listed

'In the short term, the industry is definitely experiencing some indigestion', said TPG CFO Jack Weingart on the firm's first public earnings, noting TPG expects to hit its targets quicker than it initially thought.

With retail investing in alternatives still in its infancy, headwinds remain before the $179trn global pool of individual investor capital can be fully tapped.

Investor interest for all funds is 'stronger than we’ve ever seen', said chief executive Bruce Flatt on Thursday's Q1 earnings call, 'and we expect these funds to be larger than their predecessors'.

Apollo's Fund VIII returned to paying carry after recovering from the 21.6% devaluation of its private equity portfolio in the first quarter of last year.

The alternatives asset manager had one of its strongest quarters, with total AUM rising 21% year-on-year to $649bn.

The alternatives giant had said in January it would focus more effort on governance and reputational risk.

Firms including Blackstone, Carlyle Group and KKR have reported falls in their private equity portfolios this year due to the combined impact of covid-19 and a rout in oil prices.

Vehicles such as HarbourVest Global Private Equity, Pantheon International and Neuberger Berman Private Equity Partners are trading at discounts as wide as 43%.

The Q4 year-on-year drop from $7m to $1m is due to the run-off of legacy assets and several large fundraisings having yet to come to market, said co-CEO Glenn Youngkin.

EQT’s September stock market listing was a rare, unqualified success in the history of private market listings.