1、Portfolio Valuation and Fund Portfolio Valuation and Fund Advisory SnapshotAdvisory SnapshotKey Trends in Private Capital MarketsSummer 2024 Update010203040506Private Credit EnvironmentNAV Financing Market Spotlight On:Sports InvestingSpotlight On:Venture Capital and AITransaction and Trading Compar

2、ablesPrivate Capital Fundraising207Houlihan Lokey:Your Trusted AdvisorPrivate Capital Fundraising3PV QUARTERLY INSIGHTS|SUMMER 2024|Through Q1 2024,521 private market funds raised a total of$295 billion across all asset classes,on par with the$298 million raised in Q1 2023.However,the number of fund

3、s fell dramatically by 46%year over year,highlighting the increasing concentration of capital raised.Funds over the$1 billion mark accounted for 81%of Q1 2024 fundraising capital and comprise more than 60%of the total capital raised since 2018.Venture capital(VC)continued to struggle into Q1 2024,wi

4、th fundraising declining by 44%year over year,representing the slowest pace since Q1 2015.The downturn is primarily driven by the persistently sluggish deal environment,which has led to the large amounts of dry powder that remain in the market.Real assets and real estate were tracking below their hi

5、storical proportions for Q1 2024,partly due to several large funds closing in 2023.On an annualized basis,capital raised for real estate and real assets strategies are expected to decline by 30%and 16%,respectively.North America accounted for approximately 44%of the total private capital raised in Q

6、1 2024,a notable decline from 73%in Q1 2023.LP Concentration and Challenges Persist in Q1 Amid Shifting Dynamics4“Our fundraising success has come in different rate cycles and economic environments over the past decades,which supports our view that assets follow performance.”Michael J.Arougheti,Ares