2023全球私募市場(chǎng)洞察+Global+Private+Markets+Review+2023

Privatemarketsturn

downthevolume

McKinseyGlobalPrivateMarketsReview2023

March2023

Copyright?2023McKinsey&Company.

Allrightsreserved.

Thispublicationisnotintendedtobeusedasthe

basisfortradinginthesharesofanycompany

orforundertakinganyothercomplexorsignificant

financialtransactionwithoutconsultingappropriate

professionaladvisers.

Nopartofthispublicationmaybecopiedor

redistributedinanyformwithoutthepriorwritten

consentofMcKinsey&Company.

Contents

Executivesummary2

1

Privatemarketslose6

momentum

Fundraising7

AUM10

Performance11

Non-institutionalcapitalcomes12

intofocus

4

Privatedebtweathers44

thestorm

Fundraising45

AUManddealactivity47

Performance48

Privatedebtthroughthecycle49

2

Privateequityendures14

atoughyear

Fundraising15

AUM19

Performance21

Dealactivity23

Spotlightonsecondaries28

5

Infrastructureand52

naturalresourcesgrow

andevolve

Fundraising53

AUM56

Performance56

Infrastructure’sevolving56

composition

3

Realestaterenovates31

Closed-endfunds32

Open-endfunds35

Dealactivity38

SpotlightonUSproperty42

technology

Realestate—aninflationhedge43

6

Privatemarketsadvance59

theirESGagendas

E:Sustainableinvesting61

goesmainstream

S:Privatemarketsstrive63

forgreatergenderand

ethnicdiversity

Authors

70

Furtherinsights

70

Acknowledgments71

Executivesummary

Welcometothe2023editionofMcKinsey’sannualreviewofprivatemarketsinvesting.Ourongoing

researchontheindustry’sdynamicsandperformance

hasrevealedseveralinsights,includingthefollowingtrends:

Themusicdidn’tstop,butsomeoneturneditwaydown.PrivatemarketshaveenjoyedstrongtailwindssincethedepthsoftheGlobalFinancialCrisis(GFC).Interestratesstayedlow,creditavailabilitywashigh,andvaluationsroseconsistently.Eachyearsince

itsinception,thisannualpublicationhasdiscussed

newrecordsinfundraisinganddealflowwhile

celebratingstrongperformanceacrossassetclasses.Evenin2020,whenactivitystalledbrieflyduring

theearlymonthsoftheCOVID-19pandemic,privatemarketshummedagaininthesecondhalf.Inalmosteveryregard,2021wasanexceptionalyear,butit

wasnotatrendbreaker.Marketsclimbedhigherstill,awashwithcentral-bank-inducedliquidity.Inthe

firsthalfof2022,centralbanksfoughtroaring

inflationwithsharplyrisinginterestrates,andpublicmarketvaluationscratered.Intheprivatemarkets,first-halfdealactivitysoftenedbutsubtlyso,nearlymatchingtherecord-settingpacesetin2021.

Themoodchangedinearlysummer.Banksbegantopullback,unwillingorunabletolend.Privatemarketsdealvolumeplummeted,performancedeclined,andvaluationsfell—sharplyincertainsectors.Still,

privatemarketsoutperformedpublicmarketsonthewaydown,whetherduetotrulymoreresilient

portfolios,alagintiming,ormanagerdiscretionovertheirmarks(privatemarketstendtomarkupless

quicklyduringascendingmarketsandmarkdown

lessquicklyinfallingmarkets).Thediscrepancy

thisyeardroveprivatemarketallocationshigheronapercentagebasisacrossinstitutionalportfolios—closertopreexistingtargetsformost,andabove

targetsformanylimitedpartners(LPs)—triggering

theso-calleddenominatoreffect.ThoughfewLPs

thusfarhaveabandonedcommitmentplansentirelyorsoldportfoliosastheydid15yearsago,many

havepulledback,particularlyfromsmallerandnewerfunds,causingfundraisingtodecline.

Dealmakingslowedinthesecondhalf.Aftera

frenzied2021,privateequity(PE)dealvolume

decreased26percentto$2.4trillion,whiledeal

countfell15percenttojustunder60,000.The

deal-makingmomentumof2021continuedthrough

thefirsthalfof2022,anddespitethestriking

slowdowninsecond-halfdealactivity,2022

remainedthesecondmostactiveyearonrecord.

Thenumberofbuyoutandgrowthdealsgreater

than$500milliondecreasedby33percent.Add-ondeals,whichtendtobesmaller,continuedtogainshareasapercentageoftotaldeals.Newplatformscomprised28percentoftotaltransactionsin2022,14percentagepointslowerthanfiveyearsago.

Realestatedealvolumedeclined20percentto

$1.1trillion,alsothesecond-highestyearonrecord.LikePEdealmaking,first-halfrealestatedeal

makingcontinuedclosetotherecord-settingpaceofthesecondhalfof2021,butsecond-half

volumesdeclinedprecipitously.Aftermorethandoublingyearoveryearin2021,multifamily

dealvolumefell29percentin2022,accountingfornearlyhalfoftheassetclass’soveralldeclineindealactivity.

Thedenominatoreffecttookhold.Globalprivatemarketsfundraisingdeclinedby11percentto

$1.2trillion.Realestate(?23percent)andprivateequity(?15percent)declinedmostprecipitouslyfrom2021’srecordhighs,whileprivatecredit

(+2percent)provedmoreresilient.Macroeconomicheadwinds,includingrisinginflationandinterest

rates,coupledwithsharplynegativepublicmarket

2Privatemarketsturndownthevolume

performance(?17.7percent)triggeredtheafore-

mentioneddenominatoreffect,andLPsscaled

downnewcommitments.Despitethesechallenges,2022islikelytobethesecond-bestfundraising

yearonrecord(afteralldataisreported),

demonstrating—thusfar—disciplineandlonger-termthinkingbyLPs.

NorthAmericanfundraisingwasresilient;EuropeandAsiafacedchallenges.Fundraisingresults

differednotablyacrossgeographies,moresothan

inpreviousyears.Privatemarketsfundraisingin

NorthAmericaincreasedbyamodest2percent

yearoveryearbutdeclinedinAsiaandEurope

by39percentand28percent,respectively.Since

2017,fundraisinginAsiahasdeclined16percent

peryear,drivenprimarilybyreducedinvestmentin

China.In2017,forexample,Chinarepresented

83percentoffundraisinginAsia,asharethat

droppedto34percentin2022.InEurope,an11-yearrunoffundraisinggrowthended,largelydueto

geopoliticalinstabilityandbroadermacroeconomicchallenges,includingvolatilityinforeigncurrency

exchangerates.Astrengtheningdollaraccountedforamaterialportionofthedollar-baseddeclineinfundraisinginnon-USmarkets.

Investorsfledtoknownnamesandlargerfunds.

Amidapullbackincommitments,anoutsizedshareofcapitalflowedtothelargestfunds,asinvestors

re-uppedwiththeirexistingmanagersbutreducedbackingsmallerandnewfunds.Fundsover$5billioncollectedarecord$445billioninaggregate,a

51percentincreaseoverfundsofasimilarsizein

2021.Conversely,dollarsraisedbysub–$5billion

fundsdecreasedby28percent.Just2,141fundswereclosedduringtheyear,1,600fewerthanin2021

andthefewestofanyyearsince2013.First-timefundlaunchesalsodecreasedby40percent.

Drypowderinventoryspiked.Totalprivatemarketsassetsundermanagement(AUM)reached$11.7trillionasofJune30,2022.AUMhasnowgrownatan

annualrateofnearly20percentsince2017.Asofthesecondquarterof2022,drypowderexceeded

$3trillion,reflectingan8.4percentyear-over-yearincreaseandmarkingtheeighthconsecutiveyearofgrowth.Drypowderinventory—theamount

ofcapitalavailabletoGPsexpressedasamultipleofannualdeployment—spiked.InPE,inventoryjumpedfromahistoricallylow0.9timesattheendof2021,

followingayearofrecorddealflowthatoutpacedfundraising,to1.4times.Thatnumberislikelyto

Amidapullbackincommitments,

anoutsizedshareofcapitalflowedtothelargestfunds,asinvestors

re-uppedwiththeirexistingmanagersbutreducedbackingsmallerand

newfunds.

Privatemarketsturndownthevolume3

havegrownevenhigherinthesecondhalfof

2022,asdealflowdriedupmoreabruptlythanfundraisingslowed.

PEmultiplescontracted.PEbuyoutentrymultiplesdeclinedslightlyin2022,fallingto12.9times

EBITDAfromarecord13.2timesayearago,whilepublicmarketmultiplescompresseddramatically,decliningto12.0from14.6timesEBITDA.Financialservices(?2.5times)andinformationtechnology

(?2.2times)recordedthelargestmultipledeclinesamongPEsubsectors,whilerisingcommodity

pricesdrovemultipleexpansioninrawmaterialsandresources(+2.6times).

PEpostednegativeperformanceforthefirsttimesince2008.GlobalPEperformanceturnednegativeforthefirsttimesince2008,postinga?9percent

returnthroughSeptember1andendingafive-yearrunasthehighest-performingprivateassetclass.

Tech-focusedbuyoutfundsperformedworsethanotherbuyoutfundsforthesecondconsecutiveyear,andventurecapital(VC)underperformedbuyout

strategiesforthefirsttimesince2017.Counter-

intuitively,managerselectionmatteredlessin2022thaninyearspast:theinterquartilespreadofreturnsofPEfundsnarrowedin2022to21.6percent

fromthepriorten-yearaverageof33.8percent.

Astheindustrynarrativeturnedfrombetatoalpha,therewaslessalphatobehadin2022.

Realestateservedasaninflationhedge.Oneofrealestate’sbiggestdrawsforinstitutional

investorsisthelong-heldbeliefintheassetclass’s

abilitytoprotectrealvalueduringperiodsofhigher

inflation.Indeed,realestateperformancehas

exceededinflationinsixofthelastseveninflationaryperiods,inpartduetocapratecompressioneven

duringarisinginterestrateenvironment.Thepatternin2021and2022wasnodifferent:despiterising

USTreasury(UST)rates,capratesdecreased,and

valuesrose.However,capratesstartedexpanding

towardtheendof2022,signalingheightened

uncertaintyacrossrealestatemarkets.

Privatedebthaditsmoment(again).Privatedebt

fundraisingcontinuedtogrowlastyear(+2percent),

onceagainbuckingthetrendofotherprivateasset

classes.Institutionalinvestorssoughtouttheasset

classforvariousfeaturesthatareattractiveintimes

ofmarketvolatility:currentyield,floatingrates,

andrelativeinsulation(viaitsseniorpositioninthe

capitalstack)fromdecliningvaluations.The

prevailingmarketuncertaintyalsoservedasashot

inthearmforprivatecreditdeploymentopportunities.

Asbankfinancingdriedupinthesecondhalfof

theyear,privatelenderssteppedintothevoid,

providingfinancingformorethan80percentofPE

transactionsinthemiddlemarket.

Moremega-fundsandabroadermandatefor

infrastructure.Infrastructureandnaturalresources

fundraisingrosetoanall-timehighof$158billion,

benefitingfromtheclosingofarecordfivefundsof

morethan$10billion.Thedefinitionofinfrastructure

andnaturalresourcescontinuestoexpand,with

today’sfundsnowtakingmoreequityriskthan

yesteryear’sdid.Macroeconomiceventshadmixed

impactacrosssectors:risingoilandgasprices

drovearesurgenceindemandfortraditionalenergy

investments,whilegrowthinrenewables

fundraisingcontinuedamidthemultiyearpush

towarddecarbonization.

Sustainableinvestinggainedscale.2022will

provetobethebestyearyetforESG-focused

fundraising,with$24billionraisedthroughthefirst

halfoftheyear.Sustainability-relateddeals(the“E”)

increasedby7percenttonearly$200billion,

provingresistanttothedeal-makingheadwinds

thataffectedotherassetclasses.Venturecapital

accountedfor40percentofthistotal,whileon

1Asmeasuredbyyear-to-dateIRRasofSeptember30,2022,forglobalfundsvintagesbetween2000and2019.

4Privatemarketsturndownthevolume

asectoralbasis,powerandtransportationtargetsledthepackforthethirdyearrunning.ButESG’s

growingimpactonprivatemarketsgoesbeyondjustdedicatedfundsanddeals:mostfunds(ofany

strategy)nowconsiderESGriskfactorsindue

diligence,andsomeexplicitlyincludeESGconceptsintheirvaluecreationplans.

Privatemarketsfirmsstillhaveworktodoon

diversity.Considerationsfordiversity,equity,and

inclusion(DEI)havebecomeanimportantpart

ofthefundraising,hiring,andinvestinglandscapeinprivatemarkets.LPwillingnesstoallocatemore

capitaltodiversedealteamsispromptingmoreGPs(52percentin2021–22)toshareDEIdataduring

fundraising.Onsomediversitymetrics,private

marketsfirmscomparefavorablywithcorporate

America,althoughethnicdiversityisnotyet

broadbased.Ethnic,racial,andgenderrepresen-tationalsoremainsimbalancedinseniorpositionsandinvestingroles,suggestingthatfirmsbroadlycontinuetomisstalentopportunities.Increasing

representationacrossalllevelswillrequire

managerstotakefreshapproachestohiring,

retention,andpromotion.

Aboutthisreport

McKinseyistheleadingadvisertoprivatemarketsfirms,includingprivateequity,

realestate,privatedebt,andinfrastructurefirms,withaglobalpracticesubstantially

largerthananyotherfirm.Wearealsotheleadingconsultantpartnertotheinstitu-tionalinvestorsthatallocatecapital

toprivatemarkets,suchaspensions,insurancecompanies,sovereign

wealthfunds,endowments,foundations,andfamilyoffices.

Thisisthe2023editionofourannualreviewofprivatemarkets1Toproduceit,wehave

developednewanalysesdrawnfromour

long-runningresearchonprivatemarkets,basedontheindustry’sleadingsources

ofdata.Wehavealsogatheredinsights

fromourcolleaguesaroundtheworldwhoworkcloselywiththeworld’sleading

GPsandLPs.

Thisreportconsistsoftwomainsections:thefirstmorenumbers-driven,2the

secondmorequalitative.Thefirstsection(chaptersonetofive)includesin-depth

analysisofindustrydevelopmentsandtrendsinfundraising,performance,

AUM,anddealsacrossseveralprivate

marketassetclasses:privateequity,

privatedebt,realestate,andinfrastructureandnaturalresources.Thesecondsection(chaptersix)exploreshowprivatemarketsfirmsareadvancingtheirESGagendas.

Wewelcomeyourquestionsandsugges-tionsatinvesting@.

1Wedefineprivatemarketsasclosed-endfundsinvestinginprivateequity,realestate,privatedebt,infrastructure,ornaturalresources,aswellasrelatedsecondariesandfundsoffunds.Weexcludehedgefundsand,exceptwhereotherwisenoted,publiclytradedoropen-endfunds.

2For2022,alldataisbasedonreportednumbersandwilllikelyadjustasmorefigurescontinuetobereported.PerformancedataisasofSeptember30forvintages2000–2019,unlessotherwisenoted;AUMdataisasofQ2;andfundraisingdatacoverthefullyear2021.AlldataforAsiaexcludesAustraliaandNewZealandunlessotherwisenoted.

Privatemarketsturndownthevolume5

1

Privatemarketslose

momentum

Comparedwithaheadypriordecadeofrobustgrowth,2022wasasubduedyearintheprivate

markets.Followingtherecordhighsachievedin2021,whichwerebuoyedbypent-updemand

fromtheearlierstagesofthepandemic,severalexogenousmacroeconomiceventsstymied

growth.Highinflationpersistedthroughoutmostof2022,promptingcentralbanksaroundthe

worldtoincreaseinterestratesatahistoricpace.Quantitativetighteninganddislocationinassetpricesraisedfearsofaneconomicslowdown.Andtheongoingwarandhumanitariancrisisin

Ukrainefurtherexacerbatedriskstotheglobaleconomy,includinghighercommoditypricesand

disruptedsupplychains.Amidthechallenges,publicmarketssoldoffsubstantially,and

thoughprivatemarketsremainedrelativelybuoyantinthefirsthalfof2022,theyfollowedinthelatterhalf.

Thesedisruptionshadsubstantialandvariedimpactsonprivatemarketsfundraising,

performance,andAUMgrowth,withsteepdeclinesincertainregionsandstrategies,andpocketsofresilienceinothers.

Privatemarketsfundraisingfell11percentto$1.2trillion,asthedenominatoreffectaffectedsomeLPs’abilitytoallocatecapital.ThedeclinewasmostevidentinEuropeandAsia,while,fundraisinginNorthAmericaincreasedslightly.Capitaldeploymentsintolargervehicles

increasedasinvestorsre-uppedwithexistingmanagerswhileforgoingcommitmentstosmallerandnewermanagers.

Performanceofeveryprivatemarketsassetclassdeclinedrelativeto2021butcontinuedto

outperformpublicmarketequivalentsatcurrentmarks,thoughprivatemarketvaluationchangesoftenlagthoseinpublicmarkets.Inabreakfromyearspast,PEperformedworsethanother

privateassetclasses,producingnegativereturns(throughSeptember30,2022)forthefirsttimesince2008.Naturalresourcesstrategies,meanwhile,generatedrelativelystrongperformanceforasecondconsecutiveyear,buoyedbyelevatedcommodityprices.

Whilefundraisingandinvestmentperformancedeclined,theindustry’sgrowthheldreasonablysteady,withassetsundermanagementincreasingto$11.7trillionasofJune30,2022.

6Privatemarketsturndownthevolume

Infrastructureandnaturalresources

94

Privatemarkets

799

Private

equity

444

Realestate

113

Privatedebt

147

NorthAmericaTotal,$billion

2021–22,$billion19–7–311443

2.4

230

YoYchange,%

EuropeTotal,$billion

–21.7

25

10.6

58

82.4

53

–1.5

93

2021–22,$billion–90–44–16–6–24

–31.9

YoYchange,%

AsiaTotal,$billion

–38.7

25

–9.9

–31.2

8

74

11

2021–22,$billion

–75

–72

0

–4

0

YoYchange,%

–39.0

–49.2

–0.7

–24.6

1.3

Total,$billion

57

43

3

7

3

2021–22,$billion

–6

5

–2

1

–9

Restofworld

YoYchange,%–9.312.5–39.98.1–72.2

YoYchange,%–11.4–15.2–23.02.16.5

GlobalTotal,$billion1,203655166224158

2021–22,$billion–152–117–50510

Fundraising

Globalprivatemarketsfundraisingtotaled

$1.2trillionin2022,matchingtheprepandemichighachievedin2019.However,fundraising

fell11.4percentfromits$1.4trillionrecordhaulin2021(Exhibit1).Still,2022’stotalisthethird

highestonrecord(andwilllikelyclimbtosecondwhenfull-yeardataisfinalized).

Theso-calleddenominatoreffectmayhave

playedaroleinthefundraisingslowdown.Asthevalueofinstitutionalinvestors’publicinvestmentsdepreciatedfasterthantheirprivateholdings,

privateallocationsincreasedasapercentageof

overallportfolios.ForsomeLPs,thisdynamicmerely

reducedtheallocation“gap”thathadexisted

betweentheiractualandtargetprivatemarketallocations,butforothers,itresultedinover-

allocationstooneormoreprivateassetclasses.BecausesomeLPsareobligatedtomaintain

privatemarketsallocationsbelowsaidtargets,thesevaluation-drivenallocationchanges

contributedtolowernewcommitments—and,inselectcases,thesaleofprivatemarketholdingsinthesecondarymarket—lastyear.Still,most

LPsappeartobestayingthecourse,intentonavoidingthesinsoftheGFC,duringwhichmanyLPssoldpositionsatadiscountandreduced

Exhibit1

Privatemarketsfundraisingfell11.4percentin2022.

Privatemarketsfundraising,12022

Assetclass

–28.2

118

Note:Figuresmaynotsumprecisely,becauseofrounding.

1Excludessecondaries,fundsoffunds,andco-investmentvehiclestoavoiddoublecountingofcapitalfundraised.Reported?guresonlyincludefundsthatheld?nalclosesinFY2022.

Source:Preqin

McKinsey&Company

Privatemarketsturndownthevolume7

901

797

681

657

614

600

commitmentsformultipleyears,permanentlyimpairingtheirportfolios.

NorthAmerica,whichaccountedfortwo-thirds

ofprivatemarketsfundraising,wastheonlyregioninwhichfundraisingclimbedhigherin2022,

increasing2.4percentto$799billion(Exhibit2).

AcrossassetclassesinNorthAmerica,fundraising

fornaturalresourcesandinfrastructuregrew

82percent,andprivatecreditgrew11percent.Closed-endrealestatefundraisingdeclined

22percent.

FundraisinginEuropefell28percentto$230billion(measuredinUSdollars),thelowesttotalsince

2018,endingthecontinent’s11-yeargrowthstreak.Thedeclinewasdrivenpartiallybyforeign-exchangeeffects,asthedollarstrengthenedrelativetomost

Europeancurrenciesin2022.Lowercommitmentsmayhavebeendrivenbyrecordhighsindrypowder

attheendof2021andamoresobereconomic

outlookrelativetoNorthAmerica.Thefundraisingdeclinewasbroadbased,withtotalsinclosed-

endrealestate,PE,andinfrastructureandnaturalresourcesallfallingmorethan30percentyear

overyear.

InAsia,fundraisingdeclinedforthefourthtimeinfiveyears,falling39percentto$118billion,

59percentbelow2017’s$288billionpeak.ThemultiyeardeclineforAsia-focusedfunds—andaparticularlynotabledropinChina-focused

fundraising—resultedfromaconfluenceoffactors,includingexcessdrypowderandchanging

governmentalregulations.AcrossAsia,fundraising

fellsubstantiallyinPE(?49.2percent)and

privatedebt(?24.6percent),whileinfrastructureandnaturalresourcesfundraisinggrewby

amodest1percent.

Exhibit2

NorthAmericawastheonlyregiontorecordpositivefundraisinggrowthin2022.

Globalprivatemarketsfundraisingbyregion,1$billion

1,355

2017–22CAGR,%

2.9

1,214

1,203

2021–22growth,%

1,1261,044

Total

1,068

–11.4

Restofworld

2.9

–9.3

Asia

–16.4

–39.0

Europe

1.6

–28.2

480

NorthAmerica10.12.4

437

380

311

288

200620082010201220142016201820202022

1Privatemarketsreferstoprivateequity,realestateprivateequity(ie,closed-endfunds),privatedebtclosed-endfunds,naturalresourcesclosed-endfunds,andinfrastructureclosed-endfunds.Secondariesandfundsoffundsareexcludedtoavoiddoublecountingofcapitalfundraised.

Source:Preqin

McKinsey&Company

8Privatemarketsturndownthevolume

2022’sfundraisingheadwindsdidnotaffectall

managersequally.Inaturbulentmarket,investorsshiftednewcommitmentstolargerfunds.Funds

greaterthan$5billionraisedarecord$445billion,51percentmorethanin2021.Conversely,funds

smallerthan$1billionraisedjust$349billion,

adecreaseof31percent.Lastyear’smovetowardlargerfundsacceleratedalong-runningtrend.

Fundssmallerthan$1billiondecreasedasa

percentageoftotalfundraisingfrom47percentin2017to29percentin2022,whiletheshareof

fundsgreaterthan$5billiongrewfrom21percentto37percentoverthesameperiod(Exhibit3).

Asimilartrendplayedoutinfundcount.The

totalnumberoffundsoflessthan$1billionfellby45percenttoaround1,900.Bycontrast,the

numberoffundsofgreaterthan$5billionincreasedbynearly40percentto39funds.

Despiteamorechallengingfundraisingyear,

establishedGPsmanaginglargerfundssucceededinattractingsignificantinvestorcommitments.

Indeed,thetop20fundraisersraised32percentofthetotalfundraisingvolumein2022,which

isthehighestsharesince2009anda9percentyear-over-yearincrease.

Exhibit3

Fundsgreaterthan$5billionraised37percentoftotalfundraising.

Globalprivatemarketsfundraisingbyfundsizeandcloseyear,1%oftotalin-yearfundraisingamount

100

90

80

70

60

50

40

30

20

10

0

<$250million

$250–500million

$500million–1billion

$1–5billion

$5–10billion

>$10billion

2014

counting

2006200820102012

1SecondariesandfundsoffundsareexcludedtoavoiddoubleSource:Preqin

McKinsey&Company

20162018

ofcapitalfundraised.

20202022

Privatemarketsturndownthevolume9

Restofworld

Asia

Europe

NorthAmerica

AUM

PrivatemarketsAUMtotaled$11.7trillionasof

June30,2022(Exhibit4).AUMhasgrownatan

annualrateofnearly18percentsince2017.In

2022,adeterioratingmacroenvironmentcoupledwithloweravailabilityandhighercostofdebt

slowedexitactivity,drivinggrowthinnetasset

value(NAV).Drypowdertotaledmorethan

$3trillion,increasing8.3percentfromthefirsthalfof2021throughthefirsthalfof2022and

markingtheeighthconsecutiveyearofgrowth.Due

toalaginreporteddata,marketdynamicsin

thesecondhalfoflastyeararenotreflectedinreportedAUMfigures.

Exhibit4

PrivatemarketsAUMtotaled$11.7trillion.

Privatemarketsassetsundermanagement,H12022,$billion

100%=$11.7trillion

535(5%)

1,333(11%)

1,461(12%)

1,218(10%)

3,288(28%)

2,578(22%)

1,273(10%)

80

109

91

19

51

62

122

344

71

1,201

91

177

525

118

362

849

57

368

394

388

2,016

829

854

640

201

109

1,068

494

533(5%)

2,527(22%)

2,340(20%)

6,288(54%)

BuyoutVenturecapitalGrowthOther1

Privateequity

Note:Figuresmaynotsumprecisely,becauseofrounding.

1IncludesturnaroundPEfundsandPEfundswithunspeci?edstrategy.

Source:Preqin

Privatedebt

Realestate

Infrastructureandnatural

resources

Reala