PitchBook-全球基金业绩报告（截至2022年第一季度含2022年第二季度初步数据）-20正式版

2022AsofQ12022withpreliminaryQ22022dataGLOBALFundPerformanceReportContentsOverview3Privateequity6Venturecapital8Realestate10Realassets12Privatedebt14Fundsoffunds16Secondaries18HorizonIRRsbystrategy*xQ22022**1-year3-year5-year10-yearPrivateequity-3.2%29.9%26.1%21.8%17.1%Venturecapital-2.3%24.3%30.6%24.3%17.1%Realestate3.6%27.8%14.4%12.4%12.7%Realassets2.2%22.5%8.1%8.0%7.1%Privatedebt-1.8%12.9%9.3%8.6%9.1%Fundsoffunds4.8%30.5%24.9%19.9%14.7%Secondaries4.7%42.1%21.2%18.6%14.5%Privatecapital-1.1%27.0%20.7%17.5%14.5%Source:PitchBook|Geography:Global*YearlyhorizonsareasofMarch31,2022**PreliminaryquarterlyreturnAnaccompanyingExcelfilecontainsadditionalchartsandallunderlyingdataforthisreport.PitchBookBenchmarks(asofQ12022withpreliminaryQ22022data)maybefoundhere.ThequarterlyreportprovidesgreaterdetailthantheFundPerformanceReport,withgranularIRR,multiple,andPMEbreakoutsforGlobal,NorthAmerica,Europe,PrivateEquity,VentureCapital,RealEstate,RealAssets,PrivateDebt,FundsofFunds,andSecondaries.BothExcelandPDFversionsareavailable.

PitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniSeniorDirector,InstitutionalResearch&EditorialDylanCox,CFAHeadofPrivateMarketsResearchInstitutionalResearchGroupAnalysisHilaryWiek,CFA,CAIALeadAnalyst,FundStrategies&SustainableInvestinghilary.wiek@KyleStanford,CAIASeniorAnalyst,USVentureLeadkyle.stanford@TimClarkeSeniorAnalyst,PrivateEquitytim.clarke@AnikkaVillegasAnalyst,FundStrategies&SustainableInvestinganikka.villegas@JulietClemensAnalyst,FundStrategiesjuliet.clemens@KyleWaltersAssociateAnalyst,PrivateEquitykyle.walters@DataZaneCarmean,CFA,CAIALeadQuantitativeResearchAnalystpbinstitutionalresearch@PublishingReportdesignedbyChloeLadwig&JuliaMidkiffPublishedonNovember8,2022ClickhereforPitchBook’sreportmethodologies.ClickhereforPitchBook’sprivatemarketglossary.GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022)OverviewRollingone-yearhorizonIRRsbystrategy80%70%60%50%40%30%20%10%0%-10%-20%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1201720182019202020212022*PrivateequityVenturecapitalRealestateRealassetsPrivatedebtFundsoffundsSecondariesSource:PitchBook|Geography:Global*AsofMarch31,2022HilaryWiek,CFA,CAIALeadAnalyst,FundStrategies&SustainableInvestingThroughthefirstquarterof2022,one-yearprivatefundperformancewasstillathistoricallyhighlevels,asmoremutedperformanceinQ12022wasstillovercomebythreequartersofphenomenal2021performance.Whilewellofffromthe42.8%one-yearfigureseenjustthreequartersearlier,the27.0%overallprivatecapitalreturnwasstillwellaheadofthe10-yearaverageof14.5%.PreliminaryfiguresforQ22022doshowarecognitionthatthemacroenvironmenthasshifted,asprivatecapitalisindicatinga-1.1%return.Inthepreliminaryfigures,PEandVCtrailedtheotherprivatefundstrategiesinQ22022,withthehighestfliersof2021havingfurthertofallbacktorecognizethenewnormal.Asoftenhappenswhenthepublicmarketsfalldramatically,privatemarketstreadalessvolatilepath.Whileargumentscanandwillbemadethatthemutedvolatilityinprivatefundsversuspublicmarketsmaynotfullyreflectreality,privatefundsvaluationsarenotindicatingmuchconcernaboutthemacroenvironmentincomparisontotheS&PInclusiveofthepreliminaryresultsofQ22022,severalstrategiescontinuedtoincreaseinvalueinthefirsthalfoftheyear,althoughVC,PE,andprivatedebthaveallcome

offtheirpeaks.Comparedtothe20.0%dropintheS&P,however,the-6.7%VCreturnforthefirstsixmonthsthroughJunewasmuchmilderthanonemighthaveexpectedgiventheheadlinesaroundthewarinUkraine,inflation,andthepossibilityofenteringarecession.Whileprivatefundshavenotshownextremevolatilityoverall,withinstrategiesthemedianreturnsmaskafairlyhighamountofdispersion,meaningthatanyoneinvestor’sexperienceofindividualfundsmayvarywidelyfromtheheadlinemediannumbers.Asanexample,whilewereportthatVCfundsthatlaunchedbetween2004and2017hadamedianIRRof15.5%,topdecilefundsprovideda39.9%returnorbetterandbottomdecilefundshavereturned-6.7%orworse.Privatedebtcontinuestohavethenarrowestbandoftop-to-bottomreturns,withthemedianIRRof8.5%flankedbyatopdecilereturnof15.7%andabottomdecileof1.5%.Fundsoffunds(FoF)andsecondarieshaveseenanicepositiveskewtotheirreturndispersion—topdecileFoFperformed15.2%betterthanthe12.5%median,whilebottomdecileFoFonlydid8.2%worse.Secondariesfundoutcomesrangedfrom14.9%aboveto8.8%belowthe13.6%median.3 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) OVERVIEWHorizonIRRsbystrategy*50%40%30%20%10%0%PrivatecapitalSecondariesFundsoffundsPrivatedebtRealassetsRealestateVenturecapitalPrivateequity10-year5-year3-year1-yearSource:PitchBook|Geography:Global*AsofMarch31,2022NAVgrowthrebasedto100atendofQ42015*40035030025020015010050Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2*20152016201720182019202020212022PrivateequityVenturecapitalRealestateRealassetsPrivatedebtFundsoffundsSecondariesS&P500TRSource:PitchBook|Geography:Global*AsofJune30,2022Note:Q22022dataispreliminary4 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) OVERVIEWFundperformancedispersionbystrategy(vintageyears2004-2017)50%40%30%20%10%0%-10%PrivatecapitalPrivateequityVenturecapitalRealestateRealassetsPrivatedebtFundsoffundsSecondariesTopandbottomquartilerangeTopdecileMedianIRRBottomdecileSource:PitchBook|Geography:Global*AsofMarch31,2022PooledIRRsbyvintageyear*10-year20072008200920102011201220132014201520162017201820192020horizonIRR*11.3%13.6%18.9%19.8%22.1%20.3%21.7%25.3%25.2%34.1%40.5%43.1%50.9%50.1%19.7%10.6%13.4%14.5%16.8%16.9%17.6%17.7%24.6%23.9%28.2%34.7%33.0%48.2%47.0%17.1%10.0%13.1%12.8%14.0%16.6%16.2%17.3%20.9%21.9%24.2%34.1%30.3%47.8%42.1%16.8%9.5%11.5%12.6%13.6%16.4%16.1%16.2%20.0%19.4%23.6%30.5%29.9%37.4%40.8%14.7%6.5%11.0%11.5%13.6%15.1%14.1%12.0%17.0%18.3%23.1%21.2%29.5%35.8%38.7%14.5%6.2%7.9%11.5%12.7%14.2%14.0%12.0%13.1%14.9%15.7%19.1%18.1%35.2%37.5%12.8%5.8%7.8%11.2%10.8%13.3%13.4%11.5%12.2%11.7%13.8%16.4%17.4%29.9%35.2%12.7%5.0%5.9%8.7%9.0%9.0%12.0%10.7%10.8%11.3%11.8%16.2%16.9%18.2%32.5%10.4%3.7%5.1%6.8%8.0%6.0%7.1%6.8%10.2%9.2%10.2%12.0%12.0%15.5%14.5%9.1%2.4%-4.2%1.4%-5.7%1.9%0.1%6.5%6.4%7.8%8.8%8.7%9.5%12.8%13.1%3.3%BuyoutFundsoffundsGrowth-expansionInfrastructureOil&gasPrivatedebtValue-addrealestateOpportunisticrealestateSecondariesVenturecapitalSource:PitchBook|Geography:Global*AsofMarch31,20225 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) OVERVIEWPrivateequityPEfundsquarterlyreturn20%15%10%5%0%-5%-10%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*Source:PitchBook|Geography:Global*AsofJune30,2022Note:Q22022dataispreliminaryTimClarkeSeniorAnalyst,PrivateEquityAyearago,PEwascelebratingitshighesteverone-yearreturnof55.9%fortheperiodendinginQ22021.Today,PEcontinuesitsinevitableslidetowardadrawdown.OurtallyforPEreturnsinQ12022is2.1%andourpreliminaryestimateforQ22022is-3.2%.WhilenotassevereasQ12020’s8.2%declinestemmingfromtheglobalCOVID-19pandemiclockdown,weareunlikelytoseea“one-and-done”episodeasthatoneturnedouttobe.RecentresultsfrompublicPEfirmslikeEQTandBlackstoneprovideaglimpseofwhatmaycomeinQ3andbeyond.Whilenotprovidingasinglepointestimate,EQTguidedtoaflatPEvalueinQ3,asitbelievesitsportfoliocompanies’operationalgrowthhasfullyoffsetshrinkingdealandtradingmultipleswheretheyapply.AsEQTisbasedinSweden,afavorablecurrencytranslationfromapredominantlydollardenominatedportfolioalsohelpedshoreupreturnsinQ3.EQTestimatesthatitsPE-ownedcompanieswerestillgrowing

PEfundsrollingone-yearhorizonIRRbysizebucket70%60%50%40%30%20%10%0%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1201720182019202020212022*Privateequity<$250M$250M-$500M$500M-$1B$1B+Source:PitchBook|Geography:Global*AsofMarch31,20226 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) PRIVATEEQUITYrevenueby20%withEBITDAgrowthin“themid-teens”asofAugust,defyingpredictionsofaslowdownorinflation-inducedprofitsqueeze.¹Blackstone’sQ3resultstoldasimilarstory.LikeEQT,itisseeing17%revenuegrowthforitsportfoliocompanies,thoughitfullyexpectsthatgrowthtoslow,especiallyattheEBITDAline.²Duetocurrencybeingmoreofaheadwindthantailwind,Blackstonereportedaslightdeclineof0.3%inPEportfoliovalueinQ3.Thisfollowsa6.7%declineinQ2,oratotaldeclineof7.0%forthetwoquarters.Toputthisinperspective,theglobalfinancialcrisis(GFC)producedfiveconsecutivequartersofindustry-widewrite-downstothetuneof29.3%.Whilenooneisprojectingarepeatofthosedarkdays,it’sreasonabletoexpectanotherquarterortwoofflattonegativereturnsaftersuchahistoricrun-up.

PEfundperformancedispersionbyvintageyear*60%50%40%30%20%10%0%-10%20072008200920102011201220132014201520162017VintageyearTopandbottomquartilerangeTopdecileMedianIRRBottomdecileSource:PitchBook|Geography:Global*AsofMarch31,2022PEcashflows($B)$800$600$400$200$0-$200-$400-$600-$8002007200820092010201120122013201420152016201720182019202020212022*ContributionsDistributionsNetcashflowSource:PitchBook|Geography:Global*AsofMarch31,2022“Q3Announcement2022:Future-ProofingourGlobalPlatform,”EQT,October18,2022.“BlackstoneReportsThirdQuarter2022Results,”Blackstone,October20,2022.7 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) PRIVATEEQUITYVenturecapitalVCfundsquarterlyreturn25%20%15%10%5%0%-5%-10%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*Source:PitchBook|Geography:Global*AsofJune30,2022Note:Q22022dataispreliminaryKyleStanford,CAIASeniorAnalyst,USVentureLeadGlobalVCfundperformancestatisticshavequicklyfallenbacktoearth,markingaone-yearrollingIRRof24.3%throughQ1,adatapointmuchmoreinlinewithhistoricaltrendsthanwiththesky-highperformanceof2021.Ongoingturmoilinthepublicmarketswillcontinuetoadddragtonear-termperformanceofthestrategy.Therelativeinabilitytoexitinthecurrentmarketandthedeclineincapitalavailabilityarecircumstancesthatwilllengthenholdtimesatbestorleadtoportfoliomarkdownsandpossibledownrounds—allofwhichwillnegativelyimpactVCperformance.ThecalculatedquarterlyreturnforVCfundsturnednegativeinQ12022,becomingthefirstquarterthatdatapointcameinbeloweven5%sincetheonsetoftheCOVID-19pandemicinQ12020.PreliminarydataforQ2showsasecondconsecutivequarterofnegativereturn,againduetothelackofIPOsglobally.Publiclistingsgeneratedroughly86%oftherecord$771billioninUSVCexitvaluefrom2021—asdiscussedinourQ32022PitchBook-NVCAVentureMonitor—highlightingtheirinfluenceonperformancefortheVCmarket.

VCfundsrollingone-yearhorizonIRRbyfundsize100%80%60%40%20%0%Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1201720182019202020212022*Venturecapital<$250M$250M+Source:PitchBook|Geography:Global*AsofMarch31,20228 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) VENTURECAPITALVCfundperformancedispersionbyvintageyear(vintageyears2004-2017)*70%60%50%40%30%20%10%0%-10%-20%-30%20042005200620072008200920102011201220132014201520162017VintageyearTopandbottomquartilerangeTopdecileMedianIRRBottomdecileSource:PitchBook|Geography:Global*AsofMarch31,2022WithoutafruitfulIPOmarket,thegrowinggroupofunicornsaddspressuretotheventuremarketandthereturnsthattheindustryhasgeneratedinrecentyears.WithpartofVCfundperformancebeingattributedtothegrowthofprivate,not-yet-realizedvaluations,weexpectventureperformanceintheneartermtohingeonthefortunesofthisgroup.Thetopofthelate-stagevaluationmarkethasmorequicklycorrectedthanotherareasofVC,leavingthesecompanyvaluationsexposedwithrevenuemultiplesfrom2021andnoclearpathtorealizethosevaluesforinvestors.

VCfundsQoQchangeinpooledcashmultiplesbyvintage*0.1x0x-0.1x-0.2x-0.3x200420052006200720082009201020112012201320142015201620172018VintageyearPooledDPIdeltaPooledRVPIdeltaPooledTVPIdeltaSource:PitchBook|Geography:Global*AsofMarch31,20229 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) VENTURECAPITALRealestateRealestatefundsquarterlyreturn10%8%6%4%2%0%-2%-4%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*Source:PitchBook|Geography:Global*AsofJune30,2022Note:Q22022dataispreliminaryAnikkaVillegasAnalyst,FundStrategies&SustainableInvestingQ12022markedthesecondconsecutivequarterinwhichrealestateachievedapost-GFChighwithrespecttorollingone-yearhorizonIRR,whichhit26.2%inQ42021,followedby27.8%thenextquarter.Thisrecord-breakingperformance—asreferencedinourRealEstatePitchBookBenchmarks(asofQ12022)—isdrivenbyNorthAmericanreturns,whichstruck30.7%one-yearIRR,whileEuropeanandrest-of-worldnumberscameinat21.2%and14.7%,respectively.Strategy-wise,robustone-yearreturnsarecominglargelyfromvalue-addandopportunisticfunds,whichhadIRRsof29.0%and29.7%throughQ12022.Thefirstquarterof2022mayhavebeenasweetspotforrealestatefundswheninflationallowedforanincreaseinrentalincomeandforpropertiestofetchhigherprices,butbeforeinterestratesdramaticallyaffectedthecostofcapital.PreliminaryquarterlyreturnsforQ22022aresignificantlylowerat3.6%afterQ1’s7.3%,whichwasalsodownfromthepreviousquarter.10 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) REALESTATERealestatefundsrollingone-yearhorizonIRRbytype35%30%25%20%15%10%5%0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12016201720182019202020212022*AllrealestateValue-addOpportunisticSource:PitchBook|Geography:Global*AsofMarch31,2022Itislikelythattheeffectsoftheinflationaryenvironmentandcounter-inflationarypolicieswillweighmoreheavilyonreturnsinupcomingquarters.AssheltercomprisesalmostathirdoftheConsumerPriceIndex,itisinterestingtoseethatRedfin’snewmedianUSaskingrentpriceindexshowedaquarter-over-quarterdeclineinSeptemberforthefirsttimesince2020—adesiredoutcomeforrentersandinflationwatchersliketheFederalReserve(theFed),butalsoapotentialharbingerofturningtidesforthesector’sreturns.³WhileGPsarekeepingawatchfuleyeonthespace,thisdoesn’tnecessarilymeananexodusfromresidentialisonthehorizon.Multifamilymaybenefitfromthestill-considerablegapbetweenworkforcehousingdemandandsupply,despitemarkdownsoccurringonsingle-familyhomes.4Additionally,whileaccompaniedbysubstantialobstacles,thestrategyofrepositioningvacantofficebuildingstoresidentialhousinginthewakeofthepandemichasprovenfruitfulforsomeindustryparticipants.5,6“RentalMarketTracker:RentsareGrowingHalfasFastasTheyWereSixMonthsAgo,”Redfin,LilyKatz,October13,2022.Note:Workforcehousing,asdefinedbytheUrbanLandInstitute,referstohousingthatisaffordabletohouseholdsearningbetween60and120percentofanarea’smedianincome.Itaimstoprovidehousingformiddle-incomeworkersinprofessionssuchaslawenforcement,education,retail,orhealthcare.“2021AnalysisandCaseStudiesonOffice-to-HousingConversions,”NationalAssociationofRealtorsResearchGroup,LawrenceYun,etal.,November2021.“WhyEmptyOfficesaren’tBeingTurnedintoHousing,DespiteLengthyVacancies,”NBCNews,CyrusFarivar,July25,2021.11 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) REALESTATERealassetsRealassetsfundsquarterlyreturn10%8%6%4%2%0%-2%-4%-6%-8%-10%-12%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*Source:PitchBook|Geography:Global*AsofJune30,2022Note:Q22022dataispreliminaryAnikkaVillegasAnalyst,FundStrategies&SustainableInvestingTherecenttrendofsmallbutsteadyincreasesintherealassetsrollingone-yearIRRspersistedthroughtheendofQ12022,culminatinginapost-GFCzenithof22.5%fortheassetclass.Infrastructurefundreturnsmovedverysimilarlytotheoverallrealassetsnumbers,alsonotchingapost-GFChighof17.3%inthefirstquarteroftheyear.Thisisdueinparttoinfrastructure’sinflationhedgingcharacteristics,aswellasthepositiveimpactfollowingthepassageoftheUSBipartisanInfrastructureLawinlate2021.Whilethesefactors—inadditiontotheopportunityfordiscountedtake-privatesandevenmoreinfrastructure-relatedgovernmentspendingintheUSandEUlaterintheyear—willcontinuetosupportreturnsincomingquarters,therewillalsobedownwardpressureduetoclimbinginterestratesandsoaringmaterialsandlaborcosts.Inoil&gas,theone-yearhorizonIRRremainedaloftatanimpressive42.2%inQ12022,althoughatouchlowerthanthepreviousquarter’s45.9%.Lookingback,weknowthat12 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) REALASSETSRealassetsfundsrollingone-yearhorizonbytype50%40%30%20%10%0%-10%-20%-30%-40%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12016201720182019202020212022*AllrealassetsOil&gasInfrastructureMetals,timber,&agricultureSource:PitchBook|Geography:Global*AsofMarch31,2022thewarinUkraineandresultingenergycrisishaveplayedalargeroleinbolsteringoil&gasperformancein2022sofar.However,theindustryhasalsobeengrapplingwiththeideaofinvestinginincreasedproductioncapacity,giventhehistoricalcyclicalityofoilpricesandaclearpushfromUSandEUregulatorstoshifttowardcleanenergy.Metals,timber,andagriculturefundssawanincreaseinone-yearperformance,from4.8%inQ42021to7.6%inQ12022,althoughthesenumbersaredominatedbythereturnsofotherrealassetsfundtypes.PreliminaryquarterlyreturnsforQ2showadrop-offforrealassetsasawholeat2.2%comparedtothe6.2%and6.4%oftheprevioustwoquarters.Still,quarterlyperformancedatatendstovaryconsiderablyforallprivatefundstrategies,especiallyforrealassets,sooneshouldbecautiousextrapolatingtrendsfromonlyacoupleofdatapoints.13 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) REALASSETSPrivatedebtPrivatedebtfundsquarterlyreturn8%6%4%2%0%-2%-4%-6%-8%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*Source:PitchBook|Geography:Global*AsofJune30,2022Note:Q22022dataispreliminaryKyleWaltersAssociateAnalyst,PrivateEquityQ12022privatedebtperformancecameinat2.3%,slightlydownfromthe3.0%seeninQ42021.OurpreliminarydataforQ22022showsreturnsof-1.8%,coincidingwiththeFedshiftingintohighgearwithratehikesanditspivottoaveryhawkishtone.ThiswouldbethefirstquarterofnegativereturnssinceQ12020,whichwasimpactedbytheCOVID-19outbreak.In2022’sfirstquarter,distressedandspecialsituationsledtheway,postingan18.2%one-yearhorizonIRR.MezzanineandbridgefundsclosedoutQ1witha15.7%one-yearIRR,whiledirectlendingvehicles—thelargestprivatedebtcategory—onlyreturned6.7%.InQ1,allprivatedebtstrategiessawlowerrollingone-yearreturnscomparedtoQ42021asprivatemarketsbegantorecognizethattheyfacedheadwinds.The12.9%one-yearIRRforprivatedebtfallswellbehindthe27.0%postedforallprivatecapitalfunds,however,privatedebttendstobeoneoftheleastvolatileprivatemarketstrategies.14 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) PRIVATEDEBTPrivatedebtrollingone-yearhorizonIRRbytype30%25%20%15%10%5%0%-5%-10%-15%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12016201720182019202020212022*AllprivatedebtDirectlendingDistressed&specialsituationsMezzanine&bridgeSource:PitchBook|Geography:Global*AsofMarch31,20222022hasalreadyseenmultipleratehikesglobally,withmoreexpectedintheremainderoftheyear.Thecostofdebtcontinuestorise;duetoincreasedvolatilityandtheriskofbeingonthehookformillionsofdollars,thebanks,whoareprimarilyresponsibleforthesyndicatedloanmarket,aretakingastepback,7andallowingfordirectlendingfundstostepinandtakemarketshare.Thenumberandsizeofdealswillslow,butdebtfundswillbeabletocollecthigherratesofinterestonwhattheydolend.Directlendingtendstobenefitfromarisingrateenvironment,astheyoftenusefloatingrateinstruments.This,combinedwithincreasedspreadsoccurringsincetheFedbeganraisingratesandnegligiblecreditdefaultssixmonthsintothetighteningcycle,bodeswellforfuturereturnsinthedirectlendingsector.7:“BuyoutGiantsFaceDealSqueezeasPrivateLendersTurnCautious,”Bloomberg,LisaLeeandSilasBrown,September15,2022.15 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) PRIVATEDEBTFundsoffundsFoFquarterlyreturn20%15%10%5%0%-5%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q22011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022*JulietClemensAnalyst,FundStrategiesAgainstthebackdropoftheRussia-Ukrainewarstarting,FoFrollingone-yearreturnsdippedfromtheirall-timepeakof54.5%inQ22021to30.5%justunderayearlaterinQ12022.Despitethisdrop,FoFstilloutperformedtheprivatecapitalfundsuniverse,whichgenerated27.0%incomparison.However,FoFonlyoutperformedoverallprivatecapitalbya3.5%margin;asrecentlyasQ32021,thegapbetweenFoFreturnsandprivatecapitalfundsreturnswas15.0%.GiventhatwehaveassumedFoFoutperformancehasbeendrivenbyanoverweighttoventure,therelativedeclineinventureversusotherprivatecapitalstrategieslikelyexplainsthedeclineinoutperformance.WhileQ12022rollingone-yearreturnsarelowerthantherollingone-yearIRRsofeachofthepastfourquarters,FoFwerethesecond-bestperformingstrategyinthefunduniverse,trailingonlysecondaries.

Source:PitchBook|Geography:Global*AsofJune30,2022Note:Q22022dataispreliminaryFoFcashflows($B)$120$100$80$60$40$20$0-$20-$40-$60-$80200520062007200820092010201120122013201420152016201720182019202020212022*ContributionsDistributionsNetcashflowSource:PitchBook|Geography:Global*AsofMarch31,202216 GLOBALFUNDPERFORMANCEREPORT(ASOFQ12022) FUNDSOFFUNDSFoFrollingone-yearhorizonIRR60%50%40%30%20%10%0%Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12016201720182019202020212022*FundsoffundsPrivatecapitalSource:PitchBook|Geography:Global*AsofMarch31,2022FoFquarterlyreturnssankintonegativeterritoryinQ12022at-0.7%,indicatingthatreturnswerenearlyflatforthequarter.FoFreturnshadnotreachednegativelevelssincethestartofthepandemicinQ12020.ThequarterlyreturnfigureforQ22022indicatesthatthisdecliningtrendmayhavereversedbackintopositiveterritory,withthepreliminaryfigurepointingtoward4.8%.AsmentionedinourFundsoffundsPitchBookBenchmarks(asofQ12022),PEFoFperformedtheworstoutofallFoFstrategiesinQ12022—generating-2.1%returns—butstillmanagedtooutperformboththeS&P500andNASDAQ.VCFoFstrategiesgenerateda0.4%return,performingbetterthanexpectedconsideringthecorrectionsandwrite-downsinthegeneralVCspace;butwiththevolatilityofthepublicmarketspersistingi