The appetite to commit to new buyout funds is waning as declining public market valuations make pensioners and others overweight in private holdings. Spiraling requests from the likes of KKR may make investors want to retrench: JMAGuilford
. That turned around dramatically after those crises, in 2001 and 2009, when returns hit 24% and 13%.
LPs have long memories, and they won’t want to miss what could be a post-crisis moment. Instead, they might get creative, like changing their fund allocations to dollar amounts, rather than a percentage. They might even in older funds to free up cash for new ones. Fear – or in this case, fear of missing out – drives faith.Aggregate capital raised by private equity firms fell below the $150 billion mark in the second quarter of 2022, down from over $230 billion the year prior, according to Preqin.
The slowdown comes even as a record number of funds were seeking new investor cash, with 2,650 funds targeting nearly $970 billion globally in the first quarter.Editing by Lauren Silva Laughlin and Sharon Lam
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