2024年第三季度私募资本市场业绩表现-Private Markets Performance Data

PreqinBenchmarks

PrivateMarkets

PerformanceData

Q32024

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320242

Contents

4Datacoverage

5PrivateCapitalBenchmarks

PrivateCapitalESGBenchmarks

9→

12PreqinPrivateCapitalQuarterlyIndex

14DealPerformanceBenchmarks–Buyout

18ValuationMultipleBenchmarks

22Howcanwehelpyou?

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320243

Introduction

DespitevolatilemacroeconomicconditionsPreqinestimatesthattheglobal

alternativesmarketwillreach$24.5trillionby2028.Withincreasingdivergence

acrossprivatemarketreturns,industryprofessionalsmustrelyontimely,accurateperformancedataandbenchmarkingsolutionstorespondtomarketshifts,identifyopportunities,sustaintheirperformance,andacceleratereturns.

ThisreportprovidesadetailedviewofPreqin’smarket-leadingperformancedata

coverage.Itoutlinesourquarterlyperformancedataatthefundanddeallevelacrossvintages,strategies,andgeographies.Thisincludescrucialfundlevelperformance

metricsforNetInternalRateofReturn(IRR),NetMultiples,andTimeWeightedReturnsviaourPrivateCapitalQuarterlyIndex,aswellasassetlevelmetricsforEntryEV/EBITDA,EntryEV/Revenue,GrossIRR,andGrossTVPI.

WithPreqinBenchmarks,yougainaccesstotheindustry’swidestandmost

comprehensiveperformancedatacoveragetodevelopuniqueinsightsforyourstrategy,evaluateperformance,andstayonestepaheadofthecompetition.

YoucanfindmoreinformationaboutPreqin’sprivatecapitalperformancedata

collectionandvalidation,aswellasinsightintothedifferentdatasetsandmetricsavailableinour

PrivateCapitalPerformanceDataGuide

.

Contactourteamtodaytolearnmoreaboutourbenchmarkingsolutions.

CONTACTUS

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320244

Datacoverage

No.of

private

capital

performance

funds

P

e

t

a

riv

u

q

e

y

t

i

6,647

e

V

u

t

n

l

a

t

i

p

a

c

e

r

2,793

P

e

t

a

riv

b

e

d

t

1,704

l

e

R

e

t

a

t

s

e

a

2,762

f

n

I

e

r

u

t

c

u

r

t

s

a

r

661

u

a

N

t

s

*

e

c

r

u

o

s

e

r

l

a

r

407

Datacoverageincludesallvintages*PureNaturalResources(inculdesNaturalResourcesandTimberland)

Asset-LevelPerformance

IndustryUniquedealsUniquefunds

Uniquefund

managersUniquePCOs

Businessservices

3,289

2,103

729

2,438

Consumerdiscretionary

8,744

3,105

936

7,028

Energy&utilities

1,685

997

438

1,349

Financial&insuranceservices

9,054

2,560

804

7,399

Healthcare

8,012

2,697

830

5,914

Industrials

4,383

2,254

795

3,441

Informationtechnology

18,447

3,691

902

13,362

Rawmaterials&naturalresources

1,838

1,332

538

1,462

Realestate

730

422

238

637

Telecoms&media

1,950

1,379

484

1,308

Total67,9706,8481,41453,889

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320245

PrivateCapitalBenchmarks

Privateequity

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultiple

NetMultiple

NetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1

(X)-median

(X)-Q3

2012

205

19.78

14.70

9.00

2.35

1.86

1.48

2013

208

20.88

15.00

9.66

2.46

1.96

1.54

2014

242

21.52

16.10

10.80

2.44

1.92

1.56

2015

251

23.00

16.96

11.90

2.40

1.96

1.59

2016

318

22.50

17.25

13.00

2.24

1.90

1.62

2017

271

23.06

17.90

12.40

2.09

1.73

1.50

2018

354

24.00

18.01

12.69

1.96

1.60

1.41

2019

364

24.00

15.35

9.95

1.68

1.44

1.24

2020

345

19.90

13.77

8.07

1.44

1.25

1.14

2021

423

21.49

11.61

3.90

1.34

1.17

1.01

2022

316

n/a

n/a

n/a

1.20

1.06

0.93

2023

228

n/a

n/a

n/a

1.20

1.00

0.91

2024

29

n/a

n/a

n/a

1.41

1.01

0.98

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320246

Venturecapital

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultiple

NetMultiple

NetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1

(X)-median

(X)-Q3

2012

51

24.30

14.30

7.53

3.042.111.46

2013

53

23.86

16.02

10.54

3.362.411.53

2014

59

22.85

16.47

7.75

3.342.301.45

2015

81

23.70

18.00

12.20

3.112.281.63

2016

92

28.82

20.64

14.58

4.092.521.72

2017

95

27.82

17.50

10.20

2.681.851.46

2018

124

30.21

18.10

10.00

2.301.761.28

2019

123

26.07

14.15

8.02

2.011.481.20

2020

127

18.00

9.40

0.13

1.441.160.98

2021

170

12.79

2.60

-3.82

1.251.040.93

2022

125

n/a

n/a

n/a

1.050.960.84

2023

78

n/a

n/a

n/a

1.060.960.84

2024

8

n/a

n/a

n/a

1.000.970.91

*Dataisbasedonthemostup-to-daterange

Private

debt

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultipleNetMultipleNetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1(X)-median(X)-Q3

2012

45

12.46

9.60

4.90

1.571.411.23

2013

73

11.10

7.40

4.75

1.471.311.16

2014

55

12.00

9.00

6.70

1.551.401.19

2015

92

11.00

8.62

6.30

1.611.341.18

2016

77

11.30

8.68

6.62

1.451.331.19

2017

107

12.54

9.81

7.68

1.531.391.25

2018

118

13.00

10.10

8.18

1.421.291.22

2019

114

13.80

11.12

8.07

1.391.291.20

2020

138

14.40

10.80

8.30

1.301.211.14

2021

131

13.58

10.75

8.67

1.211.151.10

2022

89

16.08

12.57

8.83

1.161.101.06

2023

88

16.50

10.39

4.50

1.131.051.00

20241163.258.830.001.241.051.00

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320247

Realestate

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultiple

NetMultiple

NetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1

(X)-median

(X)-Q3

2012111

19.52

11.94

7.96

1.661.441.29

2013119

16.88

12.00

6.86

1.711.431.20

2014117

18.31

11.80

5.94

1.801.441.18

2015126

17.33

12.10

5.70

1.671.371.15

2016120

17.20

10.00

5.57

1.611.391.17

2017132

15.30

9.40

4.35

1.541.311.14

2018149

16.29

10.34

6.00

1.501.311.12

2019138

14.80

9.00

3.90

1.351.201.05

2020144

15.95

9.90

3.91

1.291.141.04

2021139

10.28

6.15

-0.22

1.171.070.97

2022103

n/a

n/a

n/a

1.110.970.84

202359

n/a

n/a

n/a

1.081.000.89

202413

n/a

n/a

n/a

1.441.101.02

*Dataisbasedonthemostup-to-daterange

Infrastructure

BenchmarkConstituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultipleNetMultipleNetMultiple

vintageno.offunds

-Q1

median

-Q3

(X)-Q1(X)-median(X)-Q3

201218

19.00

11.45

8.10

2.311.651.09

201329

15.06

11.70

7.92

1.781.541.20

201433

17.20

12.30

8.44

2.051.711.49

201533

16.01

12.10

7.20

1.901.401.22

201640

14.70

10.00

6.91

1.621.451.25

201755

18.20

12.70

8.45

1.651.461.20

201848

15.15

10.42

5.13

1.471.301.16

201962

13.07

10.00

7.18

1.401.231.13

202053

14.98

10.14

8.17

1.341.191.12

202146

13.43

9.88

5.04

1.291.111.04

202245

n/a

n/a

n/a

1.161.050.98

202333

n/a

n/a

n/a

1.121.010.98

20246n/an/an/an/a1.07n/a

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320248

Naturalresources

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultiple

NetMultiple

NetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1

(X)-median

(X)-Q3

2012

44

10.84

6.07

-4.30

1.66

1.34

0.90

2013

49

12.20

8.88

2.42

1.61

1.39

1.00

2014

57

13.32

9.41

5.40

1.81

1.56

1.32

2015

55

15.60

9.77

5.45

1.86

1.47

1.23

2016

74

14.38

9.32

5.76

1.77

1.45

1.26

2017

72

18.46

11.47

6.40

1.66

1.45

1.19

2018

73

15.48

10.48

6.05

1.55

1.34

1.18

2019

80

16.76

11.00

7.98

1.47

1.27

1.16

2020

62

26.98

12.84

8.78

1.67

1.25

1.15

2021

47

21.00

10.50

6.60

1.33

1.12

1.07

2022

53

n/a

n/a

n/a

1.20

1.06

0.97

2023

32

n/a

n/a

n/a

1.17

1.00

0.94

20249n/an/an/a1.340.970.65

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ320249

PrivateCapital

ESGBenchmarks

ESGIntegration

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultiple

NetMultiple

NetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1

(X)-median

(X)-Q3

2019

14

16.56

11.22

9.87

1.491.271.21

2020

23

16.50

10.90

7.07

1.401.231.11

2021

17

19.90

11.88

6.90

1.291.161.07

2022

15

n/a

n/a

n/a

1.201.080.96

2023

11

n/a

n/a

n/a

1.080.990.91

2024

5

n/a

n/a

n/a

n/a0.94n/a

*Dataisbasedonthemostup-to-daterange

Impact

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultipleNetMultipleNetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1(X)-median(X)-Q3

2019

15

17.85

11.25

6.52

1.441.221.17

2020

15

12.88

6.73

-9.70

1.381.050.90

2021

18

14.40

8.95

5.94

1.181.101.04

2022

12

n/a

n/a

n/a

1.120.990.83

20238n/an/an/a1.011.000.81

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202410

Climate

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultiple

NetMultiple

NetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1

(X)-median

(X)-Q3

20196

n/a

10.15

n/a

n/an/an/a

202012

18.35

12.25

1.28

1.401.220.96

202114

20.00

12.50

9.50

1.391.121.06

20229

n/a

n/a

n/a

1.180.970.84

20237

n/a

n/a

n/a

n/a0.99n/a

*Dataisbasedonthemostup-to-daterange

EnergyTransition

BenchmarkConstituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultipleNetMultipleNetMultiple

vintageno.offunds

-Q1

median

-Q3

(X)-Q1(X)-median(X)-Q3

20194

n/a

n/a

n/a

n/an/an/a

20205

n/a

n/a

n/a

n/a1.33n/a

20219

22.66

10.81

9.57

n/a1.12n/a

20227

n/a

n/a

n/a

n/a1.06n/a

20236

n/a

n/a

n/a

n/a0.99n/a

*Dataisbasedonthemostup-to-daterange

SFDRArticle8

BenchmarkConstituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultipleNetMultipleNetMultiple

vintageno.offunds

-Q1

median

-Q3

(X)-Q1(X)-median(X)-Q3

201910

23.61

11.10

6.59

1.481.231.16

202020

16.10

14.00

8.00

1.461.231.04

202126

19.35

10.80

1.86

1.291.101.00

202228

n/a

8.64

n/a

1.111.000.90

202321n/a17.83n/a1.201.070.96

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202411

SFDRArticle9

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultiple

NetMultiple

NetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1

(X)-median

(X)-Q3

2019

5

n/a

11.25

n/a

n/a1.25n/a

2020

5

n/a

n/a

n/a

n/a1.22n/a

2021

7

n/a

7.14

n/a

n/a1.06n/a

2022

10

n/a

n/a

n/a

1.150.990.80

2023

8

n/a

n/a

n/a

1.000.980.81

*Dataisbasedonthemostup-to-daterange

SDG

Benchmark

Constituent

NetIRR(%)

NetIRR(%)-

NetIRR(%)

NetMultipleNetMultipleNetMultiple

vintage

no.offunds

-Q1

median

-Q3

(X)-Q1(X)-median(X)-Q3

2019

9

13.85

10.80

9.65

1.291.241.20

2020

8

n/a

11.00

n/a

n/a1.20n/a

2021

10

18.45

11.92

9.83

1.291.131.06

2022

7

n/a

n/a

n/a

n/a1.11n/a

20236n/an/an/an/a0.98n/a

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202412

PreqinPrivateCapitalQuarterlyIndex

Indexlisting

Totalcapitalizationin($tn)

FundCount

PrivateCapital

11.81

15,038

PrivateCapital-Asia

0.75

1,189

PrivateCapital-Europe

2.79

3,373

PrivateCapital-NorthAmerica

7.95

9,573

PrivateCapital-First-TimeFunds

0.65

2,176

PrivateCapital-SeparateAccounts

0.15

550

PrivateEquity

7.20

9,642

PrivateEquityExcl.VC

6.55

6,919

PrivateEquityExcl.VC-Asia

0.48

603

PrivateEquityExcl.VC-Europe

1.63

1,759

PrivateEquityExcl.VC-NorthAmerica

4.27

4,128

Buyout

4.38

2,995

Buyout-Asia

0.27

149

Buyout-Europe

1.23

922

Buyout-NorthAmerica

2.77

1,746

Buyout-Small

0.27

1,215

Buyout-Mid

0.66

842

Buyout-Large

1.10

494

Buyout-Mega

2.26

280

Growth

0.68

977

Growth-NorthAmerica

0.45

428

FundsOfFunds

0.55

1,729

DistressedPrivateEquity

0.68

598

Secondaries

0.56

423

PrivateDebt

1.65

1,612

PrivateDebt-Europe

0.43

370

PrivateDebt-NorthAmerica

1.17

1,116

PrivateDebt-DistressedDebt

0.43

290

PrivateDebt-Mezzanine

0.28

421

*DataasofMarch2024

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202413

Totalcapitalizationin($tn)

FundCount

RealEstate

1.68

2,753

RealEstate-Europe

0.31

499

RealEstate-NorthAmerica

1.18

1,941

RealEstateDebt

0.23

318

RealEstateOpportunistic

0.72

758

RealEstateValueAdded

0.50

1,064

VentureCapital

0.65

2,723

VentureCapital-Europe

0.06

453

VentureCapital-NorthAmerica

0.51

1,799

VentureCapital-AllStage

0.29

1,347

VentureCapital-EarlyStage

0.20

1,009

VentureCapital-Expansion

0.08

269

Infrastructure

0.98

643

Infrastructure-Europe

0.35

276

Infrastructure-NorthAmerica

0.56

261

NaturalResources

0.30

388

NaturalResources-NorthAmerica

0.26

328

*DataasofMarch2024

PreqinPrivateCapitalQuarterlyIndex

600

IndexReturns(Rebasedto100

500

asofMarch-30-2011)

400

300

200

100

0

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Private

equityexcludingVCVenturecapitalPrivatedebtRealestateInfrastructureNaturalresources

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202414

DealPerformance

Benchmarks–Buyout

Businessservices

Deal

Constituent

GrossIRR

GrossIRR

GrossIRR

GrossTVPI

GrossTVPI

GrossTVPI

year

no.

(%)-Q1

(%)-median

(%)-Q3

-Q1

-median

-Q3

2013

26

33.41

20.05

-4.30

2.56

1.73

1.04

2014

26

29.63

12.74

4.47

2.57

1.72

1.28

2015

25

46.86

29.95

3.24

4.01

2.75

1.28

2016

52

44.75

18.97

2.03

2.49

2.01

1.23

2017

58

41.39

32.58

8.47

3.40

2.19

1.38

2018

39

50.00

24.10

13.29

2.92

2.13

1.49

2019

93

50.31

28.92

9.47

3.65

2.22

1.43

2020

108

57.04

29.76

13.92

3.17

2.30

1.41

2021

193

47.29

23.79

6.23

2.90

1.78

1.19

2022

174

50.43

16.95

0.00

2.25

1.40

1.06

202310047.1313.180.001.891.251.00

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202415

Consumerdiscretionary

Deal

Constituent

GrossIRR

GrossIRR

GrossIRR

GrossTVPI

GrossTVPI

GrossTVPI

year

no.

(%)-Q1

(%)-median

(%)-Q3

-Q1

-median

-Q3

201310537.12

17.31

3.62

3.071.961.12

2014

94

41.75

16.13

-5.48

3.702.240.48

2015

71

33.35

18.72

-7.18

3.232.020.65

2016

134

33.66

15.40

-3.52

3.251.991.00

2017

138

29.28

13.04

-4.38

2.971.740.82

2018

82

42.04

14.44

3.16

2.571.931.12

2019

218

34.83

15.82

0.00

2.671.761.00

2020

251

45.78

22.41

0.00

2.961.761.11

2021

436

34.16

15.44

0.00

2.341.561.02

2022

381

42.68

12.37

-4.84

2.311.411.00

2023

252

57.34

17.21

0.00

2.131.201.00

*Dataisbasedonthemostup-to-daterange

Financial

&insurance

services

Deal

Constituent

GrossIRR

GrossIRR

GrossIRR

GrossTVPIGrossTVPIGrossTVPI

year

no.

(%)-Q1

(%)-median

(%)-Q3

-Q1-median-Q3

2013

41.00

60.10

22.84

12.54

2.581.951.40

2014

31.00

47.84

18.67

-0.87

2.952.080.99

2015

48.00

44.03

26.31

5.86

2.821.971.39

2016

38.00

41.30

28.77

10.27

2.791.821.41

2017

95.00

46.91

21.74

8.21

2.821.811.13

2018

41.00

44.23

23.95

11.10

2.781.881.40

2019

91.00

50.89

20.78

0.75

2.571.641.00

2020

125.00

46.12

25.72

8.98

2.721.961.30

2021

176.00

57.46

24.87

13.95

2.391.571.17

2022

225.00

56.24

18.83

0.00

2.431.411.03

2023158.0064.7026.180.001.631.141.00

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202416

Healthcare

Deal

Constituent

GrossIRR

GrossIRR

GrossIRR

GrossTVPI

GrossTVPI

GrossTVPI

year

no.

(%)-Q1

(%)-median

(%)-Q3

-Q1

-median

-Q3

201338

53.81

25.13

4.47

3.262.031.47

2014

42

37.97

12.79

0.73

3.012.081.07

2015

40

46.85

16.86

4.17

3.812.271.17

2016

67

44.19

23.44

2.47

3.052.041.14

2017

64

49.27

28.91

10.90

3.582.471.24

2018

67

35.28

16.50

1.35

2.561.821.01

2019

141

37.81

14.73

0.19

2.801.611.02

2020

174

52.27

21.82

2.79

3.141.971.15

2021

286

31.60

10.32

-0.10

2.411.411.00

2022

252

35.19

13.85

0.00

1.931.291.00

2023

131

51.59

14.28

0.00

2.141.251.00

*Dataisbasedonthemostup-to-daterange

Industrials

Deal

Constituent

GrossIRR

GrossIRR

GrossIRR

GrossTVPIGrossTVPIGrossTVPI

year

no.

(%)-Q1

(%)-median

(%)-Q3

-Q1-median-Q3

2013

46

41.59

27.88

1.98

2.962.181.00

2014

47

51.64

21.87

-1.44

3.351.920.92

2015

40

33.08

18.69

6.00

3.082.011.42

2016

76

32.40

19.29

1.32

3.352.191.20

2017

84

37.20

21.23

3.64

3.162.041.00

2018

64

37.44

19.60

1.70

3.111.861.02

2019

116

48.45

22.63

5.42

3.222.201.44

2020

167

58.91

27.45

10.81

3.172.071.35

2021

256

41.53

16.01

0.60

2.751.761.14

2022

247

51.89

18.56

0.00

2.571.621.08

202313555.5512.610.002.121.221.00

*Dataisbasedonthemostup-to-daterange

PREQIN

PreqinBenchmarks:PrivateMarketsPerformanceDataQ3202417

Informationtechnology

Deal

Constituent

GrossIRR

GrossIRR

GrossIRR

GrossTVPI

GrossTVPI

GrossTVPI

year

no.

(%)-Q1