Evercore Inc. · NYSE:EVR
Evercore — FY2023 Earnings Presentation
17 slides from Evercore's earnings presentation, March 2024
Slide 1: FY 2023 Secondary Market Survey Results
STRICTLY PRIVATE & CONFIDENTIAL FY 2023 Secondary Market Survey Results Evercore Private Capital Advisory March 2024 PRIVATE CAPITAL ADVISORY
Slide 2: Disclaimer
Disclaimer The contents of this presentation are highly confidential and must not be disclosed to any third party. This presentation is being made available on the basis that the recipient keeps any information contained herein or otherwise made available, whether orally or in writing, strictly conf
Slide 3: 2023 at a Glance
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured 2023 at a Glance In our last edition, we said that the secondary market had remained resilient in 2022 despite deteriorating macro conditions. In 2023, the secondary market once again outperformed a challenging macr
Slide 4: 2023 Secondary Market Update
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured 2023 Secondary Market Update In a turbulent macroeconomic environment, As attractive pricing drove LP-led growth in After a muted 2022, LP-led deal volume secondary volume for 2023 remained strong H1, GP-led volume
Slide 5: 2023 Secondary Market Transaction Volume
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured 2023 Secondary Market Transaction Volume Transaction volume reached $114bn in 2023, a testament to the importance of secondaries as a liquidity solution to private markets Secondary Market Transaction Volume Over Ti
Slide 6: 2023 Secondary Market Key Characteristics
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured 2023 Secondary Market Key Characteristics At 55% of transaction volumes, LP portfolio sales again accounted for the majority of transaction volumes in 2023 (vs. 54% in 2022), though H2 was more balanced 2023 Transac
Slide 7: Secondary Dry Powder Availability
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Secondary Dry Powder Availability Despite many respondents reporting a challenging fundraising environment in 2023, secondary dry powder levels are strong and there is significant capital available to be deployed go
Slide 8: The Outlook for 2024
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured The Outlook for 2024 As LP-led pricing increased in 2023, buyers’ appetite for GP-leds regained traction in H2. The ensuing equilibrium, if sustained, will provide a highly supportive backdrop for a record-breaking
Slide 9: Focus on GP-led Transactions (1/2)
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Focus on GP-led Transactions (1/2) GP-led transactions regained momentum in H2 2023, which closed as the second largest half ever for GP-leds, with buyers doubling down on Industrials (+7% YoY), Financials (+5%) and
Slide 10: Focus on GP-led Transactions (2/2)
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Focus on GP-led Transactions (2/2) Asset Deals (Single- and Multi-Asset Continuation Vehicles) continued to represent the majority of GP-led deal flow at 76% as strip sales and tenders are generally less favoured by
Slide 11: Focus on Single-Asset Transactions
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Focus on Single-Asset Transactions At 35% of GP-led deals, Single-Asset transactions still represent a big part of the secondaries market, typically around star assets Single-Asset Transactions Comprised 35% of Tota
Slide 12: Focus on LP-led Transactions (1/2)
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Focus on LP-led Transactions (1/2) The secondary LP market in 2023 was underpinned by an unmistakeable trend: the need for liquidity. At 55% of total volume, LP transactions represented $63bn of volume, driven by th
Slide 13: Focus on LP-led Transactions (2/2)
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Focus on LP-led Transactions (2/2) Relative to 2022, the proportion of very young funds was significantly reduced, as buyers aimed to focus on portfolios offering better nearer-term liquidity profiles Active Portfol
Slide 14: Buyers’ Predictions for 2024
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Buyers’ Predictions for 2024 Broad market consensus is that secondary transaction volumes in 2024 will exceed 2023, with LP-led deal flow expected to account for ~50% of transaction volumes Expected Valuation Levels
Slide 15: Focus on the Infrastructure Secondary Market
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Focus on the Infrastructure Secondary Market A handful of very large LP portfolios were acquired by several buyers as a mosaic and accounted for a very large share of the total market, which allowed infrastructure v
Slide 16: Focus on the Credit Secondary Market
Survey Highlights GP-Led LP Portfolios 2024 Focus Infrastructure Credit & Structured Focus on the Credit Secondary Market With $5.8bn of transaction volume in 2023, representing approx. 5% of the secondary market in 2023, private credit secondaries is expected to be an attractive area of growth for
Slide 17: Contact Information
Contact Information New York, 55 East 52nd Street | Chicago, One N. Wacker Drive | London, 15 Stanhope Gate | Singapore, 12 Marina Boulevard Americas EMEA Nigel Dawn Lea Lazaric Calvert Dale Addeo Global Head of PCA EMEA Head of PCA Senior Managing Director Senior Managing Director Senior Managing D