麦肯锡全球私募市场评论报告(英文 28页)

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A routinely exceptional year: McKinsey Global Private Markets Review 

麦肯锡这份新报告发现，在2016年，私募市场再次超预期。但对于管理者和投资者来说竞争使得变得更加困难。

2016年，对私人市场最令人兴奋的消息可能是没有改变。在这些市场 - 主要是私募股权，封闭式房地产，基础设施，自然资源和私人债券基金 - 投资者的愿望依然强劲。我们对私人市场的长期研究发现，无论绩效是通过筹资（2016年公司获得625亿美元的新资本）还是管理资产（AUM）衡量，目前在全球达4.7万亿美元，显然2016年是另一个令人印象深刻的一年，处于一个长周期的扩张阶段。该行业继续为投资者提供过剩资本来源; 在2016年，分红连续四年超过了资本要求。新进入者继续涌入行业，活跃的企业数量一直处于历史新高。

虽然更多的筹资，庆祝AUM的增加和对投资者更大的资本分配是趋势，依然增长也提出了挑战。大量的普通合伙人（GP）反映了行业的成功，但也预示着竞争的加剧，这导致了交易倍数的增加。由于GP已经成为今天更高价格的枪口，交易活动已经下降，爆发已经达到历史最高点，虽然我们的研究表明爆发不是几乎有人提出的问题。事实上，在这种方式和其他方式，行业正在克服其成长的痛苦，为其投资者找到新的方法。

A new report from McKinsey finds that in 2016, private markets again defied expectations. But competition is getting tougher for both managers and investors.

In 2016, the most exciting news for private markets may have been what didn’t change. In these markets—mainly private equity, but also closed-end real estate, infrastructure, natural resources, and private debt funds—investors’ desire to allocate remains strong. Our long-running research on private markets finds that, whether performance is measured by fundraising (firms received $625 billion of new capital in 2016) or assets under management (AUM), now $4.7 trillion worldwide, 2016 was another impressive year in a long cycle of expansion that began in 2008. The industry continues to provide a source of excess capital for investors; in 2016, distributions outstripped capital calls for the fourth year running. New entrants continue to flock to the industry, and the number of active firms is at an all-time high.

While more fundraising, an increase in AUM, and greater capital distributions to investors are trends to celebrate, growth also presents challenges. The larger number of general partners (GPs) reflects the industry’s success but also heralds increased competition, which has contributed to rising deal multiples. As GPs have become gun-shy about today’s higher prices, deal activity has fallen, and dry powder has reached an all-time high—though our research suggests that dry powder is not nearly the problem that some have suggested. In fact, in this and other ways, the industry is overcoming its growing pains and finding new ways to deliver for its investors.