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(PitchBook  （推销簿

QUS

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Contents 内容

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。
  1. 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”。
  2. 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”。
  3. 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”
  4. TPG: "Capital" and "growth" as defined in company reports.
    TPG：公司报告中定义的“资本”和“增长”。
  5. 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。
  1. KKR: "Alternative Credit" as defined in company reports.
    KKR：公司报告中定义的“替代信贷”。
  2. 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。
  3. Apollo: "Direct Origination" as defined in company reports
    Apollo：公司报告中定义的“直接发放”
  4. Blackstone: "Private Credit" as defined in company reports.
    Blackstone：“私人信贷”，如公司报告所定义。
  5. Carlyle: "Global Credit" as defined in company reports
    Carlyle： 公司报告中定义的“全球信贷”
  6. 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
Institutional Research Group
机构研究小组
Analysis 分析
Tim Clarke 蒂姆·克拉克
Lead Analyst, Private Equity tim.clarke@pitchbook.com
私募股权 tim.clarke@pitchbook.com 首席分析师

Garrett Hinds 加勒特·海因兹

Senior Analyst, Private Equity garrett.hinds@pitchbook.com
私募股权 garrett.hinds@pitchbook.com 高级分析师
Jinny Choi 崔珍妮
Senior Analyst, Private Equity jinny.choi@pitchbook.com
私募股权 jinny.choi@pitchbook.com 高级分析师

Kyle Walters 凯尔·沃尔特斯

Associate Analyst, Private Equity
私募股权助理分析师
kyle.walters@pitchbook.com
Data 数据
Charlie Farber 查理法伯
Senior Data Analyst 高级数据分析师
pbinstitutionalresearch@pitchbook.com

Publishing 出版

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。

TTM private credit deployment ( ) by manager
TTM 私募信贷部署 （ ） 由经理

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