2024投中私募股权基金业绩基准（Benchmark）

Core Insights - The article emphasizes the shift in Limited Partners' (LPs) evaluation of private equity fund performance from static observation to dynamic analysis, highlighting the need for a more systematic approach to understanding performance metrics [1][5]. Group 1: Industry Context - In the global capital markets, public funds have clear and transparent net value disclosures and performance rankings, allowing investors to easily obtain comparative metrics. However, the private equity market suffers from a lack of transparency, making it difficult for LPs to evaluate fund performance uniformly [2][3]. - The absence of public performance standards in the industry leads to challenges for both LPs and General Partners (GPs), increasing the risk of "bad money driving out good" [3][4]. Group 2: Benchmarking Efforts - Since 2022, the company has published private equity fund performance benchmarks annually to enhance industry transparency and provide reference points for investors, managers, and market participants [4][8]. - The 2024 benchmark report focuses on the interrelationships between performance metrics, utilizing K-Means clustering algorithms to analyze IRR, TVPI, and DPI indicators, allowing for a more nuanced understanding of fund performance [5][9]. Group 3: Data Overview - The benchmark data covers 2,323 funds primarily in the RMB private equity market, including some USD funds targeting China, with a reporting period from January 1, 2024, to December 31, 2024 [11][10]. - The report includes various performance metrics such as Gross IRR, TVPI, and DPI from 2008 to 2023, providing insights into the performance trends over the years [15][19][22]. Group 4: Performance Metrics Analysis - The Gross IRR data from 2008 to 2023 shows a significant decline in 2023, with a median of 5.50% compared to previous years, indicating potential challenges in the market [15]. - The TVPI metric also reflects a downward trend, with a median of 1.05 in 2023, suggesting a decrease in overall fund performance [19]. - DPI figures have reached a median of 0.00 in 2023, highlighting the difficulties in capital distributions to LPs [22]. Group 5: Clustering Analysis - The clustering analysis of Gross IRR and DPI reveals distinct performance clusters, indicating varying levels of success among funds based on their investment strategies and sector allocations [25][28]. - The analysis of Gross IRR and TVPI further illustrates the relationship between these metrics, providing insights into the performance dynamics within the private equity landscape [31][35].