2022年全球私募市場報告

Contents

Executivesummary2

1

Privatemarkets5

bounceback

Privatemarketsfundraising6

PrivatemarketsAUM7

Structuraldemand8

frominstitutionalinvestors

fuelsgrowth

Privatemarketsperformance10

2

Privateequityshows13

enduringstrength

Fundraising14

AUM20

Performance22

Dealactivity26

Dealmultiplesandleverage28

3

Realestaterebuilds30

Closed-endfunds31

Open-endfunds33

AUM33

Limitedconsolidationbut34

benefitsofscale

Dealvolume36

SpotlightonUSmultifamily39

SpotlightonUSproperty40

technology

4

Privatedebt42

extendsagain

Fundraising43

AUM46

Performance47

5

Infrastructureand48

naturalresources:

Beyondroadsandbridges

Fundraising49

AUMandperformance50

Mandateexpansion51

6

ESG:Progresson53

the‘E’andthe‘S’

E:Sustainabilitycallsfor55

anewsetofpriorities

S:Privatemarketsfirmsare57

makingprogressondiversity

7

Digitalandanalytics:62

Efficiencyand

performancethrough

digitization

Authors65

Furtherinsights65

Acknowledgments66

Executivesummary

Welcometothe2022editionofMcKinsey’s

annualreviewofprivatemarketsinvesting.Ourongoingresearchontheindustry’sdynamics

andperformancehasrevealedseveralinsights,includingthefollowingtrends:

Privatemarketsbouncedbackin2021.Aftera

yearofpandemic-driventurbulencethatsuppressedfundraisinganddealactivity,privatemarkets

reboundedacrosstheboard.Fundraisingwasupbynearly20percentyearoveryeartoreacharecord

ofalmost$1.2trillion;dealmakerswerebusierthanever,deployingmorethan$3.5trillionacrossasset

classes;andassetsundermanagement(AUM)grewtoanall-timehighof$9.8trillionasofJuly,up

from$7.4trilliontheyearbefore.Dollarscontinuedtofundhigherrisk-returnstrategiesinprivate

equity(PE)andinfrastructureandrotatedintoriskierstrategiesinrealestate.

Anewsetofrisksemergedatthebeginningof

2022withthepotentialtounderminegrowthandperformance.TheRussiangovernment’sinvasionofUkraine,higherinflationandinterestrates,andsupplychainandlaborchallengesarealready

increasingvolatilitythreemonthsintothenewyear.

Privateequitycontinuedtodriveglobalgrowth

inprivatemarkets.Fundraisingreboundedacrossregions,andglobaltotalsfelljustshortofthepre-

pandemicpeakestablishedin2019.AUMreacheda

newhighof$6.3trillion,drivenprimarilybyasset

appreciationwithinportfolios.WithapooledIRRof27percentin2021,PEwasonceagainthehighest-performingprivatemarketsassetclass.PE

alsocontinuestooutperformrelativetomostpublicmarketequivalent(PME)measures.

LPsincreasedtheirexposuretoearlier-stage

privateinvesting.Venturecapital(VC)continuedtoattractcapitalonthebackofadecadeofstrong

performancebutwasoutpacedbygrowthequity.

WithincreasedfundingforVCandcompanies

remainingprivateforlonger,theinvestableuniverseofgrowthcompanieshasexpandedsubstantially.

PEfirmshavemovedtofillthespace,andthesupplyofgrowthequityvehicleshasevolved:inthelast

tenyears,sixofthetenlargestbuyoutmanagershavelaunchedagrowthvehicle.Today,VCand

growthequitycombinedmakeup47percentofPEfundraising,justshyofbuyout’sshare.

PEfundraising‘winners’dosobygrowingtheirflagshipsandraisingmorefrequently.While

productproliferationplaysarole,the20firmsthathavegainedthegreatestshareofnewcapital

raisedoverthelastfiveyearshavedoneso

predominantlybyraisinglargerandmorefrequentflagshipvehicles.Thesefirmsmorethandoubledthesizeoftheirflagshipfundsovertheprecedinghalfdecadeandraisedeverythreeyears,on

average.Lastyear’sreportshowedthattop-quartile

2Privatemarketsrallytonewheights

performanceoftheprecedingvehicleinafundfamilytendstoleadtorapidgrowthofthenextiteration.Thisyear’sdatashowthatstrong

performancecoupledwithrapiddeploymentleadstosharecapture.

Dealactivitysurged,butaveragedealmultiplesdidnot.Globalbuyoutandgrowthequitydeal

volumegrewnearly50percentyearonyeartoover$2trillioninmorethan14,000transactions.A

pandemic-drivenbacklogofcompaniesthatdelayed

salesprocessesin2020undoubtedlyplayed

aroleinthisyear’srecordtotal.Atthesametime,

buyoutmultiplesdeclinedslightly,perhapsduetoapandemic-drivenmixshiftinsectoralactivity.

‘Riskon’inrealestate.Withinrealestate,investorsrotatedtohigherrisk-returnstrategiesrelative

totheirprepandemicpreferences,whichperhapsreflectsinvestorsanticipatingbuyingopportunitiesinastressedordistressedenvironment.Though

valuationsinseveralkeyrealestatesectorsfellin2020,widespreaddistresshasnotmaterialized

asmanythoughtitmight.Fundraisinginopportu-nisticandvalue-addstrategiesgrewsharply

(57and12percent,respectively)whileopen-end

coreandcore-plusfundsexperiencednetoutflows.

Investorconcernsaboutrisinginflationmay

provetobeatailwindfortheassetclass,givenitsinflation-hedgingproperties.

Bedsandshedsstayedwarm.Dealvolumein

industrialproperties(suchasdistributioncenters)andmultifamilyhousinggrew,backedbychangesinhowpeopleshopandwheretheylive.The

acceleratedadoptionofe-commerceduringthepandemicstimulatedinterestinnewindustrial

development.Despitefearsofurbanflight,hybridworkappearstobethedefaultposition,keeping

employeeswithincommutableranges.IntheUS,risingrentsandhomepricesshowedlittlesign

ofslowingdown.

Privatedebtisanassetclassforallseasons.

Fundraisinggrowthcontinuedinprivatedebt,theonlyprivateassetclasstogrowfundraisingeveryyearsince2011,includingthroughthe

pandemic.Thiscyclicalresilienceispartiallydrivenbythediversityofprivatedebtsubstrategies:

whenonezigs,anotherusuallyzags.Overthelongerterm,growthhasbeendrivenbyadramatic

expansionindirectlendingstrategies,whichhaveaccountedfor73percentoffundraisinggrowth

inthelastdecade.

Infrastructure—morethanroadsandbridges.

In2021,infrastructureandnaturalresourcessetall-timehighsforfundraising,AUM,anddealvolume;

indeed,globalAUMbrokethe$1trillionmarkforthefirsttime.Overthelastdecade,infrastructure’s

mandatehasevolved.Capitalisincreasinglyflowingintosubsectorsthatsupporttheenergytransition

anddigitization,suchasalternativeenergy,clean-

techsolutionsfocusedonimprovingenvironmentalsustainability,and“infratech.”Investorsarealso

lookingbeyondphysicalassetsatoperatingcompa-niesandtechnologiestogeneratevalue.

Thesustainabilitytransitionpresents

opportunitiesandrisks—bothsubstantial.GPs

andLPscontinuedtoformalizeenvironmental,social,andgovernance(ESG)commitmentsin2021:

overhalfoftotalfundraising—thehighestpercentageever—flowedtofirmswithformalpolicies.Investorshavebecomeparticularlyfocusedonenvironmentalsustainability,apotentialwin-winforprivate

marketsinvestorswhosupportpositiveimpactwhiledrivingreturns.Firmscancreatevalue

bytransformingunsustainablebusinessmodelsintogreenonesandinvestingincompaniesscaling

decarbonizationtechnologies.Consideringclimateriskinunderwritingisnowanimperative;

thosethatdonotruntheriskofmispricing

theirinvestments.

Privatemarketsrallytonewheights3

Privatemarketsfirmsaremakingprogress

ondiversity,butworkremains.USPEfirmshaveincreasedthepercentageofethnicallydiverse

talentandwomenholdingjunior-levelroles,andhavemadestridesinfemalepromotionand

retention.Onsomemetrics,PEfirmsevencompare

favorablywithmajorcorporations,although

ethnicdiversityisnotyetbroadbased.Ethnicandgenderdiversityhavenotyetreachedthe

C-suiteatlevelsthatwouldimplyequityinthe

industry,suggestingthatfirmsbroadlycontinuetomissopportunities.

Keylessonsemergeasfirmsaccelerate

investmentindigitalandanalytics.Leadingfirms

continuetomakemajorinvestmentsindigital

andanalyticscapabilitiesacrossbothfrontand

backofficetocaptureeconomiesofscaleas

theygrow.Mostarefocusedonbuildingadvanced

analyticscapabilitiestoidentifyopportunities

andcreatevalueandonsettingupinvestorportals

todriveLPsatisfaction,buttheyalsogetthe

basicsrightbycreatinghigh-qualitydigitalinfra-

structure.Asmoreinvestmentinstitutions

embarkondigitaltransformation,theywillneed

tofocusonsettingause-case-drivenvision,

fightingfortalent,andgettingcommitmentfrom

theC-suite.

Aboutthisreport

McKinseyistheleadingadvisertoprivatemarketsfirms,includingprivateequity,

realestate,privatedebt,andinfrastructurefirms,withaglobalpracticesubstantially

largerthananyotherfirm.Wearealsotheleadingconsultantpartnertothe

institutionalinvestorsthatallocatecapitaltoprivatemarkets,suchaspensions,

insurancecompanies,sovereignwealthfunds,endowments,foundations,andfamilyoffices.

Thisisthe2022editionofourannualreviewofprivatemarkets1Toproduceit,wehave

developednewanalysesdrawnfromour

long-runningresearchonprivatemarkets,basedontheindustry’sleadingsources

ofdata2Wehavealsogatheredinsights

fromourcolleaguesaroundtheworldwhoworkcloselywiththeworld’sleading

GPsandLPs.

Thisreportconsistsoftwomainsections:

thefirstmorenumbers-driven,3thesecondmorequalitative.Thefirstsectionincludes

in-depthanalysisofindustrydevelopmentsandtrendsinfundraising,performance,

AUM,anddealsacrossseveralprivate

marketassetclasses:privateequity,private

debt,realestate,andnaturalresources

andinfrastructure.Thesecondsection

(chapterssixandseven)exploreschanges

inprivatemarketsfirmsthemselves,

focusingonwaystheyaddressESGand

buildouttheirdigitalcapabilities.

Wewelcomeyourquestionsand

suggestionsatinvesting@.

1

2

3

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

AsianVentureCapitalJournal(AVCJ),Bloomberg,Burgiss,CambridgeAssociates,CBREResearch,CEMBenchmarking,CoStar,FTSERussell,GlobalNews,GreenStreet,

HamiltonLane,Infra-Deals,JefferiesGroup,JointCenterforHousingStudiesofHarvardUniversity,JonesLangLaSalle,LeanI,Nareit,NationalAssociationof

Realtors,NationalAssociationofSoftwareandServiceCompanies(NASSCOM),NationalCouncilofRealEstateInvestmentFiduciaries,PewCharitableTrusts,PitchBook,Preqin,PrinciplesforResponsibleInvestment(PRI),PrivateEquityInternational,RealCapitalAnalytics,Refinitiv,ScienceBasedTargetsinitiative(SBTi),S&PCapitalIQ,

S&PGlobal,SecuritiesandExchangeCommission,UnitedStatesCensusBureau,UnitedStatesFederalReserve,WallStreetJournal,WhartonSchooloftheUniversityofPennsylvania,WorldBank,WorldFederationofExchanges,YardiMatrix,Zumper.

For2021,alldataarebasedonreportednumbersandwilllikelyadjustasmorefigurescontinuetobereported.PerformancedataareasofSeptember30forvintages

2008–18,unlessotherwisenoted;AUMdatacoversthe12-monthperiodendingQ2;andfundraisingdatacoverthefullyear2021.AlldataforAsiaexcludeAustraliaandNewZealandunlessotherwisenoted.

4Privatemarketsrallytonewheights

1

Privatemarkets

bounceback

Privatemarketsreboundedin2021,after

ayearofpandemic-driventurbulencethatsuppressedfundraisinganddealmaking.

Fundraisingclimbedtoarecordofalmost$1.2trillion,upbyalmost20percentover

2020.Growthwaswidespreadacrossassetclassesandgeographies,anddealmakerswerebusierthanever,deployingmorethan$3.5trillionacrossassetclasses.

Totalassetsundermanagementacross

privatemarketsreachedanall-timehighof

$9.8trillionasofJune30,2021,upfrom

$7.4trillion12monthsprior.Asset

appreciationdrovethemajorityofAUM

growth,butdrypowderalsoincreased,up

16.6percentoverthepriorperiod.

Privatemarketsrallytonewheights5

Institutionalinvestorshavecontinuedtoincreaseallocationstoprivatemarketsattheexpenseof

publicmarkets,drivenprincipallybyprivate

markets’outperformance.CEMBenchmarkingnotesanaverageallocationtoprivatemarketsof18.5percentasof2020,upnearlyfivepercentagepointssince2012.Nonetheless,institutional

investorsbroadlyremainunderweighttheir

targetstoprivatemarkets.Meanwhile,retail

investors,forwhomaccesstotheprivatemarketshaslongbeenconstrained,arereceivingmore

attention.PrivatemarketsGPsarelaunchingnewproducts,devisingalternativevehiclestructures,andbuildingoutin-housewholesalingteams

totapintothisvastpoolofcapital.

Finally,thehighest-performingprivate

marketsassetclasswillcomeaslittlesurprise:

forthefifthconsecutiveyear,PEtook

thetopspot.

Privatemarketsfundraising

2021wasarecordyearforfundraising,reaching

almost$1.2trillion(Exhibits1and2).Thetotalis

almost$200billionmorethanin2020,when

COVID-19dramaticallyslowedfundraisinginthe

secondandthirdquarters,andapproximately

$20billionabovethepreviousfundraisingpeakin2019.GrowthinNorthAmerica(22percent)was

fasterthanEurope(17percent)orAsia(13percent).

Exhibit1

Privatemarketsfundraisingreachedanewhigh.

Privatemarketsfundraisingbyregion,1$billion

196

96

325

479

615

658

310

287

380

434

597

677

778

+20%p.a.

1,184

1,166

1,084

990

1,003

873

2003200520072009201120132015201720192021

1Excludessecondaries,fundsoffunds,andco-investmentvehiclestoavoiddoublecountingofcapitalfundraised.Source:Preqin

2016–21CAGR,%

2020–21growth,%

Total

6.3

19.7

Restofworld

10.7

29.7

Asia

–5.6

13.1

Europe

8.1

16.9

North9.221.6

America

6Privatemarketsrallytonewheights

Naturalresourcesand infrastructure

45.5

Privatemarkets

688.8

Realestate2

119.6

Private

equity

400.4

Privatedebt

123.4

NorthAmericaTotal,$billion

2020–21,$billion122.379.338.813.4–9.2

21.6

293.1

48.0

28.2

24.7

134.1

12.2

56.7

YoYchange,%

EuropeTotal,$billion

–16.8

74.1

2020–21,$billion42.515.8–13.55.634.6

–32.3

20.2

13.3

10.9

9.2

YoYchange,%

AsiaTotal,$billion

87.7

6.6

111.7

2020–21,$billion

17.1

17.6

0.9

–0.8

–0.6

YoYchange,%

13.1

18.7

4.8

–7.9

–8.6

Total,$billion

54.7

33.5

7.5

2.7

10.9

2020–21,$billion

12.5

11.5

0.2

0.0

0.8

Restofworld

YoYchange,%29.752.42.4–0.18.1

YoYchange,%19.722.417.710.523.0

GlobalTotal,$billion1,184.3679.9175.5192.0137.1

2020–21,$billion194.4124.326.418.225.7

Exhibit2

Privatemarketsfundraisinggrewapproximately20percentin2021.

Privatemarketsin-yearfundraising,12021

Assetclass

16.9

147.7

1Excludessecondaries,fundsoffunds,andco-investmentvehiclestoavoiddoublecountingofcapitalfundraised.

2Closed-endfundsthatinvestinproperty.Includescore,core-plus,distressed,opportunistic,andvalue-addedrealestate,aswellasreal-estatedebtfunds.Source:Preqin

PrivatemarketsAUM

PrivatemarketsAUMreachedanall-timehighof$9.8trillioninthefirsthalfof2021,33percent

higherthantheyearbefore.Thejumpwasdrivenprimarilybyanincreaseinnetassetvalue(NAV),1

whichgrewby$2.0trillion.NAVgrowthwas,inturn,drivenprincipallybyhighervaluationsonunrealizedassets;investedcapitalanddistributionswere

roughlyequivalentduringtheyear,producing

offsettingAUMimpacts,whiledrypowdergrowthhadarelativelysmallimpactonAUMgrowthduringtheperiod.

AUMincreasedinallprivateassetclassesandparticularlyinprivateequity,2whereAUM

grew37.7percentto$6.3trillion.PE’sAUMnowaccountsfornearlytwo-thirdsofthetotal

acrossprivatemarketsglobally.

1

2

NAV=newcapitalinvested–capitaldistributed+changeinvalueofunrealizedcapital.

Privateequityincludesbuyout,venturecapital,growth,andotherPE.

Privatemarketsrallytonewheights7

SlightlymorethanhalfofglobalAUMresidesin

vehiclestargetingNorthAmericaninvestments

(Exhibit3).EuropeandAsiaareroughlyequivalentinAUM,comprising21percentand22percent

respectively—remarkableparitygiventhefactthat

Asia’sAUMwasjust60percentofEurope’sfiveyearsago.

Structuraldemandfrominstitutionalinvestorsfuelsgrowth

Privatemarkets’threefoldgrowthinfundraisingoverthelastdecadehasbeenpoweredbymore

institutionalinvestorsparticipatingandathigher

averagetargetallocations.Inthesustainedlow-rateenvironmentofthelastdecade,institutional

Exhibit3

MorethanhalfofglobalAUMisinvehiclestargetingNorthAmericaninvestments.

Privatemarketassetsundermanagement,H12021,$billion

100%=Restofworld

Asia

Europe

NorthAmerica

484(5%)

1,188(12%)

1,248(13%)

1,115(11%)

2,994(31%)

1,829(19%)

988

(10%)

68(2%)

83(5%)

56(6%)

36(3%)

$58(5%)

$110

(10%)

331(11%)

$85

(7%)

830(45%)

$132(11%)

507

(51%)

$116

(10%)

$351

(30%)

806(27%)

$334(27%)

$338

(30%)

$716

(60%)

1,789(60%)

$723(58%)

159(9%)

$552

(49%)

90

(9%)

757(41%)

334

(34%)

$431

(4%)

$2,068

(21%)

$2,130

(22%)

$5,216

(53%)

BuyoutVenturecapitalGrowthOther

Private

debt

Realestate

Infrastructureandnatural

resources

PrivateequityRealassets

Note:Figuresmaynotsumprecisely,becauseofrounding.

Source:Preqin

8Privatemarketsrallytonewheights

Sizeofcapitalpool

s

investorshavesteadilyincreasedtheirallocations

toprivatemarketsinabidtoachievegreaterreturns.

Thereisgoodreasontobelievethatdemandwill

continuetogrowasLPsbroadlyremainbelowtheirrespectivetargetsforprivatemarketsasset

classes.Overthelastseveralyears,thecombinationofrisingtargetsandstrongpublicmarket

performancehasincreasedthedollargapbetweenactualallocationandtargetallocationdespite

recordcommitmentstoprivateequity.

Thecompositionofinstitutionaldemandhasalso

changed.Endowmentsandfoundations(E&Fs)wereearlymovers,andprivatemarketallocationshave

longbeenahallmarkofthe“endowmentmodel.”

E&Fscontinuetomaintainhighertargetsthanotherinstitutionalinvestors(Exhibit4).Butthedynamic

hasshiftedoverthelast20years,andtodaymostlimitedpartnercapitalcomesfromlargercapital

pools.Chiefamongthesearepensions,whichhavetransitionedformerlyconservativeapproaches

Exhibit4

In2021,institutionalinvestorsremainedshyofprivateequityallocationtargets.

AllocationstoPE,12021,%ofAUM

20

15

Target

allocation,%

10

5

0

Endowments

andfoundation

Publicpensionfunds

Privatesectorpensionfunds

Insurancecompanies

00.51.01.52.0

Gaptotargetallocation,

percentagepoints

1Allocationasofendof2021.Shiftsinpublicequitiescanimpactallocationgap.

Source:Preqin

Privatemarketsrallytonewheights9

closertotheendowmentmodel,inpartbecause

mostpensionsremainunderfunded,withliabilitiesthatexceedtheirassets3Forinstance,private

equitytargetsforprivate-andpublic-sector

pensionstendtobeintherangeof7to8percentofassets.Theserelativelymaturepoolsare

roughlyhalftooneandahalfpercentagepointsbelowtarget.ForE&Fsandpensions,thegaptotargetallocationhasclosedinrecentyears.

TwoadditionallargepoolsofcapitalfrominsuranceandretailhavegarneredattentionfromGPs.

SeveralGPs,especiallythosewithmatureprivatecreditinvestingcapabilities,havecreated

strategicrelationshipswithinsurancecapitalpoolsoracquiredthemoutright.Retailinvestors,

representingapoolofover$50trillion,areasecondlargesourceofcapitalwithgrowinginterestin

privatemarkets.Allocationstodayremaininthe

lowsingledigits,principallyduetohistorical

accessconstraints,butacombinationofchangingregulations,productinnovation,andnewGP

distributioncapabilitiesisbendingthepenetrationcurve.Arecentsurvey4foundthatoverathird

ofprivatemarketsmanagersanticipatedhavingaretail-orientedvehicleinthenextfiveyears;

just9percenthaveonetoday.

Privatemarketsperformance

Forthefifthconsecutiveyear,PEwasthehighest-performingprivatemarketsassetclass.PE’sin-year

returnsfor2020and2021havesubstantiallyexceededthoseofallotheryearsfollowingtheglobalfinancialcrisis(GFC).

Institutionalinvestorsremainshyoftheirprivatemarketsallocation

targetsdespiterecordcommitmentsinrecentyears.

3

4

In2019,thelastyearwithofficialdata,unfundedliabilitiesofstateandlocalpensionstotaled$4.1trillion,asshownin“Stateandlocal

governmentpensionfundingstatus,2002–2019,”FederalReserve,updatedDecember17,2021.Estimatessuggestthefundinggaphassincedeclined,asdiscussedin“Thestateofpensionfundinggap:Planshavestabilizedinwakeofpandemic,”Pew,September14,2021.

Preqinspecialreport,“FutureofAlternatives2025.”

10Privatemarketsrallytonewheights

Comparedwiththeyearprior,naturalresource

investorsachievedthemostsignificantimprovementinreturns,propelledbyreboundingcommodities

prices.Closed-endrealestateandprivatedebtfundslikewiseimproved,whileinfrastructureand

privateequityunderperformedrelativetolastyear(Exhibit5).

Thegapinreturnsbetweentop-andbottom-quartilePEfundsis20percentagepoints,whichindicates

thatvintageyeartiming,sub-assetclassallocation,andmanagerselectionallhavethepotentialto

addtoorsubtractmeaningfullyfromportfolio

performance.However,afundatthetopofthefourthquartileinPEwouldstillhavebeatenamedianfund

Exhibit5

PEremainedthehighest-performingprivatemarketsassetclassin2021.

Globalfundperformancebyassetclass,2000–18vintages,1%

50

40

30

20

10

0

–10

–20

–30

–40

Privateequity

Naturalresources

Realestate

Privatedebt

Infrastructure

20002002200420062008201020122014201620182020

1FundperformanceassessedusingIRRcalculatedbygroupingperformanceof2000–18fundsduring2000–21.Somedatanotavailableforcertainperiods.IRRfor2021isfortherst9months(YTDasofQ32021).

Source:Burgiss

Privatemarketsrallytonewheights11

20.0

19.5

10.5

5.4

14.0

10.8

10.7

10.9

16.0

8.6

5.3

10.9

3.1

Exhibit6

PEoutperformsassetclassesacrossquartiles.

Globalfundperformancebyassettype,netIRRtodatethroughSept30,2021,2008–18vintages,%1

Top25%MedianBottom25%

Privateequity

30.5

Privatedebt

12.4

9.4

7.0

RealestateNaturalresourcesInfrastructure

9.0

3.3–1.9

Note:Figuresmaynotsumprecisely,becauseofrounding.

1Methodology:IRRspreadscalculatedforfundswithinvintageyearsseparatelyandthenaveragedout.MedianIRRwascalculatedbytakingtheaverageofthemedianIRRforfundswithineachvintageyear.

Source:Burgiss

inmostotherprivateassetclasses(Exhibit6).In

otherwords,despitehighdispersion,investinginPEhasbeenrewardedinwhathavebeenbenignyearsforinvestorssincetheGFC