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2022


GLOBAL FUND PERFORMANCE REPORT (AS OF Q3 2021 WITH PRELIMINARY Q4 2021 DATA)

May 4, 2022


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Interested in sponsoring future editions of this report? Visit our media
partnerships page to learn more.

Global fund performance holds strong, but a decline could be on the horizon

One-year horizon IRRs through Q3 2021 remained incredibly strong despite another
wave of COVID-19 during the quarter that raised concerns about a pullback in
performance. Returns to date indicate that the majority of private market funds
have been able to pivot to handle pandemic-related challenges.

Our latest Global Fund Performance Report uses data through Q3 2021 as well as
some preliminary Q4 figures to provide a comprehensive look at the returns of
various fund strategies. We also examine why public market comparisons may lead
to disappointing private markets performance in coming quarters.

Key takeaways
 
 * Private equity returns cooled in Q3 2021, dropping to 6.8% amid a quickly
   changing macroeconomic backdrop. That figure represents the strategy’s lowest
   quarterly IRR since Q1 2020.

 
 * Real estate hit a 17.2% one-year horizon IRR, its best one-year performance
   since 2014, with preliminary Q4 IRR suggesting a bright future for the asset
   class. 

 
 * Private debt performance waned drastically during the quarter, but still
   remains strong on an annual basis, though deceleration of these figures is
   anticipated in coming quarters.

 
 * Secondaries funds stepped up to a new level of fundraising in 2020 and
   experienced a substantial uptick in performance during 2021, notching a
   one-year horizon IRR of 52.5%.


This report was reuploaded on May 13, 2022, to update the legend of the chart on
page 3.

Table of Contents

Overview 3 Private equity 7 Venture capital 9 Real estate 11 Real assets 14
Private debt 16 Funds of funds 18 Secondaries 21

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TAGS:

 * Private Equity,
 * Venture Capital,
 * Fund Performance,
 * Real Estate,
 * Secondaries,
 * Real Assets,
 * Private Debt,
 * Fund-of-Funds,
 * Global Fund Performance Report

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