Market Overview

2021 Mid-Year Market Updates

September 30, 2021



With Q2 numbers in hand, we've taken stock of the private markets landscape, highlighting the latest themes and evolving trends within a variety of sectors and strategies - all in just a couple of minutes.




Direct Credit

with Nayef Perry, Co-Head of Direct Credit

"Investor appetite for yield and downside protection continues to drive LP demand for credit; however, more recently we’ve seen elevated appetite for private credit and leveraged loans as a result of inflation concerns and yield compression in other credit-oriented areas of the market."

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Direct Equity

with Jeffrey Armbrister, Head of Direct Equity

"Sectors such as healthcare, software, financial services and business services, in our opinion, present opportunities that benefit from compelling themes like the increased need for cyber security, healthcare innovation, e-commerce, ESG and automation — especially in response to labor shortages."

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Fund Investments

with Andrea Kramer, Co-Head of Fund Investments

"Yes, things slowed slightly in August, but for the most part fundraising has matched the temperature of the dog days of summer, and if anything, it seems to be picking up as we head into the back half of 2021."

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Impact

with Jackie Rantanen, Co-Head of Impact

"There is a lot of business activity around the environmental space already, and we expect this to be an area of continued growth in the private markets, as the markets seek additional solutions."

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Infrastructure

with Brent Burnett, Co-Head of Real Assets

"Some investors are looking for structured solutions or deeper value opportunities amongst energy-related assets in an environment where everything else feels expensive."

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Private Markets

with Bryan Jenkins, Head of Private Market Analytics

"Since the depths of the COVID crisis, private equity returns are back like Bennifer: Buyout funds returned just under 50% in the year since COVID, with venture and growth equity funds posting even more eye-popping returns of 83% and 74%, respectively."

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Real Estate

with Steve Gruber, Co-Head of Real Assets

"Globally, through COVID and as countries' demand was stimulated for warehouse properties. Also highlighted was a global shortage of residential property types. As economies around the world recover, actual occupancy in office buildings is also improving, although the resurgence of COVID variants has delayed the return-to-office in many markets."

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Secondaries

with Tom Kerr, Head of Secondaries

"More impactful than the volume of activity is the disruption that this market is causing in the way investors have traditionally approached portfolio management.  Today, the focus of this disruption is the continuation fund and its impact on LPs and GPs."

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Venture Capital & Growth

with Miguel Luiña, Managing Director, Fund Investments

"From a geographic standpoint, we continue to see the U.S. as a key venture market, but the democratization and innovation of venture is real. Europe, China and Israel have fully emerged as key innovation centers while places like India, Latin America, Southeast Asia, and many other emerging geographies are making really big strides."

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