Preqin-2018全球私募股权投资和风险资本报告 - 采样页面（英文）-2018-13页

ISBN: 978-1-912116-05-8 $175 / £125 / 150 www.preqin.com2018 PREQIN GLOBAL PRIVATE EQUITY Q3 2017 Review3Invest Europe, “2016 European Private Equity Activity”, 2016.2018 PREQIN GLOBAL PRIVATE EQUITY however, the majority of both committees are members of our European teams. I believe this helps to ensure deeper accountability from the investment team, and means that our local expertise is genuinely shaping our investment decisions.Beyond these enhancements to our investment approach and process, we have proactively developed significant resources that can help support our investment businesses. I have mentioned our macro team already, who bring a very important dimension to our understanding of each opportunity we consider. They provide a top-down perspective that helps identify investment themes and secular trends, and they assist with portfolio construction, where their work can help us avoid unintended overexposure to key macro risks. Additional capabilities include the incorporation of ESG criteria into our investment screening and management practices, an area in which we believe we have become thought leaders for the industry. CE: How is KKR positioning itself for investment opportunities in Europe today? JH: Our starting point is always asking: what can we bring to an investment beyond being simply providers of capital? We have an experienced private equity team in Europe, but KKR also has a wealth of resources globally that we believe make us better investors and more attractive partners to the businesses we invest in. For example, we have one of the largest private equity businesses in the US and Asia; we have a group of operating experts, KKR Capstone, with over 50 people worldwide; and we have a network of over 100 portfolio companies globally, with approximately $100bn in annual revenues, which can help our European companies gain access to new markets. We think that the power of our firm-wide resources makes us an attractive partner to businesses, and we see this thesis being proved out in our deal track record. Over two-thirds of the portfolio companies we have invested in since 2009 have been partnership transactions, where a family owner, founding entrepreneur or corporate shareholder has rolled a significant portion of their stake in a business into a new partnership with us. We work together with our partners to implement value creation initiatives that impact top-line growth as well as EBITDA margin expansion, support accretive M however, it is fair to say that 2017 surpassed my expectations, particularly in terms of fundraising and the continued growth of the industry. Total AUM for the asset class now stands at $2.83tn as at June 2017 (the latest data available), an increase of $248bn since the end of 2016. UNPRECEDENTED PERIOD FOR FUNDRAISING While many in the industry anticipated 2017 would be another strong year for private equity fundraising, I suspect few would have predicted that 2017 would witness the largest amount of capital ($453bn) raised in any year. Not only was a record amount of capital raised but the speed and success with which fund managers raised their capital was unparalleled: of the funds to reach a final close, 30% spent less than six months in market and 79% of funds met or exceeded their fundraising target. 2017 marked the fifth consecutive year in which private equity fundraising has surpassed $300bn; even in the build-up to the GFC, only three consecutive years (2006-2008) saw fundraising surpass $300bn, which illustrates the unprecedented period of private equity fundraising that we are in.Despite the success that many fund managers are having, one of the clear, persisting trends within the industry is the growing concentration of capital among fewer funds. Although a record amount of capital was raised in 2017, 322 fewer funds reached a final close than in 2016, resulting in the average fund size increasing to $535mn from $384mn. In short, the gap between the haves and have nots is widening first-time funds accounted for just 6% of capital secured by funds in 2017.CONCERNS PERSIST OVER HIGH PRICES Preqins survey results show that entry prices for assets have been at the forefront of investors and fund managers minds for the past three years. This concern has reached new highs though as we move into 2018, with the latest survey results showing that 88% of LPs and 62% of GPs perceive pricing, and the impact it may have on future returns, to be the biggest challenge facing the private equity industry in 2018.Despite these concerns, strong fundraising and the resulting rise in dry powder levels meant that the number of private equity- backed buyout deals completed in 2017 remained on par with the past four years, with over 4,000 deals completed. Aggregate deal value increased slightly on 2016 to $347bn; however, this still represents a 19% fall from 2