PitchBook-2023年三季度全球私人市场筹资报告（英）-2023

Q32023GLOBALPrivate

Ma

rketFu

nd

ra

ising

Repor

tContentsOverview35PitchBookData,Inc.John

Gabbert

Founder,CEOSpotlight:To

theGPs—itisgoingtotakelongerthanyoumaythinkNizarTarhuni

Vice

President,

Institutional

Research

and

EditorialDaniel

Cook,

CFA

Head

ofPrivateQuantitative

ResearchPrivateequityVenturecapitalRealestate710131619222528InstitutionalResearchGroupAnalysisHilary

Wiek,

CFA,

CAIASenior

Strategisthilary.wiek@RealassetsPrivatedebtTim

ClarkeLead

Analyst,

Private

Equitytim.clarke@FundsoffundsSecondariesTop

funds

bysizeVincent

HarrisonAnalyst,

VentureCapitalvincent.harrison@Anikka

VillegasYoY

fundraisingchangesby

strategy(trailingfourquarters)*Analyst,

Fund

Strategies

&Sustainable

Investinganikka.villegas@StrategyCapital

raised

($B)$510.4YoY

change-6.5%Juliet

ClemensAnalyst,

Fund

Strategiesjuliet.clemens@Private

equityVenture

capitalReal

estateReal

assetsDebt$170.2-53.5%-8.9%KyleWaltersAssociate

Analyst,

PrivateEquity$134.9$24.9-85.6%-24.4%-24.1%kyle.walters@$201.8DataFund

of

fundsSecondariesPrivate

capital$38.7TJ

MeiData

Analyst$83.157.2%$1,164.0-27.4%Susan

HuAssociate

Quantitative

Research

AnalystSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023pbinstitutionalresearch@PublishingReportdesignedbyJoeySchafferandMeganWoodardPublished

on

December

4,

2023Clickhere

for

PitchBook’s

report

methodologies.Clickhere

for

PitchBook’sprivatemarket

glossary.2Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTOver

v

iewRolling12-monthprivatecapitalfundraisingactivity$1,800$1,600$1,400$1,200$1,000$800$600$400$2007,0006,0005,0004,0003,0002,0001,0000$0Q1Q2

Q3Q4

Q12019Q2

Q3Q4

Q12020Q2

Q3Q4

Q12021Q2

Q3Q4

Q12022Q2

Q3Q4

Q12023*Q2

Q32018Capitalraised($B)FundcountSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023Hilary

Wiek,

CFA,CAIASenior

StrategistShareofprivatecapitalraisedby

region100%90%80%North

AmericaEuropeItappears

thatfundraisinghascontinuedtobe

difficult

intheyearthroughSeptember

2023,

withtheusualcaveatthatour

most-recentfundraisingdataisunderstateddue

tothedifficulty

ofquicklyuncoveringfund

closings,particularlyon

smallerfunds

and

smallermanagers.

But

tomakeanapples-to-applescomparison,

contrastingthecurrentone-yearfigures

towhatwewerereporting

ayearago,overallprivatecapitalraisedisdownabout

14%,withthenumberoffunds

raisedonlydownabout

2%.

Interestingly,despiteindustry-widecomplaintsabout

howtoughthefundraisingenvironmentis,

over3,400

funds

haveclosedinthepast

year.Itmaybe

tough,but

manyfunds

havemanagedtoreachthefinishline.AsiaOceania70%60%50%40%30%20%10%0%MiddleEastAfricaRestofworldBy

shareofcapitalraised,

Europegrewin2023,

reversingthesteepdeclinefrom2021to2022.At20.9%,Europecreptback

towardits

moretypical

shareofaround23%.

Recently,North

America

hasgarnered

anoutsizedshareoffundraisingflows,cominginat67.6%

in2022and

66.8%

in2023thusfar.Asiaisstillwelloff

its

32.9%highin2018,

cominginwithonlyan11.1%shareofcapitalraised.

GivengeopoliticalSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

20233Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTOVERVIEWShareofprivatecapitalraisedby

type100%SecondariesFoF90%80%70%60%50%40%30%20%10%0%PrivatedebtRealassetsRealestateVCPE20132014201520162017201820192020202120222023*Source:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023rumblingsand

theUS-based

Outbound

InvestmentProgramExecutiveOrder,

itisnotsurprisingtosee

afurther

fallinthevehiclessetuptoallowfund

managerstomakeanorderlyexitatamoreprofitabletimeinthefuture.Secondaries

hitarecord8.6%shareoffundraisingin2023throughSeptember.Privatedebt,

whichseems

tobe

on

everyone’smindthisyear,hasnotquitematchedits

2017recordshareof16.7%,

but

wedo

showthatsevenprivatedebtfunds

ofover$1

billionfromthelikesofAres,

Brookfield,

and

OakHillAdvisorshaveclosedsincetheend

ofSeptember,whichmayput

thisassetclassintoarecordpositionbyyear-end.1Asianshareofprivatefund

commitments.

Other

regionshaveaccountedforonlyminisculeamounts

offund

commitments,but

thecriteriaused

forsorting

afund

intoageographyonlyallowsone

location,so

thefact

thatmanyoftheglobalmegafunds

maybe

slottedintoNorth

America

or

Europemeans

thattherestoftheworldlikelyhasmorecapitalavailablethanshowsupintheregionalnumbers.Lookingacrossstrategies,PEhasgainedsharein2023,whileVC

hasfallenwelloff.VC

peakedat26.6%ofcapitalraisedin2018but

dropped

downto14.8%

intheaftermathoftheshort-livedpandemic-erafroth.Despiterisinginterestrates,LPs

appear

tobe

favoringre-upstoPEovertakingachanceon

VC

when

valuationsstillseem

tobe

inflated.Withmoreand

morefunds

despairingoftheextended

cessationofexitactivity,secondariesfunds

havecometotheforeinfundraising,hopingtocapitalizeon

awaveofcontinuationWhilesixofthetop10

funds

raisedinQ32023werebuyoutfunds,

twowereprivatedebtand

twoweresecondaries,showingthatthosetwostrategiesarenowfirmlyensconcedamong

theranks

ofthemegafunds.

Everyfund

inthattop10waslargerthan$5

billionincapitalcommitments.

Itmaybe

adifficult

fundraisingenvironmentformost,

but

alotofmoneyisstillflowingtosome

players.1:“Executive

Order

on

Addressing

United

States

Investments

in

Certain

National

Security

Technologies

and

Products

in

Countries

ofConcern,”

The

White

House,

Joseph

R.

Biden

Jr.,

August

9,2023.4Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTOVERVIEWSPOTLIGHTTo

the

GPs—it

is

going

totakelonger

than

you

may

thinkTime(months)

to

closeforprivatecapitalfunds25201510502013201420152016201720182019Median2020202120222023*SlowestquartileAverageFastestquartileSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023Hilary

Wiek,

CFA,CAIASenior

StrategistDuring

the

Global

Financial

Crisis(GFC),

manymanagers

inthe

marketwiththeir

next

fund

hadtogototheir

LPs

toask

foran

amendment

tothe

LPA

toallowfor

more

time

tofundraiseas

commitments

sloweddramatically

and

the

initialtimelinewas

deemed

insufficient.

Evenafter

the

GFC,

the

dramaticincrease

inthe

sizeoffunds

at

the

topend,

combined

withthescaling

back

ofcorporate

pensions,

keptthe

time

tofundraiselonger

than

before

the

GFC.

Funds

either

keptthe

one-yearlanguage

and

delayed

the

first

closing

as

long

as

possible

orchanged

the

language

inthe

LPAstoextend

the

allowableperiod.

In

reviewingthe

Model

Limited

Partnership

Agreementdocument

provided

byInstitutional

Limited

PartnersWhen

Ifirst

started

reading

PE

limitedpartnership

agreements(LPAs)inthe

late1990s,

it

was

typically

stated

thatthe

fundmanager

would

cease

fundraising

activities

withinone

yearofthe

first

close

ofthe

fund.

This

was

toensure

thatthe

timeand

attention

ofthe

investment

teamwould

not

be

undulyabsent

from

the

running

ofthe

fund’s

investments,

particularlygiven

thatfunds

tend

tooverlap,and

the

fund

being

raisedtypically

has

apredecessor

also

needing

time

and

attention.Large

LPs

and

investment

consultants

usually

expect

tomeetwithmembers

ofthe

investment

teamwhen

prospecting

afund,

which

can

be

adistraction

from

sourcing,

managing,and

exitingportfolio

companies.

The

due-diligence

process

isnecessary

tobuild

trust

withprospective

LPs,

but

it

is

atime-consuming

exercisefor

fund

managers,

so

the

LPAsattemptedtocontain

thisperiod

to12months.Association,

the

one-year

language

is

stillrecommended,2but

it

is

apparent

thatthisguidance

has

not

been

universallyadopted,

based

on

the

time-to-close

data.2:

“Model

Limited

Partnership

Agreement,”

Institutional

Limited

Partner

Association,

n.d.,

accessed

November

16,

2023.5Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTSPOTLIGHTTime(months)

to

reachafinalcloseforfundsclosedin2023*Fastest

quartileMedian13.9Slowest

quartilePrivate

equityVenture

capitalReal

estate7.221.15.57.612.813.419.419.736.024.724.025.221.1Real

assets14.114.617.912.67.417.2Private

debt19.2Funds

of

fundsSecondaries21.718.9All

private

capital14.5Source:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023Looking

across

the

whole

private

capital

funds

universein

2023,

weshow

that,

ofthe

funds

that

closed

(there

is

adownward

bias

here,

as

it

does

not

include

the

funds

that

arestillopen

and

languishing),the

averagetime

toclose

was

15.8months,

while

the

median

time

toclose

was

14.5

months.

Inthe

chart

illustratingmonthstoclose,

the

funds

inthe

slowestquartile

havelittle

tocelebrate,

as

theytook

21.1

months

ormoretoclose,

while

the

fastest

quartile

funds

took

up

to

7.4months.

That

said,

2012was

the

last

time

the

fastest

quartile’stime

toclose

a

fund

was

that

long,

showing

that

eventhe

fundswiththe

easiest

time

raisingafund

are

taking

alittle

longer.one-year-until-final-closeprovisionmaytechnically

stillbethe

practice

inmanycases.

This

technicality

maynot

be

wellunderstood

byfirst-timefund

managers,

however.Over

andover,wehear

from

first-timeor

emerging

fund

managersthattheyare

surprised

howlong

it

takes

toraise

afund,

withthe

expectation

seeming

to

be

thatone

year

is

agood

rule

ofthumb.

Our

data

shows

thatone

year

is

likelyunrealistic.In

an

analysis

ofthe

274

first-timefunds

that

had

a

final

closinginthe

first

nine

months

of2023,

the

largest

ones

toclosehad

some

sort

ofpedigree,

backing,

or

focus

area,

such

asclimate,thatdrewinvestors.

The

largest,

Patient

Square

EquityPartners,

launched

withseveral

members

who

had

been

partofalarge

PE

firm’shealthcare

team.

The

firm

raised

$3.9billionfor

its

inaugural

buyout

fund,

but

it

took

1.6

years

toclose

thefund.

Infranity

Senior

Infrastructure

Debt

Fundnot

only

hit

thehot

spots

ofinfrastructure

and

privatedebt,

but

is

also

partofthe

Generali

Investments

ecosystem

inEurope.

That

fundclosed

abovetarget

at

$1.8

billion,

but

it

took

over2years

toclose.

The

largest

first-timefund

toclose

inless

than

ayearwas

Rakiza

Fund,

which

raised

$1

billionfor

its

infrastructurestrategy.One

LP,

Saudi

Arabia’sPublic

Investment

Fund,made

up

$778

millionofthe

total,but

weshowit

stilltook

231daystoclose.There

has

been

some

variationinthe

time

it

takes

toraise

afund

across

different

strategies.

PE,

which

tends

tohavefund-sizetargets

wellaboveVC,

has

had

ahigher

median

time-to-close

figure

thisyear.

But

FoF

havehad

the

most

difficult

time,taking

nearly

two

years

toclose.

This

maybe

bydesign,

assome

FoF

haveannual

or

biannual

programstonearly

alwayshaveafund

inthe

marketso

thattheir

LPs

neverhavetolook

anywhere

else

for

their

vintage

year

diversification.

It

issurprising

thatthe

median

time

for

2023’sprivatedebt

fundstoclose

is

19.2months,

given

howhot

the

topichas

been

onthe

conference

circuit.Some

privatedebt

funds

likelylaunchedearly

for

the

trend

but

werehappily

able

toreach

aclose

nowthatLPs

haveset

their

sights

tothese

funds

on

the

back

ofhighinterest

rates.When

askedbyemerging

fund

managers

for

fundraisingadvice,

the

first

piece

ofwisdom

is

to

be

patient.

First-timefunds

willalwayshaveadifficult

time,

but

inayear

whenevenexperienced

managers

are

complaining

about

theirtime

toclose,

resetting

expectations

willbe

important

forappropriate

planning.It

should

be

notedthatthe

first

Form

Dfiling,

particularly3for

US

funds,

is

the

typical

moment

when

westart

the

timeron

the

time

toclose

afund.

Afund

can

be

inthe

marketfor

some

time

before

it

schedules

the

initialclosing,

so

the3:

“Filing

aForm

DNotice,”

USSecurities

and

Exchange

Commission,

April

6,

2023.6Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTSPOTLIGHTPrivateequit

yPEfundraisingactivity1,4381,1181,0571,0531,015930932946843637409$277.32013$329.52014$275.82015$414.12016$429.72017$399.82018$580.5$463.92020$613.82021$535.82022$367.02023*2019Capitalraised($B)FundcountSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023KyleWaltersAssociateAnalyst,PrivateEquity10-yearaverageof50.1%and

mayresultin2023settinganall-timehighformiddlemarket’sshareoffunds

closed.

Thisgrowthcan

be

attributed,inpart,

tomorefavorablevaluationsinthelowerend

ofthemarket,and

alsotothesearchbyLPsforstrategiesthatspecializeincertain

niches.

Additionally,traditionalLPs

faceconstraintsinthecommitmentamountstheycan

maketosponsors.

Whilemiddle-marketfundraisingremainsinfavor,thereareseveralopen

megafunds

fromthelikesofBlackstone,

EQT,

and

Vista

EquityPartners

thathavealreadysurpassed

$17billioninsize.Each

ofthese

fundmanagershasindicateditwillextend

into2024beforeholdingafinalclosing.Privateequity

fundraisingkeptchugging

alonginQ3,with129funds

raising$133.4

billion.DespiteQ3beingtheyear’slowestquarter

forthetotalnumber

offunds

closed,

itwastheyear’sbest

quarter

intermsoftotalcapitalraised.

Takingabroaderviewoftheyear,capitalraisedin2023istrackingtofinishfromflattoapproximately5%highercomparedwithlastyear.In2023,

megafunds—fundssized$5

billionor

larger—haveaccountedfor47.2%ofallcapitalraised.

Q3witnessed

thesuccessfulclosingofsixmegafunds,

withthestandouts

beingCVCCapitalPartners’

mammothFundIX,

whichsecuredarecord-setting$28.6

billion,and

Clayton,Dubilier&Rice’sFundXII,

whichraised$26.0billion,makingitthesecond-largestbuyoutfund

everraised,

tiedwithBlackstone’sCapitalPartners

VIIIfrom2019.The

remainingfourfunds

wereconsiderablysmalleratbetween

$5

billionand

$5.5

billioneach.

Q3megafund

closingssurpassed

Q2tothetuneof$7.0

billion.North

America

hasled

inglobalfundraising,accountingfor68.5%

ofallcapitalraised,

totaling$251.6

billionYTD.However,Europe’sshareofraisedcapitalhaswitnessedasurge,

nearlydoublingfrom15.4%in2022to26.4%throughQ32023.

Europehasalreadyamassed

$96.9billion,surpassingthetotalraisedin2022,withalargechunkofthiscomingfromtheCVCfund

as

wellas

Permira’sFundVIII,whichraised$17.8billionearlierthisyear.Middle-marketPEfundraisingishighlyelevatedat64.0%

ofallPEfunds

closedYTD

bycount.Thisiscomparedwitha7Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTPRIVATE

EQUITYShareofPEcapitalraisedby

sizebucketShareofPEfundcountby

sizebucket100%90%80%70%60%50%40%30%20%10%0%$5B+100%90%80%70%60%50%40%30%20%10%0%$5B+$1B-$5B$1B-$5B$500M-$1B$250M-$500M$100M-$250M<$100M$500M-$1B$250M-$500M$100M-$250M<$100MSource:

PitchBook

•

Geography:

GlobalSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023*AsofSeptember

30,

2023ShareofPEcapitalraisedby

regionPEfirst-timefundraisingactivity100%90%80%70%60%50%40%30%20%10%0%North

AmericaEurope271224Asia206205194199195159Oceania190MiddleEastAfrica147Restofworld58Capitalraised($B)FundcountSource:

PitchBook

•

Geography:

GlobalSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023*AsofSeptember

30,

20238Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTPRIVATE

EQUITYPEdrypowder($B)

by

vintage$1,800Total20232022202120202019201820172016$1,600$1,400$1,200$1,000$800$1,546.2Overhangbyvintage$600$400$200Cumulativeoverhang$020132014201520162017201820192020202120222023*Source:

PitchBook

•

Geography:

Global*AsofMarch

31,

2023PEAUM

($B)$6,000RemainingvalueDry

powder$5,000$4,000$3,000$2,000$1,000$020132014201520162017201820192020202120222023*Source:

PitchBook

•

Geography:

Global*AsofMarch

31,

20239Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTPRIVATE

EQUITYVenture

capitalVC

fundraisingactivity3,5893,0252,8742,7172,6432,4212,5022,1361,406955890$55.92013$85.02014$119.12015$173.22016$203.52017$354.12018$278.8$253.92020$354.22021$301.42022$117.32023*2019Capital

raised($B)FundcountSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023Vincent

HarrisonAnalyst,VentureCapitalThe

currenteconomicenvironmenthaspresentedsignificantchallengesforfirst-timeVC

fund

managers.

Giventheprevailingeconomicuncertainty,LPs

areparticularlyinclinedtoseek

out

funds

withestablishedtrackrecordsand

demonstratedsuccessinnavigatingchallengingmarketconditions.These

elements

areoften

underrepresentedinfirst-timeand

emerging

fund

managers,

especiallyamidascarcityofexitopportunities.

2023YTD

dataindicatesasubstantialdeclineinfirst-timeVC

fund

managerfundraising,withonly$11.6

billionraisedacross183

funds,

markingastarkdownturnfromthe$25.6

billionamassed

by556

funds

in2022and

representingthelowestannualfundraisingtotalforfirst-timemanagerssince2013.GlobalVC

fundraisinghascontinuedtodeclinethroughthethirdquarter

oftheyear.As

ofQ3,wehaveobserved

just$117.3billionofcapitalraisedacrossanestimated955funds;evenconsideringimpendingQ4

dataand

thedatalagfromfunds

beingadded

toour

datasetovertime,itislikelythattheannualfundraisingfigurefor2023willhoveraround$150.0billion,markingthelowesttotalsince2015.As

coveredinour

Q2

2023AnalystNote:TheTransient

Eraof

BillionDollarFunds,apredominantfactor

hasbeen

thedeclineinthenumber

ofthe$1

billion-plusfunds

thathavehistoricallymade

upasignificantportion

oftotalcapitalcommitments.

From2017to2022,funds

ofmorethan$1billionhaveaccountedforanywhere

between

26.8%

and45.6%ofthetotalamount

raisedbyfund

managers.

However,in2023,

just16.3%

oftotalcommitmentshavecomefromfunds

ofthissize,thesmallestproportion

since2015.

Thisdecline,stemmingfromseveralfactors,

isnotablyinfluencedbythedearth

ofexitopportunities

forVC-backedstartups,which,sincethesecond

halfof2022,hascurtailed

thereturnpotentialforfunds

and

constrainedthevolumeofcapitalthatcan

be

recycledback

intotheVC

ecosystem.Withjustone

quarter

remainingin2023,

weanticipatefundraisingtoremainsluggish

throughtheend

oftheyearas

prevailingeconomicconditionsareunlikelytochange.However,shouldweobserve

aresurgenceintheIPO

marketor

adeclineininterestratesin2024.ItispossiblethatanupturninLP

sentimentwillfollowsoon

after,resultinginaninfluxofcapitalintotheVC

ecosystem.10Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTVENTURE

CAPITALShareofVC

capitalraisedby

sizebucketVC

first-timefundraisingactivity100%90%80%70%60%50%40%30%20%10%0%$1B+710$500M-$1B$250M-$500M$100M-$250M$50M-$100M<$50M556568537556523517463386234183Capitalraised($B)FundcountSource:

PitchBook

•

Geography:

GlobalSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023*AsofSeptember

30,

2023ShareofVC

capitalraisedby

region100%90%80%70%60%50%40%30%20%10%0%North

AmericaEuropeAsiaOceaniaMiddleEastAfricaRestofworld20132014201520162017201820192020202120222023*Source:

PitchBook

•

Geography:

Global*AsofSeptember

30,

202311Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTVENTURE

CAPITALVC

drypowder($B)$700Total20232022202120202019201820172016$659.2$600$500$400$300$200Overhangbyvintage$100Cumulativeoverhang$020132014201520162017201820192020202120222023*Source:

PitchBook

•

Geography:

Global*AsofMarch

31,

2023VC

AUM

($B)$4,000RemainingvalueDry

powder$3,500$3,000$2,500$2,000$1,500$1,000$500$020132014201520162017201820192020202120222023*Source:

PitchBook

•

Geography:

Global*AsofMarch

31,

202312Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTVENTURE

CAPITALReal

estateRolling12-monthrealestatefundraisingactivityby

quarter$2508007006005004003002001000$200$150$100$50$0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3201820192020202120222023*Capital

raised($B)FundcountSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023Anikka

VillegasAnalyst,

Fund

Strategies

&

Sustainable

Investingpercentage

ofcapital

than

usual,

with

61.4%and

35.5%,respectively,

while

core-plus

and

distressed

vehicles

garnered2.4%

and

0.7%,

respectively,

and

core

funds

received

nonewithin

the

closed-end

fund

universe.Private

real

estate

fundraising

remained

slow,but

not

fullystagnant,

through

Q32023,

with

$70.1billion

raised

by115

vehicles

in

the

first

three

quarters

ofthe

year.

As

LPsattempted

toselect

the

GPs

that

were

best

equipped

tobrave

the

macroeconomic

environment

and

the

knock-on

effects

ofanticipated

real

estate

market

corrections,experienced

managers

were

favored

heavily.The

categoryreceived

96.3%

ofcommitments,

a

higher

proportion

thanin

any

previous

fullyear.Allocators

gravitate

toexperiencedmanagers

in

unfavorable

conditions

for

multiple

reasons,with

one

ofthe

most

significant

being

accesstoseasonedinvestment

professionals

that

havebeen

through—andlearned

from—multiple

economic

and

real

estate

marketcycles.

Tried-and-truefund

strategies

also

dominated,

with

anuncharacteristically

high

72.2%

ofcapital

allocated

tofundsthat

were

fifth

or

later

in

their

fund

family,as

did

large

funds,with

84.8%

ofcapital

in

those

overthe

$1

billion

mark.

Withinvestors

assuming

more

risk

toachieve

their

desired

returns,opportunistic

and

value-add

funds

received

an

evengreaterLooking

at

the

ten-largest

real

estate

vehicles

toclose

in

Q3,industrial

and

residential

themes

were

the

most

prolific

byfar,listed

as

areas

ofinvestment

byseven

funds

each.

Morespecifically,

five

ofthe

vehicles

targeting

industrial

willfocuson

logistics,

with

three

doing

so

exclusively.Logistics

rentsare

still

growing

across

the

globe,

albeit

more

slowly

than

inprevious

years,

and

structural

return

drivers

remain

intact.4On

the

residential

front,

sixofthe

largest

funds

are

targetingmultifamily

properties,

while

one

invests

in

single-familyrental.

Although

discourse

about

housing-market

downturnshas

deterred

some

investors,

others

havebeen

drawn

in

byan

undersupply

ofhousing.

Similarly,despite

some

concernsabout

the

futures

ofthe

office

and

retail

sectors,

both

made

anappearance

among

the

investment

focuses

ofthree

vehicles

inthe

top10,

indicating

enduring

interest.4:

“Activity

Squeezed

bySlowing

Economy,”JLL,

n.d.,

accessed

November

16,

2023.13Q3

2023

GLOBAL

PRIVATE

MARKET

FUNDRAISING

REPORTREAL

ESTATERealestatefundraisingactivity677610603577590576574543512437115$98.52013$112.62014$137.82015$132.92016$127.82017$143.02018$188.2$150.82020$171.82021$138.72022$70.120192023*Capitalraised($B)FundcountSource:

PitchBook

•

Geography:

Global*AsofSeptember

30,

2023Realestatecapital($B)

raisedby

managerexperienceShareofrealestatecapitalraisedby

fundnumberinfamily$200