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1、GLOBALFund Performance ReportQ22024with preliminary Q3 2024 data2Q2 2024 GLOBAL FUND PERFORMANCE REPORTContentsPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDaniel Cook,CFA Global Head of Quantitative Research and Market IntelligenceZane Carmean,CFA,CAI

2、A Director of Quantitative ResearchInstitutional Research GroupAnalysisHilary Wiek,CFA,CAIA Senior Strategist Anikka Villegas Senior Analyst,Fund Strategies&Sustainable Investing Nalin Patel Director of Research,EMEA Private Capital Garrett Hinds Senior Analyst,US Private Equity Kyle Walters Analyst

3、,Private Equity DataMiles Ostroff Associate Quantitative Research APublishingReport designed by Jenna OMalley and Josie DoanPublished on February 12,2025Click here for PitchBooks report methodologies.Overview3Private equity5Venture capital7Real estate9Real assets11Private debt13Funds of funds15Secon

4、daries17Horizon IRRs by strategySource:PitchBook Geography:Global As of June 30,2024*Preliminary quarterly returnQ3 2024*1-year3-year5-year10-yearPrivate equity2.8%9.3%8.8%17.0%14.9%Venture capital2.7%-1.9%-2.8%12.6%12.1%Real estate2.9%-3.5%5.5%6.9%8.9%Real assets3.4%7.6%11.7%9.0%7.1%Private debt1.7

5、%9.5%7.6%8.8%8.1%Funds of funds2.2%2.4%3.8%14.9%12.8%Secondaries0.0%5.0%10.1%13.3%12.7%Private capital2.6%6.9%7.8%13.4%12.1%Clients may access an accompanying Excel file containing additional charts and all underlying data for this report.Q2 2024 PitchBook Benchmarks(with preliminary Q3 2024 data)pr

6、ovides 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 to clients on the PitchBook

7、 Platform.Click here for PitchBooks private market glossary.3Q2 2024 GLOBAL FUND PERFORMANCE REPORTOVERVIEWOverview1:For more information,check out our Q4 2024 PitchBook-NVCA Venture Monitor,2024 Annual US PE Breakdown,2024 Annual European Venture Report,and 2024 Annual European PE Breakdown.Rolling

8、 one-year horizon IRRs by strategy-20%0%20%40%60%80%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024Private equityVenture capitalReal estateReal assetsPrivate debtFunds of fundsSecondariesSource:PitchBook Geography:Global As of June 30,2024Hilary Wiek,CFA,CAIA Senior Strategist W

9、hile returns are lower than in 2018,the wide range of outcomes across strategies starting in 2020 and lasting for nearly two years has settled into a band more closely resembling the outcomes in 2018 and 2019.In those two years,the average spread between the top-and bottom-performing strategies usin

10、g one-year rolling horizon IRRs was 13.0%.The average for 2020 and 2021 was 39.6%,with the widest period being the year through Q2 2021,when VC,at 75.9%,had a result 59.0%ahead of real estates 16.9%return,despite the latter outcome being the highest figure for real estate in quite a while.The top to

11、 bottom spread for the year through Q2 2024 was 13.0%,with private debt in the lead at 9.5%and real estate trailing with a-3.5%return.These are lower returns,but with a more normal variance between them.Because of private market lags in reporting,these results reflect a time before some dramatic gov

12、ernment shifts around the world.Less certainty around market rules and regulation,something being felt viscerally as this is written in January 2025,often brings with it more volatile returns,so the charts herein may show a calm before the storm.Uncertainty played out in the public markets in Q4 wit

13、h a fair bit of volatility that may also hit private market results as they adjust to a new normal.While election uncertainty resolved in the US,the change in administration has brought much speculation about the winners and losers of new policies.In November,US public equity markets were up across

14、the boardlarge cap,small cap,value,and growth all had a terrific month.In December,though,euphoria turned to caution with US equities falling almost universallythe only exceptions being slightly positive results in large growth indexes like the S&P 500 Growth(0.85%),the Russell 200 Growth(1.77%),and

15、 the Russell 1000 Growth(0.88%).In private markets,which report only quarterly,this volatility will likely end up being smoothed out in the short term.That said,one thing private market valuations have been lacking for a couple of years is a robust market in private company transactions to mark to,b

16、ut our data shows that the deal activity declines of 2022 and 2023 have reversed in both VC and PE in the US and the signs are also promising in Europe,particularly for PE.1Increased deal activity may bring more realistic valuations,but the great hope for this pickup in deals is that the backlog of

17、holdings in private market portfolios may finally be 4Q2 2024 GLOBAL FUND PERFORMANCE REPORTOVERVIEWconverted to capital returned to investors.Fundraising has been difficult for GPs for a few years as the low level of exits from private market funds has caused LP allocations to remain stubbornly hig

18、h,restraining their ability to make new fund commitments.While LPs will still be choosy in their selection of fund managers to work with going into 2025 for a variety of reasons,the resumption of growing DPI should allow the pie of capital available for commitments to grow again.To alleviate uncerta

19、inty about why or how investors benchmark,we published Numbers Mean Nothing Without Benchmarking to explain why benchmarking exists,how benchmarking differs depending on the decisions being evaluated,and some dos and donts of selecting appropriate benchmarks.In the follow-up piece,Benchmarking and R

20、eturns:Why Are There So Many Numbers?,we discussed more granularly the differences between time-weighted returns,IRRs,multiples,PMEs,and more,with examples to show the math behind why some measures are more appropriate for certain situations and why an investor should not directly compare certain me

21、trics despite all being referred to as investment returns.For readers secretlyor not-so-secretlyuncertain about the wide variety of performance metrics,we recommend these as background reading.PitchBook also publishes indexes and benchmarks for evaluating private market strategies.One sample of that

22、 offering is our chart series showing the growth of$100,as found in the PitchBook Private Capital Indexes chart with a PitchBook Private Capital IndexesPrivate equityVenture capitalReal estateReal assetsPrivate debtFunds of fundsSecondaries 100 150 200 250 300 350 400Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1

23、 Q3 Q1 Q3 Q1 Q3 Q1 Q3201620172018201920202021202220232024Source:PitchBook Geography:Global As of September 30,2024Note:Q3 2024 data is preliminary.Fund performance dispersion by strategy(vintage years 2005-2019)-10%-5%0%5%10%15%20%25%30%35%Private capitalPrivate equityVenture capitalReal estateReal

24、assetsPrivate debtFunds of fundsSecondariesTop and bottom quartile rangeTop decileMedian IRRBottom decileSource:PitchBook Geography:Global As of June 30,2024January 1,2016,start date.While any index has start-and end-date biases,over the nine years shown,PE has been able to provide the best experien

25、ce,while private debt,real estate,and real assets have provided a more staid journey.Please read on for more granular analysis of each of the private fund strategies,written by several of my colleagues in the PitchBook Institutional Research Group.5Q2 2024 GLOBAL FUND PERFORMANCE REPORTPRIVATE EQUIT

26、YPrivate equityPrivate Equity Index quarterly returns-10%-5%0%5%10%15%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201920202021202220232024Source:PitchBook Geography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.Garrett Hinds Senior Analyst,US Private Equity PE returns are gradual

27、ly climbing,with the latest data from Q2 2024 placing them within striking distance of double digits,although they still trail the performance of global public markets.Early indications for Q3 2024 suggest that global PE returns will enter double-digit territory once the final Q3 data is released ne

28、xt quarter.Through Q2 2024,however,PE posted a one-year IRR of 9.3%,up 40 basis points from the Q1 result and up 291 basis points YoY.One comparable public benchmark,the MSCI World Index,returned 20.5%for the same one-year period ended June 30,2024.This sizable gap indicates that PE has yet to earn

29、its typical liquidity premium,as managers contend with a volatile macro environment and a difficult exit climate.By geography,European funds led Q2 IRR figures at 12.5%,up 358 basis points QoQ and 327 basis points YoY.North America followed at 9.1%,a 52-basis-point QoQ decline but a 258-basis-point

30、YoY improvement.Rest of world funds recovered to 4.7%,up 151 basis points QoQ and 458 basis points YoY,though they remain in last place.PE funds rolling one-year horizon IRRs by region-10%0%10%20%30%40%50%60%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1201920202021202220232024North AmericaEuropeRest of worldSource:PitchBo

31、ok Geography:Global As of June 30,20246Q2 2024 GLOBAL FUND PERFORMANCE REPORTPRIVATE EQUITYPrivate Equity Index quarterly return by source-15%-10%-5%0%5%10%15%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201920202021202220232024NAV(net ofcontributions)Distributioncomponent2012-2024 median distribut

32、ion components2012-2024 median NAV componentSource:PitchBook Geography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.Looking ahead,preliminary returns for Q3 2024 indicate a shift in performance drivers.The global Q3 2024 data is up 2.8%on a preliminary basis,a modest 1-basis-point

33、 increase sequentially,yet up a significant 188 basis points compared with Q2 2023.Distributions represent a large share of the gains as GPs prioritize exits,while declining net asset values(NAVs)are a headwind.Improving macro conditions,moderating interest rates,and readily available liquidity will

34、 likely support continued growth in exit activity.Also,megafunds are well positioned to secure more exits,as recent new highs in the public markets bode well for IPOs of portfolio companies valued over$1 billion.Next quarter,when the sluggish Q3 2023 performance is out of the trailing-year period,gl

35、obal PE performance will likely be back in double-digit territory.We are encouraged to see PE performance ticking up after a period many consider the most tumultuous since the global financial crisis.PE managers have navigated these challenges adeptly while managing historic levels of AUM.Although t

36、he asset class appears to be on a recovery trajectory,it still has a ways to go before it can fully reclaim its illiquidity premium.7Q2 2024 GLOBAL FUND PERFORMANCE REPORTVENTURE CAPITALVenture capitalVC funds rolling one-year horizon IRRs by size bucket-20%0%20%40%60%80%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

37、Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024Venture capital$250M$250M+Source:PitchBook Geography:Global As of June 30,2024Nalin Patel Director of Research,EMEA Private CapitalVC funds horizon IRR was-1.9%for the 12 months ended Q2 2024,marginally worse than the-1.0%recorded through Q1 2024.Signs of

38、recovery are evident with returns coming in higher during 2024 than at any stage in 2023.However,these results will disappoint those who invested in VC on the back of the peaks experienced in the boom year of 2021.Q2 2024 marked the eighth consecutive quarter of negative one-year returns for the ass

39、et class,although we are moving closer to positive territory.As successful exits provide the foundation for positive VC returns,the lack of such exits in recent quarters has held back upside potential.Regionally,the 2.9%one-year European VC IRR crossed into positivity territory for the first time si

40、nce Q3 2022,providing an encouraging sign for GPs and LPs starved of returns.Meanwhile,the North American equivalent was-1.9%.In all but one quarter since Q4 2021,European VC has held the advantage in returns,as the North American overexuberance in 2020 and 2021 required some time to rationalize.Bot

41、h regions appear to be on their way to recovery after massive drop-offs from the apex of their one-year IRRs in 2021.Looking at one-quarter returns,preliminary results for Q3 2024 sit at 2.7%,despite volatility in recent quarters.Quarterly returns have bounced around in the past seven quarters,circl

42、ing both sides of 0%amid a disappointing environment for distributions.However,macro conditions are moving in the right direction,and plenty of mature VC-backed companies are overdue for an exit.Therefore,returns could pick up in the next few quarters.8Q2 2024 GLOBAL FUND PERFORMANCE REPORTVENTURE C

43、APITALVenture Capital Index quarterly returns-10%-5%0%5%10%15%20%25%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201920202021202220232024Source:PitchBook Geography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.VC funds rolling one-year horizon IRRs by regionNorth AmericaEurope-20%

44、0%20%40%60%80%100%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024Source:PitchBook Geography:Global As of June 30,20249Q2 2024 GLOBAL FUND PERFORMANCE REPORTREAL ESTATEReal estateReal estate funds rolling one-year horizon IRRs by type-15%0%15%30%45%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q

45、4Q1Q2Q3Q4Q1Q2201920202021202220232024All real estateValue-addOpportunisticDistressedCore/core plusPrivate capitalSource:PitchBook Geography:Global As of June 30,2024Anikka Villegas Senior Analyst,Fund Strategies&Sustainable InvestingAfter a nearly two-year period of negative results,real estate inve

46、stors are beginning to see some evidence of a recovery.The asset classs one-year return through Q2 2024 came in at-3.5%,up from-4.4%through Q1 2024.More compellingly,the preliminary Q3 2024 return popped up to 2.9%,the first positive quarterly figure since Q2 2022.With the usual caveat that the Q3 r

47、eturn is preliminary and subject to change,things are looking up for real estate as the beginning of the Federal Reserves(the Feds)easing cycle yielded some relief for investors that use large amounts of leverage.With Q2 2024 value-add and opportunistic one-year returns at-7.3%and-2.1%,respectively,

48、plenty of ground exists for those strategies to make up.However,valuations are expected to improve slowly rather than bounce back,with segments of office and retail still struggling.The investment community is currently of two minds on how to invest in the asset class,with one group hoping to time o

49、utlays into these core sectors at cyclical lows,and others opting to pursue more niche or emerging property types given the risks and uncertainties around the other approach.Real estate funds rolling one-year horizon IRRs by region-10%-5%0%5%10%15%20%25%30%35%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1201920202021202220

50、232024North AmericaEuropeSource:PitchBook Geography:Global As of June 30,202410Q2 2024 GLOBAL FUND PERFORMANCE REPORTREAL ESTATEReal Estate Index quarterly return by source-10%-5%0%5%10%15%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201920202021202220232024NAV(net ofcontributions)Distributioncompo

51、nent2012-2024 median distribution components2012-2024 median NAV componentSource:PitchBook Geography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.North American and European funds have had similar performance trajectories in recent years,with many of the same macroeconomic and mar

52、ket influences at play in both regions.For instance,the megatrends of decarbonization,digitalization,and deglobalization have created attractive opportunities in several sectorsespecially datacenters and logisticsacross the globe,drawing the interest of investors from all over.We may see more diverg

53、ence in returns for the two regions in coming quarters,however.While many hoped the results of the 2024 election would create more political certainty,the election of President Donald Trump in the US has in many ways done the opposite.For example,some of the extreme policies that have been discussed

54、 around tariffs would have a material effect on trade volumes,and thus,industrial and logistics properties.Retaliatory tariffs could compound this impact.With a less predictable administration in the White House,there is reason for caution amid the optimism around the real estate markets anticipated

55、 recovery.Real Estate Index quarterly returns-4%-2%0%2%4%6%8%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3201920202021202220232024Source:PitchBook Geography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.11Q2 2024 GLOBAL FUND PERFORMANCE REPORTREAL ASSETSReal assetsReal assets funds rolling one-year hor

56、izon IRRs by type-40%-30%-20%-10%0%10%20%30%40%50%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024All real assetsOil&gasInfrastructureMetals,timber&agriculturePrivate capitalSource:PitchBook Geography:Global As of June 30,2024Anikka Villegas Senior Analyst,Fund Strategies&Sustain

57、able InvestingReal assets notched a 7.6%return in the year through Q2 2024,marking yet another quarter of steadfast performance from the asset class.Its preliminary Q3 2024 quarterly return was 3.4%,up from Q2s 1.9%.Infrastructures one-year performance remained strong,at 7.5%,but softened slightly c

58、ompared with recent quarters.Although infrastructure has navigated the macroeconomic environment well,it is not immune to the effects of high interest rates.Further,some newer obstacles to robust returns are coming into focus.For digital infrastructure,the swell of investors hoping to get exposure t

59、o the sector has made the market crowded,creating a concern that it is rapidly becoming oversaturated as an investment opportunity.For energy transition infrastructure,the Trump administrations stance on clean energy means that government support in the US is likely to wane,and any timeline for phas

60、ing out fossil fuel usage will be pushed back.Many are still bullish on sustainable and digital infrastructure as well as the asset class more broadly,but some wariness around the sectors that have become the focus of this hype cycle is justified.As always,thorough analysis of each investments funda

61、mentals is key,but there is also much discussion of the importance of value creation under the current circumstances.Real assets funds rolling one-year horizon IRRs by region-20%-15%-10%-5%0%5%10%15%20%25%30%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1201920202021202220232024North AmericaEuropeSource:PitchBook Geography:

62、Global As of June 30,202412Q2 2024 GLOBAL FUND PERFORMANCE REPORTREAL ASSETSReal Assets Index quarterly return by source-15%-10%-5%0%5%10%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024Q3NAV(net ofcontributions)Distributioncomponent2012-2024 median distribution components2012-20

63、24 median NAV componentSource:PitchBook Geography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.Oil&gas funds one-year return hit 9.6%through Q2 2024,with West Texas Intermediate(WTI)crude oil prices surpassing$80 per barrel at the close of the quarter.2 While the asset classs perf

64、ormance has improved significantly compared with Q4 2023s one-year return of-7.4%,it is not out of the woods yet,with WTI crude oil prices hitting$66.73 in September and finishing the year at$72.44.3 Economic weakness and projections of decreased oil consumption in China are partially to blame for w

65、eakening prices,but threats of tariffs from the US are also a consideration,with trade policy and sanctions under the Trump administration creating additional uncertainty in an industry that is already quite volatile.Looking ahead,OPEC+production cuts will be at play throughout 2025,which may keep p

66、rices aloft,but the Trump administration is seeking to produce even more,despite the US already being the worlds largest producer of oila title held every year since 2018.4Real Assets Index quarterly returns-10%-8%-6%-4%-2%0%2%4%6%8%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3201920202021202220232024Source:PitchBook Ge

67、ography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.2:“Crude Oil Prices:West Texas Intermediate(WTI)Cushing,Oklahoma,”Federal Reserve Bank of St.Louis,January 29,2025.3:Ibid.4:“U.S.Crude Oil Production Established a New Record in August 2024,”U.S.Energy Information Administration

68、,November 26,2024.13Q2 2024 GLOBAL FUND PERFORMANCE REPORTPRIVATE DEBTPrivate debtPrivate debt funds rolling one-year horizon IRRs by type-10%-5%0%5%10%15%20%25%30%35%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024All private debtDirect lendingDistressed&special situationsMezzan

69、ineInfrastructure&real estateMultistrategySource:PitchBook Geography:Global As of June 30,2024Kyle Walters Analyst,Private EquityPrivate debt had a one-year return of 9.5%through Q2 2024,which compares favorably to the 10-year horizon IRR of 8.1%,as higher interest rates on floating-rate debt flow t

70、hrough to these fund vehicles.Direct lending,the most significant portion of the private debt universe,posted a 12.9%return through Q2 2024.The Morningstar LSTA US Leveraged Loan Index,which serves as a good proxy for private debt returns,particularly direct lending,posted a gross return of 11.1%in

71、the 12 months ended Q2 2024 and 8.9%for full-year 2024,so we may expect returns in the back half of the year to decline somewhat.The Morningstar European Leveraged Loan Index produced an identical 11.1%return through Q2.By geography,North American private debt funds posted a one-year IRR of 10.2%,ou

72、tdoing the 7.8%return posted by their European counterparts,in a reversal from six consecutive quarters of European outperformance.Of the major substrategies,mezzanine funds led for five consecutive quarters until Q2 2024,when the strategy fell to third.Mezzanine trailed multistrategy(general debt)a

73、nd direct lending,which posted one-year returns of 18.1%and 12.9%,respectively.The mezzanine return of 9.5%was well below its Q3 2023 peak of 33.4%,which came shortly after the all-in yield to maturity peak on new issues in the leveraged loan market.The trailing 12-month return for infrastructure&re

74、al estate debt declined from 8.7%to 6.8%,tied with distressed&special situations but lagging all other debt strategies.Distressed investors continue to face the same headwinds of lower headline default rates and a shrinking investable universe.As the back half of the year saw three rate cuts by the

75、European and US central banks,respectively,allocators may be looking to lean into fixed-rate loan portfolios if they believe that rates will continue on a downward path,as the floating-rate loans held by private debt funds will see declining 14Q2 2024 GLOBAL FUND PERFORMANCE REPORTPRIVATE DEBTLoan,S

76、&P 500,high-yield,Treasurys,and high-grade returnsLoansS&P 500High-yieldTreasurysHigh-grade-5%0%5%10%15%20%25%30%Dec2023Jan2024FebMarAprMayJunJulAugSepOctNovDecSources:PitchBook|LCD,Morningstar,and S&P Dow Jones Indexes Geography:US As of December 31,2024Private Debt Index quarterly return by source

77、-15%-10%-5%0%5%10%Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3201920202021202220232024NAV(net ofcontributions)Distributioncomponent2012-2024 median distribution components2012-2024 median NAV componentSource:PitchBook Geography:Global As of September 30,2024 Note:Q3 2024 data is preliminary.returns in that s

78、cenario.However,if a soft landing is still in the cards with more gradual rate cuts,private debt returns could stay competitive alongside elevated investor demand for the various strategies within the private debt universe.Looking into 2025,LCDs inaugural quarterly Global Private Credit Survey found

79、 that private credit spreads are expected to tighten further in 2025,even after new-issue spreads already declined significantly in 2024.Moreover,the share of respondents who see spreads below SOFR plus 500 basis points in six months has increased.Heightened competition between bank and nonbank lend

80、ers is tightening credit spreads,which may negatively impact returns for private credit investors looking to deploy new capital into the current spread regime.15Q2 2024 GLOBAL FUND PERFORMANCE REPORTFUNDS OF FUNDSFunds of fundsFunds of funds rolling one-year horizon IRRs-10%0%10%20%30%40%50%60%Q1Q2Q

81、3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024Funds of fundsPrivate capitalSource:PitchBook Geography:Global As of June 30,2024Hilary Wiek,CFA,CAIA Senior Strategist Funds of funds(FoFs),when examined as a single grouping and looking at rolling one-year returns,have underperformed t

82、he overall private funds universe since Q3 2022.Much of this can be attributed to different strategy weightingswhile the private capital funds universe has dominant exposure to large buyouts,FoFs tend to focus on more difficult to access strategies.For many,the value a FoF can bring is access to or

83、expertise in market segments that it would be difficult for the typical LP to pursue.For those areasventure capital,smaller buyouts,and emerging manager mandates,to name a fewLPs may think of the added layer of fees as an acceptable outsourcing cost to accessing specialized segments.Utilizing all of

84、 private capital as a measurement for how FoFs have been doing provides a loose approximation,but as explained in Numbers Mean Nothing Without Benchmarking,it is important to compare investment returns to appropriate metrics.When looking at VC FoFs versus primary VC funds,we find that going back to

85、2009,the FoFs have outperformed their primary fund counterparts in 36 of 62 one-year periods.The returns of both are net of fees,so this 58%success rate speaks well to the skill and/or access that the VC FoFs can Funds of funds rolling one-year horizon IRRs by type-20%0%20%40%60%80%100%Q1Q3Q1Q3Q1Q3Q

86、1Q3Q1Q3Q1201920202021202220232024Fund of fundsPE fund of fundsVC fund of fundsSource:PitchBook Geography:Global As of June 30,202416Q2 2024 GLOBAL FUND PERFORMANCE REPORTFUNDS OF FUNDSFunds of funds IRR dispersion by vintage0%5%10%15%20%25%2010201120122013201420152016201720182019Top and bottom quart

87、ile rangeTop decileMedian IRRBottom decileSource:PitchBook Geography:Global As of June 30,2024bring to their investors.Comparing PE FoFs to primary PE funds,the picture is not quite as good.In only nine of the 62 periods did PE FoFs outperform,net of fees,though this represents only median returns,a

88、nd some managers will have done better.Manager selection is important in the private markets,as the return experience for an LP can vary widely depending on the funds selected.For the 2013 vintage,the top decile in the FoF universe has thus far returned 22.5%,17.7%above that of the bottom decile.Whi

89、le that gap narrows to 10.7%for the 2018 vintage,2019which is admittedly a vintage still mostly dependent on unr ealized valuationshas a 17.1%range between top and bottom deciles.Some of the dispersion in the FoF universe can be attributed to a variety of strategies being aggregated in this particul

90、ar groupingthere are FoFs in this universe that are targeting each of the strategies covered elsewhere in this report,as well as ones that will invest in any strategy that the GP finds attractive.The bottom-decile performers in the FoF universe may be lower-risk strategies like private debt,but they

91、 may also be funds that took more risk and the risks manifested negatively.Essentially,in looking at how FoFs have performed,caution must be taken to avoid misinterpreting the data,as FoFs are an access point rather than a strategy,and the products housed in the grouping may not be appropriately com

92、pared with one another for a variety of reasons.17Q2 2024 GLOBAL FUND PERFORMANCE REPORTSECONDARIESSecondariesSecondaries funds rolling one-year horizon IRRs-10%0%10%20%30%40%50%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2201920202021202220232024SecondariesPrivate capitalSource:PitchBook Geography:G

93、lobal As of June 30,2024Hilary Wiek,CFA,CAIA Senior Strategist Like FoFs,secondaries are an access point to a wide variety of private market strategies rather than a discrete asset class.These funds do share a similar objective by seeking to purchase fund interests at a discount and holding them for

94、 a short period to increase the odds of attractive IRRs.Each fund,however,may have different objectives about what they are planning to purchasethey may focus on assets such as VC fund interests,they may shop across fund strategies for any LP interests that are priced attractively,or they may specia

95、lize in GP-led secondaries only.All this is to say that while secondaries may under-or outperform private capital overall,the comparability of the figures may be inexact.In the absence of another benchmark,however,we can say that secondaries have been tracking closely to private capital returns for

96、six quarters nowtrading the lead back and forth each quarter during this time.This followed six quarters when secondaries funds were able to capitalize on buying at a discount and immediately marking up their holdings to the GP-determined NAVs that were at high levels despite declines in the public

97、equity markets.As returns came back to earth,the immediate markup advantage faded,and now these secondaries funds will have to depend on old-fashioned distributions to provide cash returns to investors.2020 saw a record when it came to fundraising for secondaries funds,and we expect 2024 to beat tha

98、t level,as the funds from that vintage have returned to market with continued optimism about the prospect for secondaries.Anticipated disruption from the pandemic inspired the established secondaries firms to raise larger funds and also attracted new players to the space.It remains to be seen how th

99、ose funds will do when all is said and done,as discounts paid on high valuations may not have been enough to counter the write-downs that have happened since.18Q2 2024 GLOBAL FUND PERFORMANCE REPORTSECONDARIESSecondaries funds IRR dispersion by vintage0%5%10%15%20%25%30%35%40%45%20102011201220132014

100、20152016201720182019Top and bottom quartile rangeTop decileMedian IRRBottom decileSource:PitchBook Geography:Global As of June 30,2024In addition,distributions have been slow to materialize across the private market landscapesomething that will adversely affect secondaries funds banking on short hol

101、d periods.Looking at averages,no secondaries vintage newer than 2015 has a DPI greater than 1x yet.Historically,secondaries funds reach a 1x DPI in the eighth year,several quarters ahead of the typical buyout fund.While this is not out of the normal range,based on a DPI study we did in our The Evolu

102、tion of Private Market Secondaries report,there are vintages such as 2020 where the DPI is only 0.2,whereas at the five-year mark we would expect a figure closer to 0.5.With secondaries taking longer to return capital,LPs can expect that secondaries fund returns will be sinking with the passage of t

103、ime unless distributions pick up dramatically in 2025.Additional researchCOPYRIGHT 2025 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,recording,taping,and information storage

104、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 future recommendation to buy or sell a

105、ny 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 the exercise of independent judgment.Pr

106、ivate marketsQ4 2024 Analyst Note:Numbers Mean Nothing Without BenchmarkingDownload the report hereQ4 2024 Analyst Note:GP-Led SecondariesDownload the report hereQ4 2024 PitchBook-NVCA Venture Monitor Download the report here2025 Allocator Solutions:Private Market OpportunitiesDownload the report here2024 Annual US PE BreakdownDownload the report hereQ2 2024 PitchBook Benchmarks(with preliminary Q3 2024 data)Download the report hereMore research available at