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What the private equity industry thinks

By
Dan Primack
Dan Primack
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By
Dan Primack
Dan Primack
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February 27, 2013, 9:57 AM ET
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FORTUNE — Hundreds of private equity professionals this morning participated in an electronic polling session, as part of the SuperReturn International conference in Berlin, Germany.

Forty percent of respondents identified themselves as general partners, 23% as limited partners and 37% as support staff (lawyers, etc.). Below are the results:

The next peak of the current cycle will be:
2013 (7%)
2014 (15%)
2015 (29%)
After 2016 (40%)
There are no cycles in private equity (8%)

If you had 100 million to invest in a single geography, you would pick:

North America (36%)
Latin America (6%)
China (3%)
Europe (27%)
Africa (16%)

Over the next decade, the highest average returns will come from:

Large buyout funds (10%)
Small buyout funds (37%)
Distressed debt funds (14%)
Emerging market growth funds (26%)
Secondary funds (7%)
Venture capital funds (6%)

What part of the cycle is European private equity investing in today?

At bottom, time to invest heavily (35%)
Average (55%)
Closer to a top and time to stay away (11%)

Best European investments over the next decade will come from:

Large buyout funds (13%)
Small buyout funds (35%)
Growth capital funds (20%)
Distressed debt funds (26%)
None, avoid Europe (7%)

If the public equity markets return around 5% over the next cycle, what will private equity returns be?
5-10% (47%)
10-15% (40%)

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