Private equity firms are highlighting the record levels of cash they have returned to their investors even though the value of their portfolios has risen faster, swollen by trillions of assets that they are struggling to sell.
Fund managers distributed $318bn to their limited partners as of June last year, and $330bn in 2011, through dividends and asset disposals, according to data compiled by pension fund adviser Hamilton Lane. This exceeded distributions in 2007 – $305bn – the peak of the leveraged buyout boom.
But payouts have shrunk as a percentage of private equity investments as firms have battled to dispose of companies acquired in mega-deals at the peak of the credit boom.
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