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How Often Do Mutual Funds Report Their Holdings?

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Mutual funds receive investment capital from investors and use that money to purchase securities. The types and amounts of securities depend on the investment strategy of the mutual fund and change over time as the investment manager makes adjustments to the portfolio.

The turnover , which refers to the investment manager divesting current securities or buying new securities, can occur very often or remain static for a long period of time, depending on the mutual fund .

Disclosures for Mutual Funds

The Securities and Exchange Commission (SEC) requires mutual funds to report the complete lists of their holdings on a quarterly basis since they are regulated investment companies .

Mutual funds use SEC Forms N-Q and N-CSR to disclose their quarterly holdings at the end of each fiscal quarter. These forms are accessible online at the SEC website, primarily through the SEC Edgar online database. Also, many mutual funds disclose their holdings on their official websites.

Under the SEC regulation, the quarterly filings, which mutual fund managers must disclose, need to be certified by a fund's principal executive and financial officers. Although management discussion and analysis are not required, some mutual fund managers choose to comment on their fund's performance in their quarterly reports. Quarterly reports help individual investors assess how funds are complying with their investment objectives .

Other information typically disclosed by a mutual fund include the net asset value , assets under management , performance, industry weightings, and other such information that give an idea of the composition of the fund and how it is performing.

Timing of Mutual Fund Disclosures

Mutual funds have 60 days after their quarter ends to file their holdings with the SEC. Most funds post their holdings 30 days after the quarter ends. Posting earlier than this is very rare, making their reporting not particularly timely. Some funds choose to report their holdings even more frequently, on a monthly basis, but this is less of a norm, as monthly reporting requires a lot of effort and cost on the part of mutual funds.

One of the more common items seen in the list of mutual fund holdings reporting is the top 10 holdings that the fund owns. This is usually updated on a monthly basis and is made available on the company's website quite quickly, within a few weeks.

All that being said, given the delays in reporting, when you look at what has been filed, more often than not, you are not looking at the current portfolio mix. This means that the SEC is not looking at the most recent holdings nor is an investor accurately aware of where their money is being invested. This is especially true with funds that have high turnover ratios.

Mutual funds argue that the delay is necessary, as it prevents other traders from knowing what the fund is investing in, and therefore ensures that the price of the security will not be adversely impacted by other traders buying or selling. The process of traders doing this is known as front-running .

The Bottom Line

Mutual funds have to report their holdings on a quarterly basis and have up to 60 days after the quarter to do so. Although some investment advocacy groups have suggested a monthly reporting requirement for mutual funds and other registered investment companies, the SEC has not yet made any sort of ruling on this proposal yet.

U.S. Securities and Exchange Commission. " Form N-CSR ."

U.S. Securities and Exchange Commission. " Form N-Q ."

U.S. Securities And Exchange Commission. " Final Rule: Shareholder Reports and Quarterly Portfolio Disclosure of Registered Management Investment Companies ."

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Quarterly Performance Report

1st quarter 2024 performance report for period ending march 31, 2024.

Pool performance results are net of all fees, including an assumed 0.60% annualized administrative fee for charitable services, and do not reflect the reduced administrative fee schedule for accounts with balances over $500,000. Comparative indices are not adjusted for fees which would have resulted in lower returns.

  • Asset Allocation Pools
  • Year-to-Date
  •  3 Year (annualized)
  • Asset Allocation Pools Conservative Pool Underlying Fund: ONCFX
  • 3-Month 2.67%
  • Year-to-Date 2.67%
  • 1 Year 8.47%
  •  3 Year (annualized) 0.98%
  • Asset Allocation Pools Balanced Pool Underlying Fund: JBALX
  • 3-Month 6.89%
  • Year-to-Date 6.89%
  • 1 Year 16.70%
  •  3 Year (annualized) 5.28%
  • Asset Allocation Pools Socially Responsible Balanced Pool ✶ Underlying Fund: PAXIX
  • 3-Month 4.60%
  • Year-to-Date 4.60%
  • 1 Year 12.59%
  •  3 Year (annualized) 2.83%
  • Asset Allocation Pools Growth Pool Underlying Fund: TGIPX
  • 3-Month 7.07%
  • Year-to-Date 7.07%
  • 1 Year 19.33%
  •  3 Year (annualized) 3.03%
  • Individual Investment Pools
  • 3 Year (annualized)
  • Individual Investment Pools INDEX POOLS
  • Individual Investment Pools Income Index Pool Underlying Fund: SWAGX
  • 3-Month -0.91%
  • Year-to-Date -0.91%
  • 1 Year 0.84%
  • 3 Year (annualized) -3.15%
  • Individual Investment Pools Inflation Protected Bond Pool Underlying Fund: SWRSX
  • 3-Month -0.15%
  • Year-to-Date -0.15%
  • 1 Year -0.29%
  • 3 Year (annualized) -1.22%
  • Individual Investment Pools Total Market Equity Index Pool Underlying Fund: SWTSX
  • 3-Month 9.88%
  • Year-to-Date 9.88%
  • 1 Year 28.57%
  • 3 Year (annualized) 8.97%
  • Individual Investment Pools International Equity Index Pool Underlying Fund: TCIEX
  • 3-Month 5.65%
  • Year-to-Date 5.65%
  • 1 Year 14.34%
  • 3 Year (annualized) 4.22%
  • Individual Investment Pools Small Cap Equity Pool Underlying Fund: SWSSX
  • 3-Month 5.04%
  • Year-to-Date 5.04%
  • 1 Year 19.08%
  • 3 Year (annualized) -0.66%

Investment Pools

  • Individual Investment Pools ACTIVELY MANAGED POOLS
  • Individual Investment Pools Short-Term Income Pool Underlying Fund: PSHIX
  • 3-Month 0.89%
  • Year-to-Date 0.89%
  • 1 Year 4.70%
  • 3 Year (annualized) 0.33%
  • Individual Investment Pools Socially Responsible Fixed Income Pool ✶ Underlying Fund: TSBIX
  • 3-Month -0.09%
  • Year-to-Date -0.09%
  • 1 Year 2.14%
  • 3 Year (annualized) -2.96%
  • Individual Investment Pools Income Pool Underlying Fund: DODIX
  • 3-Month -0.47%
  • Year-to-Date -0.47%
  • 1 Year 1.06%
  • 3 Year (annualized) -3.54%
  • Individual Investment Pools Large Cap Equity Managed Pool ✶ Underlying Fund: PRILX
  • 3-Month 9.87%
  • Year-to-Date 9.87%
  • 1 Year 27.29%
  • 3 Year (annualized) 9.54%
  • Individual Investment Pools International Equity Managed Pool Underlying Fund: MIEKX
  • 3-Month 4.52%
  • Year-to-Date 4.52%
  • 3 Year (annualized) 0.88%

Money Market Pools

  • Individual Investment Pools MONEY MARKET POOL
  • Individual Investment Pools Money Market Pool Underlying Fund: SGUXX 7 Day Yield †
  • 3-Month 1.19% 5.18%
  • Year-to-Date 1.19%
  • 1 Year 4.63%
  • 3 Year (annualized) 1.98%
  • Comparative Indices
  • Comparative Indices Fixed Income Bloomberg U.S. Aggregate Bond Index  ‡
  • 3-Month -0.78%
  • Year-to-Date -0.78%
  • 1 Year 1.70%
  • 3 Year (annualized) -2.46%
  • Comparative Indices TIPS Bloomberg U.S. TIPS Index §
  • 3-Month -0.08%
  • Year-to-Date -0.08%
  • 1 Year 0.45%
  • 3 Year (annualized) -0.53%
  • Comparative Indices Large Cap S&P 500 **
  • 3-Month 10.56%
  • Year-to-Date 10.56%
  • 1 Year 29.88%
  • 3 Year (annualized) 11.49%
  • Comparative Indices Small Cap Russell 2000 ††
  • 3-Month 5.18%
  • Year-to-Date 5.18%
  • 1 Year 19.71%
  • 3 Year (annualized) -0.10%
  • Comparative Indices International MSCI EAFE ‡‡
  • 3-Month 5.78%
  • Year-to-Date 5.78%
  • 1 Year 15.32%
  • 3 Year (annualized) 4.78%

✶ For those interested in values-aligned investing, we offer three pools with underlying funds supporting socially responsible mandates.

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Cadence Fund Reports Strong Quarterly Update

May 24, 2024 — 12:57 am EDT

Written by TipRanks Australian Newsdesk for TipRanks  ->

Cadence Opportunities Fund Ltd. ( AU:CDO ) has released an update.

Cadence Opportunities Fund Ltd. has reported a solid performance update, including a 6.5c fully franked interim dividend, and shared insights into its current investments like Capstone Copper and Origin Energy. Additionally, the company provided a positive outlook for the year ahead in its March 2024 Quarterly Webcast, which is accessible on their website.

For further insights into AU:CDO stock, check out TipRanks’ Stock Analysis page .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

fund quarterly report

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

A daytime view of grassy sand dunes

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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Trump’s Social Media Company Posts Q1 Revenue of $770,500 and Net Loss of $327.6 Million

By Todd Spangler

Todd Spangler

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MESA, ARIZONA - OCTOBER 09:  Former U.S. President Donald Trump speaks at a campaign rally at Legacy Sports USA on October 09, 2022 in Mesa, Arizona. Trump was stumping for Arizona GOP candidates, including gubernatorial nominee Kari Lake, ahead of the midterm election on November 8.  (Photo by Mario Tama/Getty Images)

Trump Media and Technology Group, the company affiliated with former U.S. president Donald Trump that operates Truth Social, reported $770,500 in revenue for the first quarter of 2024 and a net loss of $327.6 million.

Shares in Sarasota, Fla.-based TMTG — which says it is a “safe harbor for free expression amid increasingly harsh censorship by Big Tech corporations” — began trading March 26, 2024, on Nasdaq under the ticker symbol “DJT” following its merger with special purpose acquisition company Digital World Acquisition Corp. (DWAC). At Monday’s closing price of $48.38/share, TMTG has a market capitalization of about $6.6 billion.

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In Q1, the company recorded $311 million in non-cash expenses arising from the conversion of promissory notes, and the associated elimination of prior liabilities, immediately before the closing of TMTG’s merger with DWAC. Trump Media and Technology Group had a first-quarter operating loss of $12.1 million based on adjusted EBITDA calculations; approximately half of that amount — $6.3 million — consisted of one-time payments related to the closing of TMTG’s merger with DWAC. The company reported an operating loss of $98.35 million for Q1 on a generally accepted accounting principles (GAAP) basis.

“At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” the company said in announcing Q1 2024 results. “By adding features to Truth Social, launching live TV streaming, and building out its ecosystem, the Company aims to first develop a slate of best-in-class products that can then be leveraged to increase revenue and drive long-term value.”

TMTG said its “nascent advertising initiative” will “continue to evolve as TMTG implements its vision.”

As of March 31, TMTG said, its balance of cash and cash equivalents was $273.7 million. The company “believes it has sufficient working capital to fund operations for the foreseeable future,” it said in announcing the Q1 results.

TMTG’s quarterly report and financials were reviewed by Semple, Marchal & Cooper, which the company appointed as its independent registered public accounting firm effective May 4, 2024. That came after the SEC accused TMTG’s previous auditor, BF Borgers, of “massive fraud” in preparing more than 1,500 regulatory filings for public companies.

Trump Media and Technology Group said that based on data provided to the company, as of April 29, 2024, the company’s stock was held by more than 621,000 shareholders, “the vast majority of whom are retail investors.”

TMTG launched Truth Social in early 2022; the company has not disclosed how many people use the service. “At this juncture in its development, TMTG believes that adhering to traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts including monthly and daily active users, could potentially divert its focus from strategic evaluation with respect to the progress and growth of its business,” the company said in its 10-Q filing Monday.

Trump Media & Technology Group was formed in 2021 after the former president was kicked off Twitter (now called X), Facebook, Instagram, YouTube and other internet platforms, which said he had violated prohibitions against inciting violence in connection with the Jan. 6, 2021, attack on the U.S. Capitol, which aimed to overturn the results of the 2020 election. Trump’s accounts have been reinstated by X, Meta’s Facebook and Instagram, YouTube and others, but he continues to use Truth Social as his preferred social media platform.

“TMTG’s success depends in part on the popularity of our brand and the reputation and popularity of President Donald J. Trump. The value of TMTG’s brand may diminish if the popularity of President Donald J. Trump were to suffer,” the company said in a section of the 10-Q filing labeled “Key Factors Affecting Results of Operations.” The section continued, “Adverse reactions to publicity relating to President Donald J. Trump, or the loss of his services, could adversely affect TMTG’s revenues, results of operations and its ability to maintain or generate a consumer base. President Donald J. Trump is involved in numerous lawsuits and other matters that could damage his reputation. Additionally, TMTG’s business plan relies on President Donald J. Trump bringing his former social media followers to TMTG’s platform. In the event any of these, or other events, cause his followers to lose interest in his messages, the number of users of our platform could decline or not grow as we have assumed.”

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