2021 Annual
Private Fund
Strategies
Report
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Q2 2021
YoY fundraising changes by strategy
(trailing 4-quarters)*
The accompanying Excel
file contains additional
charts and all underlying
data for this report.
Download the XLS
summary here.
Capital
raised ($B)
YoY
change
Fund
count
YoY
change
Private capital $1, % 2,759 %
Private equity $ % 632 %
Venture capital $ % 1,512 %
Real estate $ % 230 %
Real assets $ % 88 %
Private debt $ % 185 %
Funds of funds $ % 74 %
Secondaries $ % 38 %
Contents
Overview 4
Altvia Q&A: Fundraising best practices and
LP tendencies in 2022
8
Spotlight: Fundraising by region 10
Private equity 13
Venture capital 16
Real estate 19
Real assets 23
Private debt 26
Funds of funds 29
Secondaries 32
Top funds by size 35
PitchBook Data, Inc.
John Gabbert Founder, CEO
Nizar Tarhuni Senior Director,
Institutional Research & Editorial
Institutional Research Group
Analysis
Dylan Cox, CFA
Head of Private Markets Research
Hilary Wiek, CFA, CAIA
Lead Analyst, Fund Strategies and
Performance
Nalin Patel
Senior Analyst, EMEA Private Capital
Dominick Mondesir
Senior Analyst, EMEA Private Equity
Wylie Fernyhough, CFA
Senior Analyst, PE Lead
Jinny Choi
Analyst, PE
Anikka Villegas
Analyst, Fund Strategies and Performance
Data
Andrew Akers, CFA
Quantitative Research Analyst
Susan Hu
Data Analyst
pbinstitutionalresearch@
Publishing
Designed by Joey Schaffer and Megan Woodard
Published on February 23, 2022
Click here for PitchBook’s report methodologies.
Click here for PitchBook’s private market glossary.
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT3
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http://
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After the 2020 decline in fundraising from the record-
setting 2019, figures so far for 2021 fundraising were
basically flat year over year. However, the $ trillion
raised across all private market strategies was still %
down from the 2019 record. The average size of a private
markets fund raised in 2021 was $ million, though
the more telling figure was the median, at $ million.
Half of the funds raised in 2021 were larger than $100
million, but half were below that figure, thus indicating a
huge population of funds out of the spotlight, as record
fund sizes get more attention than the vast majority of
funds that are much smaller. Adding to this imbalanced
treatment, our spotlight this quarter is on mega-funds.
Managers raising their first fund closed on a collective
$ billion, up slightly from 2020’s $ billion.
However, the number of first-time funds contributing to
the 2021 figure dropped substantially. Understanding
that emerging managers, particularly, have difficulty
fundraising, we published a research piece in Q4
that provides advice to GPs preparing for the due
diligence questions they will face. LPs are barraged with
$8
02
.5
$7
31
.4
$3
96
.0
$3
75
.7
$4
24
.8
$5
22
.0
$6
34
.3
$8
01
.7
$8
43
.1
$9
53
.7
$1
,1
04
.7
$1
,1
77
.4
$1
,3
38
.4
$1
,1
80
.5
$1
,1
79
.4
1,934 1,911
1,454 1,574
1,829
2,060
2,332
3,300
3,504
3,687 3,717 3,719 3,698 3,671
2,759
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
Private capital fundraising activity
Source: PitchBook | Geography: Global
*As of December 31, 2021
Hilary Wiek, CFA, CAIA Lead Analyst, Fund Strategies
and Performance
@
Overview
investment opportunities and saying “no” is a skill they
must hone to allow them time to focus on their chosen
priorities. If a GP can better prepare and provide fewer
reasons for a quick no, they may find their prospecting
for investors to be more fruitful. Given that almost
half of the funds raised in 2021 came from emerging
managers,1 many are finding success—albeit fewer than
in prior years.
From a regional perspective, North America has been
growing its share again, largely at the expense of Asia.
In the past 15 years, North America captured its lowest
share of private capital fundraising in 2018, at %. In
2021, that share spiked to a record %. On the flip
side, Asia peaked in 2018, at %, but took in only
% in 2021. Europe has been garnering around 25% of
annual commitments since 2007, though it has gone as
high as % and as low as %. In 2021, Europe was
at its norm with % of capital raised. North America
has been a formidable powerhouse in raising capital for
private funds, though some of the LPs for those funds
might not be from North America, and the mandates
1: PitchBook defines emerging managers as ones who have raised three or fewer funds.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT4
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Overview
may not be investing solely in North America. Especially
at the larger end of the fund universe, private markets
are very much a global affair.
Traditionally, private equity (PE) has led fundraising
in terms of capital raised at the strategy level, which
was again the case in 2021, as PE took in % of
commitments. The number two strategy, venture capital
(VC), raised only % of the year’s total. By number of
funds, however, VC has led since 2009. In 2021, VC grew
to % of the funds raised, the first time any strategy
has outnumbered all other strategies combined. The
share has been taken from two main sources: Real estate
has fallen from % of funds raised in 2007 to only
% in 2021, and FoFs have become a footnote, from
% in 2009 down to % in 2021.
2021 saw some massive fund closings, largely from
buyout funds—though not exclusively. Hellman &
Friedman led the way, with $ billion committed to
its 10th flagship buyout fund, and it expects to be back
in the market in Silver Lake, two EQT funds, and
Clayton, Dubilier & Rice rounded out the top five, each of
which closed on more than $15 billion. Beyond buyouts,
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Experienced firm Emerging firm
Private capital fund count by manager experience
Source: PitchBook | Geography: Global
*As of December 31, 2021
private debt was ably represented by Ares and Oaktree,
and EQT’s infrastructure fund brought a different type
of strategy to the top ten. Considering the current open
funds from KKR (NYSE: KKR), BlackRock (NYSE: BLK),
Dyal, and Apollo (NYSE: APO), 2022 will certainly see
more mega-fund closings. In addition, at least two
mega-funds are coming out of China run by Shanghai
International Group and Ping An Insurance Company.
A note about our fundraising data: Private market data is
not immediately available like public company data is—a
fact that is the foundation of the PitchBook business
model. When we publish a report such as this one, we
balance the demand for timely reporting with the
availability of the information. After a report is written,
we continue to collect data. This report thus can show
dramatically different figures for prior periods than
previously reported. While this is a 2021 report, we urge
caution in making certain assertions about how the year
actually concluded. Readers may be assured that we are
providing our most complete data at the moment we
are writing the report, but our clients can log into our
platform to discover up-to-the-minute data that reaches
beyond each report’s parameters.
2: “Hellman & Friedman Signals Potential Launch of Next Flagship Later This Year,” Buyouts, Chris Witkowsky, February 3, 2022.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT5
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Overview
$0
$2
$4
$6
$8
$10
$12
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
Private capital AUM ($T)
Source: PitchBook | Geography: Global
*As of June 30, 2021
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
Share of private capital raised by region
Share of private capital fund count by
region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quartile Median
Bottom quartile Average
Range of private capital fund sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT6
Sponsored by
Overview
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Total
2021
2020
2019
2018
2017
2016
2015
2014
$1
,3
85
.4
$1
,5
01
.6
$1
,4
51
.0
$1
,3
88
.4
$1
,4
08
.9
$1
,4
55
.4
$1
,6
20
.4
$1
,7
51
.8
$1
,9
66
.9
$2
,1
96
.5
$2
,5
90
.0
$2
,9
17
.3
$3
,1
23
.8
$3
,3
12
.1
$3
,3
17
.6
Cumulative overhang
Overhang
by vintage
Private capital dry powder ($B)
Source: PitchBook | Geography: Global
*As of June 30, 2021
Secondaries
FoF
Private debt
Real assets
Real estate
VC
PE
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of private capital raised by strategy
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT7
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Fundraising best practices
and LP tendencies in 2022
How are fundraising strategies adapting in the current
competitive climate given the number of firms trying
to raise?
In the wake of an “all-record-breaking year,” it’s
challenging for LPs to determine good from great fund
managers. In terms of returns, the outliers are obvious,
but the middle of the pack is larger than ever.
The institutional LPs and funds of funds we talk to are
fixating on the repeatability of an investment thesis and
how this approach performs during different economic
cycles. As such, GPs are using data to objectively prove
the effectiveness of their strategy and differentiation,
while proactively providing sensitivity analysis on
historical investments to preempt LP questions
and concerns.
As you might expect, GPs that struggle to consolidate
data across their operations have a hard time bringing the
storytelling to life in an unbiased manner. On the other
side of the coin, we’re seeing GPs use a lot more data to
understand an LP’s preferences, historical commitments,
and exposure, so they can be specific when positioning
the fund as complementary to existing allocations.
Amidst generally good returns across the board, portfolio
construction must achieve another level of detail to
provide the diversification LPs require, and GPs need to
communicate the puzzle piece they represent.
Have there been any marked shifts in LP interest in
emerging managers?
Absolutely. Emerging managers are almost seen as a
unique asset class, which represents a magnified risk/
reward profile beyond the traditional dimensions of
geography, sector, and so on. For many LPs, this is a good
way to avoid allocating more capital to the middle of the
pack and gain access to big upside potential.
We’ve also never seen this volume of spin-off fund
managers who leave very established funds to execute
on a niche thesis because they think they can do it better.
As we’ve all witnessed, DeFi, blockchain, and crypto
are leading the way here. We’re also seeing a breadth
of new managers coming from hedge funds or former
executive roles at recently exited tech firms with a far
more progressive and data-driven approach to investing,
which is considered novel by the majority of LPs and has
become a new driver of allocation decisions.
What are the key underrated best practices for
fundraising in the current environment? How does that
vary between the LP and GP perspectives?
Investor demographics and preferences are changing,
especially with the $30 trillion in inheritance moving to
millennials by If the everyday investor wants to
know how their portfolio is performing, they open an app
on their phone while walking to lunch and have real-time
visibility. We have to assume the GPs that can close the
gap between that experience and private capital markets
(static, opaque, quarterly, and so on) will do a much better
job courting LPs.
We work with firms to bring an analytics-driven,
consumer-grade experience to the forefront of the
fundraising process—think visualized cap account
statements and fund and portfolio performance
dashboards the user can slice and dice. As a result, most
of these GPs overdelivered on both fund targets and
timelines, despite peak pandemic conditions.
Kjael is a PE-sponsored Chief Revenue
Officer at Altvia, where he leads go-to-
market activities and is responsible for
sustainable growth in revenue and market
share. Prior to Altiva, Kjael was the VP
of Sales & Brand at Harri, where he led customer acquisition
efforts and guided the brand strategy. Leading up to Harri,
Kjael founded Skaling Ventures, a GTM consultancy that helped
venture-backed Series A firms build a repeatable sales motion,
while earning his MBA at NYU-Stern.
Kjael Skaalerud
Chief Revenue Officer
Altvia
3: “$30T in Inheritance Moving to Millennials: How to Prepare Your Business for This Great Wealth Transfer,” OpenInvest, June 3, 2021.
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Fundraising best practices and LP tendencies in 2022
Another key factor relates to the concept of “feedback
loops,” in which a firm can establish digital surface area
they can measure, such as an LP portal or virtual data
room (VDR) that tracks user activities and behaviors.
Which LPs are engaging the most with what we’ve
provided? Are there patterns in general LP engagement
we can use to make our communication more relevant?
Feedback loops are common marketing and advertising
principles, and GPs are now finding a lot of leverage here.
What are the top technical challenges in fundraising
software tools—for example, around security—in this
environment as opposed to in the past?
A tool for every team (IR, investing, accounting) is very
common in the industry today. If an LP has a question
on their commitments, a specific portfolio company or
general fund performance, it’s challenging for the IR team
to provide a timely response, as they scramble to check
three or more sources and synthesize the information
This friction permeates into the fundraising motion. The
simple act of sending a fund announcement email blast
to a select audience typically requires hours, not minutes,
and entails a range of sensitive data and the risk of high-
stakes errors.
At the risk of getting too technical, a simple best practice
is connecting your customer relationship management
tool with a mass emailing tool to accelerate basic
communication at scale, while keeping data housed in
secure environments.
Which trends have surprised you the most among your
clients’ usage or concerns in 2022 thus far?
There is a classic tension between the old and new
guard in PE and VC; where the old guard is content
with the status quo, and the new guard is frustrated
with antiquated approaches, as measured against other
aspects of life.
Those that are familiar with concepts such as early
adopters, early majority, late majority, and laggards know
the main challenge is predicting where society, or an
industry at large, is on this curve.
When the pandemic started, it accelerated a wide
range of digital transformation trends. Many thought
this velocity of change would normalize a bit, but we’ve
been sincerely shocked at the volume of firms that are
rethinking how they do things and the pace with which
they are executing sweeping modernization efforts.
We believe the private capital markets industry is
“crossing the chasm” as it relates to technology and digital
transformation, and the landscape will change more in the
next few years than it has in the last 20.
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Spotlight: Mega-funds in
US PE: Fundraising and
performance
Note: This spotlight is excerpted from our Analyst Note:
Mega-Funds in US PE: Fundraising and Performance.
Please see the full note for additional analysis detailing
the growth in vehicles sized $5 billion or more in the
private equity space.
In the past few years, PE has been noticeably shifting
to the larger end of the spectrum, with both fund and
deal sizes continually rising. The average PE fund size
in the US approached $1 billion through 2021, and a
major contributor to this increase has been the uptick in
PE mega-funds themselves—defined as vehicles worth
$5 billion or more. Mega-funds accounted for nearly
half of all capital raised in US PE in the past couple
years—raising $ billion in 2021—and are poised for a
substantial lift in the years ahead.
$ $ $ $ $ $ $ $ $ $
3
7
8
3
11
13
6
14
12
13
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
0%
20%
10%
30%
50%
70%
90%
40%
60%
80%
100%
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
PE mega-fund fundraising activity
Share of PE capital raised by fund size
bucket
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of September 30, 2021
Jinny Choi Analyst, PE
@
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Spotlight: Mega-funds in US PE: Fundraising and performance
We are seeing a flurry of fundraising activity as record-
setting deal activity leads to capital getting called down
rapidly and allows firms to return to market sooner and
at sizeable step-ups. For large PE firms, fundraising
cycles have run more smoothly and quickly this year
thanks to the fast distributions that have been recycled
into new fundraises. With robust performance and more
capital than they anticipated, many LPs are boosting
allocations to those same large PE firms, thereby
reinforcing the growth of mega-funds.
Large, diversified managers that have established their
core strategies far above the $5 billion mark have also
been able to easily cross the mega-fund threshold when
expanding into new strategies, thus further increasing
the mega-fund count. As fundraising for each new
strategy becomes easier with a similar group of LPs,
managers continue to launch new products at large
sizes to deepen LP relationships and broaden cross-
selling opportunities. For example, Brookfield Asset
Management (NYSE: BAM) is targeting $ billion for
Source: PitchBook | Geography: Global
*As of December 31, 2021
Fund Expected target ($B) Fund status
Blackstone Capital Partners IX $ Upcoming
Carlyle Partners VIII $ Open
Apollo Investment X $ Upcoming
Advent International Buyout I $ Upcoming
Vista Equity Partners VIII $ Open
Thoma Bravo XV $ Open
Silver Lake Partners VII $ Upcoming
Warburg Pincus XIV $ Open
KKR North America XIII $ Open
Platinum Equity Capital Partners VI $ Open
Brookfield Asset Impact $ Open
Green Equity Investors IX $ Open
KKR Core Private Equity II $ Open
Veritas Capital VIII $ Open
BX Growth II $ Upcoming
Clearlake Capital Partners VII $ Open
Francisco Partners VII $ Upcoming
HPS Strategic Investment Partners V $ Open
Dyal Capital Partners V $ Open
West Street Capital Partners VIII $ Open
Berkshire X $ Open
L Catterton X $ Upcoming
Centerbridge Capital Partners IV $ Open
Providence Equity Partners IX $ Open
TSG9 $ Upcoming
Roark Capital Partners VI $ Open
Harvest Partners IX $ Open
TPG Rise Climate $ Open
General Atlantic Investment Partners 2021 $ Open
Mega-funds currently open or expecting Q1 2022 launch*
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Spotlight: Mega-funds in US PE: Fundraising and performance
its first Special Investments Fund, which will invest in
opportunities that fall outside the flagship’s mandate. It
is also pursuing $ billion for a new climate-focused
fund. The biggest PE players are optimistic about their
continued success in fundraising as they develop more
strategies and larger successor funds in their platform.
Changes in LP sentiments also drive the proliferation of
PE mega-funds. During the pandemic-induced period
of volatility and uncertainty, many LPs focused on
portfolio triage and re-upped with existing relationships
rather than diligence new ones. Mature firms continued
to fundraise without much issue. Additionally, many
LPs are increasingly looking to consolidate and deepen
relationships with investment managers to ease portfolio
management and gain co-investment opportunities. This
bodes well for big shops that can both take in additional
capital with ease and house multiple fund strategies that
LPs desire under one roof.
Turning to performance, the strong economic recovery
since the pandemic trough, coupled with ample capital
availability and elevated investor confidence, lifted
15-year
0%
10%
20%
30%
40%
50%
60%
70%
1-year 3-year 5-year 10-year
PE overall <$250M $250M-$500M $500M-$1B $1B-$5B ≥$5B
PE horizon IRRs by fund size bucket*
Source: PitchBook | Geography: Global
*As of March 31, 2021
valuation multiples. This led to quick realizations and
markups to net asset value, thus producing stellar
performance. Mega-funds punched strong returns
thanks to their larger and more resilient portfolio assets,
resulting in a % rolling one-year IRR in Q1
However, big funds do not always result in the biggest
returns. Mega-funds do not significantly outperform
smaller funds on a longer timeline, and the gap between
mega-funds and sub-$1 billion funds’ performance
narrows with time. The reasons are straightforward.
Bigger funds usually must find bigger deals in which
to invest, and it becomes more difficult to create
meaningful upside from larger investments. However,
impressive mega-fund performance will likely persist
in the shorter term. Large PE exits through IPOs are
benefiting from the jump in public market valuations and
are expected to keep up for the time being. Many mega-
fund managers have mentioned high expectations of
realizations through the end of 2022 and beyond. Given
the rapid pace of realizations and a still-healthy market
backdrop, a positive outlook exists for mega-fund
performance—and therefore fundraising—going forward.
4: Our performance data lags by a few quarters due to reporting mechanisms.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT12
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Private equity
In 2021, aggregate global PE fundraising came in strongly
by historical standards and surpassed its five-year average,
while fund counts dipped to an eight-year low. In total,
$ billion was raised across 632 vehicles, marking
YoY drops of % and %, respectively. Larger funds,
as opposed to more funds, characterized the fundraising
environment, with particular strength seen in North
America. For example, mega-funds were the main driver of
capital raised in 2021, accounting for % of fundraising
totals and helping propel dry power to record levels. LPs
continue to prioritize re-ups with their most experienced,
largest, and established GPs that have replicable equity
stories and proven track records through all economic
cycles. For instance, Clayton, Dubilier & Rice, founded in
1978, amassed $ billion for its XI buyout vehicle, which
was % larger than its predecessor and had a re-up rate
of around 80%.5 This dynamic also boosted the median
and average PE fund sizes to their highest figures in over
a decade and saw over % of commitments to the
seventh or later fund in a fund family.
Many of the key fundraising components remained intact
in 2021, which helped keep capital raised numbers aloft.
$3
56
.6
$3
15
.0
$1
68
.7
$1
22
.6
$1
65
.4
$1
78
.9
$2
69
.1
$3
32
.7
$2
64
.2
$3
50
.7
$4
26
.1
$4
84
.7
$5
37
.1
$4
56
.4
$4
55
.7
591 582
410 411
512 520
621
891
800
839
870
795
881
856
632
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
PE fundraising activity
Source: PitchBook | Geography: Global
*As of December 31, 2021
$0
$100
$200
$300
$400
$500
$600
$700
$800
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quar�le Median
Bo�om quar�le Average
Range of PE fund sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
Dominick Mondesir Senior Analyst, EMEA Private Equity
@
5: “CD&R Hauls in $16 Billion for Latest Flagship Following Most Active Investment Year,” Private Equity Insider, Carmela Mendonza, February 18, 2021.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT13
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Private equity
The protracted low interest rate environment continues
to hamper the ability of LPs to reach their expected
returns, causing more allocators to rotate portions of
their fixed income allocations to alternatives, especially
PE, reacting to years of strong returns. For example, Nest,
one of the largest UK-based defined contribution (DC)
pension schemes, will allocate % (£ billion) of its
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
Share of PE fund count by size bucket
Share of PE fund count by region
Share of PE capital raised by size bucket
Share of PE capital raised by region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
AUM to PE by 2024, while CalPERS’s board approved
raising its US private market allocation target from % to
%. Moreover, high public market volatility and record
valuations encouraged more PE commitments to avoid
the daily volatility of liquid markets and the decline of
expected returns from the public markets.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT14
Sponsored by
Private equity
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 -
2008
2009 -
2011
2012 -
2014
2015 -
2017
2018 -
2021*
Close year
> 2%
2%
< 2%
$0
$1
$2
$3
$4
$5
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Total
2021
2020
2019
2018
2017
2016
2015
2014
$6
06
.9
$6
82
.1
$6
56
.6
$5
98
.2
$6
18
.8
$6
24
.4
$7
02
.1
$7
34
.0
$7
82
.0
$8
68
.0 $
1,
08
2.
5
$1
,2
10
.8
$1
,2
99
.6
$1
,3
83
.0
$1
,3
81
.7
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Cumula�ve overhang
Overhang
by vintage
$2
7.
7
$2
8.
7
$1
9.
7
$1
2.
2
$3
9.
3
$1
1.
7
$1
1.
7
$1
6.
3
$1
8.
4
$2
5.
4
$2
7.
1
$2
4.
2
$2
6.
2
$1
5.
7
$2
5.
9
157
169
123
103
152
119
122
184
154 160 156 157 161
148
105
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Capital raised ($B) Fund count
Share of PE fund count by management
fee range and close year
PE AUM ($T)
PE dry powder ($B) PE first-time fundraising activity
Source: PitchBook | Geography: Global
*As of June 30, 2021
Source: PitchBook | Geography: Global
*As of June 30, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
In 2022, we expect more of the same. Appetite for PE,
especially brand-name managers, is insatiable, as allocators
seek out higher risk-adjusted returns in a more hawkish
policy and inflationary environment. Strong PE regions,
including the UK, have dropped plans to increase carried
interest taxes and have also loosened the % annual
charge cap for pension funds. This means they now can
invest in alternatives, which should boost fundraising
numbers. Furthermore, some noteworthy mega-funds are
expected to close in 2022, such as Carlyle’s largest-ever
European buyout fund, Partners Group PE IV, and KKR
North America XIII.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT15
Sponsored by
Venture capital
Global VC fundraising reached $ billion across 1,512
venture funds in 2021. This was a % YoY increase in
capital raised but a % fall in fund count. Looking
further back, 2021 saw the second-largest amount of
capital raised in a calendar year, while fund count was
at its lowest level since 2015. The growth in capital
raised was driven primarily by larger funds closing. In
2021, the median VC fund size reached a new peak of
$ million, representing an % YoY uptick from the
previous record set in 2020.
During 2021, first-time VC funds raised $ billion,
slightly larger than the $ billion logged in 2020.
First-time fund count dropped % YoY as a modest
311 funds closed in 2021. Further, a record proportion
of capital was placed in the hands of experienced fund
managers. In 2021, experienced VC firms raised % of
all capital, which represents the largest figure on record.
Evidently, GPs with strong track records and a loyal LP
base had few challenges raising follow-on VC vehicles
during the year.
Regionally, North America dominated fundraising figures
with $ billion, which is equivalent to % of the
global total. The next-largest regions were Asia, with
VC fundraising activity
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quartile Median
Bottom quartile Average
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Range of VC fund sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
$5
2.
9
$5
0.
3 $2
9.
7
$4
0.
3
$5
2.
2
$5
6.
7
$4
6.
7
$7
2.
1
$1
02
.7
$1
47
.7
$1
46
.9
$1
79
.3
$2
45
.9
$1
87
.0
$2
13
.3
483 496 452 492
600
666
736
1,125
1,376
1,602 1,628
1,745
1,676
1,735
1,512
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
Source: PitchBook | Geography: Global
*As of December 31, 2021
$ billion, and Europe, with $ billion, accounting
for % and % of the global figure, respectively.
In 2021, the gap between North America’s fundraising
figures and the rest of the world’s widened, as the region
posted a % YoY increase.
Nalin Patel Senior Analyst, EMEA Private Capital
@
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT16
mailto:@
Sponsored by
Venture capital
Notable funds to close in Q4 2021 included US-based trio
Norwest Venture Partner XVI, at $ billion, Paradigm
One Fund, at $ billion, and Additional Three, at $
billion. Global VC dry powder reached $ billion, as
these and other mega-funds pushed up the aggregate
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
≥$1B
$500M-
$1B
$250M-
$500M
$100M-
$250M
$50M-
$100M
<$50M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
≥$1B
$500M-
$1B
$250M-
$500M
$100M-
$250M
$50M-
$100M
<$50M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
Share of VC fund count by size bucket
Share of VC fund count by region
Share of VC raised by size bucket
Share of VC raised by region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
figure. Further, VC AUM topped $ trillion as appetite
to commit to VC funds remained strong in 2021. We
expect fundraising will remain robust in 2022 as LPs seek
out favorable returns from the strategy.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT17
Sponsored by
Venture capital
$6
.4
$5
.8
$5
.3
$7
.0
$1
1.
5 $5
.6
$7
.0
$9
.3
$2
3.
7
$1
9.
4
$2
3.
2
$2
4.
0
$5
3.
7
$1
8.
0
$1
8.
8
115
101 101
114
155
195
183
307
350
415
440
424
406
427
311
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Capital raised ($B) Fund count2
00
7
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Total
2021
2020
2019
2018
2017
2016
2015
2014
$1
23
.6
$1
29
.2
$1
21
.2
$1
27
.5
$1
32
.7
$1
38
.6
$1
36
.3
$1
44
.4 $1
89
.0
$2
64
.0 $3
03
.1
$3
29
.1
$4
20
.1
$4
25
.7
$4
29
.1
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
Cumulative overhang
Overhang
by vintage
$0
$500
$1,000
$1,500
$2,000
$2,500
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
7
1
.3
%
61
.0
%
4
3
.6
%
6
0
.9
%
7
1
.2
%
6
9.
9
%
74
.4
%
7
1
.7
%
7
5
.2
%
7
5
.8
%
7
8
.9
%
0%
10%
20%
30%
40%
50%
60%
70%
80%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of funds larger than predecessor Step-up
47
.5
%
5
6
.5
%
6
0
.4
%
5
9.
6
%
VC first-time fundraising activityVC dry powder ($B)
VC AUM ($B) Median step-up from previous VC fund in
fund family
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of June 30, 2021
Source: PitchBook | Geography: Global
*As of June 30, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT18
Sponsored by
Real estate
Real estate fundraising activity
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Value-add
Opportunis�c
Distressed
Core +
Core
Share of real estate capital raised by fund
type
Source: PitchBook | Geography: Global
*As of December 31, 2021
$1
49
.3
$1
25
.6
$4
7.
7
$6
2.
6
$5
9.
0
$8
8.
2
$9
3.
8
$9
9.
5
$1
36
.5
$1
33
.0
$1
07
.2
$1
34
.5
$1
76
.9
$1
24
.9
$1
26
.6
406
366
212
255
281
353
421
536
579
529
481
455 463
411
230
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
Source: PitchBook | Geography: Global
*As of December 31, 2021
While capital raised in 2021 experienced a marginal
increase from 2020, at $ billion compared with
$ billion, the number of funds we’ve recorded
thus far notably decreased. Likely due to another wave
of COVID-19-related uncertainty during H2 with the
rise of the delta variant, investors gravitated toward
experienced firms with large fund sizes. Emerging
managers saw fewer funds raised and lower committed
capital than during any of the past 15 years, while funds
eighth and higher in their fund families comprised a
greater proportion of dollars raised than during any other
year in the same period. Both median and average fund
sizes hit all-time highs for the past decade, with average
fund size exceeding even pre-global financial crisis (GFC)
numbers. Step-ups remained mountainous in Q4, setting
the 2021 median at %, with % of managers able
to raise a fund larger than its predecessor.
Real estate raised two funds above the $5 billion
mark, with the top five funds comprising one fourth
of committed capital and the top ten funds making up
%—both on the slightly higher end of the spectrum
compared with previous years. The two mega-funds
closed in 2021 were the Starwood Global Opportunities
XII and Carlyle Realty Partners IX, closing at $ billion
Anikka Villegas Analyst, Fund Strategies and Performance
@
and $ billion, respectively, during Q4. Both funds will
employ opportunistic strategies, and while Starwood
plans to make global investments in various property
types, Carlyle will focus on US residential properties
and life sciences office and logistics warehouses. Of the
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT19
Sponsored by
Median step-up from previous real estate
fund in fund family
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of funds larger than predecessor Step-up
71
.4
%
65
.4
%
57
.4
%
45
.2
%
65
.2
%
63
.6
%
64
.5
%
64
.1
%
62
.6
%
64
.2
%
67
.1
%
58
.9
%
69
.8
%
63
.0
%
81
.8
%
-20%
0%
20%
40%
60%
80%
100%
Source: PitchBook | Geography: Global
*As of December 31, 2021
Real estate
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quar�le Median
Bo�om quar�le Average
$0
$100
$200
$300
$400
$500
$600
$700
Range of real estate fund sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
top real estate funds launched in 2021, none appears
to be targeting a size above $5 billion, with the three
largest—Blackstone Property Partners Asia, Oak Street
Real Estate Capital Fund, and Cortland Partners Growth
and Income Fund—coming in between $2 billion and
$3 billion.
Despite LPs targeting familiarity and predictability in
their fund managers, core and core plus strategies saw
some of the lowest percentages of capital committed
in the past 15 years, at % and %, respectively, as
investors sought funds with a chance at higher returns
than their fixed income portfolios have been able
to provide. Opportunistic and distressed strategies
held strong, with slight increases in share of capital
allocated. Value-add had its highest percentage of
capital committed in the past 15 years, at %. Record
global demand for manufactured goods and associated
supply chain disruptions, exacerbated by insufficient
warehousing space, may have influenced value-add’s
committed With limited supply and a surfeit
of demand, real estate investors seized the opportunity
in the industrial sector by building manufacturing and
warehousing facilities and converting old As
world merchandise trade volume is expected to continue
growing and confidence in the resurgence of in-person
shopping has decreased,8 asset managers anticipate
continued demand increases for warehousing and
industrial space.
6: “Global Trade in Goods Hits All-Time Quarterly High of $ Trillion,” UNCTAD, November 30, 2021.
7: “Warehouse Space Is the Latest Thing Being Hoarded,” The New York Times, Miranda S. Spivack, February 1, 2022.
8: “Global Trade Rebound Beats Expectations but Marked by Regional Divergences,” World Trade Organization, October 4, 2021.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT20
Sponsored by
Real estate
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
Share of real estate fund count by size
bucket
Share of real estate fund count by region
Share of real estate capital raised by size
bucket
Share of real estate capital raised by
region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT21
Sponsored by
Real estate
Real estate dry powder ($B)
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Total
2021
2020
2019
2018
2017
2016
2015
2014
$2
13
.7
$2
23
.4
$2
01
.5
$1
75
.3
$1
72
.1
$1
77
.0
$2
05
.6
$2
24
.6
$2
29
.9
$2
33
.5
$2
55
.5
$3
33
.1
$3
52
.0
$3
70
.9
$3
87
.8
$0
$50
$100
$150
$200
$250
$300
$350
$400
Cumula�ve overhang
Overhang
by vintage
Source: PitchBook | Geography: Global
*As of June 30, 2021
2006 -
2008
2009 -
2011
2012 -
2014
2015 -
2017
2018 -
2021*
Close year
> 2%
2%
< 2%
75%
80%
85%
90%
95%
100%
$0
$200
$400
$600
$800
$1,000
$1,200
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
$1
1.
7
$1
1.
6
$7
.8
$9
.8
$6
.4
$8
.1
$5
.7
$5
.8
$7
.7
$7
.3
$7
.7
$5
.5
$9
.1
$1
0.
9
$5
.5
71
62
50
62
55
62
74 77 77
70
56 60
71
86
36
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Capital raised ($B) Fund count
Share of real estate fund count by
management fee range and close year
Real estate AUM ($B)
Real estate first-time fundraising activity
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of June 30, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT22
Sponsored by
Real assets
Real assets funds had a solid 2021, with firms closing on
$ billion across 88 funds. This represents an uptick
over the total capital raised in 2020 and is in line with
the five-year average. The relatively flat fundraising sum
obfuscates the underlying trend toward infrastructure
funds. Just under 90% of the total capital raised was
in infrastructure funds, a substantial rise from the
approximately 55% of one decade prior.
Infrastructure funds dominated the fundraising picture.
Due to the sizable nature of many infrastructure
investments, funds in the space tend to be massive –
the average fund size in 2021 was $ billion while the
median was $ million. This space is also relatively
concentrated among a few of the biggest household
names. EQT’s fifth fund was the largest to close on the
year, totaling $ billion (€ billion) in commitments.
The firm has quickly scaled its infrastructure platform,
nearly quadrupling the fund size over its 2016 vintage
Infrastructure III. Additionally, Blackstone’s infrastructure
offering reopened to investors in Q4 and brought in
nearly $7 billion in additional capital. Digital Colony’s
second fund hit $ billion in closed capital and
illustrates the ways digital assets are becoming a more
significant investment thesis within infrastructure. KKR
Real assets fundraising activity
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quartile Median
Bottom quartile Average
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Range of real assets fund sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
$6
8.
2
$5
1.
8
$4
6.
7
$5
1.
7
$3
9.
2
$5
8.
4
$8
0.
8
$1
12
.8
$1
49
.3
$9
1.
6
$1
04
.2
$1
22
.2
$1
17
.0
$9
8.
9
$1
16
.5
88
102
87
124 120
149
161
234
217
197
186 180
148 144
88
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
Source: PitchBook | Geography: Global
*As of December 31, 2021
Wylie Fernyhough, CFA Senior Analyst, PE Lead
@
and Global Infrastructure Partners’ proposed $15 billion
acquisition of data center developer CyrusOne also
points to traditional infrastructure funds hunting big
game in the digital space.
As we head into 2022, the fundraising picture is already
off to a bright start. In early February 2022, Stonepeak
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT23
Sponsored by
Real assets
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
Share of real assets fund count by size
bucket
Share of real assets fund count by region
Share of real assets capital raised by size
bucket
Share of real assets capital raised by
region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Infrastructure Partners announced it had closed on $14
billion for its fourth fund, nearly doubling the size of its
predecessor. Additionally, well-known names including
Global Infrastructure Partners and Brookfield may be
returning to market soon. Each firm typically closes a
fund every three to four years, and it has been three
years since either has closed on a flagship infrastructure
offering. Additionally, KKR infrastructure IV has already
collected north of $14 billion and will likely close in 2022.
Despite rates looking likely to rise around the world,
investors continue to pour capital into infrastructure
funds as they demand higher-yielding assets.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT24
Sponsored by
Real assets
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Total
2021
2020
2019
2018
2017
2016
2015
2014
$1
03
.4
$1
13
.3
$1
11
.6
$1
30
.6
$1
24
.3
$1
36
.4 $1
66
.2
$2
45
.9 $
30
1.
4
$2
82
.9
$2
89
.7
$3
10
.5
$3
19
.2
$3
40
.4
$3
68
.9
$0
$50
$100
$150
$200
$250
$300
$350
$400
Cumulative overhang
Overhang
by vintage
Real assets dry powder ($B)
Source: PitchBook | Geography: Global
*As of June 30, 2021
$2
0.
8
$2
1.
8
$9
.4
$1
0.
3
$4
.0
$5
.1
$5
.6
$2
2.
4
$1
6.
7
$9
.8
$1
4.
5
$6
.5 $
2.
1
$4
.8
$5
.2
27
35
24
31
26 22
38
42
37
46
28
37
22 25
14
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Capital raised ($B) Fund count
Real assets first-time fundraising activity
Source: PitchBook | Geography: Global
*As of December 31, 2021
Median step-up from previous real assets
fund in fund family
Real assets AUM ($B)
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of June 30, 2021
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of funds larger than predecessor Step-up
69
.2
%
75
.0
%
53
.3
%
67
.9
%
64
.3
%
63
.9
%
66
.7
%
70
.9
%
67
.3
%
65
.2
%
70
.7
%
64
.9
%
56
.3
%
50
.0
%
89
.7
%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
$0
$200
$400
$600
$800
$1,000
$1,200
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT25
Sponsored by
Private debt
Private debt managers raised $ billion in 2021, a
% YoY gain and the second-highest annual tally on
record. Investors continued piling into these funds,
despite the puzzling macroeconomic environment, due
to a confluence of factors including negative real yields
on government bonds, lower-than-expected default rates,
accommodative monetary and fiscal policy, and positive
recent performance by private debt as an asset class.
In terms of AUM, private debt is now the third-largest
private market strategy, trailing only private equity and
venture capital. The growth relative to other private
market strategies reflects the expanding opportunity
set for managers, primarily opportunities created
by the growth in private equity. Leveraged buyouts—
particularly in the middle market—increasingly rely upon
privately arranged financing rather than the traditional
high-yield bonds or bank-syndicated loans. This trend
has been underway since the GFC but has accelerated
recently. Fund sizes have grown to meet this need, and
debt funds are able to write much larger checks. The
median direct lending fund size reached $900 billion
globally in 2021, and there have been multiple $1 billion+
unitranche financings provided by these funds—sums
Private debt fundraising activity
$0
$200
$400
$600
$800
$1,000
$1,200
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quartile Median
Bottom quartile Average
Range of private debt fund sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
$8
7.
8
$1
10
.1
$3
2.
6
$5
8.
9
$6
0.
9
$7
5.
4
$8
8.
5
$1
15
.6
$1
25
.6
$1
56
.9
$2
01
.7
$1
75
.5
$1
85
.8
$1
70
.5
$1
91
.2
116
130
100
144 140
190
221
281
332
301
325 335 319
336
185
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
Source: PitchBook | Geography: Global
*As of December 31, 2021
Dylan Cox, CFA Head of Private Markets Research
@
that would have been unfathomable just a few years ago.
Nonsponsored M&A is also a growing opportunity for
credit managers; global M&A reached a record of nearly
$5 trillion in 2021.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT26
Sponsored by
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of private debt fund count by size
bucket
Share of private debt fund count by
region
Share of private debt capital raised by
size bucket
Share of private debt capital raised by
region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT27
Sponsored by
Private debt
$1
28
.1
$1
22
.3
$1
31
.8
$1
33
.5
$1
38
.6
$1
60
.7
$1
83
.9
$1
88
.3 $2
37
.0 $
29
4.
2 $3
60
.5 $4
10
.1
$4
15
.1 $4
59
.9
$4
56
.8
$0
$100
$200
$300
$400
$500
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Cumulative overhang
Overhang by vintage
Total
2021
2020
2019
2018
2017
2016
2015
2014
Private debt dry powder ($B)
Source: PitchBook | Geography: Global
*As of June 30, 2021
$1
3.
3 $
3.
6
$5
.1 $
2.
7
$5
.8
$5
.8
$7
.0
$5
.7
$1
0.
8
$2
4.
9
$8
.0
$7
.5
$7
.5
$9
.5
$4
.8
25
19 18
27
22
26
35
47
42 44
49
34 33
55
24
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Capital raised ($B) Fund count
Private debt first-time fundraising
activity
Source: PitchBook | Geography: Global
*As of December 31, 2021
Private debt capital raised ($B) by typePrivate debt AUM ($B)
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of June 30, 2021
$0
$50
$100
$150
$200
$250
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Debt
(general)
Direct
lending
Distressed
debt
Real estate
debt
Infrastructure
debt
Credit special
situations
Bridge
financing
Venture debt
Mezzanine
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT28
Sponsored by
Funds of funds
While the fundraising data for 2021 may not be completely
accounted for yet, 2021 does not seem to have contributed
to the recent growth trend for FoF. Despite a long-term
drop in FoF, the industry appears to have found some
purpose coming off the lows of 2010 and 2013. Many had
called FoF largely unnecessary as more avenues became
available for LPs to invest without the added layer of fees,
but some interesting shifts have occurred as this access
point has found areas where they can still be relevant. FoF
invested mainly in PE that were common 15 years ago have
vastly declined in popularity—dropping from two thirds of
the FoF capital raised in 2006 to only 18% in 2021. On the
other hand, VC has spiked from % of FoF capital raised
to %. LPs want venture, which is on a performance hot
streak not seen for over 20 years. Some LPs struggle to
gain access to top managers or prefer to gain diversified
exposure to VCs with one larger commitment, thus making
FoF an attractive vehicle.
FoF fundraising activity
$7
3.
0
$6
5.
7
$4
9.
0
$2
4.
4
$3
3.
1
$4
1.
5
$2
6.
1
$3
9.
9
$3
7.
7
$4
1.
3
$7
6.
3
$4
8.
8
$5
2.
5
$5
3.
5
$2
9.
6
226
201
159
116
146 141 127
184
161 166 169
152
164
132
74
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Capital raised ($B) Fund count
Source: PitchBook | Geography: Global
*As of December 31, 2021
Hilary Wiek, CFA, CAIA Lead Analyst, Fund Strategies
and Performance
@
$0
$100
$200
$300
$400
$500
$600
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quartile Median
Bottom quartile Average
Range of FoF sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT29
mailto:%
Sponsored by
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
General
FoF
Private
debt
Real
assets
Real
estate
VC
PE
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of FoF count by strategy
Share of FoF capital raised by regionShare of FoF count by region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Looking at the FoFs closed in 2021, we see a more granular
perspective of specialization in FoF. Not only were six of
the top 10 FoFs focused on VC, five of these were being
invested out of China. Beyond the reasons stated above,
LPs wanting exposure to China-based VC may be unfamiliar
with that region’s private market landscape, so it makes
sense that they would be willing to hire expertise via a FoF
access point. That said, the likes of HarbourVest, Adams
Street, and Mesirow continue to launch diversified funds
on a regular basis for those that want a largely outsourced
solution to their overall private market needs.
Funds of funds
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
General
FoF
Private
debt
Real
assets
Real
estate
VC
PE
Share of FoF capital raised by strategy
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT30
Sponsored by
$1
75
.4
$1
87
.5
$1
87
.5
$1
72
.0
$1
6
4.
5
$1
54
.3
$1
46
.6
$1
4
0.
3
$1
38
.5
$1
47
.6
$1
80
.0
$1
78
.7
$1
73
.6
$1
61
.2
$1
4
0.
3
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Cumulative overhang
Overhang by vintage
Total
2020
2019
2018
2017
2016
2015
2014
2013
FoF dry powder ($B)
Source: PitchBook | Geography: Global
*As of June 30, 2021
Funds of funds
FoF AUM ($B)
Source: PitchBook | Geography: Global
*As of June 30, 2021
$0
$100
$200
$300
$400
$500
$600
$700
$800
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100% ≥$1B
$500M-
$1B
$50M-
$100M
$250M-
$500M
$100M-
$250M
<$50M
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of FoF capital raised by size
bucket
Source: PitchBook | Geography: Global
*As of December 31, 2021
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100% ≥$1B
$500M-
$1B
$50M-
$100M
$250M-
$500M
$100M-
$250M
<$50M
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of FoF count by size bucket
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT31
Sponsored by
Secondaries
Despite low fund counts compared with other private
market strategies, secondaries have been an exciting
area of the private markets the past couple of years. The
capital raised in 2020 shot % above 2017, the prior
record year. Given how few secondaries fund managers
exist, it would have been surprising if 2021 broke
another record, as so many secondaries managers are
still absorbing the capital raised in 2020. That said, the
figures currently available for 2021 show that it, too, beat
the old 2017 record.
While the growth in capital being committed to private
markets has historically been the measure for likely
growth in secondaries, the advent of GP-led secondaries
has driven the massive increase in capital flow. By
providing a solution for GPs that do not want to give
away the value potential of aged portfolio companies
and for LPs that signed up for 10 to 12 years and are
ready to move on, these fund managers have created
a new business line that has massively expanded their
addressable market. Very few entrants come to the
secondaries market as a new entity, just two in 2021, but
several of the multi-strategy asset managers, including
Apollo, Franklin Templeton, and Carlyle, have entered
Secondaries fundraising activity
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Top quartile Median
Bottom quartile Average
Range of secondaries fund sizes ($M)
Source: PitchBook | Geography: Global
*As of December 31, 2021
Capital raised ($B) Fund count
$1
4.
8
$1
2.
9
$2
1.
7
$1
5.
2
$1
5.
0
$2
3.
0
$2
9.
4
$2
9.
0
$2
7.
1
$3
2.
6
$4
2.
4
$3
2.
4
$2
3.
3
$8
9.
4
$4
6.
5
24
34 34 32 30
41
45
49
39
53
58 57
47
57
38
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021*
Source: PitchBook | Geography: Global
*As of December 31, 2021
Hilary Wiek, CFA, CAIA Lead Analyst, Fund Strategies
and Performance
@
the market by either buying established secondaries
players or poaching their staff to set up new practices.
Exemplifying the inroads these entrants are making, the
fifth-largest secondaries fund raised in 2021 was the
inaugural Secondaries & Liquidity Solutions fund from
BlackRock at $3 billion.
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT32
Sponsored by
Secondaries
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
≥$5B
$1B-
$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
<$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
North
America
Europe
Asia
Oceania
Middle
East
Africa
Rest of
world
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of secondaries fund count by size
bucket
Share of secondaries fund count by
region
Share of secondaries capital raised by
size bucket
Share of secondaries capital raised by
region
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of December 31, 2021
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT33
Sponsored by
Secondaries
$3
4.
3
$4
3.
7
$4
0.
8
$5
1.
3
$5
7.
9
$6
3.
9 $7
9.
6
$7
4.
4 $8
8.
9 $1
06
.3
$1
18
.6 $
14
5.
0
$1
44
.3
$1
71
.0
$1
53
.0
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Total
2021
2020
2019
2018
2017
2016
2015
2014
Cumulative overhang
Overhang by vintage
Secondaries dry powder ($B)
Source: PitchBook | Geography: Global
*As of June 30, 2021
$0
.2
$0
.8
$0
.1 $0
.1
$0
.8
$0
.5
$0
.1
$0
.0
$0
.3
$0
.0
$0
.6
$0
.3
$0
.2
$0
.4
$0
.1
3
5
3
2
3
4
2 2
5
1
4
5
4
3
2
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Capital raised ($B) Fund count
Secondaries first-time fundraising activity
Source: PitchBook | Geography: Global
*As of December 31, 2021
Median step-up from previous
secondaries fund in fund family
Secondaries AUM ($B)
Source: PitchBook | Geography: Global
*As of December 31, 2021
Source: PitchBook | Geography: Global
*As of June 30, 2021
0%
20%
40%
60%
80%
100%
120%
50
.0
%
75
.0
%
93
.3
%
58
.3
%
68
.8
%
60
.0
%
77
.8
%
76
.2
%
83
.3
%
71
.9
%
84
.0
%
77
.8
%
50
.0
%
80
.8
%
81
.8
%
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Share of funds larger than predecessor Step-up
$0
$50
$100
$150
$200
$250
$300
$350
$400
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
*
Dry powder Remaining value
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT34
Sponsored by
Top funds by size
Top PE funds to close in 2021 by size
Top VC funds to close in 2021 by size
Top real estate funds to close in 2021 by size
Fund Size ($M) Close date Step-up HQ location
Hellman & Friedman Capital
Partners X
$24,400 July 15, 2021 California, US
Silver Lake Partners VI $20,000 January 13, 2021 California, US
EQT IX $18,520 April 22, 2021 Stockholm, Sweden
Clayton, Dubilier & Rice XI $16,000 February 12, 2021 New York, US
KKR Asian IV $14,735 April 5, 2021 Hong Kong, Greater China
Fund Size ($M) Close date Step-up HQ location
Tiger Global Private Investment
Partners XIV
$6,655 March 31, 2021 New York, US
TCV XI $4,000 January 27, 2021 California, US
Flagship Pioneering VII $3,400 June 14, 2021 Massachusetts, US
Norwest Venture Partners XVI $3,000 December 14, 2021 California, US
SoftBank Latin America II $3,000 September 14, 2021 Tokyo, Japan
Fund Size ($M) Close date Step-up HQ location
Starwood Global
Opportunities XII
$10,000 October 15, 2021 Connecticut, US
Carlyle Realty Partners IX $8,000 December 14, 2021 Washington, US
Oaktree Real Estate
Opportunities VIII
$4,700 March 23, 2021 California, US
GLP Capital Partners IV $4,620 July 28, 2021 N/A California, US
KKR Real Estate Partners
Americas III
$4,339 October 4, 2021 New York, US
Source: PitchBook | Geography: Global
Source: PitchBook | Geography: Global
Source: PitchBook | Geography: Global
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT35
Sponsored by
Top funds by size
Top real assets funds to close in 2021 by size
Top private debt funds to close in 2021 by size
Fund Size ($M) Close date Step-up HQ location
EQT Infrastructure V $18,114 November 19, 2021 N/A Stockholm, Sweden
Copenhagen Infrastructure IV $8,302 April 19, 2021 Copenhagen, Denmark
Digital Colony Partners II $8,300 December 31, 2021 Florida, US
Macquarie Infrastructure Partners V $6,900 July 28, 2021 Sydney, Australia
BlackRock Global Renewable
Power III
$4,800 April 8, 2021 New York, US
Fund Size ($M) Close date Step-up HQ location
Ares Capital Europe V $15,998 April 29, 2021 N/A London, UK
Oaktree Opportunities XI $15,900 November 16, 2021 California, US
HPS Specialty Loan V $11,700 September 15, 2021 New York, US
Ares Senior Direct Lending II $8,000 December 13, 2021 California, US
Broad Street Loan Partners IV $7,100 March 10, 2021 New York, US
Source: PitchBook | Geography: Global
Source: PitchBook | Geography: Global
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT36
Sponsored by
Top funds by size
Top FoF to close in 2021 by size
Top secondaries funds to close in 2021 by size
Fund Size ($M) Close date Step-up HQ location
Huading New Power RMB $6,268 January 5, 2021 N/A China
SHIVC Technology Industry
RMB
$1,815 June 23, 2021 N/A Shanghai, China
SVB Strategic Investors X $1,250 July 1, 2021 California, US
Hengqin New District Industrial
Investment
$1,171 June 21, 2021 N/A Zhuhai, China
Access Capital VIII Growth
Buyout Europe
$976 July 5, 2021 Paris, France
Fund Size ($M) Close date Step-up HQ location
Coller International Partners VIII $9,000 January 18, 2021 London, UK
Crown Global Secondaries V $4,500 June 15, 2021 Dublin, Ireland
Whitehorse Liquidity Partners IV $4,000 April 19, 2021 Toronto, Canada
Hamilton Lane Secondary V $3,900 February 16, 2021 Pennsylvania, US
17Capital V $3,456 July 12, 2021 London, UK
Source: PitchBook | Geography: Global
Source: PitchBook | Geography: Global
2021 ANNUAL PRIVATE FUND STRATEGIES REPORT37
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