Key Highlights
Q1 2024 Activity Update
- Year on year, FPAUM increased 47% from €95.1bn as of Q1 2023 to €139.3bn (adjusting for Infrastructure, and the activation of Europe / Americas Fund IX and Asia VI1)
- Increased investment activity drove a growth of +12% in LTM Mar-24 deployment (vs. FY 2023) and +66% in Private Equity realisations over the same period, and we expect investment activity to continue normalising as we move through 2024 and into 2025
- Portfolio performance continues to be resilient across all strategies, with all material funds performing on or above plan2
- Fundraising remains on plan with the successful closing of Asia VI at $6.8bn (50% larger than its predecessor fund), and continued progress over the quarter, predominantly across EUDL IV, Asia VI and StratOps III
Rob Lucas, CEO, comments: “Whilst we continue to face a complex macro environment, we are pleased with the resilient performance of our funds, and this consistent investment performance underpins continued client support across each of our fundraises. In addition, we are beginning to see increased investment activity enabling us to activate Europe / Americas Fund IX, Asia VI and StratOps III at the earlier end of guidance, and driving a material increase in realisations”.
1. Acquisition of DIF signed in September 2023 and not completed last 31 March 2024. Europe/AmericasFundIX, AsiaVI and Strategic Opportunities III were each activated on 3 May, at the earlier end of the mid-2024 guidance. Strategic Opportunities III is not included in adjusted FPAUM as management fees are calculated on invested capital vs. committed capital, and the adjustment reflects the associated step-down on predecessor funds (€6.7bnforEurope/AmericasFundVIIIand$0.8bnforAsiaV).
2. List of material funds and definition of “on plan”and“above plan” as per page 3.