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1、Private markets turn down the volume McKinsey Global Private Markets Review 2023March 2023Copyright 2023 McKinsey&Company.All rights reserved.This publication is not intended to be used as the basis for trading in the shares of any company or for undertaking any other complex or significant financia

2、l transaction without consulting appropriate professional advisers.No part of this publication may be copied or redistributed in any form without the prior written consent of McKinsey&Company.ContentsExecutive summary 21 Private markets lose 6 momentumFundraising 7AUM 10Performance 11Non-institution

3、al capital comes 12 in to focus2Private equity endures 14 a tough yearFundraising 15AUM 19Performance 21Deal activity 23Spotlight on secondaries 283Real estate renovates 31Closed-end funds 32Open-end funds 35Deal activity 38Spotlight on US property 42 technologyReal estatean inflation hedge 434Priva

4、te debt weathers 44 the stormFundraising 45AUM and deal activity 47Performance 48Private debt through the cycle 495Infrastructure and 52 natural resources grow and evolveFundraising 53AUM 56Performance 56Infrastructures evolving 56 composition6Private markets advance 59 their ESG agendasE:Sustainabl

5、e investing 61 goes mainstreamS:Private markets strive 63 for greater gender and ethnic diversityAuthors 70Further insights 70Acknowledgments 71Welcome to the 2023 edition of McKinseys annual review of private markets investing.Our ongoing research on the industrys dynamics and performance has revea

6、led several insights,including the following trends:The music didnt stop,but someone turned it way down.Private markets have enjoyed strong tailwinds since the depths of the Global Financial Crisis(GFC).Interest rates stayed low,credit availability was high,and valuations rose consistently.Each year