PitchBook-全球基金业绩报告（截至2022年第一季度含2022年第二季度初步数据）-20正式版.doc

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1、2022As of Q1 2022 withpreliminary Q2 2022 dataGLOBALFund Performance ReportContentsOverview3Private equity6Venture capital8Real estate10Real assets12Private debt14Funds of funds16Secondaries18Horizon IRRs by strategy*xQ2 2022*1-year3-year5-year10-yearPrivate equity-3.2%29.9%26.1%21.8%17.1%Venture ca

2、pital-2.3%24.3%30.6%24.3%17.1%Real estate3.6%27.8%14.4%12.4%12.7%Real assets2.2%22.5%8.1%8.0%7.1%Private debt-1.8%12.9%9.3%8.6%9.1%Funds of funds4.8%30.5%24.9%19.9%14.7%Secondaries4.7%42.1%21.2%18.6%14.5%Private capital-1.1%27.0%20.7%17.5%14.5%Source: PitchBook | Geography: Global*Yearly horizons ar

3、e as of March 31, 2022*Preliminary quarterly returnAn accompanying Excel file contains additional charts and all underlying data for this report.PitchBook Benchmarks (as of Q1 2022 with preliminary Q2 2022 data) may be found here. The quarterly report provides greater detail than the Fund Performanc

4、e 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.PitchBook Data, Inc.John Gabbert Founder, CEONizar Tarhuni S

5、enior Director, Institutional Research & EditorialDylan Cox, CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisHilary Wiek, CFA, CAIALead Analyst, Fund Strategies & Sustainable Investing hilary.wiekKyle Stanford, CAIASenior Analyst, US Venture Lead kyle.stanfordTim ClarkeSenior

6、 Analyst, Private Equitytim.clarkeAnikka VillegasAnalyst, Fund Strategies &Sustainable Investinganikka.villegasJuliet ClemensAnalyst, Fund Strategiesjuliet.clemensKyle WaltersAssociate Analyst, Private Equity kyle.waltersDataZane Carmean, CFA, CAIALead Quantitative Research Analystpbinstitutionalres

7、earchPublishingReport designed by Chloe Ladwig & Julia MidkiffPublished on November 8, 2022Click here for PitchBooks report methodologies.Click here for PitchBooks private market glossary.2 GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)OverviewRolling one-year horizon IRRs by strategy80%70%60%50%40%

8、30%20%10%0%-10%-20%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1201720182019202020212022*Private equityVenture capitalReal estateReal assetsPrivate debtFunds of fundsSecondariesSource: PitchBook | Geography: Global*As of March 31, 2022Hilary Wiek, CFA, CAIALead Analyst, Fund Strategies & Sustainable In

9、vestingThrough the first quarter of 2022, one-year private fund performance was still at historically high levels, as more muted performance in Q1 2022 was still overcome by three quarters of phenomenal 2021 performance. While well off from the 42.8% one-year figure seen just three quarters earlier,

10、 the 27.0% overall private capital return was still well ahead of the 10-year average of 14.5%. Preliminary figures for Q2 2022 do show a recognition that the macro environment has shifted, as private capital is indicating a -1.1% return. In the preliminary figures, PE and VC trailed the other priva

11、te fund strategies in Q2 2022, with the highest fliers of 2021 having further to fall back to recognize the new normal.As often happens when the public markets fall dramatically, private markets tread a less volatile path. While arguments can and will be made that the muted volatility in private fun

12、ds versus public markets may not fully reflect reality, private funds valuations are not indicating much concern about the macro environment in comparison to the S&P500. Inclusive of the preliminary results of Q2 2022, several strategies continued to increase in value in the first half of the year,

13、although VC, PE, and private debt have all comeoff their peaks. Compared to the 20.0% drop in the S&P, however, the -6.7% VC return for the first six months through June was much milder than one might have expected given the headlines around the war in Ukraine, inflation, and the possibility of ente

14、ring a recession.While private funds have not shown extreme volatility overall, within strategies the median returns mask a fairly high amount of dispersion, meaning that any one investors experience of individual funds may vary widely from the headline median numbers. As an example, while we report

15、 that VC funds that launched between 2004 and 2017 had a median IRR of 15.5%, top decile funds provided a 39.9% return or better and bottom decile funds have returned-6.7% or worse. Private debt continues to have the narrowest band of top-to-bottom returns, with the median IRR of 8.5% flanked by a t

16、op decile return of 15.7% and a bottom decile of 1.5%. Funds of funds (FoF) and secondaries have seen a nice positive skew to their return dispersiontop decile FoF performed 15.2% better than the 12.5% median, while bottom decile FoF only did 8.2% worse. Secondaries fund outcomes ranged from 14.9% a

17、bove to 8.8% below the 13.6% median.3GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)OVERVIEWHorizon IRRs by strategy*50%40%30%20%10%0%Private capitalSecondariesFunds of fundsPrivate debtReal assetsReal estateVenture capitalPrivate equity10-year5-year3-year1-yearSource: PitchBook | Geography: Global*A

18、s of March 31, 2022NAV growth rebased to 100 at end of Q4 2015*40035030025020015010050Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2*20152016201720182019202020212022Private equityVenture capitalReal estateReal assetsPrivate debtFunds of fundsSecondariesS&P 500 TRSource: PitchBook | Geography

19、: Global*As of June 30, 2022Note: Q2 2022 data is preliminary4GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)OVERVIEWFund performance dispersion by strategy (vintage years 2004-2017)50%40%30%20%10%0%-10%Private capitalPrivate equityVenture capitalReal estateReal assetsPrivate debtFunds of fundsSecond

20、ariesTop and bottom quartile rangeTop decileMedian IRRBottom decileSource: PitchBook | Geography: Global*As of March 31, 2022Pooled IRRs by vintage year*10-year20072008200920102011201220132014201520162017201820192020horizonIRR*11.3%13.6%18.9%19.8%22.1%20.3%21.7%25.3%25.2%34.1%40.5%43.1%50.9%50.1%19.

21、7%10.6%13.4%14.5%16.8%16.9%17.6%17.7%24.6%23.9%28.2%34.7%33.0%48.2%47.0%17.1%10.0%13.1%12.8%14.0%16.6%16.2%17.3%20.9%21.9%24.2%34.1%30.3%47.8%42.1%16.8%9.5%11.5%12.6%13.6%16.4%16.1%16.2%20.0%19.4%23.6%30.5%29.9%37.4%40.8%14.7%6.5%11.0%11.5%13.6%15.1%14.1%12.0%17.0%18.3%23.1%21.2%29.5%35.8%38.7%14.5%

22、6.2%7.9%11.5%12.7%14.2%14.0%12.0%13.1%14.9%15.7%19.1%18.1%35.2%37.5%12.8%5.8%7.8%11.2%10.8%13.3%13.4%11.5%12.2%11.7%13.8%16.4%17.4%29.9%35.2%12.7%5.0%5.9%8.7%9.0%9.0%12.0%10.7%10.8%11.3%11.8%16.2%16.9%18.2%32.5%10.4%3.7%5.1%6.8%8.0%6.0%7.1%6.8%10.2%9.2%10.2%12.0%12.0%15.5%14.5%9.1%2.4%-4.2%1.4%-5.7%

23、1.9%0.1%6.5%6.4%7.8%8.8%8.7%9.5%12.8%13.1%3.3%BuyoutFunds of fundsGrowth-expansionInfrastructureOil & gasPrivate debtValue-add real estateOpportunistic real estateSecondariesVenture capitalSource: PitchBook | Geography: Global*As of March 31, 20225GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)OVERVI

24、EWPrivate equityPE funds quarterly return20%15%10%5%0%-5%-10%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2201120122013201420152016201720182019202020212022*Source: PitchBook | Geography: Global*As of June 30,

25、2022Note: Q2 2022 data is preliminaryTim ClarkeSenior Analyst, Private EquityA year ago, PE was celebrating its highest ever one-year return of 55.9% for the period ending in Q2 2021. Today, PE continues its inevitable slide toward a drawdown. Our tally for PE returns in Q1 2022 is 2.1% and our prel

26、iminary estimate for Q2 2022 is -3.2%. While not as severe as Q1 2020s 8.2% decline stemming from the global COVID-19 pandemic lockdown, we are unlikely to see a “one-and-done” episode as that one turned out to be. Recent results from public PE firms like EQT and Blackstone provide a glimpse of what

27、 may come in Q3 and beyond.While not providing a single point estimate, EQT guided to a flat PE value in Q3, as it believes its portfolio companies operational growth has fully offset shrinking deal and trading multiples where they apply. As EQT is based in Sweden, a favorable currency translation f

28、rom a predominantly dollar denominated portfolio also helped shore up returns in Q3. EQT estimates that its PE-owned companies were still growingPE funds rolling one-year horizon IRR by size bucket70%60%50%40%30%20%10%0%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1201720182019202020212022*Private equity $250M$250M-$500M$5

29、00M-$1B$1B+Source: PitchBook | Geography: Global*As of March 31, 20226GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)PRIVATE EQUITYrevenue by 20% with EBITDA growth in “the mid-teens” as of August, defying predictions of a slowdown or inflation-induced profit squeeze.Blackstones Q3 results told a sim

30、ilar story. Like EQT, it is seeing 17% revenue growth for its portfolio companies, though it fully expects that growth to slow, especially at the EBITDA line. Due to currency being more of a headwind than tailwind, Blackstone reported a slight decline of 0.3% in PE portfolio value in Q3. This follow

31、s a 6.7% decline in Q2, or a total decline of 7.0% for the two quarters. To put this in perspective, the global financial crisis (GFC) produced five consecutive quarters of industry-wide write-downs to the tune of 29.3%. While no one is projecting a repeat of those dark days, its reasonable to expec

32、t another quarter or two of flat to negative returns after such a historic run-up.PE fund performance dispersion by vintage year*60%50%40%30%20%10%0%-10%2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Vintage yearTop and bottom quartile rangeTop decileMedian IRRBottom decileSource: PitchBook

33、| Geography: Global*As of March 31, 2022PE cash flows ($B)$800$600$400$200$0-$200-$400-$600-$8002007200820092010201120122013201420152016201720182019202020212022*ContributionsDistributionsNet cash flowSource: PitchBook | Geography: Global*As of March 31, 20221: “Q3 Announcement 2022: Future-Proofing

34、our Global Platform,” EQT, October 18, 2022.2: “Blackstone Reports Third Quarter 2022 Results,” Blackstone, October 20, 2022.7GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)PRIVATE EQUITYVenture capitalVC funds quarterly return25%20%15%10%5%0%-5%-10%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

35、Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2201120122013201420152016201720182019202020212022*Source: PitchBook | Geography: Global*As of June 30, 2022Note: Q2 2022 data is preliminaryKyle Stanford, CAIASenior Analyst, US Venture LeadGlobal VC fund performanc

36、e statistics have quickly fallen back to earth, marking a one-year rolling IRR of 24.3% through Q1, a datapoint much more in line with historical trends than with the sky-high performance of 2021. Ongoing turmoil in the public markets will continue to add drag to near-term performance of the strateg

37、y. The relative inability to exit in the current market and the decline in capital availability are circumstances that will lengthen hold times at best or lead to portfolio markdowns and possible down roundsall of which will negatively impact VC performance.The calculated quarterly return for VC fun

38、ds turned negative in Q1 2022, becoming the first quarter that datapoint came in below even 5% since the onset of the COVID-19 pandemic in Q1 2020. Preliminary data for Q2 shows a second consecutive quarter of negative return, again due to the lack of IPOs globally. Public listings generated roughly

39、 86% of the record $771 billion in US VC exit value from 2021as discussed in our Q3 2022 PitchBook-NVCA Venture Monitorhighlighting their influence on performance for the VC market.VC funds rolling one-year horizon IRR by fund size100%80%60%40%20%0%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1201720182019202020212022*Venture capital $250M$250M+Source: PitchBook | Geography: Global*As of March 31, 20228GLOBAL FUND PERFORMANCE REPORT (AS OF Q1 2022)VENTURE CAPITALVC fund performance dispersion by vintage year (vintage years 2004-2017)*70%60%50%40%30%20%10%0%-10%-20%-30%20042005200620072