KBRA’s Funds team attended Informa Connect’s 2024 SuperReturn conferences for Private Equity (PE) and Private Credit, held in New York on November 12-13. The conferences were well attended with close to 1,000 registrants, including over 450 general partners (GP) and 300 limited partners (LP). Below is a summary of the key themes KBRA has observed from panelists at each conference.
Private Equity
Fundraising, Valuation, and Exits
Full-year 2024 fundraising volume is expected to align closely with the level in 2023, with a somewhat more optimistic outlook for 2025. Many GPs find it difficult to secure LP commitments, including re-ups, due to insufficient distributed-to-paid-in-capital (DPI) or concerns about performance. Established managers who have distributed ample capital to LPs are capturing a significant share of LP allocations, often at the expense of both emerging managers and managers who went to the market too early before returning sufficient capital on their predecessor funds.
Th…