2017 preqin alternative assets performance...

2017 PREQINALTERNATIVE ASSETSPERFORMANCE MONITOR

alternative assets. intelligent data.

Private Equity ■ Private Debt ■ Real Estate ■ Infrastructure ■ Natural Resources ■ Hedge Funds

ISBN: 978-1-912116-03-4$175 / £125 / €150www.preqin.com

SAMPLE PAGES

CONTENTS

The data behind all of the charts featured in the Report is available to purchase in Excel format. Ready-made charts are included that can be used for presentations, marketing materials and company reports.

To purchase the data pack, please visit: www.preqin.com/pm

DATA PACK FOR THE 2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR

© Preqin Ltd. 2017 / www.preqin.com2

2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR - SAMPLE PAGES

CEO’s Foreword - Mark O’Hare 3

SECTION ONE: THE 2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR

Alternative Assets Performance Monitor: In Numbers 6Data Sources and Methodology 7Reasons to Contribute Data 11Performance Overview of Alternative Assets 12Investor Outlook on Alternatives Performance 13

SECTION TWO: PRIVATE CAPITALPrivate Capital Assets under Management 16Performance Overview of Private Capital Funds 17PrEQIn - Private Equity Quarterly Index 19Private Capital Horizon IRRs 20The Importance of PME Benchmarking 21Kaplan-Schoar Public Market Equivalent - KS PME by Region

22

Kaplan-Schoar Public Market Equivalent - KS PME by Fund Type

23

Long-Nickels Public Market Equivalent - LN PME 24PME+ 25Emerging Managers 26

SECTION THREE: PRIVATE EQUITYPrivate Equity Assets under Management 28Performance Overview of Private Equity Funds 29Private Equity Funds to Watch 36Buyout 37Growth 42Secondaries 45Fund of Funds 48Venture Capital 51

SECTION FOUR: PRIVATE DEBTPrivate Debt Assets under Management 58Performance Overview of Private Debt Funds 59Direct Lending 61Distressed Debt 62Mezzanine 64

SECTION FIVE: REAL ESTATEReal Estate Competition: Opportunities and Challenges for Managers - Craig A. Spencer, Arden Group

68

Real Estate Assets under Management 69Performance Overview of Real Estate Funds 70Core/Core-Plus 76Value Added 77Opportunistic 79Debt 80Open-Ended Funds 81

SECTION SIX: INFRASTRUCTUREPerformance Overview of Infrastructure Funds 84

SECTION SEVEN: NATURAL RESOURCESPerformance Overview of Natural Resources Funds 88Top Performing Natural Resources Funds 89

SECTION EIGHT: HEDGE FUNDSHedge Fund Assets under Management 92Hedge Fund Asset Flows 94How Fintech Will Transform the Financial Services Industry - Manuel Anguita, Silver 8 Capital

95

Overview of Hedge Fund Performance 96Hedge Fund Benchmarks 98Top Performing Hedge Funds 100Top Performing Hedge Funds by Region 102Top Performing Hedge Funds by Size 104Most Consistent Top Performing Hedge Funds 106Equity Strategies Funds 110Macro Strategies Funds 112Event Driven Strategies Funds 114Credit Strategies Funds 116Relative Value Strategies Funds 118Multi-Strategy Funds 120Niche Strategies Funds 122Funds of Hedge Funds 123CTAs 125Liquid Alternatives 127

SECTION NINE: GLOSSARYGlossary 130


ALTERNATIVE ASSETS PERFORMANCE MONITOR:IN NUMBERS

$4.59tnPrivate capital AUM has increased by 7%

since December 2015 to reach $4.59tn as at December 2016.

$3.35tnHedge fund AUM stands at $3.35tn as at

June 2017.

581Number of unique fund managers that

feature in the league tables this year.

353PrEQIn Private Equity Index reached its highest point (353 index points) in

December 2016*.

14.8%Real estate funds achieved average

positive returns across all vintages, with a net IRR of 14.8% for 2013 vintage funds.

10.90%12-month net return generated by hedge funds to June 2016.

RETURNS BY ASSET CLASS

167.6%Median DPI generated by vintage 2004

infrastructure funds.

130PrEQIn Natural Resources Index (130)

surpassed the S&P Global Oil Index TR (88) by 42 index points in December 2016*.

9 YearsThe typical venture capital fund takes

nine years to return LP capital.

INVESTOR PERCEPTIONS

25%of real estate investors

interviewed in June 2017 reported that the performance of their portfolios has exceeded expectations over the past year.

62%of private debt investors plan to increase their allocation to the asset class over the longer

term.

50%of natural resources investors believe performance has fallen short of expectations over the

past three years.

33%of hedge fund investors expect

their portfolios to perform better in the next 12 months

than in the past year.

*Index rebased to 100 as of 31 December 2007.

1. INTRODUCTION2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR - SAMPLE PAGES

Alternative assets have attracted institutional capital at unprecedented

rates in recent years, with private capital assets under management (AUM) growing to an estimated $7.8tn as at December 2016. Among the many catalysts for the boom in alternatives have been the low correlation to traditional markets, attractive risk-adjusted returns and ever-increasing transparency in many areas of the industry. Although the objectives within each alternatives strategy can vary, positive performance that moves towards achieving these goals will define investor sentiment and confidence moving forward.

In June 2017, Preqin conducted more than 100 interviews with global institutional investors to understand their views of the alternatives industry moving into the second half of 2017 and beyond. Institutional investors’ increasing allocations to alternatives have been driven by the push for strong returns, which could not be achieved without increased exposure to the space. On such a large scale, diversification away from traditional markets and debt instruments played and continues to play a vital role in investing to meet the liabilities of insurance companies, pension funds, endowment plans and other

organizations that participate in private markets.

KEY CONCERNSPerformance ranked among the top two key concerns for investors in two out of seven asset classes tracked by Preqin – hedge funds and natural resources – compared with investors in five of six asset classes at the same time last year. Concerns centred greatly around pricing, valuations and deal flow in the industry at large, although performance was cited as at least the third most pressing concern in all seven alternative asset classes surveyed in 2017. Performance is the key concern

INVESTOR OUTLOOK ON ALTERNATIVES PERFORMANCE

86%

51%57%

45%

72%

36%

59%50%

34% 34%

69%

56%

0%10%20%30%40%50%60%70%80%90%

100%

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ing/

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ance

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Private Equity Private Debt Real Estate Infrastructure Natural Resources Hedge Funds

Source: Preqin Investor Interviews, June 2017

Prop

ortio

n of

Res

pond

ents

Fig. 1.5: Top Two Key Issues for Investors in Alternatives by Asset Class (Proportion of Respondents in Each Asset Class)

1. INTRODUCTION


13

11% 8% 6% 6%

30%

55%

67% 80%70% 73%

56%

37%

22%12%

25% 21% 15% 8%

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MetExpectations

Fallen Short ofExpectations


Prop

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Fig. 1.6: Investors’ Perception of the Performance of Alternative Asset Classes over the Past 12 Months

8% 6% 9% 12%

50%

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56%67%

42%20%38%

21%35%

21%8% 10%

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Fig. 1.7: Investors’ Perception of the Performance of Alternative Asset Classes over the Past Three Years



VENTURE CAPITAL

KEY FINDINGS ■ Early to mid-1990s vintage funds

performed significantly well, with notable median net IRRs of 31.7% and 31.9% for 1993 and 1997 vintages respectively (Fig. 3.64). There was a significant drop in performance between vintage 1997 and 1998 funds, which could be attributed to the dot-com bubble.

■ A decade of poor performance is reflected by the fact that 2003 is the last vintage for which the median venture capital fund has a DPI

of above 100% – there are signs, however, that surpassing this target could be achieved by funds of more recent vintages, with median TVPIs exceeding 100% for funds of vintage 2006-2014 (Fig. 3.65).

■ J-curves show the long-term nature of venture capital investments, with median IRRs taking between five and 10 years to emerge out of negative territory (Fig. 3.66).

■ As seen in Fig. 3.67, the typical venture capital fund takes nine years to return LP capital, indicative of the

long-term nature of LP investments in venture capital funds, modelled using Preqin’s cash flow data.

■ Fig. 3.68 illustrates why a GP’s track record is an important indicator for LPs, as consistency is seen among strong and poor performers: 67% of top-quartile funds are followed on by a top- or second-quartile fund. The same proportion of bottom-quartile funds are followed by below-average performance. Standard deviation of net IRRs across vintages is generally high for venture capital funds

-50%

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0 1 2 3 4 5 6 7 8 9 10 11 12 13

Vintage 2004

Vintage 2005

Vintage 2006

Vintage 2007

Vintage 2008

Vintage 2009

Vintage 2010

Vintage 2011

Vintage 2012

Vintage 2013

Vintage 2014

Source: Preqin Venture Capital Online

Net

IRR

sinc

e In

cept

ion

Investment Year

Fig. 3.66: Venture Capital - J-Curve: Annual Median Net IRRs by Vintage Year

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Top Quartile NetIRR Boundary

Median Net IRR

Bottom QuartileNet IRR Boundary


Net

IRR

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e In

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Fig. 3.64: Venture Capital - Median Net IRRs and Quartile Boundaries by Vintage Year

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AnnualizedDistribution

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/Dis

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et C

ash

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($

mn)

Investment Year

Fig. 3.67: Venture Capital - Annual Contributions and Distributions with Net Cash Flow (LP with a $10mn Commitment)

0%

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Residual Valueto Paid-inCapital (%)

Distributed toPaid-in Capital(%)

Called-up toCommitedCapital (%)

Source: Preqin Venture Capital OnlineVintage Year

Fig. 3.65: Venture Capital - Median Called-up, Distributed and Residual Value Ratios by Vintage Year

3. PRIVATE EQUITY2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR - SAMPLE PAGES


MEZZANINE

KEY FINDINGS ■ Mezzanine funds have exhibited

fairly consistent IRRs, with standard deviation below 9% for most vintages displayed (excluding 2009, Fig. 4.21).

■ Fig. 4.22 further illustrates the low spread of data, with 70% of funds having deviated fewer than five percentage points either side of the median IRR.

■ Median and money-weighted returns show consistent net IRRs fluctuating around the 10% figure (Fig. 4.23).

■ As seen in Fig. 4.24, the average mezzanine fund takes between eight and nine years for the net cash flow to LP to become positive (all capital paid into the fund has been distributed back to investors).

■ According to Preqin’s latest investor survey, the largest proportion (48%) of investors see mezzanine funds presenting the best risk/return profile for all private debt fund strategies currently.

0%

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2007

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2013

Median NetIRR

Money-WeightedNet IRR

Source: Preqin Private Debt Online

Net

IRR

sinc

e In

cept

ion

Vintage Year

Fig. 4.23: Mezzanine - Median and Money-Weighted Net IRRs by Vintage Year

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AnnualizedContribution

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trib

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n/N

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ash

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($

mn)

Investment Year

Fig. 4.24: Mezzanine - Annual Contributions and Distributions with Net Cash Flow (LP with $10mn Commitment)

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2013

StandardDeviation ofNet IRR

Median NetIRR

Source: Preqin Private Debt OnlineVintage Year

Fig. 4.21: Mezzanine - Risk/Return by Vintage Year

0.4% 2% 3% 2%

8%

35% 35%

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3%1% 1% 1%

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Net IRR Percentage Point Difference from Median Benchmark

Fig. 4.22: Mezzanine - Net IRR Deviation from Median Benchmark

4. PRIVATE DEBT2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR - SAMPLE PAGES

5. REAL ESTATE


69

REAL ESTATE ASSETS UNDER MANAGEMENT

132 166 170 179 152 167 138206 196 229 239

146

245 232 219 303403 464

511 561579 545

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UnrealizedValue ($bn)

Dry Powder($bn)

Source: Preqin Real Estate Online

Ass

ets

unde

r Man

agem

ent (

$bn)

Fig. 5.1: Closed-End Private Real Estate - Assets under Management, 2006 - 2016

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Fig. 5.2: Closed-End Private Real Estate - Annual Capital Called-up, Distributed and Unrealized Value

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$bn)

Fig. 5.4: Closed-End Private Real Estate - Dry Powder by Strategy, 2004 - 2017

Fig. 5.3: 10 Largest Closed-End Private Real Estate Fund Managers by Estimated Dry Powder (As at July 2017)

Firm Location Dry Powder ($bn)

Blackstone Group US 22.3

Lone Star Funds US 12.2

Brookfield Property Group Canada 6.6

Starwood Capital Group US 4.9

Global Logistic Properties Singapore 4.1

Carlyle Group US 3.9

Rockpoint Group US 3.8

Oaktree Capital Management US 3.5

AXA Investment Managers – Real Assets France 3.3

Angelo, Gordon & Co US 2.7


DATA SOURCE:

Preqin’s Real Estate Online contains individual performance information for over 1,700 funds of all strategies.

Assess fund performance by size, vintage, type, called-up, distributed, unrealized value, multiple and IRR.

Get in touch today to arrange a demo of Real Estate Online:

: [email protected] | : www.preqin.com/reo


7. NATURAL RESOURCES


89

TOP PERFORMING NATURAL RESOURCES FUNDS


Fig. 7.5: Top 10 Performing Natural Resources Funds (Vintage 2001-2006)

Rank Fund Firm Vintage Fund Size (mn)

Geographic Focus

Net IRR (%)

Date Reported

1 WLR Recovery Fund II WL Ross & Co 2002 400 USD N. America 78.8 30-Sep-162 HitecVision Private Equity III HitecVision 2002 690 NOK Europe 72.0 30-Jun-173 Enervest Energy Institutional Fund IX EnerVest 2001 239 USD N. America 69.0 31-Mar-164 EnCap Energy Capital Fund IV EnCap Investments 2002 525 USD N. America 67.1 30-Jun-175 Lime Rock Partners II Lime Rock Partners 2002 320 USD N. America 55.0 30-Jun-17

6 Kayne Anderson Energy Fund II Kayne Anderson Capital Advisors 2003 240 USD N. America 53.0 30-Jun-17

7 Carlyle/Riverstone Global Energy and Power Fund II Riverstone Holdings 2003 1,100 USD N. America 52.7 30-Sep-16

8 First Reserve Fund IX First Reserve Corporation 2001 1,375 USD N. America 48.1 30-Jun-179 Overlord 2001 Investment 32 Degrees Capital 2001 2 CAD N. America 44.3 30-Jun-17

10 Energy Trust Partners Energy Trust Capital 2002 112 USD N. America 38.0 30-Jun-17

Source: Preqin Natural Resources Online

Fig. 7.6: Top 10 Performing Natural Resources Funds (Vintage 2007-2009)

Rank Fund Firm Vintage Fund Size (mn)

Geographic Focus

Net IRR (%)

Date Reported

1 Aravis Energy I Aravis 2009 47 EUR Europe 448.0 30-Jun-172 EIV Capital Fund I EIV Capital 2009 50 USD N. America 61.7 31-Dec-163 EnCap Flatrock Midstream Fund I EnCap Investments 2009 792 USD N. America 45.0 31-Dec-164 Energy Spectrum Partners V Energy Spectrum Capital 2007 612 USD N. America 32.9 31-Dec-165 CIM Infrastructure Fund CIM Group 2007 200 USD N. America 19.2 31-Mar-176 Intervale Capital Fund I Intervale Capital 2008 250 USD N. America 19.1 30-Jun-167 Avista Capital Partners II Avista Capital Partners 2008 1,800 USD N. America 19.0 31-Dec-168 Quantum Energy Partners V Quantum Energy Partners 2008 2,506 USD N. America 18.4 31-Dec-16

9 Fondo Hidrocarburos de Colombia II Latin America Enterprise Fund Managers 2008 67 USD Latin America 18.0 30-Jun-17

10 Inspired Evolution Fund I Inspired Evolution Investment Management 2008 800 ZAR Africa 16.9 31-Mar-16

Source: Preqin Natural Resources Online

DID YOU KNOW?

If your firm has featured in any of our league tables throughout the 2017 Preqin Alternative Assets Performance Monitor, you can request award images and marketing materials from Preqin. Such materials can be used in your marketing campaigns or email signatures.

If you would like to take advantage of this, please email: [email protected]


KEY FINDINGS ■ Prolonged periods of market

uncertainty have taken their toll on macro strategies over the past 12 months. As illustrated in Fig. 8.51, the Preqin All-Macro Strategies Hedge Fund benchmark has underperformed against the Preqin All-Strategies Hedge Fund benchmark in every quarter over the past 12 months. Ending Q2 2017 with a loss, the strategy has generated 3.87% in the 12 months to June 2017, just over seven percentage points less than that achieved by the wider industry over the same period.

■ Commodity-focused vehicles continued to struggle during the first half of the year; following a particularly difficult second quarter, the strategy benchmark ended H1 2017 down 4.41% year-to-date (Fig. 8.52) as the only loss-making, macro-focused sub-strategy tracked by Preqin.

■ This theme continues when comparing each sub-strategy’s three-year cumulative return. While macro and foreign exchange vehicles have generated returns of 20.46% and 10.09% respectively, commodity-focused vehicles continued to

perform poorly, generating losses in 34 out of the past 36 months.

■ Despite posting only modest returns over the past four quarters, Fig. 8.55 shows that pure macro strategies vehicles offer a stronger risk/return profile compared with not only both other macro sub-strategies tracked by Preqin, but also the wider hedge fund industry. Conversely, commodity-focused vehicles have provided the greatest level of volatility in exchange for negative returns.

MACRO STRATEGIES FUNDS

-0.10%

1.55% 1.63% 1.63% 1.45%

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6.35% 6.70%

-4.20%

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-4.41%-3.30%

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Macro Commodities Foreign Exchange

Source: Preqin Hedge Fund Online

Net

Ret

urn

Fig. 8.52: Performance of Macro Strategies Funds by Sub-Strategy (As at June 2017)*

5.97%

3.97%

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Discretionary SystematicSource: Preqin Hedge Fund Online

Thre

e-Ye

ar A

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Ret

urn

Fig. 8.54: Rolling Returns of Macro Strategies Funds by Trading Style, July 2014 - June 2017*

-0.37%

1.28% 0.90%2.02%

0.77%

3.63%4.86% 5.28%

1.56%

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3.99%4.87%

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Macro Strategies Funds All Hedge Funds


Net

Ret

urn

Fig. 8.51: Performance of Macro Strategies Funds vs. All Hedge Funds (As at June 2017)*

15.59%

20.29%

-5.13%

9.09%

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Macro Strategies Macro Commodities Foreign Exchange


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Fig. 8.53: Cumulative Returns of Macro Strategies Funds by Sub-Strategy, July 2014 - June 2017*

8. HEDGE FUNDS2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR - SAMPLE PAGES

The 2017 Preqin Alternative Assets Performance Monitor provides unrivalled insight into the performance of alternative assets funds, analyzing performance data for over 25,700 funds spanning the entire alternative assets industry, including private equity, private debt, real estate, infrastructure, natural resources and hedge funds.

This year’s content includes: ■ Analysis based on performance data for over 25,700 funds worldwide. ■ League tables containing top performing funds, most consistent top performing managers and

‘funds to watch’ across different vintages, types and strategies. ■ Overview and analysis of performance trends across alternative asset classes. ■ Granular analysis of funds across different strategies and geographies by vintage year. ■ Examination of risk vs. return for different asset classes and strategies. ■ Investor outlook on alternatives performance. ■ Data on assets under management and dry powder by asset class. ■ Exclusive interviews with top performing managers.

2017 PREQIN ALTERNATIVE ASSETS PERFORMANCE MONITOR


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Includes: 3 Hard Copies plus Firm-Wide Access to Digital Copy*

Ideal for firm-wide access for larger organization

$1,000

£715

€860


DATA PACK

$300

£215

€260

Data Pack contains all underlying data for charts and graphs contained in the publication. Only available

alongside purchase of the publication.

2017 PREQINALTERNATIVE ASSETSPERFORMANCE MONITOR


Private Equity ■ Private Debt ■ Real Estate ■ Infrastructure ■ Natural Resources ■ Hedge Funds

ISBN: 978-1-912116-03-4$175 / £125 / €150www.preqin.com

2017 preqin alternative assets performance...

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