US Public PE Roundup

This earnings season, big PE firms searched for solutions

Four of the six big, publicly traded US PE firms raised more in 2022 than the prior year, bucking the overall trend in dollars raised for PE investing strategies. Altogether, the GPs amassed $87 billion for flagship PE funds in 2022.

That’s despite their efforts to diversify away from PE as falling asset values depressed capital deployment and exit activity for multiple quarters in a row. Amid those challenges to closing buyouts and other typical PE deals, many firms staked expansions into more profitable strategies such as secondaries, private credit, real assets, real estate, and insurance. 

Needless to say, the just-wrapped earnings season painted a complex picture. Our Q4 2022 US Public PE Roundup names the key growth drivers for these firms—and implications for other GPs—using financial data and executives’ comments.