貝恩：2022年全球私募股權市場報告（84頁）.pdf

《貝恩：2022年全球私募股權市場報告（84頁）.pdf》由會員分享，可在線閱讀，更多相關《貝恩：2022年全球私募股權市場報告（84頁）.pdf（84頁珍藏版）》請在三個皮匠報告上搜索。

1、GLOBAL PRIVATE EQUITY REPORT 2022 About Bain & Companys Private Equity businessBain & Company is the leading consulting partner to the private equity (PE) industry and its stakeholders. PE consulting at Bain has grown eightfold over the past 15 years and now represents about one-third of the firms g

2、lobal business. We maintain a global network of more than 1,000 experienced professionals serving PE clients. Our practice is more than triple the size of the next-largest consulting company serving PE firms.Bains work with PE firms spans fund types, including buyout, infrastructure, real estate, an

3、d debt. We also work with hedge funds, as well as many of the most prominent institutional investors, including sovereign wealth funds, pension funds, endowments, and family investment offices. We support our clients across a broad range of objectives:Deal generation. We work alongside investors to

4、develop the right investment thesis and enhance deal flow by profiling industries, screening targets, and devising a plan to approach targets.Due diligence. We help support better deal decisions by performing integrated due diligence, assessing revenue growth and cost-reduction opportunities to dete

5、rmine a targets full potential, and providing a post-acquisition agenda.Immediate post-acquisition. After an acquisition, we support the pursuit of rapid returns by developing strategic blueprints for acquired companies, leading workshops that align management with strategic priorities, and directin

6、g focused initiatives. Ongoing value addition. During the ownership phase, we help increase the value of portfolio companies by supporting revenue enhancement and cost-reduction initiatives and refreshing their value-creation plans.Exit. We help ensure that investors maximize returns by preparing fo

7、r exit, identifying the optimal exit strategy, preparing the selling documents, and prequalifying buyers.Firm strategy and operations. We help PE firms develop distinctive ways to achieve continued excellence by devising differentiated strategies, maximizing investment capabilities, developing secto

8、r specialization and intelligence, enhancing fund-raising, improving organizational design and decision making, and enlisting top talent.Institutional investor strategy. We help institutional investors develop best-in-class investment programs across asset classes, including private equity, infrastr

9、ucture, and real estate. Topics we address cover asset class allo-cation, portfolio construction and manager selection, governance and risk management, and organizational design and decision making. We also help institutional investors expand their participation in private equity, including through

10、coinvestment and direct investing opportunities.Bain & Company, Inc. 131 Dartmouth Street Boston, Massachusetts 02116 USA Tel: +1 617 572 2000 Net Promoter ScoreSM is a service mark of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Copyright 2022 Bain & Company, Inc. All rights r

11、eserved.1Global Private Equity Report 2022ContentsA Year for the Record Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2The Private Equity Market in 2021: The Allure of Growth . . . . . . . . . . . . . . . . . . . . . 3Investments . . . . . . . . . .

12、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Exits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Fund-raising . . . . . . . . . . . . . . . . . . . . . . . . . .

13、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20Returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .24Asia on the rise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14、 . . . . . . . . . . . .27Closing the ESG measurement gap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29Chasing Disruption: The Brave New World of Growth Investing . . . . . . . . . . . . . . 33How Private Equity Keeps Winning in Software . . . . . . . . . . . . . .

15、. . . . . . . . . . . . . . 46Raising Sector Strategy to the Next Level . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57Is Your Tech Due Diligence Good Enough? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Private Equitys Inflation Challenge . . . . . . . . .

16、. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 742Global Private Equity Report 2022A Year for the Record BooksDear Colleague:When we started writing this report late last year, the focus was clear. The secular trend of accelerating private market activity had exploded in 2021. The industr

17、y set records in many areas, including deal and exit values. Fund-raising was robust, and buyout returns, buoyed by rising equity markets and strong GDP growth, remained attractive. Non-buyout private investing in areas like growth equity also showed dramatic increases. Then the ground shifted, as i

18、t often does.While we believe the outlook remains strong in 2022, several important factors will weigh on investors minds as they think about doing deals. Covid-19related issues have increased inflation to levels not seen in the US and other markets in 40 years. Russias invasion of Ukraine has diale

19、d up global disrup-tion, causing uncertainty around supply chains, energy prices, and other economic factors, as well as untold human suffering, fear, and panic. Theres no way to know how these global disruptions will play out, but the reaction from the Federal Reserve and other central bankers will

20、 shape current and future dealmaking. One thing is certain: There are now inflation playbooks developing across the GP and LP landscape as investors race to protect margins and future returns. Please see “Private Equitys Inflation Challenge” for a full discussion of inflations impact on investment m

21、arkets.In this, Bains 13th Global Private Equity Report, we examine the industrys strengths, its challenges, and the evolutionary path that lies ahead. In addition to the critical statistics that characterize PE industry performance, please look for our assessments of investing in growth equity, the

22、 continued rise of Asia, and the new news on ESGspecifically how investors are making it work for them.Given the pivotal importance of technology in private markets, we take a deep dive into the growth of software investing and look at the new and increasing importance of a well-defined sector strat

23、egy. We also dig into how technology due diligence can help investors make better decisions while de-risking assets prior to closing.I have no doubt that 2022 will be a busy and exciting time for the PE industry. Investors will continue to grapple with repeatably creating alpha amid changing conditi

24、ons with more competition. We at Bain look forward to continuing the discussion with our friends across the industrys ecosystem. Hugh MacArthur Head of Global Private Equity3 3The Private Equity Market in 2021: The Allure of GrowthBy just about any measure, private equity set a remarkable new standa

25、rd for itself in 2021. Buyout deal value and exits shot to stunning new records. General partners (GPs) had the second- best fund-raising year in the industrys history, capping a five-year run that has netted $1.8 trillion in new buyout capital (see Figure 1). Funds boosted distributions to limited

26、partners (LPs) and continued to deliver returns outpacing any other asset class. All in alland despite the continued economic uncertainty brought on by the Covid-19 pandemicprivate equity put a bold exclamation point on what has turned out to be a decade of outstanding performance. With the exceptio

27、n of three months in early 2020 when dealmaking virtually ground to a halt, the pandemic itself has done little to slow the industrys momentum (see Figure 2). If anything, Covid sped things up. At the fund level, traveling less has made teams more efficient. (Almost half of LPs in a recent Coller Ca

28、pital survey say theyve made recent fund commitments with GPs theyve never met in person.) And at a macro level, public and private investors have benefited mightily from the trillions in monetary stimulus that central banks have pumped into the global economy since March 2020 to combat the effects

29、of Covid-related shutdowns. The burst of liquidity has not only shored up portfolio companies wrestling with erratic demand and supply chain issues, but it has also ensured that debt to fund buyouts remains abundant and cheap. With record amounts of unspent capital waiting to be put into play, priva

30、te equity investors were presented with ideal conditions to buy and sell companies. That fed a trend that has been building for years: The biggest, most experienced funds are raising the most money and doing ever bigger deals. Average deal size pierced through the $1 billion mark in 2021 for the fir

31、st time ever. In a record-breaking year, private equity investors made it plain that its not just about buyout anymore .By Hugh MacArthur, Rebecca Burack, Christophe De Vusser, and Kiki Yang 4Global Private Equity Report 2022Figure 2: Quarterly performance has trended upward across the board since t

32、he Covid-19 shock in Q2 2020InvestmentsExitsFund-raisingGlobal quarterly buyout exit valueGlobal quarterly buyout deal value Deal countFunds raisedGlobal quarterly buyout capital raisedExit countNotes: Investmentsincludes add-ons; excludes SPACs; excludes loan-to-own transactions and acquisitions of

33、 bankrupt assets; based on announcement date;includes announced deals that are completed or pending, with data subject to change; Exitsbankruptcies excluded; IPO value represents offer amount and notmarket value of company; Fund-raisingincludes closed funds only and represents the year in which fund

34、s held their final close; buyout category includes buyout,balanced, coinvestment, and coinvestment multimanager fundsSources: Dealogic; Preqin; Bain analysis050100150200250$300B050100150050100150200250$300B02505007501,000050100150200250$300B0100200300400201920202021201920192020202020212021Figure 1:

35、The buyout market outdid itself in 2021, roaring to new records in deal value and exits, while keeping the gas on fund-raisingInvestmentsExitsFund-raisingNotes: Investmentsincludes add-ons; excludes SPACs; excludes loan-to-own transactions and acquisitions of bankrupt assets; based on announcement d

36、ate;includes announced deals that are completed or pending, with data subject to change; Exitsbankruptcies excluded; IPO value represents offer amount and notmarket value of company; Fund-raisingincludes closed funds only and represents the year in which funds held their final close; buyout category

37、 includes buyout,balanced, coinvestment, and coinvestment multimanager fundsSources: Dealogic; Preqin; Bain analysis0250500750$1,000B05001,0001,500201120162021Global buyout exit valueExit count0250500750$1,000B01,0002,0003,0004,000201120162021Global buyout deal value Deal count0200400$600B0100200300

38、400500201120162021Funds raisedGlobal buyout capital raised 5Global Private Equity Report 2022Supersizing helps explain why deal count was the one buyout metric that lagged all others. Although investment value doubled during the year, the raw number of buyouts transacted in 2021 hovered around the f

39、ive-year average of 4,000. That was a clear pickup from Covid-capped 2020 levels, but it still lagged 2019. For those close to the private equity industry, however, this data point will run counter to what they feel in their bonesthat the frenzied number of deals done over the past year was anything

40、 but average. Thats because the buyout deal count doesnt tell the full story of how the industry was spending its time. What began to crystallize in the data this year is that investors are shifting their focus in new directions. As the industry matures and private equity investors become more sophi

41、sticated, they are increasingly looking for types of specialization that may or may not be offered by a typical buyout fund. Specializations pull is reflected in the fact that technology funds and those that invest in tech-enabled sectors like fintech or health tech have become by far the dominant t

42、heme in the buyout world. But the shift is also showing up in the stunning growth of subasset classes like growth equity, infrastruc-ture, and secondaries, which isnt reflected in the buyout numbers. The appetite for diversification has led investors to pump capital into areas they never would have

43、considered in the past. New funds have sprung up to serve them, and older onesparticularly the large, diversified buyout fundshave pivoted accordingly (see Figure 3). Figure 3: The largest buyout managers are rushing to meet investor demand for growth and venture fundsClose yearGrowth equity and ven

44、ture capital raised by top 20 buyout firms ($B)2000$1B0102103040506107108109110111112313114415516717918719920102112Venture capitalGrowth equityNotes: Venture capital includes early stage, early stage (seed), early stage (start-up), expansion/late stage, venture (general), and venture (debt); buyout

45、categoryincludes buyout, balanced, coinvestment, and coinvestment multimanager funds; 20 largest buyout fund managers defined by cumulative buyout fund-raising valuefrom 2012 to 2021; excludes SoftBank Vision Fund; discrepancies in bar heights displaying the same value are due to roundingSources: Pr

46、eqin; Bain analysis6Global Private Equity Report 2022Consider the rapid rise of growth equity and late-stage venture capitalthe gray area between buy-out and start-up venture. These growth classes have been adding assets under management (AUM) at around twice the rate of buyout over the past decade

47、and have been producing deals at an unprec-edented clip. By 2021, growth equity and venture AUM had reached 82% of the buyout total.The message for GPs is clear: While the private equity industry has been extraordinarily busy over the past year, its not just about buyout anymore. Increasingly, inves

48、tors are tracking down growth and diversification wherever they can find it across the broad private equity spectrum. Its also evident that the industrys traditional focus on cost and efficiency is giving way to a wide-spread belief that technology-enabled growth and disruption are more potent drive

49、rs of value. As digital innovation transforms industry after industry across the global economya trend the Covid pandemic accelerated dramaticallyinvestors are responding with trillions in new capital to fund the insurgents and help the incumbents bolster their competitiveness. They are also getting

50、 much more sophisticated in how they build growth into their allocations and whom they are willing to bet on. All of this favors deep expertise, focus, and the ability to move quickly and decisively in a hyper-competitive market. As we look into 2022 and beyond, there are some nagging questions wort