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Preqin Quarterly Update: Private Equity Q4 2022





Download the full Preqin Quarterly Update report and datapack. Exclusively for Insights+ subscribers.

quarterly update | insights+
Performance figures are still digesting the market correction, but fundraising and deal flow improved in Q4

By Angela Lai, CFA

January 31, 2023



The last quarter of 2022 saw some optimism return, as public markets managed a gentle rebound from the year’s lows, making it the only up quarter of the year. The S&P 500 was up by 7.1% quarter on quarter, while the MSCI World Index increased by 9.8%.[1] High-yield credit spreads tightened as we saw effective yields come down by around 60bps in the US.[2] That said, the yield curve was still negative and the Federal Reserve (Fed) pressed on with its twice-quarterly rate hikes, albeit at a slightly lower magnitude of 50bps. This gave some market participants hopes of a pivot in Fed policy as inflation shows signs of slowing.

Continued strength in public markets could ease the denominator effect, which affected private equity fundraising activity for most of the year, as well as reduce concerns around the exit environment and asset valuations. These were the most pressing concerns expressed by private equity investors in our November 2022 investor outlook survey.

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Fig. 1: Quarterly private equity-backed buyout deals by region, Q1 2017 - Q4 2022
Fig. 2: Global quarterly private equity fundraising, Q1 2017 - Q4 2022
Fig. 3: PrEQIn Quarterly Index (rebased to 100 as of December 31, 2007)
Fig. 4: Private equity fundraising in Q4 2022 by primary 
geographic focus
Fig. 4: Private equity fundraising in Q4 2022 by primary 
geographic focus
Fig. 6: Strategies targeted by private equity investors over the next 
12 months, Q4 2021 vs. Q4 2022
Fig. 7: Private equity secondaries assets under management, 2001 - Q2 2022
Fig. 8: Private equity: dry powder by fund type, Dec 2012 - Dec 2022
Helios 3.0 by Colmore

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