毕马威-展望未来：2021年市场趋势(英文 12 页)

---

Foreword

2020 presented unprecedented challenges arising from the Covid-19 pandemic. Like many other industries, the private equity (PE) industry was not immune to the resulting market volatility and uncertainty. However, PE firms have embraced the new reality by adjusting their operating models, strengthening their operational improvement capabilities and by leveraging skilled advisors to adapt business models to become more agile and resilient.

Throughout the crisis, the industry has proven its ability to not only navigate difficult market conditions, but to also position itself for accelerated growth. In Asia, General Partners (GPs) remain overwhelmingly bullish on the outlook for 2021, as demonstrated by the large amount of capital that continues to be raised and that is to be deployed in the Asia Pacific region. Limited Partners showed their confidence by continuing to allocate to alternative asset classes in record amounts, leading to the significant amount of investable capital in the region. The market opportunity for GPs is reflected in the increasing amount of deal activity and the increasing average deal size. While there have been some difficulties in originating new deals in the region during the pandemic, activity has continued to grow steadily, providing a bullish outlook for 2021.

The industry’s resilience has been further evidenced by several landmark transactions in 2020, with more expected to come to market this year. Despite the impact of Covid-19, valuations have also held up across most asset types as government support programmes were administered to steady economies. Many GPs spent significant time this year cultivating existing relationships for opportunities as travel restrictions made building new pipeline a challenge. A major theme for the year will be filling pipelines with new opportunities as travel restrictions seem likely to remain.   

Another trend that built momentum during the year and should accelerate further is successful GPs diversifying into other alternative asset classes, such as private credit, real assets, distressed and special situations, ESG and social impact, as well as other thematic specialty funds. This product diversification has enhanced the ability of many funds to grow their assets under management.   

Given the capital available, the wider range of asset classes that GPs can invest into and the ability of GPs to invest across the capital structure, coupled with PE’s value add partnering model, I am confident the industry will continue its strong growth trajectory in China and the rest of Asia in 2021. 

前言

2020年提出了Covid-19大流行带来的前所未有的挑战。与许多其他行业一样，私募股权（PE）行业也无法避免由此产生的市场动荡和不确定性。但是，私募股权公司已经通过调整运营模式，增强运营改进能力以及利用熟练的顾问来调整业务模式以变得更加敏捷和灵活，从而迎接了新的现实。

在整个危机中，该行业已证明其不仅能够应对困难的市场条件，而且能够为加速增长做好准备。在亚洲，普通合伙人（GPs）仍然压倒性地看好2021年的前景，这一点已得到证明，大量资金将继续筹集并将用于亚太地区。有限合伙人通过继续以创纪录的数量分配给其他资产类别而表现出了信心，从而在该地区获得了大量可投资资本。 GP的市场机会反映在交易活动量的增加和平均交易规模的增加上。在大流行期间在该地区发起新交易时遇到了一些困难，但活动持续稳定增长，提供了对2021年的乐观看法。

2020年的几笔具有里程碑意义的交易进一步证明了该行业的弹性，预计今年将有更多交易进入市场。尽管受到Covid-19的影响，但随着政府对稳定经济体实施的支持计划，大多数资产类型的估值也保持不变。由于旅行限制使建立新管道成为一项挑战，因此许多GP今年花费了大量时间来培养现有的合作机会。由于旅行限制似乎仍将存在，因此今年的主题将是为管道提供新的机会。

年内发展势头并应进一步加速的另一趋势是，成功的普通合伙人将资金分散到其他替代资产类别中，例如私人信贷，实际资产，困境和特殊情况，ESG和社会影响以及其他主题专项基金。这种产品多样化增强了许多基金发展其管理资产的能力。

有了可用的资本，普通合伙人可以投资的资产类别范围更广，以及普通合伙人可以在整个资本结构中进行投资的能力，再加上私募股权公司的增值合作模式，我相信该行业将继续在中国和中国保持强劲的增长势头。 2021年亚洲其他地区。