2016年-数据局_贝恩：GlobalPrivateEquityReport2016_72页_2mb

Global Private Equity Report 2016 Summary

Core Content

This report outlines the state of the private equity (PE) industry in 2015, highlighting its resilience and adaptability in the face of economic and market challenges. It emphasizes the evolving strategies and operations of PE firms and institutional investors as they navigate a new normal in the sector, characterized by increased competition, uncertainty, and the need for differentiation.

Main Points

1. Bain & Company's Private Equity Practice

• Bain & Company is the leading consulting partner to the private equity industry, with a global network of over 1,000 professionals.
• The firm supports PE firms across various stages: fund-raising, deal generation, due diligence, post-acquisition support, ongoing value addition, and exit strategies.
• Bain also assists institutional investors in developing best-in-class investment programs across asset classes, including PE, infrastructure, and real estate.

2. The Private Equity Market in 2015: A Strong Year

• Despite global economic volatility and a slowing business cycle, 2015 was another strong year for private equity.
• Fund-raising was robust, with LPs showing strong appetite to reinvest cash returns, leading to a record $1.3 trillion in uninvested dry powder.
• Global PE capital raised in 2015 reached $527 billion, slightly less than the previous year's $555 billion, but still a strong performance.
• Buyout funds saw a significant increase in the number of large funds still fundraising, with 12 funds targeting $5 billion or more, aiming to raise a total of $86 billion.
• The largest buyout fund closed in 2015 was Blackstone Capital Partners VII, raising $18 billion.

3. LP Demand and Fund-Raising Trends

• LPs were hungrier than ever to increase their PE allocations, with nearly 90% expecting PE to outperform public markets by at least 2 percentage points.
• 42% of LPs planned to increase their PE commitments in the coming year, and 51% intended to do so over the long term.
• Fund-raising success was widespread, with 25% of buyout funds raising 125% or more of their targets.
• Non-US GPs outperformed US-based ones in terms of fund-raising success, with 110% of their targets met on average.

4. New Investment Strategies and Trends

• Shadow capital (coinvesting) became more popular, allowing LPs to invest alongside GPs in new funds while paying lower fees and enjoying more favorable terms.
• Secondaries gained traction as a tool for LPs to diversify and deploy uninvested capital, with nearly 485 nontraditional buyers active in the secondary market in 2015.
• Deal-making remained strong, with total deal value reaching $282 billion, slightly higher than 2014.
• Asia-Pacific led in deal volume, with reported deal value reaching $129 billion, significantly higher than previous years.

5. Challenges and Opportunities

• Asset prices remained near record highs, making it difficult for GPs to find attractive deals.
• Debt markets were still strong, with low interest rates aiding deal financing.
• Exit markets were robust, with many PE firms achieving strong returns.
• The PE industry faced challenges in maintaining growth amid a slowing economy and potential recession risks.
• GPs were under pressure to differentiate themselves by improving deal sourcing, investment theses, and post-acquisition value creation.

Key Takeaways

• Fund-raising was a highlight of 2015, with strong LP demand and record dry powder.
• Deal-making remained active, though at a more measured pace than the peak years of 2006-2007.
• Exit performance was strong, reinforcing investor confidence in PE.
• Institutional investors were increasingly interested in PE and related asset classes, including infrastructure and real estate.
• Innovation and differentiation became critical for PE firms to thrive in a competitive and uncertain market.
• Shadow capital and secondaries emerged as key tools for LPs to manage their PE exposure and diversify their investments.

Conclusion

The 2015 private equity market demonstrated remarkable resilience, with LPs and GPs adapting to a new environment marked by liquidity, competition, and the need for strategic differentiation. As the industry moves into 2016, the focus will remain on refining strategies, improving value creation, and navigating the challenges of a potential recession.