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McKinsey Global Private Markets Review 2024: Private markets in a slower era
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McKinsey Global Private Markets Review 2024: Private markets in a slower era
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Magazine Article
McKinsey Global Private Markets Review 2024: Private markets in a slower era
2024
Overview
According to McKinsey’s latest Global Private Markets Review, private markets entered a slower era in 2023, with macroeconomic headwinds, rising financing costs and an uncertain growth outlook weighing on fundraising, deal activity and performance.If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. [...]the majority plan to maintain or increase allocations over the medium to long term. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. [...]far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market.
Publisher
McKinsey & Company, Inc
Subject
