Preqin 2024 Globals Reports

Venture capital

Private debt

Infrastructure

Natural resources

Real estate

Private equity

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Venture capital

Real estate

Hedge funds

Infrastructure

Natural resources

Weak exit activity has been a problem for private equity fundraising teams during 2023, given that LPs have started to emphasize realized returns and DPI more strongly than unrealized IRR returns. But after steep first-quarter declines, activity is picking up, boding well for next year as capital is returned to LPs via distributions. Still, exit activity is on par with the pre-pandemic period, suggesting that exits have simply returned to normal levels rather than collapsing.

Hedge funds

Private debt

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It’s no surprise that in 2023 VC fund managers have been spending more time raising capital. Of funds that have already closed in 2023, 27% spent 19 to 24 months on the road, compared with 15% in 2022. The number of funds in market increased by 67.7% from January 2022 to 6,416 in October 2023, targeting $449.7bn in aggregate capital. The ratio of capital targeted to the aggregate capital raised from the prior year has grown to 3.97x in October 2023, more than double what it was in January 2023, suggesting it will take some time to clear this overhang.

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Real estate investor sentiment has been weak in 2023 for the reasons we explore in our Global 2024: Real Estate report. This has dragged on fundraising, with softer activity clear across all major regional markets. But it is APAC where the total capital raised to Q3 has declined most, suggesting that macro, regional, and asset class dynamics are all at play.

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Over the past five years, North America has been the only major economic region to grow hedge fund assets, both through investment returns and new capital commitments. North American assets under management (AUM) grew at an annual average rate of 5.4% over the five years ended September 2023. Net cash flows during that time totaled $28.6bn as annualized returns were estimated at just over 7%. This supports Preqin’s prediction that North America-based hedge fund growth will continue to outpace other regions.

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Interest in strategies fluctuate over time, and in 2010 lower-risk core and core-plus funds made up over 69% of infrastructure Assets under Management (AUM). But just six years later, core's share was almost level with value-added, as newer strategies came to the fore. In the face of a rising interest rates, a risk-off market emerged, making 2022 the first year for at least a decade in which core and core-plus strategies re-gained share of AUM, mostly at the expense of value-add.

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By the third quarter of 2023, the 10 largest private debt funds claimed 51% of the aggregate capital raised through the year. This is considerably higher than 2022’s full-year figure of 35%. Our Global 2024: Private Debt report suggests that increased concentration among the top 10 funds comes at the expense of those outside the top 50, whose share has fallen from 24% to 9%. Interestingly, the mid-sized funds ranked from 11 to 50 have held onto their share, suggesting that reaching a critical mass helps funds compete with larger peers.

Discover how the natural resources landscape is evolving in the report on

Natural resources were at the top of the performance table across alternatives, riding on the back of the strong commodities rally. The asset class posted a one-year rolling IRR of 34.6% through March 2022, ahead of Real Estate at 33.0%, and private equity at 29.3%. Despite the exceptional performance, pure natural resources funds raised just $3.8bn in the year to September, well down on the $13bn raised in 2021, as investors focused on funds in infrastructure, private equity, and venture capital with exposure to renewables and cleantech.

APAC fundraising hit hardest

North America’s unique growth story

VC’s fundraising hangover

Private capital: rolling one-year horizon IRRs by asset class

The ‘Big 10’ dominate fundraising

Infrastructure’s favoured strategies

Signs of optimism in exits

Proportion of aggregate capital raised by the largest venture capital funds closed

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*Aggregate capital raised for Q3 2023 is annualized