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1、Internal23IntroductionThe End of the Deal Doldrums5MacroInterest Rate Relief on the Horizon8CapitalLight at the End of the Tunnel17SpotlightTalent and Firm Building20Exits and LiquidityLPs Patiently Wait for Distributions23AppendixSurvey DetailsGFB OUTLOOK REPORT|“In the right circumstances,NAV loan

2、s are excellent options for creating liquidity within an illiquid fund.”Mark ThylinHead of Structured Fund Solutions,Global Fund BankingPage 21Internal3The past few years have been a roller coaster for private market investors from the heights of activity during the 2021 boom times to the struggles

3、experienced last year.As we enter 2024,I am heartened by conversations with clients and by an emerging trend in the data that together suggest we may finally be seeing the end of the deal doldrums.There is no sugarcoating the fact that 2023 was a difficult year for many in the industry,with fundrais

4、ing and investment down across the board.In some sense,this was to be expected as investors adjusted to the end of the easy money era and the emergence of higher-for-longer interest rates.While it is unlikely in the near term that the industry returns to activity levels seen during 2021,analyses in

5、this report show signs of normalization and perhaps even recovery.In the fundraising space,“slow and steady”is the mantra among our clients.New funds are being raised,but generally at a slower pace,as highlighted on pages 9 and 10.We are increasingly seeing those that have raised new funds delay the

6、ir deployment while previous funds are wrapped up.When surveyed,investors showed mixed expectations for 2024.As reported on page 9,survey respondents anticipated the status quo in terms of fundraising for 2024.However,in a bullish sign,85%anticipated assets under management(AUM)increases this year,a