PEI2016年私募股权投资报告2017121页

byPrivateEquityInternational’sResearchandAnalyticsTeam|January2017PEIAnnualFundraisingReport2016ANNUALFUNDRAISINGREPORT|2016|:JackWhartoninLondonon+44(0)[e-mail][e-mail][e-mail]:SophieColbySeniorResearchAnalyst,LondonPrivateEquityInternationalT:[phone]E:[e-mail]:DanGunnerDirector,ResearchandAnalyticsPrivateEquityInternationalT:[phone]E:[e-mail]ezResearchManager,LondonPrivateEquityInternationalT:[phone]E:[e-mail]ger,HongKongPrivateEquityInternationalT:[phone]E:[e-mail]rchAnalyst,NewYorkPrivateEquityInternationalT:[phone]E:[e-mail]:KarinaZinkiewiczThecurrentbuzzwordintheprivateequitycommunityas2017kicksoffis‘uncertainty’,buttheglobaleconomicslowdown,lowinterestratesandhighmarketvaluationsdidnotdampenfundraisingspiritsin2016–totalcapitalraisedincreasedforthefirsttimesince2013,reaching$423.6billionfromthecloseof660vehicles.Thehighestaveragefundsizesincethefinancialcrisisandthehugenumberoffundmanagerscontinuingtoattractcapitalabovetheirinitialtargetsarefurtherindicatorsofasuccessfulfundraisingyear.ArdianSecondaryFundVII–thelargestvehicleclosedintheyear–collected$5billionmorethanitstarget.Althoughadropinthenumberoffundsinmarketandtheamountofcapitaltargetedweavesacautionarytalefortheyearahead,ourconversationswithinvestorsrevealahealthyappetitefortheassetclass.OurannualLPsurvey(asampleofwhichcanbefoundonpage18)suggeststhatinvestorsareplanningtoincreaseboththeirexposuretoprivateequityin2017andthenumberofmanagerstheyinvestwith.Inthe‘countryinfocus’sectiononpage9wetakealookatCanadatodiscoverwhethertheeconomy’srelativelackofvolatilityhashadaneffectonprivateequityfundraisingfocusedon,anddomiciledin,theregion.VijoyChattergy,chiefinvestmentofficerattheEmployees’RetirementSystemoftheStateofHawaii(HIERS),providesourLPinterviewthisquarter.Heoffershisoutlookontheprivateequityindustryin2017,aswellasdiscussingHIERS’approachtoGPrelationshipsandthepensionfund’splanstocounteracthighassetvaluations.Enjoythereport,SophieColbySeniorResearchAnalyst,PEIIntroductionANNUALFUNDRAISINGREPORT|2016|(seeFigure1)–thesmallestnumberoffundstocloseinanyyearfrom2010onwards.Theaveragesizeoffundsisthereforelargerthaninpreviousyears,at$642millioncomparedwith$586millionin2015.ArdianSecondaryFundVIIwasthelargestfundtoholdafinalclosein2016,collecting$14billion(seeTable1).Despiteanoriginaltargetof$9billion,thetotalsizeofthevehicleatfinalclosecomprisedof$10.8billionforsecondariesinvestmentsand$3.2billionforprimaryinvestments.Investorsinvolvedinthefundraiseincluded,FloridaStateBoardofAdministration(SBA),CaliforniaStateTeachers’RetirementSystemandCaissededépôtetplacementduQuébec.224.48303.58320.82458.06426.82419.90423.6075981077080079671666001002003004005006007008009000501001502002503003504004505002010201120122013201420152016NumberoffundsclosedCapitalraised($bn)Capitalrased($bn)NumberoffundsclosedSource:PrivateEquityInternationalANNUALFUNDRAISINGREPORT|2016|($bn)MonthClosedFundStrategyRegionalFocusArdianSecondaryFundVIIArdian14.00AprilSecondariesGlobal*AdventInternationalGPEVIIIAdventInternational13.00MarchBuyout/CorporatePrivateEquityGlobal*TPGPartnersVIITPG10.50MayBuyout/CorporatePrivateEquityGlobal*GreenEquityInvestorsVIILeonardGreen&Partners9.60JuneBuyout/CorporatePrivateEquityNorthAmericaApaxIXApaxPartners9.00DecemberBuyout/CorporatePrivateEquityPan-EuropeAresCorporateOpportunitiesFundVAresManagement7.85AprilBuyout/CorporatePrivateEquityNorthAmericaThomaBravoFundXIIThomaBravo7.60SeptemberBuyout/CorporatePrivateEquityNorthAmericaTheSixthCinvenFundCinven7.28JuneBuyout/CorporatePrivateEquityPan-EuropeBlackstoneTacticalOpportunitiesFundIIBlackstone6.69JanuaryFundofFunds/Co-InvestmentGlobal*HighbridgePrincipalStrategies-MezzaninePartnersIIIHPSInvestmentPartners6.60DecemberMezzanine/DebtGlobal*Source:PrivateEquityInternationalFundraisingAnalysis*Globalfundsarethosefocusingontwoormoreseparateregions$123.1bntotalcapitalraisedinQ42016162numberoffundsclosedinthequarter$9bnlargestfundclosedinQ42016154numberofGPsthathaveclosedfundsinthequarterANNUALFUNDRAISINGREPORT|2016|