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Astrea

A series of investment products based on diversified portfolios of private equity funds. Started in 2006, there are eight in the series to date, with Astrea 8 being the latest addition to the Astrea Platform.

McKinsey Global Private Markets Review 2022

Welcome to the 2022 edition of McKinsey’s annual review of private markets investing. Our ongoing research on the industry’s dynamics and performance has revealed several insights, including the following trends: 

Private markets bounced back in 2021. After a year of pandemic-driven turbulence that suppressed fundraising and deal activity, private markets rebounded across the board. Fundraising was up by nearly 20 percent year over year to reach a record of almost $1.2 trillion; deal makers were busier than ever, deploying more than $3.5 trillion across asset classes; and assets under management (AUM) grew to an all-time high of $9.8 trillion as of July, up from $7.4 trillion the year before. Dollars continued to fund higher risk-return strategies in private equity (PE) and infrastructure and rotated into riskier strategies in real estate.

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Bain & Co Global Private Equity Report 2022

By just about any measure, private equity set a remarkable new standard for itself in 2021. Buyout deal value and exits shot to stunning new records. General partners (GPs) had the secondbest fund-raising year in the industry’s history, capping a five-year run that has netted $1.8 trillion in new buyout capital (see Figure 1). Funds boosted distributions to limited partners (LPs) and continued to deliver returns outpacing any other asset class. All in all—and despite the continued economic uncertainty brought on by the Covid-19 pandemic—private equity put a bold exclamation point on what has turned out to be a decade of outstanding performance.

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Fitch Ratings Special Report - PE CFOs Stable After Coronavirus Recovery

Fitch Ratings-New York-22 November 2021: Private equity (PE) collateralized fund obligations (CFOs) rated by Fitch Ratings have exhibited stable performance since recovering from the coronavirus-driven economic downturn and market volatility, with cash flows and loan-to-value ratio measures returning to pre-pandemic levels or better. Driving this performance are significantly improved market conditions and the transactions’ structural features, such as de-leveraging mechanisms.

One PE CFO was issued in 2021 (Astrea VI, in March 2021), a figure similar to 2020. Uncertainty caused by regulatory proposals as well as the pandemic-driven market volatility has hampered issuance in both years. As the pandemic recedes and regulators provide additional clarity, the market may rebound in 2022.

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Fitch Ratings – PE CFO Update: 3Q21

Private equity (PE) collateralized fund obligations (CFOs) rated by Fitch Ratings have exhibited stable performance since recovering from the coronavirus-driven economic downturn and market volatility, with cash flows and loan-to-value ratio (LTV) measures returning to pre-pandemic levels or better. Driving this performance are significantly improved market conditions and the transactions’ structural features, such as de-leveraging mechanisms. Transaction-specific charts and tables on pages 4-6 provide additional details.One PE CFO was issued in 2021 (Astrea VI, in March 2021), a figure similar to 2020. Uncertainty caused by regulatory proposals as well as the pandemic-driven market volatility have hampered issuance in both years. As the pandemic recedes and regulators provide additional clarity, the market may rebound in 2022. Fitch expects that PE CFO ratings will remain stable in 2022, while some tranches could be upgraded if they continue deleveraging. Transactions’ performance will be driven by expected global economic growth. Fitch expects active capital markets and PE funds’ exit activity to generate consistent cash flows and support liquidity for Fitch-rated PE CFOs, although a market dislocation could pause this trend.

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