A First Look At Q1 2023 Data: Cash Flows Remain Quiet; Private Equity, Debt, and Real Asset Funds Up; Venture Capital Funds Still Down

 

On June 24, the Burgiss Manager Universe (BMU) was updated to include Q1 2023 results. The final tally includes over 13,000 funds and represents more than $10 trillion in committed capital across the full spectrum of private capital strategies.

The BMU provides policy benchmarks for leading private capital investment programs; powers the Universe Data and Analytics module within the Private i Platform; and underpins proprietary and commercial risk models. Download the Burgiss Manager Universe dataset summary here.

Highlights from the Q1 2023 BMU update:

  • Global Private Capital funds were up 1.6% during Q1 2023, with Global Private Debt funds posting a 2.2% quarterly return. While Global Private Equity funds were up 1.7%, Venture Capital funds posted another quarterly decline of 0.7%. Within Global Real Asset funds (up 0.8%), Infrastructure funds (up 2.8%) continue to outperform Real Estate funds (down 0.5%) and Natural Resources funds (down 1.0%).

  • Cash flows remain quiet. Distributions in 2022 were just 13% of valuation, and fell below 10% during Q1 2023; historically, this rate has been 20–30% annually.

  • At quarter end, Dry Powder has declined to $1.81 trillion but remains near its all-time high of $1.89 trillion.

Check out our Q1 2023 Global Private Capital Review webinar, which took place on June 27, 2023.

 
Ruby Atwal