The Truth About Private Equity Fund Size

截至年末，私营市场的机构投资者正在努力在过去几个资金上包装，我们需要投亚博赞助欧冠资于我们的目标年度承诺水平。

你看，私募股权有点像跑步机。金钱总是出去回来。只是为了让你的分配相同，你必须继续向更多的资金承诺。换句话说，就像跑步机一样，你必须继续跑步留在同一个地方。

如果您想实际增加您的私募股权的分配 -像今年47％的机构- 然后您必须更快地运行，提出更多资本来更多资金来增加资产类别。由于这种需求，筹资一直很健壮。私募股权经理已返回市场，以比以往任何时候都更快地提高新资金，而且他们也在寻求更大的资金，为投资者提供他们要求的东西 - 一个停放其资本的地方。

在过去，经理往往不会开始要求新基金的资本，直到前一个部署的75％。今天，此过程始于以前的基金仅为65％，或者有时甚至55％，投资。当需求管理人员返回基金升级电路时，他们的过程的时间范围通常非常压缩 - 有时仅仅是营销公告到基金的最终结束的三个月。

除了以更快和更快的跑步机保持更快，更慢的竞争对手的挑战 - 较慢，更多的官僚机构 - 或对估值的明显担忧以及资本上涨对市场周期的影响，有限的合作伙伴也面临着任务assessing whether the manager’s new fund size is too big, too little, or just right.

仅仅因为一支球队成功投资了5亿美元的基金 - 例如，购买十万美元的企业并将其转化为亿美元的企业 - 并不意味着他们会在10亿美元的基金上产生相同的结果。对于较大的基金，他们要么需要找到20家公司的大小，这将强调一支小型团队的交易能力，或者他们必须购买10家公司1亿美元，以曾经是卖方的规模，通常具有不同的动态和竞争对手完全不同的市场段。

弄清楚较早的赛道记录是如何相关的，以及该公司是否具有合适的团队和战略，以成功地执行较大的基金规模，需要定性判断。几乎没有结论的答案。

有限合作伙伴通常希望基金保持大致相同的大小，相信这将导致返回看起来更像以前的曲目记录。尽管需要更多的钱来工作，但我们希望我们的经理在他们对市场方面保持一致。在TMRS，我们将此称为基金规模纪律。

另一方面，普通合作伙伴争论更大的基金在不断增长的市场中提供竞争优势。（它也没有伤害它对他们来说更有利可图。）

值得庆幸的是，顾问Stepstone的新研究提供了一些有助于解决这一难题的洞察力。顾问在同一位经理中初始和后续基金的成熟绩效信息看了2600多个资金的样本，该公司能够明确量化基金规模增加的影响。

Their research showed that managers who raised substantially larger funds experienced lower IRRs (internal rates of return) in the subsequent bigger investment vehicles. The worst performance results were observed in those funds that were more than double the prior vintage; such managers posted returns 5.8 percent lower on average.

另一方面，那些筹集资金的经理比早期伙伴关系大于25％的经理实际上能够谦虚地增加回报，并且缩小后返回的资金有意义地跳跃4.4％。有趣的是，私募股权基金比以前的基金产生了25％，比以前的基金产生了以来的回报，自上次四处走动以来几乎不变。

我想这种关系,我意识到我t made perfect sense. Most private equity partnerships invest their capital over a three- to five-year investment window. Over the past fifteen years, the private equity industry has surged from roughly $1 trillion in assets in 2004 to nearly $4.5 trillion at the end of last year, a compound annual growth rate of 10.8 percent. Over a four-year period, that represents cumulative 50 percent growth.

Perhaps a manager who raises a fund 50 percent larger than their fund from four years ago, when the market has also grown by 50 percent over that same time, has in effect stayed in place competitively. But if they’ve grown faster than the market they participate in, by definition they have to be less choosy on a relative basis, buying more dollars’ worth of private equity company total market share than they did previously.

Certainly the specifics of each individual manager, additions to the investment team, and improvements to their sourcing or value creation capabilities can change the calculus in each circumstance, but this research conclusively demonstrates the importance of fund size discipline.

And as the fund raising treadmill runs faster and faster, we are using this research to help us identify managers who we think are getting it just right.