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Last updated Feb. 15, 2023
Publicly traded US private equity firms reported lackluster performance for Q4 2022 as falling asset values slowed the pace of exits. Most bright spots in their businesses were found in private credit or other nonbuyout divisions.
The asset managers' distributable earnings—the allocation of cash that can be returned to investors—were down nearly across the board year-over-year. Apollo Global Management was one notable exception, as the firm's 2021 merger with Athene Holdings buoyed earnings, even as the firm's PE income suffered.
All six firms' stock prices finished lower on the year, in step with their drooping quarterly earnings. Apollo's stock dropped the least, ending 2022 down 12%. The Carlyle Group pulled up the rear with its stock trading 46% lower in December than it had 12 months prior.
KKR led the pack in fundraising, with nearly $43 billion in commitments. Blue Owl Capital also made an impressive showing with its largest PE fundraising year to date, amassing $12.9 billion for its Dyal Capital Partners V fund.
AUM increased for almost all of the large, public US PE firms tracked in our dashboard. The sole exception was TPG, whose AUM was flat quarter-to-quarter. In 2022, Blue Owl increased its AUM by 46%, finishing the year with $138.2 billion.
This article originally appeared on PitchBook News