozen exit environment,both phenomena leading LPs to have to make tough choices such as step-downs in their allocation sizes or skipping certain follow-on funds entirely.Existing manage

9、rs are all that the overallocated LPs seem able to handle this year,leaving emerging managers struggling even more than usual.While we dont see it in our closed fund data yet,we are also hearing of funds that might have been expected to close in 2022 extending the fundraising period to allow LPs the

10、 opportunity to tap 2023 allocation budgets.Despite the pessimistic tone,commitments are being made,and funds are closing.Overall private capital commitments in the 12 months through Q3 2022 were$1.4 trillion,down 7.6%from what we show for a year agoan amount that-$2,000-$1,500-$1,000-$500$0$500$1,0

11、00$1,500$2,00020122013201420152016201720182019202020212022*Contributions($B)Distributions($B)Net cash flow($B)Private capital cash flowsSource:PitchBook|Geography:Global*As of September 30,20224Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTOVERVIEWcould easily be made up as we identify more priva

12、te funds that closed in recent quarters.The strategies have not been moving in lockstep,however.12-month real assets fundraising,at$147.2 billion,is up 22.6%over a year ago,and VC climbed 5.5%,despite drastically diminished distribution rates.Funds of funds(FoF)have dropped off 27.9%from an already

13、low base to$31.1 billion,but more surprising is the 19.2%drop in real estate fundraising to$113.6 billion,as real estate is one of the key investment areas expected to perform well in inflationary environments.The negative effects of rising interest rates have been a more tangible specter than the p

14、otential protection real estate might provide from inflation,a macro factor with which most currently making investment decisions have little direct experience.Funds over$1 billion in commitments took in 73.2%of 2022 commitments through Q3,though they were only 11.7%of fund closings by number.Geogra

15、phically speaking,the war in Ukraine has spooked many investors,shrinking the share of capital closing in European funds to 14.7%of commitments,down from a more typical 23.0%last year.North America made up the difference by raking in 73.0%of commitments,up massively since the 46.4%share in 2018,when

16、 Asia appeared to finally be gaining a strong foothold among private market investors.Asia has since dropped from the 2018 share of 28.3%down to 10.8%in 2022 thus far.While the regional figures are imprecise,as especially the larger funds will typically cross into multiple geographies,there does app

17、ear to be some feeling that the strong dollar,the distance from war,and the wealth of long-term private market experience in North America has caused many this year to seek safety in that region.Expectations are for a very tough fundraising environment through year end,though that feeling is from th

18、e perspective of the fund managers and those responsible for raising capital.From the perspective of LPs,it has been a while since it has been a buyers market,and word is that negotiating power is at a high point on areas such as fund terms;diversity,equity&inclusion mandates;and environmental,socia

19、l,&governance data capture.$0$200$400$600$800$1,000$1,200$1,400$1,60020122013201420152016201720182019202020212022*Experienced firmEmerging firm051015202520122013201420152016201720182019202020212022*Top quartileAverageMedianBottom quartilePrivate capital fundraising($B)by manager experienceMonths to

20、close for private capital fundsSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,20225Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTOVERVIEW0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*$5B+$1B-$5B$500M-$1

21、B$250M-$500M$100M-$250M$100M0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100MShare of private capital fund count by sizeShare of private capital raised($B)by size Source:PitchBook|Geography:Global*As of September 30,2022Sour

22、ce:PitchBook|Geography:Global*As of September 30,20220%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of worldShare of private capital raised($B)by regionSource:PitchBook|Geography:Global*As of September 30,20226Q3 2022

23、 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTSPOTLIGHTSpotlight:Why private market dry powder figures are understated$1,584$1,741$1,935$2,179$2,420$2,792$3,255$3,447$3,741$3,597$3,257$0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,00020122013201420152016201720182019202020212022*Total2022202120202019201820

24、17201620152014Cumulative overhangOverhang by vintage Private capital overhang($B)Source:PitchBook|Geography:Global*As of September 30,2022Hilary Wiek,CFA,CAIA Lead Analyst,Fund Strategies&Sustainable InvestingLast quarter the spotlight for this report was on dry powder in the private markets.While t

25、he numbers have been declining overallthough not for VCthere is still a great deal of uncalled capital committed to funds.Yet,what we relay in this report each quarter actually undercounts the amount of capital seeking private market deals at any given time.Our fundraising reporting only considers p

26、rivate market fundsthe ones that take commitments,call down capital,and wind down when investments are exited.There are other fund structures and non-fund investors that are not captured in this accounting,and the capital in this area is rapidly growing.One area not represented in this report is fun

27、ds that raise capital but do not distribute it back when an investment is sold.These have a variety of names and implementations,but they may be called open-ended funds,evergreen funds,interval funds,or permanent capital funds.While these may be fully invested at any given time and not be dry powder

28、,exactly,they may either take in more capital or sell and have capital to reinvest at any given moment.Another gap in our dry powder figures is money that may or may not be waiting on the sidelines from corporations,hedge funds,and non-traditional investors such as mutual funds that invest in pre-IP

29、O companies.These are also not dry powder in the sense that they do not have committed capital intended only for private market investments,but they do contribute to the competition for deals and ought to be taken into consideration when thinking about the supply/demand equation of private market in

30、vesting.Weve done some work on crossover investors in the VC space,but these sources of capital are a difficult area to capture.Yet they are a large and growing amount of capital that should not be discounted.7Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTSPOTLIGHTIn its Q3 2022 earnings release,

31、1 Blackstone indicated that it had$359.6 billion in perpetual capital,up 83%year-over-year.They listed such strategies as the Blackstone Real Estate Income Trust($70.3 billion),Blackstone Infrastructure Partners($25.8 billion),and the Blackstone Private Credit Fund($57.5 billion).None of these are i

32、n call-down structures that would appear in our quarterly fundraising,but they do represent significant amounts of capital competing for the same deals as some of our private fund strategies.Granted,they are not dry powder sitting on the sidelines,but they may sell assets at any given moment and fre

33、e up capital to compete for deals.Other fund structures are gaining popularity with the movement to democratize alternative investmentscreating retail offerings that have some liquidity available for those unwilling to be tied up in a private fund structure.Many of the big private market players hav

34、e announced initiatives to try to capture this part of the market,recognizing that with the decline of pensions,this may be the only real source of growth in private marketsif they can do it in a way that does not lead to a liquidity crisis when these newer LPs find themselves without the liquidity

35、at the exact moment when they want it most.Some of the big names with dedicated retail efforts include KKR,Apollo,and Ares,but the movement is not just in the USPartners Group out of Switzerland has announced the establishment of a Private Wealth business unit.They have been operating evergreen fund

36、s since 2001,per the recent release,and have a 40-Act private equity fund with$12.0 billion in client assets.Add to this business development corporations,REITs,and master limited partnerships(MLPs),and the picture is one of trillions more capital chasing private deals than may be found in private f

37、und structures alone.1:“Blackstone Reports Third Quarter 2022 Result,”Blackstone,October 20,2022.2:“Partners Group Establishes Private Wealth Business Unit,Reinforcing the Firms 20+Year Track Record of Providing Leading Private Markets Investment Solutions for Individual Investors,”Partners Group,No

38、vember 2,2022.8Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTPRIVATE EQUITYPrivate equity$180.0$269.0$336.7$272.4$364.6$420.0$385.3$543.0$462.7$538.5$347.95416389388369159658879559651,04141720122013201420152016201720182019202020212022*Capital raised($B)Fund countPE fundraising activitySource:Pitc

39、hBook|Geography:Global*As of September 30,2022Jinny Choi Analyst,Private EquityGlobal PE fundraising remained on par with previous quarters,raising$105.3 billion across 131 vehicles.With$347.9 billion raised this year by Q3 2022,the fundraising pace appears healthy,despite the dip from 2021 and the

40、negative fundraising sentiment that has permeated the industry in the back half of 2022.With record distributions in 2021,LPs acceded to GP requests to increase commitment sizes that year and into 2022,causing some LPs to hit their allocation targets earlier in the year.With the sudden onset of the

41、denominator effect for some and the resultant pull back in commitments,many market participants are now expecting that two out of every three funds in the market will need to push their closings into 2023 to wait for available capital.Mega-funds($5 billion+)continued to grow their share of capital,b

42、enefiting from their brands and reputations in a competitive fundraising environment.Just 13 funds raised 48.1%of capital committed so far this year.While YTD 2022s fundraising value is slightly below the average of the three years pre-COVID-19(2017-2019),fund count decreased more than 50%,demonstra

43、ting how much the mega-funds are holding up fundraising activity this year.This is not to say that mega-funds are not facing challenges.KKR stated in its Q3 earnings call that it is connecting with new types of investors,especially targeting retail,3 as large institutional investors become more caut

44、ious about overallocation and market volatility.The Securities and Exchange Commission(SEC)imposed new rules on PE marketing practices early in November,which will be a hit to an already-challenged fundraising environment.Firms now must share net performance when gross performance of past funds is p

45、resented,as well as provide disclosures on endorsements provided in marketing materials along with other modifications to prevent misleading clients.The regulation is expected to be a big lift for firms forced to change all their marketing materials and is likely to have a greater impact on smaller

46、GPs with limited compliance staff.3:“KKR&Co.Inc.Third Quarter 2022 Earnings,”KKR,November 1,2022.9Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTPRIVATE EQUITY0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100M$0$100$200$300

47、$400$500$600$700$800$900$1,00020122013201420152016201720182019202020212022*Top quartileAverageMedianBottom quartile0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world0%10%20%30%40%50%60%70%80%90%100%$5B+$1B-$5B$50

48、0M-$1B$250M-$500M$100M-$250M$100M20122013201420152016201720182019202020212022*Share of PE capital raised by sizePE fund sizes($M)by quartileShare of PE capital raised($B)by regionShare of PE fund count by sizeSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*

49、As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,202210Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTPRIVATE EQUITY$663$741$796$849$930$1,101$1,236$1,356$1,450$1,423$1,258$0$200$400$600$800$1,000$1,200$1,400$1,600

50、20122013201420152016201720182019202020212022*Overhang by vintage Cumulative overhangTotal202220212020201920182017201620152014PE dry powder($B)Source:PitchBook|Geography:Global*As of September 30,202211Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTVENTURE CAPITALVenture capital$55.4$51.2$81.6$140.

51、7$177.2$179.2$298.1$243.0$227.1$265.0$223.66928371,3231,9472,3402,4492,5522,2932,2402,3111,02920122013201420152016201720182019202020212022*Capital raised($B)Fund countVC fundraising activity Source:PitchBook|Geography:Global*As of September 30,20220510152025302012201320142015201620172018201920202021

52、2022*Top quartileAverageMedianBottom quartileMonths to close for VC fundsSource:PitchBook|Geography:Global*As of September 30,2022Max Navas Analyst,Venture CapitalGlobal VC fundraising has exhibited continued strength despite the prolonged economic uncertainties,with 1,029 funds closing on$223.6 bil

53、lion of capital commitments in 2022 through September.Historically high distributions in 2021 emboldened established firms to launch larger vehicles and return to market more quickly to capitalize on LP interest in backing managers with robust investment track records.YTD,roughly 65.7%of the total c

54、apital raised was closed on by funds greater than$500 million,and 68.4%of the total went to experienced managers.2022 has seen six funds close with commitments greater than$4 billion,compared to one in 2021 and two in 2020.The consolidation of capital into larger funds will affect the VC dealmaking

55、landscape because those funds generally need to write larger checks or risk diversifying their fund into a large number of investments,few of which could individually impact the fund performance in any meaningful way.While there has been some pullback in 12Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING

56、REPORTVENTURE CAPITAL0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100M$50MShare of VC ca

57、pital raised by regionShare of VC capital raised by sizeSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022writing enormous checks to late-stage VC companies,larger funds can continue to prop up strong valuations of seed and early-stage

58、VC startups.Moreover,the strong fundraising pace has led to a record high$585.5 billion in dry powder,suggesting that as market conditions improve,we can expect significant investment in startups.This year,emerging managers have raised$70.7 billion and may exceed$100 billion in capital commitments f

59、or the fourth consecutive year.Parallel to the capital consolidation narrative,emerging managers have maintained their share of the number of VC funds closed,with the prior year at roughly 55%,or 566 funds.Their success in doing so bodes well for startups and first-time founders seeking their first

60、rounds of capital.Regionally speaking,fundraising in Asia has continued its steep downward trend of the last four years;just$39.7 billion of new capital has closed year-to-date.Much of this decline is attributed to the slow fundraising activity in China,as government pressures and policies such as z

61、ero-COVID hamper the economy and business activity.Conversely,North America has maintained its upward fundraising trend,already surpassing last years figure with$154.4 billion in capital commitments.13Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTVENTURE CAPITAL$0$50$100$150$200$250$300$350201220

62、13201420152016201720182019202020212022*Experienced firmEmerging firmExperienced firmEmerging firm$155$162$180$242$334$396$504$549$576$570$586$0$100$200$300$400$500$600$70020122013201420152016201720182019202020212022*Total202220212020201920182017201620152014Cumulative overhangOverhang by vintage VC c

63、apital raised($B)by manager experienceVC dry powder($B)Source:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,202214Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTREAL ESTATEReal estate$115.3$117.0$117.3$114.9$120.8$121.2$130.9$142.6$150.1$143

64、.2$161.3$173.4$171.5$197.2$168.4$142.9$134.1$117.0$140.6$150.2$145.6$136.1$113.6545565557516497486491496481464464510514533521492497509545442398390363Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201720182019202020212022*Capital raised($B)Fund countRolling 12-month real estate fundraising activitySou

65、rce:PitchBook|Geography:Global*As of September 30,2022Anikka Villegas Analyst,Fund Strategies&Sustainable InvestingReal estate continued to experience a fundraising slowdown in Q3 2022,with$14.3 billion in commitments after$19.1 billion in Q2$23.8 billion in Q1,and$56.4 billion in Q4 2021.Likely dam

66、pened by fears of a recession and a real estate market correction,as well as concerns around the impact of counter-inflationary policies on performance,this years numbers are shaping up be among the decades lowest.This trend is relatively localized to North America and Europe,which have further to f

67、all from fundraising peaks and have been combating considerable inflation,while Asia and Oceania seem to be keeping pace with last years commitments.4,5 Strategy-wise,opportunistic funds are still accumulating the most commitments,at 60.9%,with value-add taking the next-largest share at 26.7%.Core-p

68、lus commitments make up 7.5%,coming mostly from a few large funds,and core commitments sit at 2.8%.Distressed fundraising still holds the smallest share,at 1.6%of 2022s total as of Q3.4:“Research from 44 Countries Shows Levels of Rising Inflation Across the World,”World Economic Forum,Drew DeSilver,

69、June 23,2022.5:“Countries with the Highest Inflation:How US Prices Compare Globally,”Forbes,Megy Karydes,October 19,2022.15Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTREAL ESTATE$74.5$93.1$106.4$150.7$121.1$114.9$142.6$173.4$142.9$150.2$57.2351430567592550516496510492442167201220132014201520162

70、01720182019202020212022*Capital raised($B)Fund countReal estate fundraising activitySource:PitchBook|Geography:Global*As of September 30,2022$0$20$40$60$80$100$120$140$160$180$2002013201420152016201720182019202020212022*North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of worldReal estate capital

71、raised($B)by regionSource:PitchBook|Geography:Global*As of September 30,202216Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTREAL ESTATE0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*CoreCore+Value-addOpportunisticDistressed0%10%20%30%40%50%60%70%80%90%100%2012201320

72、1420152016201720182019202020212022*CoreCore+Value-addOpportunisticDistressedShare of real estate capital raised by typeShare of real estate fund count by typeSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022There was one common thread

73、among the top 10 largest funds to close this quartera residential focus.Specifically,eight of the top 10 funds listed multifamily as an area of focus,with four including the term in the fund name.With rapidly rising mortgage rates,home ownership is becoming less affordable,leading investors to bet o

74、n the need for more rental units.Of the other two in the top 10,one had a student-housing focus while the other will provide a more generalist approach across a few sectors,including multifamily.6 It will be interesting to watch how these,and other residential-focused funds,put their dry powder to w

75、ork in coming years.As much of the developed world attempts to combat inflation and address the affordable housing crisis,the asset managers that can effectively navigate the market and regulatory conditions associated with solving these problems will reap the rewards.76:“Marcus Partners Closes Larg

76、est Fund to Date at$650 Million,”Marcus Partners,September 2022.7:“What Has Caused the Global Housing Crisisand How Can We Fix It?”World Economic Forum,Victoria Masterson,June 16,2022.17Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTREAL ASSETSReal assetsQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q

77、2Q3201720182019202020212022*Capital raised($B)Fund count$105.4$108.8$101.9$102.8$92.9$104.2$135.3$130.3$137.2$139.4$104.3$122.0$135.0$122.2$122.6$106.0$76.4$104.0$120.1$136.2$168.7$167.4$147.2185192194190202204212193192187175157168162161167147161171127127116106Rolling 12-month real assets fundraisin

78、g activity Source:PitchBook|Geography:Global*As of September 30,2022Anikka Villegas Analyst,Fund Strategies&Sustainable InvestingFinally feeling some of the impact of 2022s macroeconomic headwinds,real assets commitments faltered slightly in Q3 2022,from an average of$41.8 billion in the previous fo

79、ur quarters to$10.6 billion in Q3.While this number will climb as time goes on and more funds are captured for the period,it is a departure from the incredibly robust activity of recent quarters.Still,even if no more funds are raised this year,2022s commitments will line up with historical averages.

80、The number of funds raised will likely be closer to the nadir,though,as massive funds have been responsible for the bulk of committed capital.In fact,67.4%of 2022s committed capital was raised by funds in the$5-billion-plus size bucket,with another 21.4%in the$1 billion to$5 billion bucket.As might

81、be expected given this fact and economic uncertainties,emerging managers are drawing a smaller share of raised capital as allocators gravitate to familiar and trusted names.18Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTREAL ASSETS$58.3$82.1$114.6$146.4$89.3$102.8$130.3$122.0$106.0$136.2$98.5153

82、1682422152011901931571671276520122013201420152016201720182019202020212022*Capital raised($B)Fund countReal assets fundraising activitySource:PitchBook|Geography:Global*As of September 30,2022$0$20$40$60$80$100$120$140$16020122013201420152016201720182019202020212022*$5B+$1B-$5B$500M-$1B$250M-$500M$10

83、0M-$250M$100M$0$20$40$60$80$100$120$140$16020122013201420152016201720182019202020212022*Experienced firmEmerging firmReal assets capital raised by size bucketReal assets fundraising($B)by manager experienceSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As

84、of September 30,202219Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTREAL ASSETSGeographically,North American funds continue to dominate,with more capital raised in 2022 thus far from the region$74.8 billionthan in any other year or geography on record but one.In the US,an attractive government sp

85、ending environment and need to boost infrastructure grades may be drawing opportunists.Beneath the fact that 96.1%of real assets commitments are going to infrastructure,infrastructure value-added and opportunistic commitments currently make up 57.8%of raised capital in real assets,a greater proporti

86、on than in any other year on record.Another factor drawing allocators to the space is the opportunity arising from the EU energy crisis and transition.Two of the top energy funds raised in the quarter show up in the infrastructure category with“energy transition”in the fund name.One oil&gas fund mad

87、e an appearance in the top 10 real assets funds to close,but the strategy only drew 2.3%of the years total commitments thus far.$0$20$40$60$80$100$120$140$160North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world20122013201420152016201720182019202020212022*Real assets capital raised($B)by regi

88、onSource:PitchBook|Geography:Global*As of September 30,202220122013201420152016201720182019202020212022*TimberReal assets&natural resourcesOil&gasMetals&miningInfrastructure value addedInfrastructure opportunisticInfrastructure greenfieldInfrastructure coreInfrastructureAgriculture$0$20$40$60$80$100

89、$120$140$1600%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*OtherOil&gasTimber&agricultureMetals&miningInfrastructureReal assets capital raised($B)by typeShare of real assets capital raised by typeSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook

90、|Geography:Global*As of September 30,202220Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTPRIVATE DEBTPrivate debt$73.1$88.2$116.6$127.2$156.5$198.4$179.5$184.4$195.8$228.0$130.518722127833331533834134039530310520122013201420152016201720182019202020212022*Capital raised($B)Fund countPrivate debt f

91、undraising activitySource:PitchBook|Geography:Global*As of September 30,2022Jinny Choi Analyst,Private EquityPrivate debt fundraising kept its diminished but steady pace throughout the year,with$45.5 billion committed across 36 vehicles in Q3.As in other strategies,big funds are absorbing massive co

92、mmitments.Blackstones January close of$8.8 billion for its Capital Opportunities Fund IV marked the largest fund raised in 2022.In Q3,Intermediate Capital Group led the charge with an$8.2 billion close for its eighth European Corporate fund,surpassing its original hard cap.Increasing PE deal sizes h

93、ave led to the growth in debt fund sizes in general,and the increasing use of direct lending by the PE market continues to push fundraising to private debt strategies.Direct lenders are expected to again capture a bigger share of PE financing,while lenders in the syndicated loan market take a more c

94、autious approach in the midst of rising interest rates.In times of market volatility,syndicated loan markets can dry up quickly or adjust the loan terms,while direct lenders can close more quickly and provide greater certainty that deals will be executed.21Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING

95、REPORTPRIVATE DEBT$5.3$7.0$7.4$10.6$24.5$9.0$7.7$9.7$9.0$5.6$0.334395951496140476742420122013201420152016201720182019202020212022*Capital raised($B)Fund countPrivate debt first-time fundraising activity Source:PitchBook|Geography:Global*As of September 30,2022$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$25

96、0M$100M0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*$5B+$1B-$5B$500M-$1B$250M-$500M$100M-$250M$100M0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*Share of private debt fund count by sizeShare of private debt capital raised by sizeSource

97、:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,202222Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTPRIVATE DEBT0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest

98、 of worldBridge financingCredit special situationsDirect lendingDistressed debtGeneral debtInfrastructure debtMezzanineReal estate debtVenture debt0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*Share of private debt capital raised by regionShare of private debt capital

99、 raised by typeSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022Big names are jumping in to take advantage of the growing opportunities in private debt.In Q3 alone,Apollo,KKR,BlackRock,and Credit Suisse all closed new private debt stra

100、tegy funds for a combined$8.2 billion.Apollo,which closed on$2.4 billion in August for its inaugural corporate direct lending fund,Apollo Origination Partnership Fund I,stated that it is tapping into scaled private debt strategies to address the increasing need for flexible lending solutions in a ma

101、rket historically served mostly by leveraged finance.8 Credit Suisse,which closed the smallest fund out of the group at$1.7 billion,will focus on upper middle market companies in North America and Europe.Credit Suisse launched its first direct lending-focused fund,the Private Credit Opportunities Fu

102、nd,to take advantage of the convergence between the syndicated and private credit markets and had already deployed approximately half of the fund by mid-July.9$177$187$212$265$321$390$437$452$524$483$421$0$100$200$300$400$500$6002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*Total20222021202

103、0201920182017201620152014Cumulative overhangOverhang by vintagePrivate debt overhang($B)Source:PitchBook|Geography:Global*As of September 30,20228:“Apollo Closes on$2.35 Billion in Commitments for Apollo Origination Partnership Fund I,”Apollo,August 11,2022.9:“Credit Suisse Asset Managements Credit

104、Investments Group Closes Private Credit Opportunities Fund at USD 1.67 billion,”Credit Suisse,July 13,2022.23Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTFUNDS OF FUNDSFunds of funds$42.4$26.9$41.6$40.7$38.4$94.3$51.8$56.3$57.7$41.4$20.414613820219020523022021518511635201220132014201520162017201

105、82019202020212022*Capital raised($B)Fund countFoF fundraising activitySource:PitchBook|Geography:Global*As of September 30,2022$0$10$20$30$40$50$60$70$80$90$10020122013201420152016201720182019202020212022*Experienced firmEmerging firmFoF capital raised($B)by manager experienceSource:PitchBook|Geogra

106、phy:Global*As of September 30,2022Juliet Clemens Analyst,Fund StrategiesThree quarters into 2022,fundraising activity for FoF stands at$20.4 billion across just 35 vehicles,under half of the$41.4 billion raised by 116 funds in 2021.Fund counts for 2022 are on track to be the lowest on record,with th

107、e current lowest fund count being 112 funds in 2010.Q3 2022 proved to be a difficult fundraising environment across all segments of private capital,but particularly for FoF strategies where investors remain skeptical that skilled portfolio construction by FoF managers can overcome the double layer o

108、f fees.10After reaching a fundraising peak of$94.3 billion in 2017,FoF fundraising stepped down dramatically to the$50-60 billion range for the next three years.2021 stepped down again to only$41.4 billion raised.Emerging managers have been particularly few in this space,as most years show them repr

109、esenting fewer than one-third of funds raised.In 2021,emerging firms represented 27.4%of the total capital raised 10:As outlined in our Global Fund Performance Report,FoF have outperformed the median return of all private capital funds since the beginning of 2020,both measures on a net-of-fees basis

110、.24Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTFUNDS OF FUNDS0%10%20%30%40%50%60%70%80%90%100%$1B+$500M-$1B$250M-$500M$100M-$250M$50M-$100M$50M20122013201420152016201720182019202020212022*0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*North AmericaEuropeAsiaOceani

111、aMiddle EastAfricaRest of worldShare of FoF capital raised by size Share of FoF capital raised by region Source:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022and 20.0%of total capital raised in 2020.68.2%of the capital raised so far in 202

112、2 was generated by FoF vehicles of over$1 billion,while funds raising between$50 million and$250 million only represented 5.2%of the FoF universe,highlighting a market environment that is more favorable toward established,larger FoF managers.FoF targeting geographies outside North America,Europe,or

113、Asia have been extremely rare over the past 15 yearsonly 1.8%of capital raised was focused outside those three geographies.77.6%of the 2022 capital raised for FoF strategies targeted North America,with 20.6%to Europe,an increase from the 52.0%and 15.0%,respectively,raised in 2021.Asia saw the larges

114、t decline in capital raised from 2021 to 2022;in 2021,32.9%of FoF capital raised targeted Asia versus 1.8%of capital raised in 2022 so far.Following the volatility in the VC market,VC FoF saw the most dramatic decline in fundraising between 2021,when VC FoF raised$18.4 billion,and 2022,when these st

115、rategies have raised just$0.4 billion in the first three quarters.General FoFPrivate debtReal assetsReal estateVCPE0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*Share of FoF capital raised by typeSource:PitchBook|Geography:Global*As of September 30,202225Q3 2022 GLOBA

116、L PRIVATE MARKETS FUNDRAISING REPORTSECONDARIESSecondaries20122013201420152016201720182019202020212022*Capital raised($B)Fund count$24.4$29.3$29.3$27.1$36.6$41.6$32.2$23.9$96.9$51.7$48.44444513759595745858129Secondaries fundraising activitySource:PitchBook|Geography:Global*As of September 30,2022Ten

117、th plusNinthEighthSeventhSixthFifthFourthThirdSecondFirst0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*Share of secondaries capital raised by fund#infamily Source:PitchBook|Geography:Global*As of September 30,2022Juliet Clemens Analyst,Fund StrategiesAs expected,the r

118、ecord-breaking secondaries fundraising of 2020 is beginning to cycle back as those fund managers return to market after having run through the capital in their prior funds.Secondaries have raised$48.4 billion across 29 vehicles so far in 2022.Although only five vehicles were launched in Q3 2022,thes

119、e vehicles raised$23.7 billion of 2022s fundraising total,the largest amount of capital in a single quarter since Q1 2021,when secondaries raised$22.3 billion across 29 funds.The data indicates that secondaries vehicles are skewing fewer and larger as market conditions lead LPs to look for liquidity

120、,though this trend may soften as data from smaller funds continues to be recorded on our platform over time.An increasing number of secondaries fund offerings are GP-led continuation funds,which are often single or multiple assets rolled over to a new vehicle from a fund nearing the end of its lifec

121、ycle.According to Jefferies,global secondary volume stood at$57.0 billion in the first half of 2022,with$33.0 billion in LP volume and$24.0 billion in GP-led volume.11 11:“1H 2022 Global Secondary Market Review,”Jefferies,July 2022.26Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTSECONDARIES$5B+$1

122、B-$5B$500M-$1B$250M-$500M$100M-$250M$100M0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*North AmericaEuropeAsiaOceaniaMiddle EastAfricaRest of world0%10%20%30%40%50%60%70%80%90%100%20122013201420152016201720182019202020212022*Share of secondaries capital raised by size

123、Share of secondaries fund count by region Source:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022The$703.4 million DPE Continuation Fund closed in Q3,while ECP Continuation Fund closed on$1.6 billion in Q2,and at least four others closed at

124、some point in 2022.It will be interesting to watch whether continuation vehicles outsized influence on secondaries fundraising numbers will persist.Although only nine funds were raised through Q3 2022 that were more than$1 billion,these funds raised$43.3 billion,or 89.5%of the total capital raised f

125、or secondaries.Secondaries capital was raised mostly in North America through Q3 202265.9%compared to 52.6%last year.Europe raised 34.0%of secondaries capital,a decrease in share from 2021s 45.2%.Asia has raised just 0.1%of secondaries capital,down from 2.1%in 2021.27Q3 2022 GLOBAL PRIVATE MARKETS F

126、UNDRAISING REPORTTOP FUNDS BY SIZETop funds by sizeFundSize($M)Close date(2022)Step-upHQ locationFrancisco Partners VII$13,500.0July 121.8xSan Francisco,USBaring Asia Private Equity Fund VIII$11,200.0September 131.7xHong KongBaring Private Equity Asia Fund$11,000.0September 7N/AHong KongWest Street

127、Capital Partners VIII$9,700.0September 271.4xNew York,USTrident IX$9,090.0July 121.3xGreenwich,USFundSize($M)Close date(2022)Step-upHQ locationShanghai Zhangkeherun Biomedical RMB Fund$11,828.0August 11N/AShanghai,ChinaBessemer Venture Partners XII$3,850.0September 91.6xLarchmont,USBattery Ventures

128、XIV$3,081.0July 142.6xBoston,USQiming Venture Partners VIII$2,500.0July 112.1xShanghai,ChinaLightspeed Opportunity Fund II$2,360.0July 121.6xMenlo Park,USFundSize($M)Close date(2022)Step-upHQ locationAermont Capital Real Estate Fund V$3,873.0July 311.9xLondon,UKLaSalle Asia Opportunity VI$2,200.0Sep

129、tember 282.0 xSingaporeAres US Real Estate Fund X$1,831.0September 301.8xLos Angeles,USPanco Strategic Real Estate Fund V$781.0September 301.7xFort Lee,USFairfield U.S.Multifamily Core Plus Fund II$750.0July 15N/ASan Diego,USTop PE funds to close in Q3 2022 by sizeTop VC funds to close in Q3 2022 by

130、 sizeTop real estate funds to close in Q3 2022 by sizeSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,202228Q3 2022 GLOBAL PRIVATE MARKETS FUNDRAISING REPORTTOP FUNDS BY SIZEFundSiz

131、e($M)Close date(2022)Step-upHQ locationCI Energy Transition Fund I$3,033.0September 1N/ACopenhagen,DenmarkARDIAN Americas Infrastructure Fund V$2,100.0September 82.6xParis,FranceMirova Energy Transition 5$1,599.0September 21N/AParis,FranceHitecVision New Energy Fund IS$1,068.0August 11N/AStavanger,N

132、orwayNuveen European Core Renewable Infrastructure$700.0September 21N/ALondon,UKFundSize($M)Close date(2022)Step-upHQ locationICG Europe Fund VIII$8,246.0August 22.0 xLondon,UKAres Sports,Media&Entertainment Finance Fund$3,700.0September 15N/ALos Angeles,USTikehau Capital Direct Lending Fund V$3,369

133、.0July 291.6xParis,FranceGoldenTree Distressed Fund IV$3,000.0September 271.8xNew York,USClearlake Opportunities Partners III$2,500.0September 201.8xSanta Monica,USFundSize($M)Close date(2022)Step-upHQ locationHarbourVest Partners XII-Buyout Fund$3,000.0September 221.1xBoston,USStrategic Partners GP

134、 Solutions$1,409.0August 3N/ANew York,USGolding Infrastructure 2020$950.0September 5N/AMunich,GermanyBanner Ridge DSCO Fund II$639.0August 12.1xNew York,USSoutheast High Tech Industry Development FoF II$286.0September 28N/ABeijing,ChinaFundSize($M)Close date(2022)Step-upHQ locationStrategic Partners

135、 IX$18,000.0August 31.6xNew York,USNB Secondary Opportunities Fund V$4,900.0September 191.9xNew York,USDPE Continuation Fund I$703.0September 28N/AMunich,GermanyStrategic Partners GP Solutions-I(Overage)$85.0August 3N/ANew York,USGCP Captivate Secondary$26.0July 24N/AGreenwich,USTop real assets fund

136、s to close in Q3 2022 by sizeTop private debt funds to close in Q3 2022 by sizeTop FoF to close in Q3 2022 by sizeTop secondaries funds to close in Q3 2022 by sizeSource:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022Source:PitchBook|Geogra

137、phy:Global*As of September 30,2022Source:PitchBook|Geography:Global*As of September 30,2022Additional researchCOPYRIGHT 2022 by PitchBook Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including photocopying,reco

138、rding,taping,and information storage and retrieval systemswithout the express written permission of PitchBook Data,Inc.Contents are based on information from sources believed to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as any past,current or f

139、uture recommendation to buy or sell any security or an offer to sell,or a solicitation of an offer to buy any security.This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for th

140、e exercise of independent judgment.Private capitalGlobal Fund Performance Report as of Q1 2022 with preliminary Q2 2022 dataDownload the report here2022 All In:Female Founders in the US VC EcosystemDownload the report here2022 Sustainable Investment SurveyDownload the report herePitchBook Benchmarks as of Q1 2022 Download the report hereOctober 2022 Global Markets SnapshotDownload the report hereQ3 2022 European Venture ReportDownload the report hereMore research available at