2024-09-01-PitchBook-欧洲超级基金的崛起_第二部分（英）_15页_846kb

Summary of "The Rise of European Megafunds: Part II"

Fundraising Trends

• Megafunds have shortened the time between fundraising rounds, reducing the median from 5.4 years (2013-2015) to 3.3 years (2022-2024), compared to non-megafunds' decrease from 5.5 years to 3.7 years.
• Step-ups for megafunds peaked at 1.8x in 2019-2021 before dropping to 1.6x in 2022-2024, higher than non-megafunds' stable 1.4x since 2016-2018.
• Closing times for megafunds increased from 9 months to 15 months in 2022-2024, versus 13 months to 16 months for non-megafunds, driven by lower capital availability, though megafunds still close faster.

Cash Flow Impacts

• Net cash flow for megafunds turned negative in 2020, with contributions outpacing distributions, totaling ~€250 billion returned to LPs since 2020.
• Fundraising for megafunds grew since 2017, while non-megafunds' stalled, leading to higher dry powder in megafunds (78% in 0-2 year funds vs. 63.6% for non-megafunds).
• Divergence in dry powder will widen due to record fundraising in Europe, with 2024 pacing for another high year.

Performance Metrics

• Megafunds show marginal outperformance in 12-year quarterly returns (86 bps vs. 8.50% annualized) and long-term IRRs (12.7% vs. 11.4% for 15-year horizon), but similar performance in TVPI.
• TVPI dispersion is lower for megafunds, indicating more stable and predictable returns compared to non-megafunds.
• Lower fees reduce costs for LPs, enhancing benefits from megafund performance.

Key Findings

• Debunking the myth that megafunds underperform: they offer stability, predictability, and lower fees, despite higher risk in cash flows.
• LPs benefit from consistent outcomes, though larger commitments and limited diversification are drawbacks.