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Preqin Quarterly Update: Private Equity & Venture Capital, Q1 2017 Apr 2017
Many trends from the private equity asset class in 2016 have persisted in 2017 so far. Fundraising has become even more competitive as fund managers attempt to raise capital in a saturated market; the number of funds seeking commitments has increased by 74 vehicles since the beginning of the year and stands at a record 1,908. Since 2013, nearly $1.5tn has been returned to investors and distributions in the first half of 2016 ($257bn) suggest that the full-year figure will surpass the record $472bn from 2015. Despite the competition for investment, the majority of LPs are very liquid as a result of continuing distributions and are looking to maintain, if not increase, their exposure to the asset class.
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Preqin Quarterly Update: Real Estate, Q1 2017 Apr 2017
Fundraising for private real estate slowed in Q1 2017 compared with recent quarters, with just 38 funds reaching a final close, raising an aggregate $16bn. Despite fund managers holding record levels of dry powder, deal activity has fallen in comparison with recent quarters. The number of completed private equity real estate deals was around a third lower, with 568 deals completed in Q1 2017 compared with 853 in Q4 2016, while aggregate deal value was also lower at $38bn compared with $57bn in Q4 2016. Despite some slowdown in these areas, private real estate continues to perform strongly for investors, with annualized returns of 14.9% for the three years to June 2016.
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Preqin Quarterly Update: Private Debt, Q1 2017 Apr 2017
Eighteen private debt funds reached a final close in the first quarter of 2017, securing just under $20bn. Investor appetite has held firm for North America- and Europe-focused funds, while direct lending funds closed the period with the most vehicles and aggregate capital secured. However, with 284 private debt funds in market globally targeting more than $112bn, competition for investor allocations will remain fierce for the remainder of 2017.
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Preqin Quarterly Update: Infrastructure, Q1 2017 Apr 2017
Q1 2017 saw the final close of the largest ever unlisted infrastructure fund; consequently, the first quarter of 2017 has seen an all-time high in terms of fundraising: 16 funds have reached a final close, securing $29bn in capital commitments. The number and estimated aggregate value of infrastructure transactions in Q1 2017 was lower than previous quarters at 339 and $206bn, after three quarters of growth in the market. Institutional investors in infrastructure maintain a strong preference for domestic investment opportunities; however, North America-based investors are more interested in exposure to global infrastructure markets than investors in Europe and Asia.
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Preqin Quarterly Update: Natural Resources, Q1 2017 Apr 2017
At the end of 2016, investors were bullish on the future performance of their natural resources investments, with 35% of institutional investors surveyed by Preqin expecting the asset class to perform better in 2017 than it did in 2016. Fundraising has started strong in 2017, with the $25bn secured from 17 fund closures marking the third highest quarterly total on record, although much of this is again due to the dominance of a small pool of the largest managers. Furthermore, funds that are reaching a final close are experiencing greater success.
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Preqin Quarterly Update: Hedge Funds, Q1 2017 Apr 2017
The hedge fund industry has enjoyed a run of strong returns since March 2016, having made only one monthly loss during this time. As a result, the 12-month return of the Preqin All-Strategies Hedge Fund benchmark has gained 11.65%, comfortably above the return expectations of most institutional investors tracked by Preqin. Despite the return to form of hedge funds in the past year, some institutional investors remain cautious when it comes to their hedge fund portfolios. There are fewer investors searching for funds across most strategies, in particular, macro strategies and CTAs.
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Preqin Quarterly Update: Private Equity & Venture Capital, Q3 2016 Oct 2016
Private equity & venture capital dry powder continues to reach record levels, with an aggregate $839 in available capital as of the end of Q3 2016. Portfolio company valuations have also increased, with the average buyout deal size standing at $405mn this quarter. 2015 witnessed record levels of capital distributions ($443bn), marking the fifth consecutive year during which they outstripped capital calls. The majority of institutional investors active in private equity stated that their confidence in the asset class remains strong; buyout remains the most sought-after fund type, with 70% of investor searches in Q3 2016 including this strategy.
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Preqin Quarterly Update: Real Estate, Q3 2016 Oct 2016
Thirty-one private real estate funds reached a final close in Q3 2016, collectively raising $18.5bn – a slowdown compared with Q2. However, the 808 completed PERE deals resulted in the second highest quarter for deal activity since the beginning of 2014. In terms of performance, closed-end private real estate funds continue to perform strongly for investors, as Q3 marks an increase in NAV for 23 consecutive quarters. In the wake of the Brexit vote in the UK, institutional investors are increasingly looking to Europe, which has overtaken North America in terms of investors’ preferences compared with Q2.
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Preqin Quarterly Update: Private Debt, Q3 2016 Oct 2016
Private debt fundraising was substantially down in Q3 compared with one year ago, with 24 private debt funds securing $11bn globally. North America remained the most prevalent region, with private debt funds focused on the region securing $8.6bn. Although two distressed debt funds reached a final close in the quarter, the strategy surpassed all others in terms of aggregate value – collectively, the two funds secured $4.2bn in commitments. Twelve mezzanine vehicles and five direct lending funds also reached a final close in Q3 with $3.9bn and $2.5bn respectively. The direct lending segment could continue to see opportunity in a questionable credit environment globally.
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Preqin Quarterly Update: Hedge Funds, Q3 2016 Oct 2016
Amid a turbulent political backdrop, which has seen an increase in the proportion of new hedge funds launched in North America at the expense of Europe, the third quarter of 2016 marked seven consecutive months of positive returns for the overall hedge fund industry, which may go some way towards alleviating investors' concerns over fees and performance. Despite notable high-profile withdrawals from the asset class, there are some large investors planning to increase their allocation to hedge funds over the longer term. There were 118 hedge funds launched in Q3, but the prevalence of equity strategies funds is in steady decline as fund managers continue to lose confidence in the strategy.
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