Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Alternatywne fundusze inwestycyjne - Raport 2023

30 January 2024

ESMA50-524821-3095

ESMA Market Report EU

Alternative Investment Funds 2023

Executive Summary

EU Alternative Investment Fund (AIF) market: The size of the EU AIF universe declined slightly to EUR 6.8trn in net asset value (NAV) in 2022 (-3% compared with 2021). Overall, AIFs accounted for around 36% of the NAV of the EU fund industry at the end of 2022. Among AIF types, Funds of Funds (FoFs) account for 17% of the NAV, followed by Real Estate (RE) funds (16%), Private Equity (PE) funds (11%) and Hedge Funds (HFs) (2%). At the aggregate level, adjusted leverage declined to 123% of the NAV (compared with 127% in 2021).

Funds of funds: The NAV of FoFs remained stable at EUR 1.1trn (+0.6%). FoFs primarily invested in other funds (82% exposures), with limited exposures to derivatives. Leverage stayed low while liquidity mismatch remains significant: around 46% of the NAV can be redeemed within a week while only 35% of the portfolio can be liquidated within that time frame.