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PitchBook Analyst Note: Analysis of Public PE Firm Earnings: Q1 2021

Q2 2021

PitchBook Analyst Note: Analysis of Public PE Firm Earnings: Q1 2021

May 12, 2021

PitchBook Analyst Note: Analysis of Public PE Firm Earnings: Q1 2021
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Building on their momentum coming out of 2020, the five biggest public PE firms had an impressive Q1. All increased their trailing-12-month fee-related earnings year-over-year, and four upped their performance fee revenues as well—a remarkable feat given the market instability in 2020.

Our latest analyst note synthesizes the earnings reports for Apollo Global Management, Ares Management, Blackstone, The Carlyle Group and KKR, diving into the data and analyzing the broader meaning for private equity.

Key takeaways

  • A favorable fundraising environment in 2021 is likely to lead to more and bigger mega-funds.
  • Corporate PE fund performance came in red hot, with several firms reporting 50%+ gross annual return figures.
  • All five firms see a significant runway for growth in the secondaries market, yet they're taking different approaches to cashing in on its potential.