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Preqin Quarterly Update

Q1 2023

Q1 2023

As 2023 began, monetary policy was tightening across global economies in the face of rising inflation. Hikes in interest rates and the ensuing disruption in the banking system weighed on private markets, with mixed impacts on the alternative asset classes. Preqin's Q1 2023 quarterly updates evaluate the trends, including the increasing appetite for secondaries strategies in private equity, the growth of private debt generally, relative stability for hedge funds, and continued constraints to fundraising by venture capital and real estate funds.

Browse the series by asset class

Private equity

Despite prevailing uncertainty and market pressure, deal flow is holding up, sparking fundraising appetite for secondaries strategies

Venture capital

The latest quarter brings new challenges for Silicon Valley

Private debt

With significant macro challenges during the quarter, private debt has held up well with fundraising continuing at a fair clip, but slower than in the fourth quarter of 2022

Hedge funds

Hedge funds protected investors from public market volatility, and equity strategies prove a popular choice

Real estate

Activity falls to new lows as we enter 2023, but bright spots emerge in real estate debt

Infrastructure

A muted end to 2022 becomes a difficult start to 2023

Natural resources

Renewable energy sector gains momentum as available dry powder decreases, while distributions are at record highs

APAC Private Markets Q1 2023: Preqin Quarterly Update

It was a slow start to the year for private capital markets in APAC, with activity still subdued following a lackluster end to 2022. Fundraising fell and dry powder edged upward as deal flows dropped below what they had been in 2021, driven by lower volumes in China. Despite risk appetite toward China falling sharply and investors shifting their focus to smaller private capital markets such as Southeast Asia and India, the country remains the region's heavyweight.

Our new APAC Private Markets Q1 2023: Preqin Quarterly Update explores fundraising and deal activity across asset classes during the first quarter, and why Greater China is vital for recovery in the region. While we maintain a relatively positive outlook for private capital’s long-term performance in APAC, there may be some downside in our forecasts when we revisit them later in the year.

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