A First Look at Q3 2023 Data: Cash Flows Remain Quiet; Private Debt Funds Up; Private Equity Funds Decline, Led by Venture Capital

 

On December 16, the Burgiss Manager Universe (BMU) was updated to include Q3 2023 results. The final tally includes over 13,400 funds and represents nearly $11 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 Q3 2023 BMU update:

  • Global Private Debt Funds Index posted a positive 2.1% quarterly return.

  • Global Buyout Funds Index declined 0.1% while the Global Venture Capital Funds Index declined 2.1%—its seventh consecutive quarterly decline.

  • Global Real Estate Funds Index declined 2.4% but the Global Infrastructure Funds Index increased 0.9%

  • For the first three quarters of 2023, Private Debt asset classes have outpaced the broader Private Capital market, with Mezzanine (7% YTD) leading both Senior and Distressed (6% YTD respectively).

  • Distributions remain quiet. For the Global Private Capital Funds Index, the distribution rate for the first three quarters of 2023 ticked slightly up to 10%; historically, this rate has been 20–30% annually.

  • Dry Powder had risen to $1.9 trillion and remains near its all-time high of $1.96 trillion (reached during Q3 2022).

 
Ruby Atwal