Private equity fundraising had a banner year in 2021, reaching all-time highs before falling 15 percent, to $655 billion, last year. Senior partner Pontus Averstad and coauthors point to macroeconomic uncertainty, higher cost of debt, and sharply declining public market valuations as main causes of the stifled growth.
To read the report, see “McKinsey Global Private Markets Review: Private markets turn down the volume,” March 21, 2023.