Key takeaways ..... 3 关键要点 .....3
PE performance ..... 4 PE 性能 .....4
Deployment ..... 6 部署。。。。。6
Realizations ..... 9 实现。。。。。9
Fundraising ..... 11 筹款。。。。。11
Strategy expansion ..... 17 战略扩展 .....17
Share of AUM by manager and strategy ..... 19 按经理和策略.....划分的 AUM 份额19
GP deal activity ..... 21 GP 交易活动 .....21
GP stake transactions ..... 24 GP 权益交易 .....24
Operating results ..... 26 经营业绩 .....26
Stock performance and comparables ..... 27 股票表现和可比商品 .....27
Note: "PE" has a specific meaning for the seven major public alternative managers referenced in this report. 注：“PE”对本报告中引用的七家主要公共替代管理公司具有特定含义。
Blackstone and Carlyle: "Corporate PE" as defined in company reports. 2. KKR: "Traditional PE" as defined in company reports. Blackstone and Carlyle：公司报告中定义的“公司 PE”。2. KKR：公司报告中定义的“传统常设机构”。
Apollo: "Flagship PE" and "European principal finance" as defined in company reports. Apollo：公司报告中定义的“旗舰私募股权”和“欧洲主要财务”。
Ares: "Corporate PE" and "special opportunities" as defined in company reports Ares：公司报告中定义的“企业 PE”和“特殊机会”
TPG: "Capital" and "growth" as defined in company reports. TPG：公司报告中定义的“资本”和“增长”。
Blue Owl: "PE" represents PitchBook estimates of ownership stakes held by "GP Strategic Capital" funds in managers primarily engaged in PE buyout and growth equity strategies. Blue Owl：“PE”代表 PitchBook 对“GP Strategic Capital”基金在主要从事 PE 收购和增长型股票策略的管理人中持有的所有权股份的估计。
Note: "Private credit" has a specific meaning for the seven major public alternative managers referenced in this report. 注：“私募信贷”对本报告中引用的七大公共另类投资管理人具有特定含义。
KKR: "Alternative Credit" as defined in company reports. KKR：公司报告中定义的“替代信贷”。
Ares: "US Senior Direct Lending" as defined in company reports. Ares：“美国高级直接贷款”，如公司报告所定义。
. Blue Owl: "Direct Lending Gross Returns" as defined in company reports. .Blue Owl：“直接贷款总回报”，如公司报告所定义。
Apollo: "Direct Origination" as defined in company reports Apollo：公司报告中定义的“直接发放”
Blackstone: "Private Credit" as defined in company reports. Blackstone：“私人信贷”，如公司报告所定义。
Carlyle: "Global Credit" as defined in company reports Carlyle： 公司报告中定义的“全球信贷”
TPG: "TPG AG Credit" as defined in company reports TPG：“TPG AG 信贷”，定义见公司报告
PitchBook Data, Inc. PitchBook Data， Inc.
Nizar Tarhuni Executive Vice President of Research and Market Intelligence Nizar Tarhuni 研究和市场情报执行副总裁
Dylan Cox, CFA Head of Private Markets Research Dylan Cox，特许金融分析师私募市场研究主管
Report designed by Megan Woodard 由 Megan Woodard 设计的报告
Published on August 27, 2024 发布时间：2024 年 8 月 27 日
Click here for PitchBook's report methodologies. 单击此处了解 PitchBook 的报告方法。
PPitchBook
Key takeaways 关键要点
Share of AUM by strategy 按策略 划分的 AUM 份额
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
GP consolidation is happening. Deal flow involving GP franchises as targets is on track to smash the 2021 high and set a new alltime record. GP deal count is up 84.0% YTD and should easily surpass the prior record of 114 deals in 2021. Control transactions by GPs are on pace to exceed 75 this year, compared to 42 in 2023. Strategic minority transactions are also up sharply and often feature traditional LPs crossing over to invest in GP franchises in more specialized strategies. A staggering billion in AUM has traded so far this year, or of total industry AUM. By this metric, the alts industry has clearly entered a consolidation phase. GP stake activity has declined to of the total deal mix, reflecting the surge in strategic activity but also higher entry prices that have likely tamped down deployment. GP 整合正在发生。以 GP 特许经营权为目标的交易流有望打破 2021 年的新高并创下新的历史纪录。年初至今，GP 交易数量增长了 84.0%，应该会轻松超过 2021 年 114 笔交易的先前记录。GP 的控制权交易今年有望超过 75 笔，而 2023 年为 42 笔。战略性少数股权交易也急剧增加，并且通常以传统 LP 交叉投资更专业策略的 GP 特许经营权为特色。今年迄今已交易的 AUM 达到惊人的 10 亿，或 占行业总 AUM 的 AUM。从这个指标来看，alts 行业显然已经进入了整合阶段。GP 的股权活动已降至 总交易组合的比例，这反映了战略活动的激增，但也反映了更高的入场价格，这可能抑制了部署。
Fundraising up on strong synergies. Total fundraising across all strategies rose by in H 12024 versus the same span in the prior year. A good portion of that was driven by synergies gained from strategic combinations, such as KKR's acquisition of Global Atlantic, TPG's purchase of Angelo Gordon, and Carlyle's consolidation of Fortitude. Even after adjusting for recent acquisitions, we estimate that fundraising grew by a healthy on an organic basis. PE fundraising moderated from a bounce in Q1 2024 but is still ahead by 9.5% YTD versus the prior year. Credit continues to command 62.2% of total fundraising on a trailing 12-month basis, although its share dipped in Q2 from an unusually high level in Q1. 利用强大的协同效应筹集资金。与去年同期相比，12024 年上半年所有策略的总融资额都有 所增加。其中很大一部分是由战略合并获得的协同效应推动的，例如 KKR 收购 Global Atlantic、TPG 收购 Angelo Gordon 以及凯雷对 Fortitude 的整合。即使在调整了最近的收购之后，我们估计 $00 募资在有机基础上也实现了健康的 增长。私募股权募资从 2024 年第一季度的反弹中放缓，但年初至今仍比上一年领先 9.5%。在过去 12 个月中，Credit 继续占据总融资额的 62.2%，尽管其份额在第二季度从第一季度的异常高水平下降。
Share of trailing 12-month (TTM) capital raised by strategy* 策略筹集的过去 12 个月 （TTM） 资本份额*
Credit origination surges. Deployment and/or origination within these firms' credit strategies surged by in the YTD period over 2023. Adjusted for acquired growth, origination was still ahead by an impressive . Apollo pulled away from the pack with total origination of billion on a trailing 12-month basis, more than twice that of its next peer. Blue Owl saw deployment grow from billion in Q2 of last year to billion this year. Meanwhile, corporate PE deployment increased by 40.9% from a soft Q1 but is still down 23.2% YTD. Aggregate deployment in credit strategies by these seven firms exceeded PE deployment by more than six-fold on a TTM basis 信贷发放激增。在 2023 年年初至今期间，这些公司的信贷策略中的部署和/或发放激增 。根据收购的增长进行调整后，发放仍然领先于令人印象深刻的 .Apollo 在过去 12 个月中以 10 亿的总发起量脱颖而出，是其下一个同行的两倍多。Blue Owl 的部署量从 去年第二季度的 10 亿增长到 今年的 10 亿。与此同时，企业 PE 部署比第一季度的疲软增长了 40.9%，但年初至今仍下降了 23.2%。以 TTM 为基础，这七家公司在信贷策略中的总部署量是私募股权部署量的六倍多
Realizations perk up. While still relatively unchanged on a trailing twelve-month basis, realizations moved ahead in Q2 2024 by YoY and YTD versus 2023. The nature of exits still reflects a mix of traditional M&A processes and partial monetizations in addition to stock sales of legacy holdings that are now public. GPs that invested early in Asia and India are now able to harvest some of those investments, and they featured in several of the M&A exits announced by these firms. Most managers were upbeat on exits improving in the back half of the year given expectations of more central bank rate cuts and a soft economic landing, while calling out there is likely to be a near-term lag between improving markets and recovery in realizations. 领悟起来。虽然过去 12 个月仍相对持平，但与 2023 年相比，2024 年第二季度的实现额 同比增长和 年初至今有所提前。退出的性质仍然反映了传统并购流程和部分货币化的混合，以及现在公开的遗留资产的股票出售。早期在亚洲和印度投资的 GP 现在能够收获其中一些投资，并且他们参与了这些公司宣布的几起并购退出。鉴于市场预期央行将进一步降息和经济软着陆，大多数管理人对下半年退出情况的改善持乐观态度，同时指出，市场改善和变现恢复之间可能存在短期滞后。
PE performance PE 性能
Gross PE returns/appreciation by manager* 管理人的 PE 总回报/升值*
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
PE returns appeared to be stabilizing in recent quarters, settling in the 9% to 11% range. In Q2 2024, these managers reported a median gross return from the PE funds and strategies they manage of for the second quarter and 7.9% on a trailing 12-month (TTM) basis, both of which are sequential declines. Furthermore, returns continue to trail public equities by a wide margin, with the S&P 500 recording a return for the quarter and a return for the TTM period. PE remains the top-performing asset class on a 10-year and 15-year basis. However, as noted in our most recent Global Fund Performance Report, that outperformance margin has been shrinking, and the distribution component of returns remains well below historical levels. The same can be seen among public players, with realizations running below historical levels despite its recent uptick. 最近几个季度，市盈率回报率似乎趋于稳定，稳定在 9% 至 11% 之间。2024 年第二季度，这些管理人报告称，他们管理的 私募股权基金和策略在第二季度的总回报率中位数为 7.9%，过去 12 个月 （TTM） 为 7.9%，这两者都是环比下降。此外，回报率继续大幅落后于公共股票，标准普尔 500 指数录得本季度 的回报率和 TTM 期的 回报率。私募股权仍然是 10 年期和 15 年期表现最好的资产类别。然而，正如我们最新的《全球基金业绩报告》所指出的，跑赢大盘的利润率一直在缩小，回报的分配部分仍远低于历史水平。在公共参与者中也可以看到同样的情况，尽管最近有所上升，但变现率仍低于历史水平。
KKR again leads the pack with a gross return of in its traditional PE strategy for the TTM period. KKR's PE fund performance has been strong in recent quarters, including a quarterly return above in four of the last five quarters. The firm's one-year PE return remains ahead of Blackstone's 11.3% return for its corporate PE strategy during the same period. Apollo returns dropped in Q2 to 1.6% after posting four consecutive quarters above 2%. Apollo's growth strategies, which include its PE buyout and its lend-for-control strategy, have nearly reached double-digit territory, reporting a return for the TTM period. KKR 在 TTM 期间以其传统 PE 策略的总回报率 再次领先。KKR 的私募股权基金在最近几个季度的表现一直很强劲，包括过去五个季度中有四个季度的季度回报率高于 平均水平。该公司的一年期市盈率回报率仍高于黑石同期 11.3% 的企业市盈率策略回报率。Apollo 的回报率在连续四个季度高于 2% 后，第二季度降至 1.6%。Apollo 的增长战略，包括其 PE 收购和贷款换控制权战略，几乎达到了两位数的区域，报告了 TTM 期间的 回报。
While Blue Owl does not directly manage a PE strategy, its GP Strategic Capital (GPSC) funds offer indirect exposure. Approximately half of the GP stakes it has acquired since inception are PE managers. Blue Owl reported inception-todate gross returns on Funds II, IV, and V of , and , respectively, and net returns of , and , respectively, as of June 30, 2024. 虽然 Blue Owl 不直接管理 PE 策略，但其 GP Strategic Capital （GPSC） 基金提供间接敞口。自成立以来，它收购的 GP 股份中约有一半是 PE 经理。截至 2024 年 6 月 30 日，Blue Owl 报告了基金 II、IV 和 V 的 起始迄今总回报率，以及 和 的净回报率。
Rounding out the group were TPG, Carlyle, and Ares, with one-year gross returns on PE strategies of , and , respectively. Carlyle was the only firm of the three that improved from its one-year returns reported at the end of Q1 2024. Please note that not all these strategies may be comparable. 排在最后的是 TPG、Carlyle 和 Ares，PE 策略的一年总回报率分别为 和 。凯雷是三家公司中唯一一家比 2024 年第一季度末报告的一年期回报率有所改善的公司。请注意，并非所有这些策略都具有可比性。
Gross private credit returns/appreciation by manager* 管理人的私人信贷总回报/升值*
While PE returns try to regain lost ground, private credit returns continue to fly high. Credit returns reported by these same managers remained significantly higher than their PE strategies in almost every instance, with KKR being the exception. The top seven US-listed alternative managers with credit strategies posted a median quarterly and TTM gross return of and , respectively, for the period ended Q2 2024; the latter figure is more than double the 7.9% median PE gross return for the TTM period. Not all these private credit strategies may be comparable, with some taking on more risk and leverage than others, but the ability to generate equity-like returns in recent quarters with much lower volatility has validated the push these managers have made to gain such exposure to the asset class. 虽然市盈率回报率试图收复失地，但私募信贷回报率继续飙升。这些管理人报告的信用回报率几乎在所有情况下都明显高于他们的 PE 策略，KKR 是个例外。截至 2024 年第二季度，在美国上市的信用策略排名前七的另类投资管理公司的季度和 TTM 总回报率中位数分别为 和 ;后者是 TTM 期间 7.9% 的 PE 总回报率中位数的两倍多。并非所有这些私募信贷策略都具有可比性，有些策略比其他策略承担更大的风险和杠杆，但最近几个季度能够产生类似股票的回报，波动性要低得多，这验证了这些管理人为获得此类资产类别的敞口所做的努力。
PitchBook 推销簿
Deployment 部署
PE deployment PE 部署
In Q2 2024, corporate PE deployment by the largest firms totaled billion, marking a significant increase QoQ from a very weak Q1 but is still down 23.2% YTD. While only two firms increased deployment in Q1 2024, three firms exceeded their previous quarter's levels in Q2 2024, including Blackstone, KKR, and TPG. Apollo, Ares, and Carlyle each deployed less than billion but remained optimistic about improved deal activity in the second half of 2024. 2024 年第二季度，大型公司的企业 PE 部署总额为 10 亿，与非常疲软的第一季度相比环比 大幅增长，但年初至今仍下降 23.2%。虽然 2024 年第一季度只有两家公司增加了部署，但有三家公司在 2024 年第二季度超过了上一季度的水平，包括 Blackstone、KKR 和 TPG。Apollo、Ares 和 Carlyle 的部署量均不到 10 亿，但对 2024 年下半年交易活动的改善仍然持乐观态度。
Blackstone's Q2 deployment totaled billion, marking the third consecutive quarter of sequential increases exceeding $1 billion and the most among public peers. On a TTM basis, the firm's deployment reached billion, reflecting a YoY decline. Notably, Q2 2023 recorded the highest deployment since Q4 2021, at billion. Blackstone's management highlighted that the current market environment, characterized by declining interest rates, is becoming more favorable. They observed an increased willingness among asset holders to sell, which should support further growth in deployment activity. Blackstone 第二季度的部署总额为 10 亿美元，这是连续第三个季度的环比增长超过 10 亿美元，是公共同行中最高的。以 TTM 为基础，该公司的部署量达到 10 亿，同 比下降。值得注意的是，2023 年第二季度的部署量达到 2021 年第四季度以来的最高水平，达到 10 亿。Blackstone 的管理层强调，当前以利率下降为特征的市场环境正变得更加有利。他们观察到资产持有者出售的意愿有所增加，这应该会支持部署活动的进一步增长。
In the second quarter, KKR deployed billion through its PE strategies across both US and core PE, reflecting a sequential increase, or more than billion, although still down 19.6% YoY. On a TTM basis, KKR's deployment totaled billion, representing a 24.5% decline YoY and positioning the firm third among its peers. Management highlighted a notable increase in activity since the beginning of 2024, driven by an improved macroeconomic environment with better inflation and interest rate conditions. They also pointed out there is often a lag of a few quarters before the market fully rebounds and that current market dynamics suggest a more robust environment than the trailing figures might indicate. If these favorable conditions persist, KKR anticipates stronger deal activity and exits in the second half of 2024. Additionally, management emphasized that the firm is well-positioned for the latter half of the year, supported by a healthy deal pipeline. 第二季度，KKR 通过其在美国和核心私募股权的私募股权策略部署 了 10 亿美元，环 比增长超过 10 亿美元，但仍同比下降 19.6%。以 TTM 为基础，KKR 的部署总额为 10 亿，同比下降 24.5%，在同行中排名第三。管理层强调，在宏观经济环境改善、通胀和利率条件改善的推动下，自 2024 年初以来，活动显著增加。他们还指出，市场完全反弹通常需要几个季度的滞后，当前的市场动态表明，环境比追踪数据所显示的要强劲。如果这些有利条件持续存在，KKR 预计 2024 年下半年将出现更强劲的交易活动和退出。此外，管理层强调，在健康的交易渠道的支持下，该公司在今年下半年处于有利地位。
TPG deployed billion in the second quarter, representing a increase QoQ and a 10.5% increase YoY. On a TTM basis, the firm deployed billion, marking a significant TPG 在第二季度部署了 10 亿，环比 增长，同比增长 10.5%。在 TTM 的基础上，该公司部署了 10 亿，标志着显着的
TTM PE deployment ( ) by manager* 按经理* 提供的 TTM PE 部署 （ ）
74.1% YoY increase and placing it in the lead among peers. Management attributed this growth in PE deployment to longstanding relationships with C-suite executives, who have provided access to complex corporate carve-outs and innovative partnerships-areas in which the firm excels. Strong deployment was also noted in its climate strategies and within the European market. 同比增长 74.1%，在同行中处于领先地位。管理层将 PE 部署的增长归因于与 C 级高管的长期关系，他们提供了获得复杂企业剥离和创新合作伙伴关系的机会，这些都是公司擅长的领域。其气候战略和欧洲市场也注意到了强劲的部署。
Carlyle's Q2 corporate PE deployment was billion, down sequentially and YoY. On a TTM basis, its corporate PE deployment was down 57.0% YoY to billion. Management emphasized they are long-term investors, with little concern for short-term volatility and given the current pipeline, they expect "tremendous" transaction activity in the second half. The firm presently holds billion in dry powder. 凯雷第二季度企业 PE 部署为 10 亿美元，环比 同比下降 。以 TTM 为基础，其企业 PE 部署同比下降 57.0% 至 10 亿。管理层强调，他们是长期投资者，几乎不担心短期波动，鉴于目前的管道，他们预计下半年将出现“巨大”的交易活动。 该公司目前持有 数十亿美元的干火药。
Apollo deployed just billion in its PE strategies in Q2, down 80.0% sequentially and 90.0% YoY. This places Apollo's TTM deployment at approximately billion, down YoY. Apollo in part relies on its extensive credit franchise to uncover unique opportunities for equity participation, and it has averaged billion in quarterly investments over the Apollo 在第二季度的 PE 策略中仅 部署了 10 亿，环比下降 80.0%，同比下降 90.0%。这使得 Apollo 的 TTM 部署量约为 10 亿，同比下降 。Apollo 在一定程度上依靠其广泛的信贷特许经营权来发现独特的股权参与机会，并且它平均季度投资了 10 亿美元
PitchBook 推销簿
past two years. The unusually low equity investment levels in both Q1 and Q2 2024 indicates that recent opportunities have been deemed more suitable for hybrid and credit funding, where deployment has remained robust. They also point to the inherent variability and lumpiness in PE deal closings given how large they tend to be. 过去两年。2024 年第一季度和第二季度的股票投资水平都异常低，这表明近期的机会被认为更适合混合和信贷融资，这些领域的部署仍然强劲。他们还指出，考虑到私募股权交易的规模，私募股权交易成交存在固有的可变性和不稳定性。
Ares deployed a modest million in its corporate PE strategies during Q2, similar to activity seen in Q1, but down from million in Q2 2023. On a TTM basis, this places Ares at billion deployed, down 42.2% YoY. Management expects to see "pretty healthy" deployment activity in the second half of 2024, despite the elevated volatility seen in early August. Ares 在第二季度在其企业私募股权策略中部署了适度 的百万美元，与第一季度的活动相似，但低于 2023 年第二季度的百万美元。以 TTM 为基础，这使 Ares 的部署量达到 10 亿，同比下降 42.2%。管理层预计，尽管 8 月初的波动性加剧， 但 2024 年下半年将出现“相当健康”的部署活动。
The improvement in PE deployment in Q2 2024 indicates that major firms are increasing their investments, driven by a more favorable macroeconomic environment, lower interest rates, and aligned valuation expectations between buyers and sellers. And it confirms the findings in our most recent US PE Breakdown, which indicated a 10% increase in H1 2024 value. 2024 年第二季度私募股权部署的改善表明，在更有利的宏观经济环境、较低的利率以及买卖双方一致的估值预期的推动下，主要公司正在增加投资。它证实了我们最近的美国市盈率分析中的发现，该分析表明 2024 年上半年的价值增长了 10%。
Private credit deployment 私募信贷部署
Private credit platforms are expanding rapidly. In Q2 2024, private credit deployment reached a staggering billion for these seven firms. This compares to just billion as recently as Q3 2023. Even after excluding the deployment contributed by Angelo Gordan, which was not reported by TPG until Q3, credit deployment topped billion in Q2 2024, representing a increase over the prior quarter and over the prior year. The YTD increase is equally impressive at up 146.1%. While banks pulled back from lending activity in 2023 due to market volatility, allowing private lenders to step in and support sponsor deals, banks are now fully back in and competing head-to-head on large issues and refinancings. Nevertheless, the private credit businesses at these firms continue to be in a strong growth mode. 私人信贷平台正在迅速扩张。2024 年第二季度，这七家公司的私人信贷部署达到了惊人的 10 亿。相比之下，最近的 2023 年第三季度仅为 10 亿美元。即使排除了 Angelo Gordan 提供的部署（TPG 直到第三季度才报告），信贷部署在 2024 年第二季度也超过了 10 亿，比上一季度和 上一年 有所增加。年初至今的增幅同样令人印象深刻，上涨了 146.1%。虽然由于市场波动，银行在 2023 年退出了贷款活动，允许私人贷款人介入并支持发起人交易，但银行现在已经完全回归，并在大型发行和再融资方面展开正面竞争。尽管如此，这些公司的私人信贷业务继续处于强劲的增长模式。
Apollo led the category with billion of debt origination in Q2, up 30.0% QoQ and 126.1% YoY. This places TTM deployment at billion, including a full year of contribution from ATLAS, the firm's asset-backed finance (ABF) platform. This helped drive 69.8% YoY growth on a TTM basis, a testament to Apollo's breadth (16 origination platforms) and expanding diversification. While private credit, Apollo 在第二季度以 10 亿笔债务发放领跑该类别，环比增长 30.0%，同比增长 126.1%。这使得 TTM 部署量达到 10 亿，其中包括该公司的资产支持金融 （ABF） 平台 ATLAS 的全年贡献。这有助于推动 TTM 的同比增长 69.8%，这证明了 Apollo 的广度（16 个发源平台）和不断扩大的多元化。虽然私人信贷，
Dry powder ($B) and share of AUM by manager* 管理人干火药 （$B） 和资产管理规模份额*
or "direct origination," is traditionally focused on loans to corporations, ABF includes anything not directly lent to a company, and the collateral could be a stream of cash flows from music royalties, roof top solar installations, or a portfolio of credit lines, for example. 或“直接发放”，传统上侧重于向公司提供贷款，ABF 包括未直接借给公司的任何资金，抵押品可以是来自音乐版税、屋顶太阳能装置或信贷额度组合的现金流，例如。
In Q2 2024, Ares' private credit deployments amounted to billion, up 29.9% QoQ and 77.5% YoY. This total includes billion in US direct lending, up 30.9% QoQ; billion in European direct lending, up 34.8% QoQ; billion in liquid credit; and billion in alternative credit (down QoQ), among less scaled categories. On a TTM basis, Ares deployed billion in credit strategies, up 39.3% YoY, placing it second in absolute-dollar volume among the Big Seven public PE firms. 2024 年第二季度，Ares 的私募信贷部署量达到 10 亿，环比增长 29.9%，同比增长 77.5%。这一总额包括 十亿美国直接贷款，环比增长 30.9%; 10 亿欧洲直接贷款，环比增长 34.8%; 亿流动信贷;和 10 亿美元的另类信贷（环比下降 ），属于规模较小的类别。以 TTM 为基础，Ares 部署 了 10 亿的信贷策略，同比增长 39.3%，在七大公共私募股权公司中排名第二。
In Q2, Blackstone moderated its private credit deployment, with total capital deployed amounting to billion, down 1.5% QoQ but more than doubling YoY at 209.9%. On a TTM basis, deployment reached billion, marking a 58.1% increase YoY. Management continues to emphasize private credit as a compelling growth vector that aligns well with the firm's broader platform and investment themes. Management also highlighted the strong credit quality within its portfolio, noting no new defaults in Q2 across its more than 2,000 noninvestment grade credits. 第二季度，黑石缓和了其私募信贷部署，部署的总资本达到 10 亿，环比下降 1.5%，但同比增长一倍多，达到 209.9%。以 TTM 为基础，部署量达到 10 亿，同比增长 58.1%。管理层继续强调私募信贷是一个引人注目的增长载体，与公司更广泛的平台和投资主题非常吻合。管理层还强调了其投资组合中良好的信用质量，指出其 2,000 多个非投资级信贷在第二季度没有新的违约。
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
In Q2, Blue Owl achieved its largest origination quarter to date, reaching billion. This represents more than double the previous quarter's figure and more than four times the YoY comparison. On a TTM basis, the firm completed billion in originations, reflecting a increase YoY. Blue Owl's management views the current environment as highly favorable for direct lending, with broad-based activity that includes both add-ons and new investments. They emphasized that the strong performance underscores the robustness of their model, particularly notable given the increased competition from an open syndicated loan market and what they perceive as relatively subdued PE deal activity despite substantial dry powder. 在第二季度，Blue Owl 实现了迄今为止最大的发放季度，达到 10 亿。这比上一季度的数字增加了一倍多，是同比的四倍多。以 TTM 为基础，该公司完成了 10 亿笔贷款发放，同比增长 。Blue Owl 的管理层认为，当前的环境非常有利于直接贷款，其活动范围广泛，包括附加服务和新投资。他们强调，强劲的表现凸显了其模式的稳健性，尤其是考虑到来自公开银团贷款市场的竞争加剧，以及他们认为尽管存在大量干火药，但私募股权交易活动相对低迷。
KKR deployed billion in its alternative and liquid credit strategies during Q2 2024, marking a sequential increase and nearly tripling YoY, up 297.0%. With the firm's credit franchise now exceeding billion in capital, management noted it continues to see attractive opportunities in ABF, Asia credit, opportunistic investing, and junior debt. On a TTM basis, KKR deployed billion, a YoY increase. KKR 在 2024 年第二季度在其另类和流动性信贷策略中部署 了 10 亿美元，环 比增长，同比增长近两倍，增长 297.0%。随着该公司的信贷业务现已超过 十亿资本，管理层指出，它继续在 ABF、亚洲信贷、机会性投资和次级债务方面看到有吸引力的机会。以 TTM 为基础，KKR 部署了 10 亿，同比增长 。
Carlyle's private credit group deployed billion in Q2, reflecting a sequential increase and an rise YoY. On a TTM basis, deployment totaled billion, representing a YoY decline. Based on the firm's proprietary data from its portfolio, management expects robust economic growth to continue, and noted improving confidence to transact from both buyers and sellers. This underpins their expectation that transaction activity will increase in the second half of 2024, despite the public market volatility observed in early August around the time of the earnings call. 凯雷的私人信贷部门在第二季度部署了 10 亿美元，环 比增长和 同比增长。以 TTM 为基础，部署总额为 10 亿， 同比下降。根据该公司来自其投资组合的专有数据，管理层预计强劲的经济增长将继续下去，并指出买卖双方的交易信心有所增强。这支撑了他们对 2024 年下半年交易活动将增加的预期，尽管在 8 月初财报电话会议前后观察到公开市场波动。
TPG completed its second full quarter with Angelo Gordon (AG), deploying billion across credit strategies, an increase of 43.0% QoQ. Twin Brook, the firm's direct lending platform, deployed approximately billion in Q2. This pushed the H 12024 total to billion, exceeding its prior record for H 1 deployment by over billion. Management noted a strong uptick in lower-middle-market sponsor activity, with approximately of the origination volume being add-ons to the existing portfolio. TPG 与 Angelo Gordon （AG） 一起完成了第二个完整季度，在信贷策略中部署 了 10 亿，环比增长 43.0%。该公司的直接借贷平台 Twin Brook 在第二季度部署了约 10 亿美元。这使 H 12024 总数达到 10 亿，比之前的 H 1 部署记录高出 10 亿多 。管理层注意到，中低端市场发起人活动强劲增长，其中大约 几十个发起量是现有投资组合的附加项目。
PitchBook 推销簿
Realizations 实现
TTM PE realizations ($B) by manager* 按经理划分的 TTM PE 变现 （$B） *
KKR KKR 餐厅
APO 载 脂蛋白
CG CG系列
ARES 阿瑞斯
TPG TPG的
Median 中位数
While still relatively unchanged on a TTM basis, realizations moved ahead in Q2 2024 by 57.1% YoY and 28.9% YTD versus 2023. Total realized value in Q2 2024 was billion, up from billion in Q1. The combined total of billion in H1 2024 compares to billion in 2023. This is consistent with the increase in exit value in the broader PE market as reported in our most recent US PE Breakdown. Still, these figures pale in comparison to the peak quarters of 2020 and 2021 and have yet to reach the "old normal" pre-pandemic quarterly averages. 虽然在 TTM 基础上仍然相对没有变化，但与 2023 年相比，2024 年第二季度的实现额同比增长 57.1%，年初至今增长 28.9%。2024 年第二季度的总实现价值为 10 亿，高于 第一季度的 10 亿。2024 年上半年的总总额为 10 亿，而 2023 年为 10 亿。这与我们最近的美国 PE 细分中报告的更广泛的 PE 市场退出价值 的增加一致。尽管如此，与 2020 年和 2021 年的高峰季度相比，这些数字相形见绌，尚未达到大流行前的“旧常态”季度平均值。
Just two managers-Carlyle and Ares-saw QoQ and TTM declines in PE realizations, which is an encouraging improvement from last quarter when only two managers recorded QoQ growth and just one on a TTM basis. 只有凯雷和阿瑞斯两家管理人看到市盈率实现环比和迅达下降，与上个季度只有两家管理人实现环比增长和只有一家管理人录得环比增长相比，这是一个令人鼓舞的进步。
Discussions about realization opportunities carried a more optimistic tone this quarter as several managers pointed out healthy exit pipelines and an outlook for improvements as early as next quarter. 本季度关于变现机会的讨论基调更加乐观，因为几位管理人指出了健康的退出渠道，并且最早在下季度都有改善的前景。
Blackstone led its peer group of managers for the second consecutive quarter with billion in PE realizations. This marked a 77.9% QoQ growth from billion in Q1 and a Blackstone 连续第二个季度以 10 亿美元的市盈率领跑同行管理人。这标志着与第一季度的 10 亿相比，环比增长了 77.9%，并且
7.3% increase on a TTM basis. Blackstone secured several exits in its Asian PE business during the quarter, such as its first exit from South Korea via a stake sale in the medicine wholesaler Geo-Young Corp to Asian buyout firm MBK Partners for billion. In India, the firm publicly listed Aadhar Housing Finance, an affordable housing lender, and sold a stake in IT company Mphasis. The firm shared that although there will be near-term lag between improving markets and recovery in realizations, it expects interest rate cuts later this year to act as a foundation for a significant realization cycle. Although it does not see the current macroeconomic backdrop as robust enough to encourage scaled realization activity, Blackstone stated it is well-positioned for significant acceleration in realizations as market environment and liquidity improve. Firm-wide, Blackstone's underlying performance-revenue-eligible AUM reached a record of billion in Q2. 以 TTM 为基础增长 7.3%。黑石在本季度获得了其亚洲私募股权业务的多次退出，例如通过 以 数十亿美元的价格将药品批发商 Geo-Young Corp 的股份出售给亚洲收购公司 MBK Partners，首次退出韩国。 在印度，该公司将经济适用房贷款机构 Aadhar Housing Finance 公开上市，并出售 了 IT 公司 Mphasis 的股份。该公司表示，尽管市场改善和变现复苏之间短期内会存在滞后，但它预计今年晚些时候的降息将成为重大变现周期的基础。尽管它认为当前的宏观经济背景不足以鼓励大规模变现活动，但 Blackstone 表示，随着市场环境和流动性的改善，它已准备好大幅加速变现。在整个公司范围内，Blackstone 符合绩效收入条件的基础 AUM 在第二季度达到创纪录的 10 亿。
KKR had billion of PE realizations during the quarter, nearly matching Blackstone's quarterly increase at QoQ growth. KKR also shared that it continues to see signs of an improving monetization backdrop and that transaction momentum feels strong for the firm overall. The firm stated KKR 在本季度实现了 10 亿个 PE 变现，几乎与 Blackstone 的季度 环比增长持平。KKR 还分享说，它继续看到货币化背景改善的迹象，并且交易势头对公司整体来说感觉很强劲。该公司表示
PPitchBook
Sequential PE realizations ($B) by manager* 按经理划分的连续 PE 实现 （$B） *
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
it has a healthy pipeline of exits and has already completed a secondary sale of its shares in Kokusai Electric and taken software maker OneStream public. The firm also shared it sees consistent growth in its underlying businesses and that it has visibility on around million of monetization related revenue for Q3. 它有一个健康的退出渠道，并且已经完成了对国际电气股份的二次出售，并将软件制造商 OneStream 上市。该公司还表示，它看到其基础业务持续增长，并且可以看到第三季度约 数百万的货币化相关收入。
TPG marked billion of PE realizations for the quarter, which was an increase of QoQ and of on a TTM basis. TPG maintained during its earnings call that although it is actively monitoring realization opportunities, exits remain muted for the industry and the firm. Most notably, TPG partially sold its shares in Viking Holdings when the company went public in May for billion. TPG 本季度实现了 10 亿的市盈率，环 比和 TTM 都有所增加。TPG 在财报电话会议上坚称，尽管它正在积极监控变现机会，但该行业和公司的退出仍然不明朗。最值得注意的是，TPG 在 Viking Holdings 于 5 月以 10 亿美元的价格 上市时部分出售了该公司的股份。
Apollo followed closely behind with billion of PE realizations, which was just below the billion median for the six managers. It was a decrease of 9.0% QoQ and a growth of on a TTM basis. The firm highlighted that it is dedicated to providing excess return per unit of risk and that its PE portfolio companies are marked at defensible valuations. Apollo shared that it continues to see bid-ask spreads persist, which is hampering deal and exit activity. Apollo 紧随其后，实现了 10 亿市盈率，略低于 六家管理公司的中位数。环比下降 9.0%，TTM 增长 。该公司强调，它致力于为每单位风险提供超额回报，其私募股权投资组合公司的估值是合理的。Apollo 分享说，它继续看到买卖价差持续存在，这阻碍了交易和退出活动。
Carlyle's PE realizations in Q2 was the same as Q1's at $2.0 billion, although this was a decrease of around on a TTM basis. Carlyle was also optimistic about the market opportunity for exits going forward and stated it had a considerable pipeline of active IPO and sale processes. In August, Carlyle agreed to a billion sale of Cogentrix Energy, a US independent power producer, to Quantum Capital Group. Carlyle originally acquired the company in 2012. The firm expects realizations in H 2 to be materially higher than in H 1 considering the several large deals in its pipeline. 凯雷第二季度的市盈率实现与第一季度相同，为 20 亿美元，尽管以 TTM 为基础下降了约 。凯雷也对未来的退出市场机会持乐观态度，并表示它有相当多的积极 IPO 和出售流程。8 月，凯雷同意以 10 亿股的价格将美国独立发电商 Cogentrix Energy 出售给 Quantum Capital Group。凯雷最初于 2012 年收购了该公司。考虑到其正在进行的几笔大宗交易，该公司预计 H 2 的变现率将大大高于 H 1。
Ares had just million of PE realizations in Q2, which was a 19.4% decline QoQ and a 2.5% drop on a TTM basis. Looking ahead, the firm stated that it sees markets returning to a more normalized state of activity in many sectors. Blue Owl's GPSC strategy distributed million in Q2, which was an incredible QoQ increase and 57.2% growth YoY. Blue Owl stated it is seeing an uptick in asset sales for some of the partner manager portfolios as sponsors are more willing to monetize assets in aging PE funds. Ares 在第二季度只有 100 万个 PE 变现，环比下降 19.4%，TTM 下降 2.5%。展望未来，该公司表示，它看到许多行业的市场恢复到更加正常的活动状态。Blue Owl 的 GPSC 策略在第二季度分发了 数百万美元，环比增长令人难以置信 ，同比增长 57.2%。Blue Owl 表示，由于发起人更愿意将老化的私募股权基金的资产货币化，它看到一些合作伙伴管理投资组合的资产销售有所上升。
PitchBook 推销簿
Fundraising 筹款
PE fundraising 私募股权募资
Q2 2024 PE fundraising moderated from a bounce in Q1 but is still ahead by YTD. Most of these managers wrapped up their fundraising efforts toward the end of 2023 or early 2024. Blackstone has been the exception as it remains in the market with its Fund IX, which just crossed its billion target and recently activated its investment period, although it remains in the market, seeking to raise additional capital. Through the end of Q2, Fund IX has raised billion. Other firms are currently focusing their PE fundraising on sub-strategies such as Asia-Pacific (APAC) or middle-market funds. However, KKR is bucking the trend and re-entering the market for its next vintage flagship buyout fund. In June, KKR launched its 14th North America flagship fundraise, seeking billion in capital. Looking at the second quarter, PE fundraising for KKR was driven primarily by its perpetual capital K-Series suite discussed below. Also, within PE, the firm's middle market strategy, called Ascendant, has already achieved its fundraising goal of billion and has not yet held its final close. The fund is approaching its billion hard cap and is cutting back on allocations to investors as a result. 2024 年第二季度 PE 融资与第一季度的反弹相比有所放缓，但年初 至今仍领先。这些管理人中的大多数在 2023 年底或 2024 年初结束了他们的筹款工作。黑石是个例外，因为它的 Fund IX 仍在市场上，该基金刚刚突破了其 10 亿的目标，最近启动了投资期，尽管它仍在市场上，寻求筹集更多资金。截至第二季度末，Fund IX 已筹集了 10 亿美元。其他公司目前将其私募股权融资集中在亚太 （APAC） 或中间市场基金等子策略上。然而，KKR 正在逆势而上，重新进入其下一个老式旗舰收购基金的市场。6 月，KKR 启动了其第 14 次北美旗舰融资，寻求 10 亿美元的资金。从第二季度来看，KKR 的私募股权融资主要是由其永续资本 K 系列套件推动的，下文将讨论。此外，在 PE 领域，该公司的中间市场战略 Ascendant 已经实现了 10 亿美元的融资目标，但尚未完成最终结算。该基金正在接近其 10 亿硬上限，因此正在削减对投资者的配置。
TPG, like several of its peers, is not in the market with its flagship buyout. However, TPG expects its total PE and infrastructure fundraising in 2024 to grow compared to the billion it raised in 2023, driven by its ongoing campaigns for its Growth and Rise Climate funds and the launch of its climate transition infrastructure strategy. Moreover, its recently closed flagships, TPG IX and Healthcare Partners II, have combined to have signed or completed 10 investments and have deployed nearly 50% of the capital raised for the two vehicles. As a result, the successor funds of TPG and Healthcare Partners III will likely be back in the market, raising sometime in the first half of 2025. While Carlyle is not in the market with its flagship buyout fund, it is focused on areas such as Asia. In Japan, it closed its fifth Japan buyout fund in the second quarter, which is approximately 70% larger than its predecessor. Apollo closed its tenth flagship buyout fund at billion in Q3 2023 and does not plan to launch the next vintage this year. However, the firm did say that based on how deployment for Fund is tracking, it expects that by the end of next year, the fund will be largely deployed and 与几家同行一样，TPG 并没有进入其旗舰收购市场。然而，TPG 预计，与 2023 年筹集的 10 亿美元相比，其 2024 年的私募股权和基础设施融资总额将有所增长，这得益于其 Growth 和 Rise Climate 基金的持续活动以及气候转型基础设施战略的推出。此外，其最近关闭的旗舰公司 TPG IX 和 Healthcare Partners II 已签署或完成了 10 项投资，并已部署了为这两家公司筹集的近 50% 的资金。因此，TPG 和 Healthcare Partners III 的继任基金可能会重返市场，并在 2025 年上半年的某个时候筹集资金。虽然凯雷没有凭借其旗舰收购基金进入市场，但它专注于亚洲等地区。在日本，它在第二季度完成了第五只日本收购基金的募集，比其前身扩大了约 70%。Apollo 在 2023 年第三季度以 10 亿的价格 完成了其第十只旗舰收购基金，并且不打算在今年推出下一个年份。然而，该公司确实表示，根据 Fund 的部署跟踪方式，它预计到明年年底，该基金将大部分部署和
TTM PE capital raised ($B) by manager* 由管理人筹集的 TTM 私募股权资本 （$B） *
look to launch fundraising for Fund XI. Ares remains out of the market with its flagship buyout fund. The only capital in the firm's PE group was for its PE secondaries group, which raised million. 期待为 Fund XI 发起筹款。Ares 的旗舰收购基金仍然被排除在市场之外。该公司 PE 小组的唯一资金是其 PE 二级市场小组，该小组筹集了 数百万美元。
Blue Owl does not operate a traditional PE strategy like its peers. However, its GPSC funds-formerly known as Dyal Capital-have a 10-year track record of buying GP stakes in private market fund managers, half of which are PE managers. For GPSC, Blue Owl raised billion in Q2 across its largecap strategy and co-investment vehicles. Additionally, for the firm's latest GP Stakes fund, total invested commitments, including agreements in principle, are more than billion of capital, with a line of sight into more than billion of opportunities. Blue Owl closed on an additional billion for the latest vintage of the strategy in Q2 and anticipates that fundraising in Q3 for the vehicle could be similar to Q2 based on current visibility. However, it is not concerned with the timing of closes quarter-to-quarter. Blue Owl remains focused and confident in achieving its billion goal over the next 18 months. Blue Owl 不像同行那样采用传统的 PE 策略。然而，其 GPSC 基金（前身为 Dyal Capital）拥有 10 年购买私募市场基金经理 GP 股份的记录，其中一半是私募股权经理。对于 GPSC 来说，Blue Owl 在第二季度通过其大盘股策略和共同投资工具筹集了 10 亿美元。此外，对于该公司最新的 GP Stakes 基金，包括原则性协议在内的总投资承诺超过 十亿资本，可以看到超过 数十亿的机会。Blue Owl 在第二季度为该策略的最新年份额外筹集了 10 亿美元，并预计根据目前的知名度，该车在第三季度的融资可能与第二季度相似。但是，它并不关心每季度的收盘时间。Blue Owl 仍然专注于并有信心在未来 18 个月内实现其 10 亿目标。
PitchBook 推销簿
Firm-wide fundraising 全公司范围内的筹款
In the second quarter, gross inflows across all strategies and seven firms totaled billion. This represented a sequential increase of and an increase of YoY. Year-to-date, fundraising has increased by versus YTD 2023. Adjusting for the acquisition of Angelo Gordon, we estimate that fundraising grew by on a like-forlike basis. 第二季度，所有策略和 7 家公司的总流入总额为 10 亿美元。这代表了 的环比增长 和 同比增长。年初至今，与 2023 年年初至今相比，筹款额有所增加 。对于对 Angelo Gordon 的收购进行调整，我们估计募资额在同类基础上增长 。
Credit strategies accounted for 58.0% of all capital raised in Q2, a drop from the seen last quarter, but by far and away still the most sizable driver of inflows for these firms. After accounting for nearly the same share of fundraising in Q1, real estate fundraising accounted for of all Q2 inflows, while PE represented 11.6% of Q2 inflows, with other strategies making up the remaining . On a TTM basis, fundraising continues to increase, totaling billion across these managers, up substantially from the TTM fundraising of $449.9 billion for the TTM period ended Q2 2023. 信贷策略占第二季度所有融资的 58.0%，比 上一季度有所下降，但到目前为止，它仍然是这些公司最大的资金流入驱动力。在第一季度的融资中占几乎相同的份额后，房地产融资占 第二季度所有资金流入，而私募股权占第二季度资金流入的 11.6%，其余 为其他策略。以 TTM 为基础，这些管理人的融资总额为 10 亿美元，远高于截至 2023 年第二季度的 TTM 期间的 4,499 亿美元的 TTM 融资。
Blackstone led Q2 fundraising with billion, representing a 15.7% increase from Q1. The firm's credit & insurance segment led all inflows, totaling billion in Q2, driven primarily by the billion raised for its direct lending strategy. Global PE, the second-best segment for inflows in the quarter, totaled billion, with infrastructure and real estate fundraising leading the way. Blackstone has launched or expects to launch fundraising in the next few quarters for the new vintages in several strategies, including successors for its billion life sciences fund, billion private credit opportunistic strategy, billion PE secondaries fund, and billion PE Asia fund. Blackstone 以 10 亿美元引领第二季度的融资，比第一季度增长 15.7%。该公司的信贷和保险部门引领了所有流入，第二季度总计达 十亿，这主要是由其直接贷款策略筹集的 十亿资金推动的。全球私募股权是本季度流入量第二好的部分，总额为 10 亿美元，其中基础设施和房地产融资处于领先地位。Blackstone 已经或预计将在未来几个季度启动多个策略的新版本融资，包括其 10 亿生命科学基金、 10 亿私人信贷机会主义策略、 10 亿 PE 二级市场基金和 10 亿 PE 亚洲基金的继任者。
KKR raised billion in Q2, an increase of sequentially yet up YoY. This pushed the TTM total to billion, up nearly 100% YoY. Q2 was the second-most-active fundraising quarter in KKR's history. Unlike recent quarters where credit fundraising accounted for the lion's share of fundraising, real assets took the crown in Q2, raising $18.0 billion or of the quarter's capital. Real assets increased as the firm launched Global Infrastructure Investors V, which has already raised billion. Credit was responsible for billion of inflow in the quarter, accounting for of capital raised. KKR 在第二季度筹集了 10 亿美元， 环比增加，但同比增长 。这使 TTM 总额达到 10 亿，同比增长近 100%。第二季度是 KKR 历史上第二活跃的筹款季度。与最近几个季度信贷融资占融资大部分不同，实物资产在第二季度占据主导地位，筹集了 180 亿美元或 该季度的资本。随着该公司推出 Global Infrastructure Investors V，实际资产有所增加，该公司已经筹集 了数十亿美元。信贷占 本季度 10 亿资金流入的来源，占 募集资金的比例。
Apollo saw record inflows in the first quarter of billion and followed it up in Q2 with billion. This record-level fundraising from Apollo comes in a "non-PE" year for the firm after wrapping up its flagship buyout Fund X late in 2023. Apollo 在第一季度实现了创纪录的 10 亿资金流入，第二季度又出现了 10 亿美元。Apollo 的这笔创纪录级别的融资是在该公司在 2023 年底结束其旗舰收购基金 X 后的“非 PE”年。
TTM gross capital raised ( ) by manager^ 由经理筹集的 TTM 总资本 （ ） ^
TTM fundraising for the firm is 11.5% ahead of the prior TTM period. Second-quarter fundraising included a record amount of third-party capital raised in yield and robust hybrid inflows. Some of the more significant drivers by strategy included , large-cap direct lending, opportunistic credit, and infrastructure equity. 该公司的 TTM 筹款比上一 TTM 期间高出 11.5%。第二季度的融资包括创纪录的第三方融资收益率和强劲的混合资金流入。按策略划分，一些更重要的驱动因素包括 、大盘股直接贷款、机会性信贷和基础设施股权。
For Ares, the second quarter was the firm's best in its history, with billion of gross capital inflows, bringing YTD fundraising to billion. A driver of this record activity was the closing of its third US Senior Direct Lending fund (SDL), with billion of investment capacity, and is roughly double the total investment capital raised in SDL II. SDL III raised billion of capital in Q2 and an additional billion in July. In addition, the firm priced five new CLOs in Q2. YTD, Ares has priced seven CLOs, raising billion and exceeding its full-year record of seven CLOs for billion in 2022. For the remainder of the year, Ares expects to have 35 funds in the market across 17 strategies and will continue to see strong inflows. 对 Ares 来说，第二季度是该公司历史上最好的季度，有 10 亿的总资本流入，使年初至今的融资达到 10 亿。这一创纪录活动的驱动力是其第三只美国高级直接贷款基金 （SDL） 的关闭，该基金的投资能力达 10 亿，大约是 SDL II 筹集的总投资资本的两倍。SDL III 在第 2 季度筹集了 10 亿资金，在 7 月份又筹集 了 10 亿资金。此外，该公司在第二季度为 5 只新的 CLO 定价。年初至今，Ares 已经为 7 只 CLO 定价，筹集了 10 亿美元，并超过了 2022 年全年创纪录的 7 只 CLO。在今年剩余时间里，Ares 预计市场上将有 35 只基金，涵盖 17 种策略，并将继续看到强劲的资金流入。
Carlyle added billion of assets in Q2, more than double the total inflows seen in Q1. The firm stated at the beginning of the year it had a goal of billion in total fundraising for 2024, and after the first six months, the firm is roughly on track, having raised billion. Like the first quarter, global solutions fundraising remains a key driver, supported by demand for its secondaries and co-investment fund. The firm was also very active in fundraising within credit, raising 凯雷在第二季度增加了 10 亿资产，是第一季度总流入量的两倍多。该公司在年初表示，它的目标是到 2024 年筹集 10 亿美元的资金，而前六个月之后，该公司大致走上正轨，筹集 了 10 亿美元。与第一季度一样，全球解决方案融资仍然是关键驱动力，这得益于对其二级市场和共同投资基金的需求。该公司还非常积极地在信贷内部筹集资金，筹集
PitchBook 推销簿
billion in the quarter, and capped off one of the busiest first six months in its 20-plus year CLO history. 亿，并结束了其 20 多年 CLO 历史上最繁忙的前六个月之一。
TPG raised billion in the second quarter, with more than of capital raised, or billion, across its credit strategies. This activity was headlined by the final close of Twin Brook's fifth drawdown fund, raising billion. Twin Brook is a US direct lender focused on lending to lowermiddle-market PE-backed companies. Looking into the back half of the year, TPG expects robust fundraising momentum to continue, led by its Rise Climate franchise. Additionally, it expects credit fundraising to exceed billion for the year, more than double the capital raised in 2023. TPG has raised billion for its credit strategies through the end of June, putting the firm on pace to achieve that goal. TPG 在第二季度筹集了 10 亿美元，其信贷策略筹集了超过 10 亿美元的资金。这一活动的头条新闻是 Twin Brook 的第五只提款基金的最终关闭，筹集 了 10 亿美元。Twin Brook 是一家美国直接贷款机构，专注于向中低端市场私募股权支持的公司提供贷款。展望今年下半年，TPG 预计在其 Rise Climate 特许经营权的引领下，强劲的融资势头将继续。此外，它预计今年的信贷融资将超过 10 亿美元，是 2023 年筹集资金的两倍多。截至 6 月底，TPG 已为其信贷策略筹集了 10 亿美元，使该公司有望实现这一目标。
Blue Owl's Q2 fundraising totaled $5.4 billion, up 13.9% sequentially and up YoY. TTM fundraising of billion was also up sequentially but down 5.9% YoY. Credit led the way for Blue Owl fundraising, raising billion in the second quarter. The strategy was primarily driven by its diversified and first-lien lending strategies, of which billion came from its nontraded business development company (BDC) OCIC. Liquid credit and GP lending secondaries were other drivers in credit. Blue Owl also saw fundraising activity in its nontraded REIT, ORENT, increase as Q2 flows were 130% higher than a year ago. Blue Owl 第二季度的融资总额为 54 亿美元，环比增长 13.9%， 同比增长。TTM 的 10 亿融资额也环比增长，但同比下降 5.9%。Credit 引领 Blue Owl 的筹款，在第二季度筹集 了 10 亿美元。该战略主要由其多元化和第一留置权贷款战略驱动，其中 10 亿美元来自其非贸易业务开发公司 （BDC） OCIC。流动性信贷和 GP 贷款二级市场是信贷的其他驱动因素。Blue Owl 的非交易房地产投资信托基金 ORENT 的筹款活动也有所增加，因为第二季度的资金流入比一年前高出 130%。
All seven public PE managers continue to build out their perpetual capital franchises and seek to benefit from the compelling economics of the model. The unlimited duration of perpetual capital funds removes the pressure to sell assets within a fixed period, increasing flexibility and enabling a more consistent revenue stream of performance fees. As of the second quarter's close, assets in perpetual strategies from 所有七家公共私募股权管理公司都继续建立他们的永久资本特许经营权，并寻求从该模式令人信服的经济效益中受益。永久资本基金的无限期消除了在固定期限内出售资产的压力，增加了灵活性并实现了更稳定的绩效费收入流。截至第二季度收盘，永续策略中的资产来自
Private wealth platforms by manager^ 按管理人划分的私人财富平台^
the publicly traded Big Seven totaled trillion, up 3.7% QoQ and YoY, representing of total AUM. 公开交易的七大巨头总额为 万亿，环比和 同比增长 3.7%，占 总资产管理规模。
Blackstone continues to expand its perpetual capital offerings and AUM, increasing YoY to billion and of its total AUM and retaining the top spot on the leaderboard for total perpetual AUM. Blackstone raised billion from its wealth channel in Q2, including billion for its perpetual strategies and nearly billion in the first half of the year, already exceeding what it raised from individuals in all of 2023. Blackstone's credit and real estate vehicles BCRED and BREIT had impressive quarters, with BCRED bringing in billion in Q2, its best quarter in over two years, and BREIT raising million in new sales, its best quarter in more than a year. Its recently launched PE-focused perpetual vehicle, BXPE, has had a strong first six months, raising a total of billion. The firm's perpetual infrastructure vehicle, BIP, reached the billion milestone, including July fundraising, up from the year-end of 2023. Blackstone 继续扩大其永续资本发行和 AUM，其总 AUM 同比增长 至 10 亿 ，并在总永续 AUM 排行榜上保持领先地位。Blackstone 在第二季度从其财富渠道筹集了 10 亿美元，其中包括 10 亿美元用于其永久策略，以及上半年筹集的近 10 亿美元，已经超过了 2023 年全年从个人渠道筹集的资金。黑石的信贷和房地产工具 BCRED 和 BREIT 的季度表现令人印象深刻，其中 BCRED 在第二季度带来了 10 亿的收入 ，这是两年多来最好的季度，而 BREIT 则筹集 了 100 亿美元的新销售额，这是一年多来最好的季度。其最近推出的专注于私募股权的永续汽车 BXPE 上半年表现强劲，共筹集了 10 亿美元。该公司的永久基础设施工具 BIP 达到了 10 亿的里程碑，包括 7 月份的融资，高于 2023 年底。
KKR's perpetual capital efforts are led by its K-Series suite of vehicles, which raised billion in the second quarter, of which was driven by its PE strategy. Perpetual capital for the firm has reached billion, up YoY. Perpetual capital now represents of the total AUM. KKR has built infrastructure and PE vehicles focused on the US and non-US as part of the K-Series, alongside private business development companies (BDCs), with plans for new platforms in the works. KKR 的永久资本工作由其 K 系列工具引领，该套件在第二季度筹集了 10 亿美元， 其中得益于其私募股权战略。该公司的永久资本已达到 10 亿美元，同比增长 。永久资本现在代表 总 AUM。作为 K 系列的一部分，KKR 与私营企业发展公司 （BDC） 一起构建了专注于美国和非美国的基础设施和 PE 工具，并计划开发新平台。
Apollo's perpetual capital AUM increased to billion, up sequentially and YoY. This comprises billion at Athene, billion at Athora, and the balance across other funds. At 58.7%, Apollo retains the secondlargest share of its total AUM in perpetual capital vehicles. During the first half of the year, Apollo raised just north of billion in its wealth channel, including record fundraising in the second quarter, positioning the firm to exceed the billion raised last year in private wealth. The primary driver of this growth has been its nontraded credit BDC, Apollo Debt Solutions. Monthly inflows for the vehicle averaged more than million in Q2, buoyed by the vehicle's more than net returns over the past year. Apollo 的永续资本 AUM 增至 10 亿，环比同 比增长 。这包括 Athene 的 10 亿美元、 Athora 的 10 亿美元以及其他基金的余额。Apollo 以 58.7% 的比例在其永久资本工具总 AUM 中保持第二大份额。今年上半年，Apollo 在其财富渠道筹集了超过 10 亿美元的 资金，包括第二季度创纪录的融资，使该公司的私人财富筹集量超过去年的 10 亿美元。这一增长的主要驱动力是其非交易信贷 BDC，即 Apollo Debt Solutions。该工具在第二季度的月平均流入量超过 100 万，这得益于该工具在过去一年中超过 净回报的提振。
All three of Ares' fundraising channels, institutional, wealth, and insurance, have had strong first halves. Wealth in particular is seeing a meaningful acceleration in fundraising across its wealth management channel, which has more than tripled this year compared to last year. Perpetual capital for the firm was billion at the end of Q2, an increase of from the prior year. The growth of billion was driven primarily by the commitments to certain funds and separately managed accounts (SMAs) in its alternative credit and US and European direct lending strategies, capital raised by its BDCs, and additional managed assets from its insurance platforms. During the quarter, Ares raised more than billion from its six nontraded products and, when including leverage, raised more than billion. Year-to-date, new equity commitments totaled more than billion, 3.5 times the capital raised in the same period a year ago. Ares expects flows into its wealth-focused products to continue its momentum through the second half of the year. Ares 的所有三个筹款渠道（机构、财富和保险）在上半年都表现强劲。尤其是财富管理渠道的筹款活动大幅加速，今年的筹资额比去年增长了两倍多。截至第二季度末，该公司的永久资本为 10 亿美元， 比上一年有所增加。 10 亿美元的增长主要得益于其另类信贷以及美国和欧洲直接贷款策略中对某些基金和独立管理账户 （SMA） 的承诺、BDC 筹集的资金以及来自其保险平台的额外管理资产。在本季度，Ares 从其 6 种非交易产品中筹集了超过 10 亿美元，如果包括杠杆在内，还筹集了超过 10 亿美元。年初至今，新股本承诺总额超过 10 亿，是去年同期筹集资金的 3.5 倍。Ares 预计，流入其以财富为重点的产品的资金将在今年下半年继续保持势头。
Carlyle's perpetual capital AUM is now up to billion, supported by the billion in AUM coming from Fortitude in its insurance solutions strategy. The firm's credit wealth fund CTAC had a strong first half, and its secondary-focused investment solutions wealth product, CAPM, saw a ramp-up in sales. Additionally, CAPM has built strong momentum after being added to several new wealth distribution platforms. Looking ahead, Carlyle still plans to have a PE wealth vehicle launch sometime in 2025. However, the firm did mention that its focus for the wealth channel is to scale its existing platforms. It has no desire to flood its distribution partners with products. 凯雷的永久资本 AUM 现在高达 10 亿，这得益于 Fortitude 在其保险解决方案战略中提供的 10 亿 AUM 的支持。该公司的信贷财富基金 CTAC 上半年表现强劲，其专注于二级投资解决方案财富产品 CAPM 的销售额有所增长。此外，CAPM 在被添加到几个新的财富分配平台后建立了强劲的势头。展望未来，凯雷仍计划在 2025 年的某个时候推出 PE 财富工具。然而，该公司确实提到，其财富渠道的重点是扩展其现有平台。它不想用产品淹没其分销合作伙伴。
TPG continues to integrate recently acquired company AG following the close of that deal in late 2023, which expanded operations and capabilities across real estate and credit while further enhancing TPG's presence in Europe and Asia. The acquisition also significantly increased AUM and, subsequently, perpetual capital AUM, now at billion, up more than YoY. The firm did mention that it is actively working on the launch of its first semi-liquid PE vehicle, which it expects to launch at the beginning of 2025. For this new vehicle, TPG's climate and impact strategies will be a part of the offering. Akin to Blackstone's BXPE, TPG's PE vehicle will essentially be a broad compilation of opportunities and deals across its PE franchise. 在 2023 年底完成该交易后，TPG 继续整合最近收购的公司 AG，这扩大了房地产和信贷的业务和能力，同时进一步增强了 TPG 在欧洲和亚洲的影响力。此次收购还显著提高了 AUM，随后的永久资本 AUM 同比增长超过 10 亿美元。该公司确实提到，它正在积极努力推出其第一辆半液体 PE 汽车，预计将于 2025 年初推出。对于这款新车，TPG 的气候和影响战略将成为产品的一部分。类似于黑石的 BXPE，TPG 的 PE 工具本质上将是其 PE 特许经营权中的机会和交易的广泛汇编。
Blue Owl saw gross flows into its perpetually distributed products reach billion in the second quarter, more than higher than the first quarter and more than double the second quarter of 2023. Its perpetual capital AUM is now billion or of total AUM, the highest of any public alternative asset manager. The permanent capital AUM increased 22% YoY and generated of management fees during the TTM. Moreover, Blue Owl's two BDCs, OCIC and OTIC, have maintained sturdy fundraising activity. It expects that to carry into the second half of the year. Blue Owl 第二季度的永久分销产品总流入量达到 10 亿， 高于第一季度，是 2023 年第二季度的两倍多。其永久资本 AUM 现在 为 10 亿或 总 AUM，是所有公共另类资产管理公司中最高的。永久资本 AUM 同比增长 22%，并在 TTM 期间产生 管理费。此外，Blue Owl 的两个 BDC，OCIC 和 OTIC，一直保持着稳健的筹款活动。它预计这种情况将持续到今年下半年。
PitchBook 推销簿
Insurance channel update 保险频道更新
The insurance channel allows these managers to scale their credit strategies and permanent capital bases. The pairing of insurance managers and these public alt managers is mutually beneficial. The longer duration required for private market strategies aligns with the long-term outlook held by insurance managers and subsequently their investment theses. The insurance sector invests primarily in fixed income, which has helped to complement these firms as they build out or buy heavily in their private credit franchises to capture insurance inflows and scale AUM further. 保险渠道允许这些管理人扩大他们的信贷策略和永久资本基础。保险经理和这些公共 alt 经理的配对是互惠互利的。私募市场策略所需的较长期限与保险经理的长期前景以及随后的投资论点一致。保险业主要投资于固定收益，这有助于补充这些公司，因为它们建立或大量购买其私人信贷特许经营权，以捕获保险流入并进一步扩大 AUM。
Through the first half of 2024, Blackstone now has billion of AUM in insurance, up 21.0% YoY, with the goal of reaching billion in AUM in the next few years. Blackstone is coming off strong fundraising in 2023 from the insurance channel, where the firm raised just over billion from its core four insurance clients. For 2024, the firm stated that it is on track to achieve its goal of billion to billion of inflows from its core four. As mentioned, the firm has four large strategic relationships and 15 SMAs and expects its business to grow significantly from here. 到 2024 年上半年，Blackstone 现在拥有 10 亿的保险 AUM，同比增长 21.0%，目标是在未来几年内达到 10 亿的 AUM。Blackstone 在 2023 年从保险渠道筹集了强劲的资金，该公司从其四个核心保险客户那里筹集了超过 10 亿的资金。该公司表示，到 2024 年，它有望实现从其核心四大核心获得 10 亿至 10 亿资金流入的目标。如前所述，该公司拥有 4 个大型战略关系和 15 个 SMA，并预计其业务将从这里显着增长。
Global Atlantic (GA), KKR's wholly owned insurance business, now holds billion in AUM, of which billion is credit AUM. In Q2, the firm saw a record volume of inflows from GA across annuity sales and flow reinsurance totaling more than billion in the quarter, compared to less than billion just a year ago. Looking at the last four quarters, total inflows, including block activity, have been over billion. That is the highest point in any 12-month period in GA's history. One key theme the firm has seen regarding insurance fundraising is that KKR thought insurers might pull back when rates increased, but they have not seen that and are instead seeing as much activity and momentum in insurance as the firm has seen in a while. Together with KKR, GA completed multiple strategic firsts in the Q2 and shortly after quarter's end, including its first real estate-equity multifamily investment, its first investment in the infrastructure team, and its first capital markets transaction-fee-generating investment. In June, KKR introduced insurance as its fifth asset class. This asset class is led by the Ivy Sidecar franchise that invests alongside the GA balance sheet in block-andflow deals. For KKR, this area has among the most compelling capital supply-demand imbalances across the firm. KKR 的全资保险业务 Global Atlantic （GA） 目前持有 10 亿的 AUM，其中 10 亿是信贷 AUM。在第二季度，该公司在年金销售和流量再保险方面的 GA 流入量创下历史新高，而一年前还不到 10 亿。从过去四个季度来看，包括区块活动在内的总流入量已超过 10 亿。这是 GA 历史上任何 12 个月期间的最高点。该公司看到的关于保险筹款的一个关键主题是，KKR 认为保险公司可能会在费率上涨时撤退，但他们没有看到这一点，相反，他们看到了与公司一段时间以来看到的一样多的保险活动和势头。GA 与 KKR 一起在第二季度和季度末后不久完成了多项战略首创，包括其第一笔房地产股权多户住宅投资、对基础设施团队的首次投资以及第一笔资本市场交易费用投资。6 月，KKR 推出了保险作为其第五个资产类别。该资产类别由 Ivy Sidecar 特许经营权领导，该特许经营权与 GA 资产负债表一起投资于大宗流动交易。对于 KKR 来说，这一领域是整个公司最引人注目的资本供需失衡之一。
Apollo continues to see strong insurance inflows, propelled by its US platform Athene and its European platform Athora. In the second quarter, Athene had organic inflows of billion Apollo 在其美国平台 Athene 和欧洲平台 Athora 的推动下，继续看到强劲的保险资金流入。在第二季度，Athene 的有机流入量为 10 亿
Perpetual capital ($B) and share of total AUM by manager 永续资本 （$B） 和经理 占总 AUM 的份额
and billion YTD, remaining on track for billion of organic inflows for the year. In the retirement services space, robust annuity sales activity underwritten to attractive returns amid continued secular demand for retirement savings products has helped to drive the strategy. In Q2, ADIP, the capital engine that helps Athene scale its business, closed its second fund, ADIP II, at billion, almost twice as much as its predecessor. The firm claims that, to its knowledge, it is the largest third-party capital sidecar in the retirement services industry. ADIP invests side-by-side with Athene in new business, enabling Athene to scale in a capital-efficient manner while providing an attractive risk-adjusted return to investors. 和 10 亿年初至今，今年仍有望实现 10 亿的有机资金流入。在退休服务领域，在对退休储蓄产品的持续长期需求中，强劲的年金销售活动获得了可观的回报，这有助于推动该战略。第二季度，帮助 Athene 扩展业务的资本引擎 ADIP 以 10 亿美元完成了其第二只基金 ADIP II 的募集，几乎是其前身的两倍。该公司声称，据其所知，它是退休服务行业最大的第三方资本 sidecar。ADIP 与 Athene 并肩投资于新业务，使 Athene 能够以资本效率高的方式进行扩展，同时为投资者提供有吸引力的风险调整后回报。
Carlyle's insurance efforts are led by its insurance business Fortitude, with billion of AUM. Carlyle emphasized the substantial opportunity set that insurance presents for the firm. And as ABF continues to gain momentum, the firm expects it to have a positive impact on future insurance flows. The ABF portion of the business is a significant opportunity for Carlyle and has been a big focus for the firm's credit and insurance teams. On the block side of the insurance sector, the firm is seeing a more competitive landscape and, as a result, is being more disciplined about capital deployment there. 凯雷的保险业务由其拥有 10 亿资产管理规模的保险业务 Fortitude 领导。Carlyle 强调了保险为公司带来的巨大机会。随着 ABF 的持续发展势头，该公司预计它将对未来的保险流量产生积极影响。ABF 业务部分对凯雷来说是一个重大机会，也是公司信贷和保险团队的一大重点。在保险业的区块方面，该公司看到了竞争更加激烈的格局，因此，在资本部署方面更加严格。
For Ares, the firm's minority-owned insurance affiliate, Apsida, is on a solid growth trajectory. In the second quarter, 对于 Ares 来说，该公司的少数族裔保险附属公司 Apsida 正处于稳健的增长轨道上。在第二季度，
PPitchBook
it secured nearly million in additional institutional equity from third-party insurers. With more equity capital expected in Q3, Aspida is in a favorable position to reach its goal of billion in AUM by the end of 2025. Looking more broadly at insurance, Ares raised billion in Q2 within its insurance segment. Ares stated that the broader annuity market is thriving, with sales exceeding a record billion on an annualized run rate in the first half of 2024. Aspida is benefiting from these industry tailwinds, experiencing robust flows from new retail annuity sales and increased flow reinsurance opportunities. 它从第三方保险公司获得了近 百万的额外机构股权。由于预计第三季度将有更多的股本，Aspida 有望在 2025 年底前实现其 10 亿澳元的目标。从更广泛的保险领域来看，Ares 在第二季度的保险部门筹集了 10 亿美元。Ares 表示，更广泛的年金市场正在蓬勃发展，2024 年上半年的年化运行率销售额超过创纪录 的 10 亿。Aspida 受益于这些行业顺风，新零售年金销售和增加的流量再保险机会带来了强劲的流量。
As of July 1, Blue Owl officially closed its acquisition of Kuvare Asset Management (KAM), a manager that focuses on providing asset management services to the insurance industry. The deal added approximately billion in AUM and helped to unlock a new fundraising channel for the firm, expanding from its previous staple channels of institutional and wealth. With the acquisition of KAM, Blue Owl now offers a holistic asset management solution to insurance companies, substantially broadening its potential investor base. Blue Owl expects the integration of KAM and its other acquisitions to go smoothly, given there is generally little overlap between Blue Owl's existing footprint and that of KAM. Blue Owl mentioned that Kuvare remains very active in the insurance business, meaning it continues to successfully issue new annuities, which, over time, bodes well for Blue Owl. 截至 7 月 1 日，Blue Owl 正式完成了对 Kuvare Asset Management （KAM） 的收购，KAM 是一家专注于为保险行业提供资产管理服务的管理公司。这笔交易增加了大约 10 亿的 AUM，并帮助该公司开辟了一个新的筹款渠道，从之前的主要机构和财富渠道扩展。通过收购 KAM，Blue Owl 现在为保险公司提供全面的资产管理解决方案，大大拓宽了其潜在投资者基础。Blue Owl 预计 KAM 及其其他收购的整合将顺利进行，因为 Blue Owl 的现有业务与 KAM 的业务范围之间通常几乎没有重叠。Blue Owl 提到，Kuvare 在保险业务中仍然非常活跃，这意味着它继续成功发行新的年金，随着时间的推移，这对 Blue Owl 来说是个好兆头。
Now that TPG is back in the credit space, the firm is focusing on scaling its existing TPG AG credit businesses by innovating new products and further penetrating newer channels, including insurance. For example, Twin Brook meaningfully expanded its investor base globally since the acquisition, particularly in Asia, and increased diversification towards sovereign wealth funds and multinational insurance companies in Europe and Japan. Moreover, the US represented about 61% of Twin Brook's Fund IV LP base, which decreased to in recently closed Fund V, replaced by significant growth in APAC, Europe, and the Middle East. By investor type, insurance companies represented only 6% of the LP base in Fund IV and increased significantly to 29% in Fund . 现在 TPG 重返信贷领域，该公司正专注于通过创新新产品和进一步渗透包括保险在内的新渠道来扩展其现有的 TPG AG 信贷业务。例如，自收购以来，Twin Brook 有意义地扩大了其全球投资者基础，尤其是在亚洲，并增加了对欧洲和日本主权财富基金和跨国保险公司的多元化。此外，美国约占 Twin Brook Fund IV 有限合伙人基础的 61%，该基础下降到 最近关闭的 Fund V，取而代之的是亚太地区、欧洲和中东的显着增长。按投资者类型划分，保险公司仅占基金 IV 的 LP 基础的 6%，而在基金 中则显著增加到 29%。
Insurance platforms by manager* 按管理人划分的保险平台*
Firm 公司
Insurance platform(s) 保险平台
保险资产管理规模 （$B）
Insurance
AUM ($B)
占总 AUM 的百分比
% of total
AUM
保险 TTM
流入 （ 乙）
Insurance TTM
inflows ( B)
总 TTM
流入 （ ）
Total TTM
inflows ( )
占 TTM 总流入量的百分比
% of total TTM
Inflows
Launch date 发布日期
收购的股份
Share
acquired
Apollo 阿波罗
Athene, Athora 雅典娜，阿索拉
January 3, 2022 1月 3， 2022
100.0%
Blackstone 百 仕 通
4 core minority investments 4 项核心少数股权投资
$211.0
19.6%
$151.5
18.8%
N/A 不适用
N/A 不适用
KKR
Global Atlantic 全球大西洋
February 1, 2021 2月 1， 2021
100.0%
Carlyle 凯雷
Fortitude 刚毅
N/A 不适用
N/A 不适用
March 31, 2022 3月 31， 2022
71.5%
Blue 0wl 蓝色 0wl
Kuvare Asset Management Kuvare 资产管理
N/A 不适用
N/A 不适用
April 3, 2024 4月 3， 2024
100.0%
Ares 阿瑞斯
Aspida 阿斯皮达
July 9, 2019 七月 9， 2019
100.0%
PPitchBook
Strategy expansion 战略扩展
PE fundraising share relative to PE AUM share* 私募股权募资份额相对于私募股权资产管理规模份额*
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
The seven public alternative managers continue to pursue firm growth, both organically and inorganically, and are tackling multiple pathways simultaneously. Credit, insurance, and private wealth remain the main areas managers are pushing into, and Asian markets are seen as major opportunities for growth in geographic expansion of existing and new strategies. KKR for example, introduced insurance as a new asset class in June and plans to invest alongside GA in block and deal flows. The firm also launched Ascendant, which is its first vehicle in a middle market PE strategy. Al infrastructure was also discussed at length by a couple managers during their earnings calls as a key driver of business. Apollo described the capital needed for data centers and infrastructure to be one of the major fundamental shifts in the marketplace, while Blackstone expected trillion of capital expenditures globally in the next five years to build and facilitate data centers. Both Blackstone and KKR connected the need for Al infrastructure to opportunities in credit, insurance, and real estate businesses. 这七家公共替代管理公司继续追求有机和无机稳健的增长，并同时寻求多种途径。信贷、保险和私人财富仍然是管理人正在推动的主要领域，亚洲市场被视为现有和新战略地域扩张的主要增长机会。例如，KKR 在 6 月将保险作为一种新的资产类别推出，并计划与 GA 一起投资大宗和交易流。该公司还推出了 Ascendant，这是其中间市场私募股权战略的第一款工具。几位经理在财报电话会议上还详细讨论了人工智能基础设施作为业务的关键驱动力。Apollo 将数据中心和 基础设施所需的资本描述为市场的主要根本性转变之一，而 Blackstone 预计 未来五年全球将有数万亿的资本支出用于构建和促进数据中心。Blackstone 和 KKR 都将对人工智能基础设施的需求与信贷、保险和房地产业务的机会联系起来。
Blackstone also sees momentum in private wealth accelerating and plans to bring additional large-scale perpetual vehicles to market early next year to add to its current three existing vehicles. One will be an infrastructure vehicle that gives investors access to equity, secondaries, and credit businesses and another will be across Blackstone's credit platform. The firm also expects its credit and insurance business to grow significantly and sees tremendous interest in ABF in particular. Carlyle also spoke to the growth potential in , saying the firm was in the early innings of a multitrillion dollar market opportunity. Carlyle is also pushing into wealth channels and has launched its solutions wealth product, CAPM. Blackstone 还看到了私人财富的加速发展势头，并计划在明年初将更多的大型永续汽车推向市场，以增加其现有的三辆汽车。一个是基础设施工具，让投资者能够接触到股票、二级市场和信贷业务，另一个将是 Blackstone 的信贷平台。该公司还预计其信贷和保险业务将大幅增长，尤其是对 ABF 的巨大兴趣。凯雷还谈到了 的增长潜力，称该公司正处于数万亿美元市场机会的早期阶段。凯雷也在进军财富渠道，并推出了其解决方案财富产品 CAPM。
TPG is also capitalizing on its expanded breadth of strategies and pursuing several different angles for capital growth. First, TPG held a final close for Twin Brook's fifth drawdown fund, which is a direct lending fund focused on PE-backed lowermiddle-market companies. The fundraise exceeded its target as it expanded its its investor base as well as its origination capacity in the lower-middle-market space. Second, TPG expects its Rise Climate strategy to carry fundraising momentum for the rest of the year and plans to hold a first close for Rise Climate Transition Infrastructure fund before the end of the year. The firm expects to raise billion through the end of 2024 through new strategies including Rise TPG 还利用其扩大的战略广度，并从几个不同的角度实现资本增长。首先，TPG 为 Twin Brook 的第五只提款基金进行了最终关闭，该基金是一个专注于私募股权支持的中低端市场公司的直接借贷基金。此次融资超出了目标，因为它扩大了投资者基础以及在中低端市场领域的发起能力。 其次，TPG 预计其 Rise Climate 策略将在今年剩余时间内保持筹款势头，并计划在年底前为 Rise Climate Transition Infrastructure 基金举行首次结算。该公司预计到 2024 年底将通过包括 Rise 在内的新战略筹集 10 亿美元
PitchBook 推销簿
Climate and Infrastructure, broadening real estate and credit platforms, and a scaled GP-led secondaries business that will have a final close for its inaugural GP Solutions fund in Q3. Lastly, TPG is in the process of launching a new strategy, Hybrid Solutions, which will tap in to the firm's expertise in PE and credit. 气候和基础设施、扩大房地产和信贷平台，以及由 GP 领导的规模化二级市场业务，该业务将于第三季度完成其首支 GP Solutions 基金的最终交易。最后，TPG 正在推出一项新战略 Hybrid Solutions，该战略将利用公司在 PE 和 Credit 方面的专业知识。
Apollo described in its earnings call that the firm's current five-year plan is underpinned by three pillars of strategic growth: debt origination, global wealth, and capital solutions. The firm is broadening access to private credit in its global wealth channel on a geographic basis, building out insurance and credit capabilities in Asia, and focused on building a next generation of products for retirees. Additionally, Apollo is launching a flagship climate and transition credit strategy called Apollo Clean Transition Capital and has secured a strategic investment from Mizuho Bank. The firm plans to launch a broader fundraise next year. Apollo 在其财报电话会议上表示，该公司目前的五年计划以战略增长的三大支柱为基础：债务发放、全球财富和资本解决方案。该公司正在按地理范围扩大其全球财富渠道中的私人信贷获取渠道，在亚洲建立保险和信贷业务，并专注于为退休人员打造下一代产品。此外，Apollo 正在推出一项名为 Apollo Clean Transition Capital 的旗舰气候和转型信贷战略，并已获得瑞穗银行的战略投资。该公司计划明年发起更广泛的募款。
Ares also noted that it is seeing significant demand for alternative investment products from both institutional and retail markets, particularly in broad credit. Its wealth management channel has more than tripled so far in 2024 compared to 2023, with credit leading the way for growth. Ares is in the process of introducing new products around infrastructure and private credit and recently launched a specialty healthcare credit fund. Ares also described Ares 还指出，它看到机构和零售市场对另类投资产品的巨大需求，尤其是广义信贷。与 2023 年相比，2024 年迄今为止，其财富管理渠道增加了两倍多，其中信贷引领增长。Ares 正在围绕基础设施和私人信贷推出新产品，最近推出了一个专门的医疗保健信贷基金。Ares 还描述了
Industry-wide IRRs by strategy* 按策略划分的全行业 IRR*
1 -year 1 年
5 -year 5 年
10 -year 10 年
15-year 15 年
Private equity 私募股权
Secondaries 辅助
Private debt 私人债务
Real assets 实物资产
Venture capital 风险资本
Real estate 房地产
Private capital 私人资本
S&P 500 标准普尔 500
Source: PitchBook Geography: Global *As of September 30, 2023 the opportunities for new investments in the secondaries market as both managers and investors continue to manage liquidity demands amid a slower M&A market and adjusting valuations. It is tapping into purchasing LP portfolios, working with other GPs on continuation funds, and creating structured solutions for GPs and LPs. 资料来源：PitchBook 地理：全球 *截至 2023 年 9 月 30 日，在并购市场放缓和调整估值的情况下，管理人和投资者继续管理流动性需求，二级市场存在新投资机会。它正在利用购买 LP 投资组合，与其他 GP 合作开发延续基金，并为 GP 和 LP 创建结构化解决方案。
The public alternative managers also actively pursue partnerships or acquisitions to add scale and new capabilities to their firms. For example, KKR announced an exclusive strategic partnership with Capital Group, a global active asset manager with trillion of AUM. KKR will gain public market investing and distribution expertise from the partnership and plans to introduce a series of hybrid public and private investment solutions starting in 2025. The hybrid products will go beyond KKR's K-Series wealth products to reach into the mass market and make KKR's platform available to a broader universe of investors. KKR plans to start with a credit product, then infrastructure, PE, and real estate. In another example, Blue Owl's acquisition of KAM added billion of AUM when it closed in July. It enables the firm to offer holistic asset-management solutions to insurance companies to broaden the firm's investor base. Blue Owl's acquisition of Prima Capital Advisors, a real estate lending firm, closed in June, adding billion of AUM. The acquisition provides Blue Owl with a leg into real estate credit, which the firm described as a trillion addressable market. 公共替代管理人还积极寻求合作伙伴关系或收购，以增加其公司的规模和新的能力。例如，KKR 宣布与 Capital Group 建立独家战略合作伙伴关系，Capital Group 是一家拥有 万亿 AUM 的全球主动型资产管理公司。 KKR 将从合作伙伴关系中获得公开市场投资和分销专业知识，并计划从 2025 年开始推出一系列混合公共和私人投资解决方案。这些混合产品将超越 KKR 的 K 系列财富产品，进入大众市场，并使 KKR 的平台可供更广泛的投资者使用。KKR 计划从信贷产品开始，然后是基础设施、私募股权和房地产。在另一个例子中，Blue Owl 对 KAM 的收购在 7 月完成时增加了 10 亿的 AUM。它使公司能够为保险公司提供全面的资产管理解决方案，以扩大公司的投资者基础。Blue Owl 对房地产贷款公司 Prima Capital Advisors 的收购于 6 月完成，增加了 10 亿的资产管理规模。此次收购为 Blue Owl 提供了进入房地产信贷的一席之地，该公司将其描述为一个 万亿的潜在市场。
Strategy offerings by manager 经理 的策略产品
Source: PitchBook Geography: Global *As of June 30, 2024 来源：PitchBook 地理：全球 *截至 2024 年 6 月 30 日
PitchBook 推销簿
Share of AUM by manager and strategy" 按管理人和策略划分的 AUM 份额”
Apollo 阿波罗
Carlyle 凯雷
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
PPitchBook
Share of AUM by manager and strategy (continued) 按管理人和策略划分的 AUM 份额（续）
Blue Owl 蓝猫头鹰
TPG TPG的
All firms 所有公司
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
PitchBook 推销簿
GP deal activity GP 交易活动
Deals targeting alternative asset managers 针对另类资产管理公司的交易
Source: PitchBook Geography: Global *As of August 1, 2024 来源：PitchBook 地理：全球 *截至 2024 年 8 月 1 日
Deals targeting GPs are on track to set a record in 2024. A total of 89 deals have been announced or completed through July, an increase over the same period in 2023. At this pace, GP deal count should easily surpass the prior record of 114 deals in 2021. With the exception of GP stake deals, all the deals we track are strategic in nature, meaning that the acquirer is investing its own capital. By contrast, GP stake deals are investing out of funds-and only those funds with the expressed purpose of pursuing a GP stake strategy. In this way we can track industry consolidation trends as well as LP interest in GP investing as an alpha-generating strategy. Lastly, we track both control and noncontrol deal flow for a more holistic view of strategic demand and investor interest. 针对 GP 的交易有望在 2024 年创下纪录。截至 7 月，共有 89 笔交易已宣布或完成，比 2023 年同期有所增加。按照这个速度，GP 交易数量应该很容易超过 2021 年 114 笔交易的先前记录。除了 GP 股权交易外，我们跟踪的所有交易都具有战略性质，这意味着收购方正在投资自己的资本。相比之下，GP 股权交易是从资金中投资的，而且只投资于那些明确目的是追求 GP 股权策略的基金。通过这种方式，我们可以跟踪行业整合趋势以及 LP 对 GP 投资的兴趣，将其作为一种产生 alpha 的策略。最后，我们跟踪控制和非控制交易流，以更全面地了解战略需求和投资者兴趣。
Unlike the 2021 peak, when GP staking accounted for of all GP deals, that mix has declined to of all deals in 2024. At 16 deals though July, GP stake activity is on track for its slowest year since 2017. More than offsetting that decline has been robust strategic activity, especially minority strategic with a total of 30 deals YTD. Should the present trend hold, 2024 will mark the first time in 13 years that strategic minority deals have outnumbered GP stake deals. Examining this trend, we see several examples of traditional LPs such as insurance companies and family offices gaining more direct exposure to new strategies by taking minority stakes in GPs with a core skill set to match. We also see elevated activity involving non-US managers, which describes nearly half of these strategic minority stakes YTD. Lastly, we see strategic minority stakes taken in a diverse range of specialized strategies such as environmental, social & governance, asset backed finance, energy transition, sports, structured equity and debt, and crossover investing. 与 2021 年的峰值不同，当时 GP 质押占 所有 GP 交易，而 2024 年这一组合已下降到 所有交易中。截至 7 月份，GP 的股权交易为 16 笔，有望成为自 2017 年以来最慢的一年。强劲的战略活动不仅抵消了这种下降，尤其是少数战略活动，年初至今共有 30 笔交易。如果目前的趋势保持下去，2024 年将是 13 年来战略性少数股权交易数量首次超过普通合伙人股权交易。研究这一趋势，我们看到几个传统有限合伙人（如保险公司和家族办公室）通过持有具有匹配核心技能的普通合伙人的少数股权，更直接地接触新战略。我们还看到，涉及非美国管理人的活动有所增加，这代表了年初至今这些战略少数股权的近一半。最后，我们看到战略性的少数股权参与各种专业策略，如环境、社会和治理、资产支持融资、能源转型、体育、结构性股权和债务，以及交叉投资。
Illustrating this trend of strategic minority stakes by crossover LPs, Dai-ichi Life acquired a 19.9% stake in distressed credit and CLO manager Canyon Partners. The investment provides a stepping stone to buy all of Canyon in five years' time, with rights to acquire up to 51% by 2027 and up to 100% by 2029. At the same time, Dai-ichi is investing billion in Canyon's co-mingled funds for a combined total investment of billion inclusive of the minority stake in Canyon's GP franchise. The stake values Canyon at billion, or of the billion it presently has under management. 为了说明跨界 LP 战略性少数股权的趋势，Dai-ichi Life 收购了不良信贷和 CLO 管理公司 Canyon Partners 19.9% 的股份。这项投资为在五年内购买 Canyon 的全部股份提供了垫脚石，有权到 2027 年收购高达 51% 的股份，到 2029 年收购高达 100% 的股份。与此同时，Dai-ichi 正在向 Canyon 的混合基金投资 10 亿美元，总投资额为 10 亿美元，包括 Canyon GP 特许经营权的少数股权。该股份对 Canyon 的估值为 10 亿美元，即 其目前管理的 10 亿美元。
Control transactions by strategic acquirers have also surged in the GP manager space. While not a pure play, the recently announced billion deal for AXA Investments by BNP Paribas was at least partially motivated by AXA's healthy exposure to alternative investments. Of the billion in AUM being acquired, approximately is tied to private 战略收购方的控制交易在 GP 管理人领域也激增。虽然不是纯粹的玩意，但法国巴黎银行最近宣布 的 10 亿笔交易至少部分是由于 AXA 对另类投资的良好敞口。在被收购的 10 亿 AUM 中，大约 与私人有关
PitchBook 推销簿
credit, real estate and infrastructure, significantly above BNP's exposure to alts in its legacy asset management business. Still, at a purchase price of less than of AUM, the valuation stands in stark contrast to pure play alternative asset managers that trade at a median ratio of of AUM. 信贷、房地产和基础设施，远高于法国巴黎银行在其传统资产管理业务中对 ALTS 的敞口。尽管如此，在低于 AUM 的购买价格下，该估值与以 AUM 的中位数比率 交易的纯另类资产管理公司形成鲜明对比。
Strategic M&A in Q2 was also highlighted by Arctos Partners' billion acquisition of Hayfin Capital (3.9% of AUM). Actos took over BCIC's majority stake, which was acquired in 2017 for million. While initially financed entirely by Arctos, the transaction is intended to facilitate an eventual 100% ownership by the Hayfin management team. Arctos is primarily known as a PE leader investing in professional sports franchises. It has taken that expertise to diversify into a strategy that invests in GP franchises. In July of 2023 it launched its Keystone platform, which provides growth capital and liquidity solutions to alternative asset managers. Its backing of the Hayfin management buyout is one of its first financings. Hayfin is a London-based private credit manager with billion in AUM and a leading position in Europe. Arctos Partners 以 10 亿美元收购 Hayfin Capital（占 AUM 的 3.9%）也突出了第二季度的战略并购。Actos 接管了 BCIC 的多数股权，该股权于 2017 年以 数百万美元的价格收购。虽然最初完全由 Arctos 提供资金，但该交易旨在促进 Hayfin 管理团队最终获得 100% 的所有权。Arctos 主要以投资职业体育特许经营权的 PE 领导者而闻名。它利用这些专业知识将多元化发展为投资于 GP 特许经营权的战略。2023 年 7 月，它推出了 Keystone 平台，为另类资产管理公司提供增长资本和流动性解决方案。它对 Hayfin 管理层收购的支持是其首批融资之一。Hayfin 是一家总部位于伦敦的私人信贷管理公司，拥有 10 亿的资产管理规模，在欧洲处于领先地位。
Also notable was the acquisition of real estate manager Townsend Group by a consortium of financial sponsors led by buyout specialist The Riverside Company for an undisclosed amount. Other co-investors included MLC Australia, another PE manager, and Ten Capital Management and Bluerock, two real estate sponsors. Bluerock will contribute its 22-year track record of raising capital through interval funds from the private wealth channel and enter into a strategic partnership to do the same with Townsend. Townsend manages more than billion in assets primarily for institutional investors. 同样值得注意的是，由收购专家 The Riverside Company 领导的金融赞助商财团收购了房地产管理公司 Townsend Group，收购金额未披露。其他共同投资者包括另一家私募股权管理公司 MLC 澳大利亚，以及两家房地产赞助商 Ten Capital Management 和 Bluerock。Bluerock 将贡献其 22 年来通过私人财富渠道的间隔基金筹集资金的记录，并与 Townsend 建立战略合作伙伴关系以做同样的事情。Townsend 主要为机构投资者管理着超过 10 亿的资产。
The speed and pace of strategic M&A so far this year is noteworthy, and in many cases, we see single-strategy managers attempting to gain more diverse revenue streams and distribution channels as well as scale to compete better in a fundraising market that has favored large, multi-strategy platforms. Control transactions of GPs are on pace to exceed 75 this year, compared to 42 last year. Even without BlackRock's acquisition of GIP for billion, the largest alts deal ever, deal value is on track to equal last year's total of billion. With it, deal value is on track to nearly double to billion this year. A staggering billion in AUM has traded so far this year, or 2.1% of total industry AUM, 今年到目前为止，战略并购的速度和速度值得注意，在许多情况下，我们看到单一策略管理人试图获得更多样化的收入来源和分销渠道，并扩大规模，以便在偏爱大型多策略平台的融资市场中更好地竞争。今年 GP 的控制权交易有望超过 75 笔，而去年为 42 笔。即使没有贝莱德以 10 亿美元收购 GIP，这是有史以来最大的另类交易 ，交易价值也有望与去年的 10 亿美元持平。有了它，今年的交易价值有望增加近一倍，达到 10 亿美元。今年迄今已交易了惊人的 10 亿澳元，占行业总资产管理规模的 2.1%，
which PitchBook estimates at trillion as of year-end 2023. By this metric, the alts industry has clearly entered a consolidation phase 截至 2023 年底，PitchBook 估计这一数字为 万亿。从这个指标来看，alts 行业显然已经进入了整合阶段
Rounding out GP deal flow in Q2, there were seven GP stake transactions during the quarter. Petershill Partners moved twice, acquiring a 40% stake in Kennedy Lewis, a private credit and CLO manager with $14 billion in AUM, followed by an undisclosed stake in Pennybacker, a real assets manager with billion in AUM. Blue Owl, in conjunction with its new partnership with Lunate to pursue mid-market GPs, acquired a GP stake in Linden, a healthcare-focused PE sponsor with billion in AUM. And Bonaccord continued at its steady deal cadence with an announced stake in Lead Edge, a tech and B2C focused PE sponsor with billion in AUM. Outside of these, AUM amounts dropped off significantly and included more emerging managers. What is holding back GP stake deal flow despite the robust and strategic minority backdrop may be related. More demand for GP targets may be propping up prices beyond what staking firms are willing to pay. This should eventually correct as more sellers come to the market and others are forced to as competitive conditions intensify. 除了第二季度的 GP 交易流，本季度有 7 笔 GP 股权交易。Petershill Partners 采取了两次行动，收购了 Kennedy Lewis 40% 的股份，Kennedy Lewis 是一家拥有 140 亿美元资产管理规模的私人信贷和 CLO 管理公司，随后又收购了拥有 10 亿美元资产管理规模的实物资产管理公司 Pennybacker 的未披露股份。Blue Owl 与 Lunate 建立新的合作伙伴关系以寻求中端市场 GP，收购了 Linden 的 GP 股份，Linden 是一家专注于医疗保健的私募股权赞助商，拥有 10 亿美元的资产管理规模。Bonaccord 继续以稳定的交易节奏进行，宣布入股 Lead Edge，这是一家专注于技术和 B2C 的私募股权赞助商，资产管理 规模达 10 亿美元。除此之外，AUM 金额大幅下降，并包括更多新兴管理人。尽管存在强大 且具有战略意义的少数股权背景，但阻碍 GP 股权交易流向的原因可能与此有关。对 GP 目标的更多需求可能会支撑价格，超出质押公司愿意支付的价格。随着越来越多的卖家进入市场，而随着竞争条件的加剧，其他卖家被迫进入市场，这种情况最终应该会得到纠正。
PitchBook 推销簿
Notable alternative asset manager deals YTD* 年初至今值得注意的另类资产管理公司交易*
Target 目标
AUM
Lead investor/buyer 牵头投资者/买家
交易价值
Deal value
Deal type 交易类型
Manager style/specialty 经理风格/专业
Global Infrastructure Partners 全球基础设施合作伙伴
BlackRock 贝莱德
Acquisition 收购
Infrastructure 基础设施
Pretium 博盛
Collective Global Collective 全球
N/A 不适用
GP stake GP 赌注
房地产、抵押贷款融资和公司债务
Real estate, mortgage finance
& corporate debt
Hayfin Capital Management 海芬资本管理
Arctos Partners Arctos 合作伙伴
Acquisition 收购
Private credit - Europe 私人信贷 - 欧洲
Canyon Partners Canyon 合作伙伴
Dai-ichi Life Holdings 第一生命控股
Strategic minority 战略少数
Credit & real estate 信贷和房地产
Kuvare 库瓦雷
Blue Owl 蓝猫头鹰
Strategic minority 战略少数
Credit & real estate debt 信贷和房地产债务
Townsend Group 汤森集团
The Riverside Company 河滨公司
N/A 不适用
Acquisition 收购
Real estate 房地产
Castlelake 卡斯尔莱克
Brookfield Corporation
Acquisition 收购
Credit & growth equity 信贷和增长股权
Amundi Alpha Associates 东方汇理阿尔法联合公司
Amundi 东方汇理
Acquisition 收购
Multi-strategy 多策略
Energy Capital Partners 能源资本合作伙伴
Bridgepoint Advisers Bridgepoint 顾问
Acquisition 收购
Energy infrastructure 能源基础设施
Amber Infrastructure Group
Boyd Watterson Asset Management 博伊德沃特森资产管理公司
N/A 不适用
Acquisition 收购
Infrastructure 基础设施
GP stake transactions GP 质押交易
GP stakes deals YTD* 年初至今的 GP 赌注交易*
Company 公司
Deal date 交易日期
Investor(s) 投资者
Stake % 本金 %
AUM ($M) 资产管理规模 （$M）
Manager style/specialty 经理风格/专业
Triple Private Equity
July 16 七月 16
Capital Constellation, Wafra Capital Constellation， 瓦夫拉
N/A 不适用
N/A 不适用
成长股票 - 中端市场科技 - 英国和北欧
Growth equity - mid-market tech - UK
& Nordic
Caro Investments 卡罗投资
July 16 七月 16
TPG Next TPG 下一页
N/A 不适用
N/A 不适用
Real estate debt 房地产债务
Citation Capital Management 引文资本管理
June 13 六月 13
Capital Constellation, Wafra Capital Constellation， 瓦夫拉
N/A 不适用
Buyout - consumer & retail 收购 - 消费者和零售
Dermody Properties Dermody 属性
May 31 五月 31
Almanac Realty Investors Almanac Realty 投资者
N/A 不适用
N/A 不适用
Real estate 房地产
Linden 椴
May 20 五月 20
Blue Owl, Lunate Capital Blue Owl、Lunate Capital
N/A 不适用
Private equity - healthcare 私募股权 - 医疗保健
Pennybacker Capital Pennybacker 资本
May 13 五月 13
Petershill Partners Petershill 合作伙伴
N/A 不适用
Real estate & infrastructure 房地产和基础设施
Lead Edge Capital 先锋资本
April 22 四月 22
Bonaccord Capital Partners
N/A 不适用
Growth equity - IT & B2C 增长股权 - IT & B2C
Drive Capital 驱动资本
April 10 四月 10
Collective Global Collective 全球
N/A 不适用
Venture 冒险
Kennedy Lewis Investment Management（肯尼迪刘易斯投资管理公司）
Kennedy Lewis Investment
Management
April1 四月1
Petershill Partners Petershill 合作伙伴
Private credit & CLO 私人信贷和CLO
TorQuest Partners TorQuest 合作伙伴
March 11 三月 11
RidgeLake Partners RidgeLake 合作伙伴
N/A 不适用
Buyout - Canada 买断 - 加拿大
GREYKITE Investment Adviser GREYKITE 投资顾问
March 5 3月 5
Constellation、Leucadia Asset Management、Wafra
Constellation, Leucadia Asset
Management, Wafra
N/A 不适用
N/A 不适用
Real estate - Europe 房地产 - 欧洲
Ollin Ventures 奥林风险投资
March 11 三月 11
Fund Launch Partners 基金启动合作伙伴
N/A 不适用
N/A 不适用
Venture 冒险
Pretium 博盛
February 27 二月 27
Hunter Point Capital 亨特波因特资本
N/A 不适用
corporate debt 公司债务
Jolt Capital Jolt 资本
February 13 二月 13
Armen 阿曼
N/A 不适用
Growth equity - tech - Europe 成长型股票 - 科技 - 欧洲
Banner Ridge Partners Banner Ridge 合作伙伴
February 2 2月 2
Investcorp 投资公司
N/A 不适用
Secondaries - private equity 二级市场 - 私募股权
Visualize Group Visualize 组
February 1 二月 1
TPG Next TPG 下一页
N/A 不适用
Buyout - mid-market business services 收购 - 中端市场商业服务
PitchBook 推销簿
GP stake deal activity* GP 质押交易活动*
Source: PitchBook Geography: Global *As of August 1, 2024 来源：PitchBook 地理：全球 *截至 2024 年 8 月 1 日
』PitchBook 』推销簿
Operating results 经营业绩
Quarterly fee-related earnings (FRE) ($M) by manager* 经理的季度费用相关收益 （FRE） （$M）
Source: Company reports - Geography: Global As of June 30, 2024 来源：公司报告 - 地理：截至 2024 年 6 月 30 日的全球
TTM FRE ($M) by manager 经理的 TTM FRE （$M）
Source: Company reports Geography: Global As of June 30, 2024 来源：公司报告 地理：全球 截至 2024 年 6 月 30 日
Quarterly distributable earnings (DE) ($M) by manager 按经理分列的季度可分配收益 （DE） （$M）
Source: Company reports ・ Geography: Global As of June 30, 2024 来源：公司报告 ・ 地理：截至 2024 年 6 月 30 日的全球
TTM DE ($M) by manager TTM DE （$M） 由经理提供
Source: Company reports Geography: Global *As of June 30, 2024 来源：公司报告 地理：全球 *截至 2024 年 6 月 30 日
PitchBook 推销簿
Stock performance and comparables 股票表现和可比对象
Stock performance by manager (normalized to 100 on January 1, 2022) 按管理人划分的股票表现（2022 年 1 月 1 日标准化为 100）
Source: PitchBook and Morningstar Geography: Global *As of June 30, 2024 来源：PitchBook 和 Morningstar 地理：全球 *截至 2024 年 6 月 30 日
Price/DE stock multiples by manager 价格/DE 股票倍数
PPitchBook
Alternative asset manager comparables* 另类资产管理公司可比资产*
Private equity and other 私募股权及其他
Company 公司
市值 （$M）
Market cap
($M)
市值占 AUM 的百分比
Market cap
as % of AUM
Price/DE 价格/DE
DE growth DE 增长
DEpershare
股息收益率
Dividend
yield
2023A
2024E
2023A
2024E
2023A
2024E
Blackstone 百 仕 通
29.9x 29.9 倍
KKR
19.3%
0.6%
EQT
$35,875
Partners Group 合作伙伴集团
$34,370
$41.68
4.1%
CVC
$18,825
9.0%
TPG
7.8%
24.1x 24.1 倍
Carlyle 凯雷
$14,380
Intermediate Capital
7.5%
4.1%
Bridgepoint 桥接点
8.9%
Median 中位数
$18,825
Private debt and other 私人债务和其他
Company 公司
市值 （$M）
Market cap
($M)
市值占 AUM 的百分比
Market cap
as % of AUM
Price/DE 价格/DE
DE growth DE 增长
DE per share 每股 DE
股息收益率
Dividend
yield
2023A
2024E
2023A
2024E
2023A
2024E
Apollo 阿波罗
$59,579
29.4%
6.0%
Ares 阿瑞斯
$44,301
9.0%
2.6%
Blue 0wl 蓝色 0wl
$25,318
22.6%
20.9%
4.2%
Median 中位数
$44,301
$ 3.65
Real estate and other 房地产及其他
Company 公司
市值 （$M）
Market cap
($M)
市值占 AUM 的百分比
Market cap
as % of AUM
Price/DE 价格/DE
DE growth DE 增长
DE per share 每股 DE
股息收益率
Dividend
yield
2023A
2024E
2023A
2023A
2024E
Brookfield 布鲁克菲尔德
$16,766
41.1x 41.1 倍
39.8 x 39.8 倍
Antin Infrastructure Antin 基础设施
15.0x 15.0 倍
70.7%
5.4%
Bridge Investment 过桥投资
$905
1.9%
7.0%
Median 中位数
$2,374
15.0x 15.0 倍
Secondaries and private solutions 二级和专用解决方案
Company 公司
市值 （$M）
Market cap
($M)
市值
如 AUM 数量
Market cap
as of AUM
Price/DE 价格/DE
DEgrowth 去增长
DE per share 每股 DE
股息收益率
Dividend
yield
2023A
2023A
2023A
Hamilton Lane 汉密尔顿巷
27.0x 27.0 倍
8.3%
46.1%
StepStone Group 行健石集团
25.1x 25.1 倍
89.6%
2.0%
Petershill Partners Petershill 合作伙伴
8.5%
12.8 x 12.8 倍
13.6%
7.0%
GCM Grosvenor GCM 格罗夫纳酒店
1.4%
15.8 x 15.8 倍
10.2%
23.6%
4.6%
P10 Holdings P10 持仓
Median 中位数
$3,066
19.5x 19.5 倍
15.8 x 15.8 倍
23.6%
2.0%
Alts median Alts 中位数
$ 15,573
7.6%
18.7%
(PitchBook （推销簿
Alternative versus traditional asset manager comparables^ 另类与传统资产管理公司可比资产^
Alternative managers 替代经理
Company 公司
市值 （$M）
Market cap
($M)
市值占 AUM 的百分比
Market cap
as % of AUM
Price/DE 价格/DE
DE growth DE 增长
DE per share 每股 DE
股息收益率
Dividend
yield
2023A
2024 E 2024 年 E
2023A
2024E
2023A
Blackstone 百 仕 通
15.4%
KKR
$106,778
19.3%
0.6%
Apollo 阿波罗
$59,579
9.2%
6.0%
Ares 阿瑞斯
$44,301
10.6%
9.0%
13.7%
$3.65
2.6%
Blue Owl 蓝猫头鹰
$25,318
15.3%
22.5x 22.5 倍
22.6%
20.9%
4.2%
Carlyle 凯雷
$17,242
7.8%
24.1x 24.1 倍
-16.5%
26.8%
3.5%
TPG
$14,380
3.4%
12.6x 12.6 倍
10.8x 10.8 倍
16.4%
$3.24
3.4%
Median 中位数
$44,301
10.6%
24.1x 24.1 倍
16.4%
$3.42
2.9%
Total 总
$430,472
10.6%
24.1x 24.1 倍
$3.42
$4.15
2.9%
Traditional managers 传统经理
Company 公司
市值 （$M）
Market cap
($M)
市值
如 AUM 数量
Market cap
as of AUM
Price/DE 价格/DE
DE growth DE 增长
DE per share 每股 DE
股息收益率
Dividend
yield
2023A
2023A
2024E
2023A
BlackRock 贝莱德
23.1x 23.1 倍
$41.55
T. Rowe Price T. Rowe 价格
14.1x 14.1 倍
20.3%
4.7%
Franklin Templeton 富兰克林邓普顿
Invesco 景顺
10.1x 10.1 倍
12.9%
5.0%
Affiliated Managers 附属经理
$5,549
1.8%
8.4%
18.7%
4.5%
Janus Henderson 骏利亨德森
0.7%
0.0%
AllianceBernstein 联博
$3,851
0.6%
16.7%
8.8%
Median 中位数
0.7%
Total 总
$183,199
16.7%
$2.63
4.7%
Additional research 其他研究
Private markets 私人市场
Q2 2024 US PE Breakdown 2024 年第二季度美国市盈率明细
Download the report here 在此处下载报告
Q2 2024 European PE Breakdown 2024 年第二季度欧洲 PE 细分
Download the report here 在此处下载报告
2023 Annual Global Private Debt Report 2023 年年度全球私募债报告
Download the report here 在此处下载报告
Q2 2024 Global M&A Report 2024 年第 2 季度全球并购报告
Download the report here 在此处下载报告
Q4 2023 Global Fund Performance Report (with preliminary Q1 2024 data) 2023 年第四季度全球基金业绩报告（含 2024 年第一季度初步数据）
Download the report here 在此处下载报告
2024 US Private Equity Outlook: Midyear Update 2024 年美国私募股权展望：年中更新
