Читать книгу Active Investing in the Age of Disruption - Evan L. Jones - Страница 33

When you combine the VC growth discussed previously with the massive increase in private equity firm capital, there is real concern that private market valuations are becoming frothy to the point of disappointing investors. The low public market rate environment has caused many investors who do not usually have large allocations to private equity to increase their allocations in a search for higher returns. In Figure 3.10 detailing private equity dollars awaiting deployment you can see that we are at historic highs. At over $600 billion, private equity looking for opportunities has tripled in five years.

In a number of institutional capital allocator surveys in 2019, private equity ranked number one as the asset class in which they expect to increase investment over the next few years. Illiquidity is a risk and that risk is being discounted today by a large number of investors trying to meet their investment mandates.

FIGURE 3.10 Private equity dry powder (billions $US)