PitchBook-2023年二季度美國公共PE和GP交易綜述（英）

Q2

2023

US

PublicPEandGPDealRoundup

ok

(pitchBo

Contents

PitchBookData,Inc.

JohnGabbertFounder,CEO

NizarTarhuniVicePresident,InstitutionalResearchandEditorial

DylanCox,CFAHeadofPrivateMarketsResearch

3

Keytakeaways

4

Privateequityperformance

6

Deployment

9

Realizations

InstitutionalResearchGroup

11

Fundraising

Analysis

expansion

14

Strategy

TimClarke

AUMby

managerand

strategy

16

LeadAnalyst,PrivateEquitytim.clarke@

Shareof

18

GPdealactivity

GarrettHinds

results

SeniorAnalyst,PrivateEquitygarrett.hinds@

20

Operating

21

Stockperformanceandcomps

JinnyChoi

Analyst,PrivateEquity

jinny.choi@

KyleWalters

AssociateAnalyst,Private

Equity

kyle.walters@

Data

TJMei

DataAnalyst

pbinstitutionalresearch@

Publishing

ReportdesignedbyJoeySchafferandJennaPluimer

PublishedonAugust30,2023

ClickhereforPitchBook’sreportmethodologies.

Note:“PE”hasaspecificmeaningforthesevenmajorpublicalternativemanagers

referencedinthisreport.

1.

Blackstone

and

Carlyle

:“CorporatePE”asdefinedincompanyreports.

2.

KKR

:“TraditionalPE”asdefinedincompanyreports.

3.

Apollo

:“FlagshipPE”and“Europeanprincipalfinance”asdefinedincompanyreports.

4.

Ares

:“CorporatePE”and“specialopportunities”asdefinedincompanyreports.

5.

TPG

:“Capital”and“growth”asdefinedincompanyreports.

6.

BlueOwl

:“PE”representsPitchBookestimatesofownershipstakesheldbyGPStrategic

CapitalfundsinmanagersprimarilyengagedinPEbuyoutandgrowthequitystrategies.

2Q22023USPUBLICPEANDGPDEALROUNDUP

Keytakeaways

ShareofAUMbystrategy*

ShareofTTMfundraisingbystrategy*

8.7%

25.8%

19.3%

$3,187.2B

46.2%

PrivateequityCreditRealestateOther

Source:Companyreports?Geography:Global*AsofJune30,2023

GPdealactivitypicksup.Afteraslowstart,GPstakeand

M&Aactivityinthealtmanagerspacepulledevenwithtotalsfrom2022.Controltransactionsaccountedfor45.0%of

dealcount,thehighestshareinmorethanadecade.TPG’s$2.7billionblockbusterdealforAngeloGordonledamongcontroldeals,whileBlueOwl’sGPstakeinStonepeak,aninfrastructurespecialistwith$55.7billioninAUM,wasthemainhighlightamongnoncontroldeals.

PEperformancehangsin.InQ2,thetop-sevenUS-listedaltmanagersallpostedpositivereturnsintheirrespectivePEportfolios,withthemediangrossreturnat3.1%.Thismarksthethirdconsecutivequarteroflowsingle-digitpositive

returns.OnaTTMbasis,thesesamemanagersposteda

mediangrossreturnof9.0%,slightlybelowthe13.0%totalreturnontheS&P500duringthesamespan.

PEcapitaldeploymentremainssoft,withTTMvaluedown22.3%YoY.Still,therearesignsofimprovementasQ2

deploymentfigureswerehigherQoQformostofthepublicPEfirms.Withinterestratevolatilitymoderating,weareseeingbuyersabletocreativelypiecetogetherdealfundingand

sellersmorecomfortablemarkingtomarkettheirvaluationexpectations.Takentogether,weexpecttoseehigher

deploymentlevelsinthesecondhalfof2023.

9.5%

22.6%

17.8%

$461.1B

50.1%

PrivateequityCreditRealestateOther

Source:Companyreports?Geography:Global*AsofJune30,2023

PEfundraisingremainschallenging.PEfundraising

reboundedfromaveryweakQ1butisstilldown57.4%YTD.Totalfundraisingacrossallstrategiesofthetop-sevenpublicPEfirmscombinedfor$106.7billioninQ2—a6.4%increasefromQ1.Thisendedathree-quarterskidofsequential

declines.However,onaTTMbasis,mostmanagersarestilltrackingwellbelowtheirpriorTTMrunrates.Apolloled

thegroupwith$35.0billioningrossinflowsinQ2,while

Blackstonesecured$30.1billion,whichwassufficienttopushitoverthe$1trillionAUMmilestone.

WhichmegaPEfirmwillentertheS&P500index

first?FollowingS&PDowJonesIndicesApril17,2023

announcementthatcompanieswithmultipleshareclass

structureswouldagainbeeligibleforinclusionintheS&P

500index,bothBlackstoneandApollohaveemphasizedtheirreadiness.Blackstonebelievesitisthelargestcompanyby

marketcapitalizationnotpartoftheindexandthatinclusionwouldbenefititsshareholders.ApollostatedonitsQ2

earningscallthatitnowmeetsalleligibilitycriteriaforindexinclusionafterpostingfourconsecutivequartersofpositiveGAAPearnings.

3Q22023USPUBLICPEANDGPDEALROUNDUPKEYTAKEAWAYS

10.6%

9.7%

9.0%

8.3%

5.5%

5.0%

5.0%

3.5%

3.1%

2.8%

2.7%

2.1%

1.0%

Privateequityperformance

GrossPEreturns/appreciationbymanager*

12.8%

BX

KKR

APO

CGARESTPGMedian

TTMQ22023

Source:Companyreports?Geography:Global*AsofJune30,2023

Thetop-sevenUS-listedalternative(alt)managersallpostedpositivereturnsinQ2fortheirrespectivePEportfolios.

Themediangrossreturnmeasured3.1%forthequarter.

Thismarksthethirdconsecutivequarteroflowsingle-digitpositivereturns,eachbuildingonthelast,aftertwonegativequartersinQ2andQ3of2022.Onatrailing12-month(TTM)basis,thesesamemanagerspostedamediangrossreturnof9.0%,slightlybelowthe13.0%totalreturnontheS&P500duringthesamespan.

Reflectingonthecloseofitstenthflagshipbuyoutfund,

Apollodeclaredthe“endofanera”forprivateequityand

thestrongtailwindsthatpowereditoverthelastdecadeor

more.ThefirmhasbeenhedgingitsbetsonPEforsometime,concentratinginsteadonincome-orientedalternativesandamorevalue-orientedapproachwithinPEitself.

Incommentingontheperformanceoftheirunderlying

portfoliocompanies,mostmanagersassertedthatthey

continuetoseegoodrevenueandEBITDAgrowthdespitethemacroeconomicbackdrop.Blackstoneindicated12%revenuegrowthwhileAresgrewEBITDAby11%YoYandkeptvaluationmultiplesflatQoQ.Carlylesaw10%EBITDAgrowth,althoughitwarnedofmoredifficultypassingonincreasedcoststo

consumers.Blackstonenotedthatitisseeingsignsofslowing

inflationandinterestrates,andvaluationsarestabilizing

asaresult.

TPGsetthehighestbarwith22%averagerevenuegrowth

foritsportfoliocompanies,whichitattributestohaving

youngercompaniesaftersellingmatureholdings.Itindicatedaveryactiveadd-onprogramforwhatremains.Incontrast,Blackstonesaidithaddoneveryfewadd-onsandwasrelyinginsteadonorganicgrowth.

Severalfirmstouchedondifferentapproachestodriving

sustainedgrowthintheirPEportfolios.TPGemphasized

strategicadd-onsandinvestment.KKRspokeaboutits

broad-basedemployeeownershipprograms.BlackstoneandCarlyleplantousethetransformativepowerofAItocreateoperationalefficiency,growth,andscaleinthelongerterm

acrosshundredsofportfoliocompanies.Nospecificswere

given,althoughCarlyleappointedanewChiefInformation

OfficerandHeadofTechnologyTransformationtospearheadtheeffort.

Firmsalsoaddressedthestresspointsintheirleveraged

holdings.Blackstoneindicateda1%defaultrateinitsown

portfolio,wellbelowthe2.7%industryaverageand3%long-termaverageforleveragedloans,owinginparttolong-term

4Q22023USPUBLICPEANDGPDEALROUNDUPPRIVATEEQUITYPERFORMANCE

QuarterlygrossPEreturns/appreciationbymanager*

6%

4%

2%

0%

-2%

-4%

-6%

BXKKR

APO

Q32022Q42022

CGARESTPG

Q12023Q22023

Source:Companyreports?Geography:Global*AsofJune30,2023

hedgesthatprovideprotectiononfloating-rateloansbut

primarilyduetodouble-digitrevenuegrowthaspreviously

mentioned.BlueOwl,amajordirectlender,saiditdidnotseeanymeaningfulchangeinitsinternalwatchlist,nonaccruals,orrequestsforamendmentsduringthequarter.

KKRreboundedfromastringofnegativereturnsandTTMperformance,returning5%inQ2and2.8%forthetrailing12months.Thefirmpulledupfromitspreviouswrite-

off,EnvisionHealthcare,whichfiledforbankruptcyafter

strugglingwithhighlaborcosts,acontractdisputewith

UnitedHealthGroup,andapublicfightoverfederallegislationonbillingpatients.

Apollo’sgrowthstrategies,whichincludePEbuyoutandlend-for-controldebtstrategies,hadbigreturnsinQ42022andQ12023inexcessof5%,whichlikelyaidedthefinalfundraisingpushforFundX.ReturnsmoderatedinQ2to2.1%.OnaTTMbasis,Apolloisleadingthegroupwitha12.8%grossreturn.

TPG’sprivateequitystrategies,whicharemadeofTPGCapitalandTPGGrowth,returned2.7%inQ2.ItsTTMreturnticked

upto10.6%.

Blackstone’scorporatePEportfolioposteda3.5%returninthefirstquarterof2023,whichbroughttheportfolio’sTTMperformanceto9.7%.Operatingcompaniesreportedrobustrevenuegrowthof12%YoY,alongwithexpandingmarginsoverall,drivenbyorganicgrowth.

WhileBlueOwldoesnotdirectlymanageaprivateequity

strategy,itsGPCapitalStrategyfundsofferindirectexposure.Approximately50%oftheGPstakesithasacquiredsince

inceptionareprimarilyPEmanagers.BlueOwlreported

inception-to-datereturnsonFundsIII,IV,andVof31.2%,

76.6%,and52.9%,respectively,onagrossbasisand23.8%,48.9%,and27.7%,respectively,onanetbasisasofJune30,2023.Foritsprivate-creditfunds,BlueOwlindicatedagrossreturnof4.3%inQ2and18.9%overthelast12months.

Aresdeliveredapositive5.5%returninitsPEstrategy—a

considerableimprovementfromlastquarter’sdeclineof

0.7%.ManagementattributedthegainstocontinuedEBITDAgrowthinitsportfolioandupsideontheJune29,2023IPO

ofSaver’sValueVillage,aportfoliocompanyofAresPrivateEquityGroupsince2019.

5Q22023USPUBLICPEANDGPDEALROUNDUPPRIVATEEQUITYPERFORMANCE

(pitchBooK

Deployment

TTMPEdeployment($B)bymanager*

$20.7$12.9$15.9$14.8$11.8$13.9$15.8$8.6$3.6$4.5$12.3$7.5$14.0$10.7

BX

KKR

APO

CGARESTPGMedian

Q22022TTMQ22023TTM

Source:Companyreports?Geography:Global*AsofJune30,2023

PEdeploymentcontinuestobesoftasofQ22023close,down22.3%YoYTTM.Still,mostofthepublicPEfirmsincreased

deploymentlevelsinQ2relativetoQ12023,whichwebelievebodeswellforthesecondhalfof2023.Afterthesteepinterestratehikesof2022pushedupfinancingcostsanddrovea

wedgeinvaluationexpectationsbetweenbuyersandsellers,transactionvolumesslowed.Recently,withlowerUSinflation,interestratevolatilityhasalsomoderated.Withamore

predictableoutlookforratesandbroaderacceptanceofthenewnormalrateenvironment,webelievebuyersandsellersareinabetterpositiontoconvergeonvaluationexpectations,creatingafavorablesetupforincreaseddealmakingactivityinH22023.

DealmomentumincreasedduringQ2asBlackstonesteppeduptodeploy$7.8billion,adramaticincreasefromitsQ1

deploymentof$0.4billion.TPGalsoincreaseddeploymentsto$1.6billion,uproughly$1.0billionversusQ1.Thethird-

largestincreasecamefromApollo,deploying$3.5billion,

a$900millionincreaserelativetoQ1.Takentogether,this

supportsrecentcommentsfromthelargestinvestmentbankssuggestingthatthebottomisinfordealmakingactivity.

Blackstone’s$7.8billionofPEdeploymentinQ22023was

itslargestquarterlyPEspreesinceQ22021.Severaloutsizeddealsoccurredinthequarter,includingthe$4.6billion

acquisitionofCVENT.Blackstonewillholdamajoritystake,

andthedealwasfundedwithaminorityinvestmentfromtheAbuDhabiInvestmentAuthority,apartial-equityroll-forwardfromsellerVistaEquityPartners,andanon-investment-gradebondissuance.Withthehigherfinancingcosts,thesecreativefundingapproachesarecriticaltogettingdealsclosed.

InMay,Apollostatedthatitsdealpipelinewas3xgreaterthanitwasatthesamepointin2022.1ThisshowedthroughinQ2asthefirmsignedfivedealsforthequarter,includingthe$5.2billiontake-privateofArconic.Apollo,alongwithAres,weretheonlytwoPEplatformstodeploymorecapitalinthelast12monthsversusthepriorTTMperiod.

KKRdeployed$3.2billionduringQ2and$6.1billionYTD.DeploymentduringthequarterwasdrivenbycoreprivateequityandtraditionalprivateequityacrossEuropeandtheUS.KKRholdsroughly$100billionofdrypowder,whichisdiversifiedacrossthefirm’sstrategies,anditcontinuesto

1

:“FirstQuarter2023Earnings,”ApolloGlobalManagement,May9,2023.

6Q22023USPUBLICPEANDGPDEALROUNDUPDEPLOYMENT

(pitchBooK

SequentialPEdeployment($B)bymanager*

$0.4

$7.8$2.9$3.2$2.6$3.5$0.8$0.6$0.7$0.7$0.6$1.6$0.8$2.4

BX

KKR

APO

CGARESTPGMedian

Q12023Q22023

Source:Companyreports?Geography:Global*AsofJune30,2023

seeopportunitiesfordeploymentasthemarketsremaindislocated.KKRremainsvaluefocusedinPEandistakingadvantageofcorporatecarveoutsandtake-privates.

TPGalsospoketotheincreasedopportunitysetintake-

privatesandcarveouts,notingthatTPGCapital,itsPE

flagship,recentlyclosedthreecorporatecarveoutsand

aproprietarypartnershipinadditiontoannouncingone

take-privatedeal.InthefirstmonthofQ32023,TPG

announceda$6.5billiontake-privateofNewRelic,a

cloud-basedperformancemanagementandobservability

software,togetherwithFranciscoPartners.Thefirmalso

closeditsinvestmentinOneOncologyinQ2,jointlywith

AmerisourceBergen,andisalreadyfindingopportunitiestoexpandtheplatform.TPGCapitalinvested$1.4billioninthequarter,whichwasup156.3%YoY,asitcapitalizedonthe

currentlyattractiveenvironment.TPGGrowthdeployed$131million,andImpactdeployed$531million.

Ares’corporatePEgroupdeployedamodest$700million

duringQ22023,flatQoQ,withseveraldealsintheconsulting&professionalservicesspace.Aresisintheminorityamongpeers,whichareengaginginhigherTTMdeploymentas

ofQ22023.

CarlylepostedanotherquarterofsuppressedPEdeployment,totaling$600millioninQ2.The$1.4billioninPEdeploymentinH1iswellbelowCarlyle’stypicalpace,asmarketconditions

continuetohamperdealmaking.Thefirmhasbeenvery

selectiveaboutwhereitdeployscapitalandexpressedthe

viewthatinterestratesarelikelytostayhigherforlonger

versuswhatinvestorscurrentlyanticipate.Thefirmhasbeenmoreactiveindeployingcapitalthroughitsglobalcreditandglobalinvestmentsolutionsplatforms.

Privatecreditreflectssubdueddealactivity

CreditoriginationscontinuedtoslideinQ2,reflectingthe

overallslowdowninequitydeploymentbyPEsponsors.At

BlueOwl,originationshavefallenbyroughlyhalfto$3.4

billioninQ2and$14.6billionTTMversus$7.6billionand

$28.9billion,respectively,inthepriorTTMperiod.New

commitmentsanddealflowwerestalledsomewhatbythe

SiliconValleyBankcrisis,butconditionshavesincerecovered.OnthedayofitsearningsreportandwellintoQ3,BlueOwl

announcedithadledtheunitrancheloanbackingthe$6.5billiontake-privateofNewRelicbyTPGandFrancisco.Theloan,reportedlyworth$2.4billion,ranksamongthelargestprivate-creditdealsever.

Despitesoftdeployments,thepipelinecontinuestobuildforseveralofthesemanagersacrossthecreditlandscape.Thisshouldallowforthesefirmstodeploymorecapital

intotheircurrentcreditstrategieswhileexploringothers,suchaspartnershipswithregionalbanks.Blackstoneis

partneringwithbanksandotheroriginatorsthatarefacing

7Q22023USPUBLICPEANDGPDEALROUNDUPDEPLOYMENT

$3.2

$0.3

$0.7

greaterlendingconstraintsbutwanttocontinuetoservetheircustomersinareaslikehomeimprovement,autofinance,

andrenewables.Blackstonehasclosedorhasinprocess

fiveofthesepartnershipstotaling$6.0billionwithplanstoaddmore.Asset-backedfinanceisanotherareaoffocusforseveralmanagers.

Onthecreditside,Aresnotedthatwiththeslowerdeal

environment,PEfirmsarelookinginwardtoinvestforgrowth

Year-over-yearPEdeployment($B)bymanager*

intheirexistingportfoliocompaniesandseekingcreditasa

fundingsourceforoffensiveanddefensiveinvestments.AresissteppinguptolendtothesePE-backedcompaniesbecauseithasamoreopportunisticapproachtounderwritingand

benefitsfromitsexpertiseinrunningacorporatePEstrategyin-house.Additionally,Aresstatedthatitsalternativecreditplatformiswellpositionedtopartnerwithregionalbanks,

helpingthemtoretainrelationshipswhileenablingaccesstoalargerfundingpool.

$3.2$7.8

$5.7

$3.5

$0.9$0.6

$1.9

$1.8$1.6

$1.9$2.4

BX

KKR

APO

CGARESTPGMedian

Q22022Q22023

Source:Companyreports?Geography:Global*AsofJune30,2023

8Q22023USPUBLICPEANDGPDEALROUNDUPDEPLOYMENT

$21.5

$16.4

$16.4

$16.4

$22.8

$13.0

$11.2

$9.3

$7.4

$6.8

$1.6

$3.7

Realizations

TTMPErealizations($B)bymanager*

$15.4$12.4

BX

KKR

APO

CGARESTPGMedian

Q22022TTMQ22023TTM

Source:Companyreports?Geography:Global*AsofJune30,2023

Realizationsforthepublicmanagersremainstuntedamid

continuedmarketchallenges.PErealizationsweredown

YoYforallsixmanagersasmonetizationopportunities

diminished.However,somefirmswereabletosecure

attractivemonetizationactivityinQ2,withCarlyle,KKR,

andAresseeingslightQoQgrowth.WhilePErealizationsforCarlyledoubledfromQ1toQ2,reaching$2.6billion,thefirmexpectsrealizationstoleveloutinthebackhalfof2023.Still,

somefirmshadamorepositiveoutlookandalludedtoaslightreboundinmarketactivitythatcouldleadtomorerealizationsinthesecondhalfoftheyear.

KKR’srealizationsgrew46.1%QoQ,butthefirmnotedthatactivityhasbeenmutedinthecurrentmarket.Nonetheless,thefirmsharedthatithasvisibilityonatleast$350millionformonetization-relatedrevenueinthesecondhalfoftheyearandthattherecouldbemoreoutsizedreturnswhen

capital-marketactivityrebounds.KKRpointedto$10billioninembeddedgainsonitsbalancesheet,upfrom$3.7billionafewyearsago,demonstratingthefirm’sabilitytocreatemeaningfulrevenueinthefuture.KKRalsonotedthatthe

marketsseemtobethawing,whichcouldcreatesome

monetizationdiscussions.

AresbenefitedfromtheIPOofSaver’sValueVillageinthe

finaldaysofQ2,whichwasoversubscribedandpricedabovetheexpectedrange.Whileamajorityofproceedswerea

primarysharesalebythecompany,Aresexitedaround$124millionofitsposition.TheIPOgivesArestheflexibilityto

potentiallyreduceitsholdingsafterlockupperiodsbegintoexpire,roughlysixmonthsaftertheinitialtradingday.2,3

Apollo’sPErealizationsweredownroughlyinlinewiththe

industryat-55.0%TTMversusprioryear.Muchofthat

wasbydesign,withmanagementstating,“monetization

activityfromsizableflagshipprivateequityfunds(Fund

VIII&IX)remainsprudentlydelayedamidequitymarket

volatility.”4FundsVIIIandIXstillhaveapproximately20activeinvestmentsandareenteringyearssixandnineoftheir

respectivefundlives.Apollo’shighmixofperpetualcapitalcouldalleviatetheurgencytoexitholdingswereitnotforthefactthatvirtuallyallofthosevehiclesdeploystrategies

2

:“Prospectus22,291,666,”theSecuritiesandExchangeCommission,June28,2023.

3

:

“SaversValueVillageClosesInitialPublicOffering,”Paul,Weiss,n.d.,accessedAugust19,2023.

4

:

“ApolloReportsSecondQuarter2023Results,”Apollo,August3,2023.

9Q22023USPUBLICPEANDGPDEALROUNDUPREALIZATIONS

$2.6

$2.3

$1.2$1.8

$1.4$1.6

$1.5$1.4

$1.4

$1.3

$0.6

$0.3$0.5

outsideofPE,suchasprivatecreditandrealestate.ThefirmisactiveasasolutionprovidertootherPEsponsorsdealingwithmaturingfunds,providingpartialexitsthroughhybridstrategiessuchasstructuredequity/debt,forexample.

AfterbuckingthetrendandseeinganuptickinrealizationsinQ1,Blackstone’sPErealizationsdroppedby51.3%QoQinQ2.However,Blackstonebelievesitiswellpositionedforanaccelerationinrealizationsovertime.TPGalsosawlowrealizationsforthequarter,declining60.2%,butstatedit

SequentialPErealizations($B)bymanager*

wascomfortablewiththisslowpace.Thefirmhadbeena

significantnetsellerin2020and2021inadeliberateattempttotakeadvantageofattractivemultiples,andnowthe

oppositeistrue.Currently,thefirmhasflippedtobeaslightnetbuyerbutcontinuestoselectivelymonetizeinvestmentsandhasseveralprocessesunderwaythatthefirmhopestoreportonsoon.Lastly,BlueOwl’sGPStrategicCapital(GPSC)strategydistributed$409millionduringthequarterfromitseconomicinterestsinGPfranchiseinvestments,halfofwhicharePEmanagers,and$1.9billionintheTTM.

$4.8

BX

KKR

APO

CGARESTPGMedian

Q12023Q22023

Source:Companyreports?Geography:Global*AsofJune30,2023

10Q22023USPUBLICPEANDGPDEALROUNDUPREALIZATIONS

$339.3

$158.4

$98.7

$54.0

$104.4

$116.7

$52.1

$24.9

$76.0

$60.1

$31.4

$15.4

$17.3

$20.4

Fundraising

TTMPEinflows($B)bymanager*

$1.5$1.5

$14.9$5.6

$9.8$26.4

$20.2$15.0

$13.5$10.6$8.6$4.0

$20.9$4.9

BX

KKR

APO

CGARESTPGOWL

Q22022TTMQ22023TTM

Source:Companyreports?Geography:Global*AsofJune30,2023

PEfundraising

Thechallengingfundraisingenvironmentcontinuesforprivateequity,withmostmanagerssayingitwillpersistthrough

theyear’send.PEfundraisingbytheseven-largestpublicalt

managersreboundedfromaveryweakQ1,butitisstilldown57.4%YTDwhencomparedwiththefirsthalfof2022.All

managerssawTTMdeclinesinfundraisingfortheirrespectivePEstrategies,withtheonlyexceptionbeingApollo,whichsawPEfundraisingsurgeto$26.4billionintheTTM,$20.0billion

ofwhichcamefromitslatestbuyoutflagship.Fourofseven

publicaltmanagershadflagshipPEfundsinthemarket,withApolloelectingtocloseFundXattheendofQ2after12monthsoffundraising.Thefundfinishedwithafinalkickof$4billioninthequarterbutstillclosed$5billionshyofitsinitial$25billiontarget.TheremainingthreePEflagships(BlackstoneIX,CarlyleVIII,andTPGIX)raised$1.8billioncollectivelyforanother

lacklusterquarterofmegafundactivity,stallingoutatroughlytwo-thirdsoftheirtargetsafter14monthsto28monthsin

themarket.

Bycontrast,private-creditfundraisingcontinuestoattractsolidinflowsandgainsharefromprivateequityandotherprivate

marketstrategiesfortheselarge,diversifiedaltmanagers.

Overthelast12months,privatecreditaccountedfor50.1%of

TTMgrossinflows($B)bymanager*

BX

KKR

APOCGARESTPGOWL

Q22022TTMQ22023TTM

Source:Companyreports?Geography:Global*AsofJune30,2023

allfundraisingacrossthesevenfirmsandreached46.2%oftotalAUM.Thatshareexpandedto57.5%oftotalfundraisinginQ22023.

11Q22023USPUBLICPEANDGPDEALROUNDUPFUNDRAISING

(pitchBooK

Firmwidefundraising

Totalfundraisingacrossallstrategiesandsevenfirmscombinedfor$106.7billioninQ2,a6.4%increasefromQ1.Thisendeda

three-quarterskidofsequentialdeclines.However,onaTTMbasis,mostmanagersarestilltrackingwellbelowtheirprior-yearTTMrunrates,withtheexceptionofApolloandBlueOwl,whichstillhavepositivemomentum.Apolloledthegroupwith$35.0billioningrossinflowsinQ2,overtakingBlackstoneat

$30.1billion.However,$18.7billionofApollo’sinflowscanbesourcedtoAthene,whichhasregularoutflowsinthecourseofdoingbusiness.

Areswasnotfarbehindwith$17.4billioninQ2fundraising,a

modestaccelerationQoQandYoY.Thefirmattributedthat

growthtoinvestorsconsolidatingwithscaledcreditmanagers.Areshas30differentfundsinthemarketatpresent,includingitsinauguralcreditsecondariesfundanditsthirdinfrastructuresecondariesfunds.

Carlyleexp