1、Charting New Routes2024 Private Markets Diagnostic SurveyGOLDMAN SACHS ASSET MANAGEMENT2OCTOBER 20242024 PRIVATE MARKETS DIAGNOSTIC SURVEYMacroeconomicsPrivate market investors are more optimistic about investment opportunities than they were last year,as inflation has moderated and valuations have

2、begun to adjust.While concerns about recession risk and inflation have tempered,greater focus is being placed on geopolitical conflicts and still-elevated valuations.Industry EvolutionThe private markets industry continues to evolve,with GPs expanding their offerings and nearly a third leveraging or

3、 evaluating the use of an equity stake sale to capitalize the management company.LPs are moving beyond the typical drawdown structure,with interest in semi-liquid vehicles expanding to include equity strategies.SustainabilitySustainability remains a key focus for larger LPs and those outside the Ame

4、ricas,while more than 50%of LPs in the Americas do not have sustainable investment goals.GPs,focused on raising capital globally,broadly report greater progress in achieving sustainable investing goals.Value CreationGeneral Partners(GPs)are focused on driving revenue growth at their portfolio compan

5、ies and looking towards interim liquidity solutions,including continuation vehicles and dividend recaps,to drive liquidity for LPs.Buyer/seller valuation gaps are hindering transaction activity on both the acquisition and disposition sides,with macro uncertainty also constraining exits.AllocationsLi

6、mited Partners(LPs)continue to build toward their private credit and infrastructure targets as private market allocations become more diverse,and they are increasing deployment levels but focusing on fewer relationships.The balance of LPs remains under-allocated across private market strategies,with