research report lecture notes

13.5 Research Process: Making Notes, Synthesizing Information, and Keeping a Research Log

Learning outcomes.

By the end of this section, you will be able to:

• Employ the methods and technologies commonly used for research and communication within various fields.
• Practice and apply strategies such as interpretation, synthesis, response, and critique to compose texts that integrate the writer’s ideas with those from appropriate sources.
• Analyze and make informed decisions about intellectual property based on the concepts that motivate them.
• Apply citation conventions systematically.

As you conduct research, you will work with a range of “texts” in various forms, including sources and documents from online databases as well as images, audio, and video files from the Internet. You may also work with archival materials and with transcribed and analyzed primary data. Additionally, you will be taking notes and recording quotations from secondary sources as you find materials that shape your understanding of your topic and, at the same time, provide you with facts and perspectives. You also may download articles as PDFs that you then annotate. Like many other students, you may find it challenging to keep so much material organized, accessible, and easy to work with while you write a major research paper. As it does for many of those students, a research log for your ideas and sources will help you keep track of the scope, purpose, and possibilities of any research project.

A research log is essentially a journal in which you collect information, ask questions, and monitor the results. Even if you are completing the annotated bibliography for Writing Process: Informing and Analyzing , keeping a research log is an effective organizational tool. Like Lily Tran’s research log entry, most entries have three parts: a part for notes on secondary sources, a part for connections to the thesis or main points, and a part for your own notes or questions. Record source notes by date, and allow room to add cross-references to other entries.

Summary of Assignment: Research Log

Your assignment is to create a research log similar to the student model. You will use it for the argumentative research project assigned in Writing Process: Integrating Research to record all secondary source information: your notes, complete publication data, relation to thesis, and other information as indicated in the right-hand column of the sample entry.

Another Lens. A somewhat different approach to maintaining a research log is to customize it to your needs or preferences. You can apply shading or color coding to headers, rows, and/or columns in the three-column format (for colors and shading). Or you can add columns to accommodate more information, analysis, synthesis, or commentary, formatting them as you wish. Consider adding a column for questions only or one for connections to other sources. Finally, consider a different visual format , such as one without columns. Another possibility is to record some of your comments and questions so that you have an aural rather than a written record of these.

Writing Center

At this point, or at any other point during the research and writing process, you may find that your school’s writing center can provide extensive assistance. If you are unfamiliar with the writing center, now is a good time to pay your first visit. Writing centers provide free peer tutoring for all types and phases of writing. Discussing your research with a trained writing center tutor can help you clarify, analyze, and connect ideas as well as provide feedback on works in progress.

Quick Launch: Beginning Questions

You may begin your research log with some open pages in which you freewrite, exploring answers to the following questions. Although you generally would do this at the beginning, it is a process to which you likely will return as you find more information about your topic and as your focus changes, as it may during the course of your research.

• What information have I found so far?
• What do I still need to find?
• Where am I most likely to find it?

These are beginning questions. Like Lily Tran, however, you will come across general questions or issues that a quick note or freewrite may help you resolve. The key to this section is to revisit it regularly. Written answers to these and other self-generated questions in your log clarify your tasks as you go along, helping you articulate ideas and examine supporting evidence critically. As you move further into the process, consider answering the following questions in your freewrite:

• What evidence looks as though it best supports my thesis?
• What evidence challenges my working thesis?
• How is my thesis changing from where it started?

Creating the Research Log

As you gather source material for your argumentative research paper, keep in mind that the research is intended to support original thinking. That is, you are not writing an informational report in which you simply supply facts to readers. Instead, you are writing to support a thesis that shows original thinking, and you are collecting and incorporating research into your paper to support that thinking. Therefore, a research log, whether digital or handwritten, is a great way to keep track of your thinking as well as your notes and bibliographic information.

In the model below, Lily Tran records the correct MLA bibliographic citation for the source. Then, she records a note and includes the in-text citation here to avoid having to retrieve this information later. Perhaps most important, Tran records why she noted this information—how it supports her thesis: The human race must turn to sustainable food systems that provide healthy diets with minimal environmental impact, starting now . Finally, she makes a note to herself about an additional visual to include in the final paper to reinforce the point regarding the current pressure on food systems. And she connects the information to other information she finds, thus cross-referencing and establishing a possible synthesis. Use a format similar to that in Table 13.4 to begin your own research log.

Types of Research Notes

Taking good notes will make the research process easier by enabling you to locate and remember sources and use them effectively. While some research projects requiring only a few sources may seem easily tracked, research projects requiring more than a few sources are more effectively managed when you take good bibliographic and informational notes. As you gather evidence for your argumentative research paper, follow the descriptions and the electronic model to record your notes. You can combine these with your research log, or you can use the research log for secondary sources and your own note-taking system for primary sources if a division of this kind is helpful. Either way, be sure to include all necessary information.

Bibliographic Notes

These identify the source you are using. When you locate a useful source, record the information necessary to find that source again. It is important to do this as you find each source, even before taking notes from it. If you create bibliographic notes as you go along, then you can easily arrange them in alphabetical order later to prepare the reference list required at the end of formal academic papers. If your instructor requires you to use MLA formatting for your essay, be sure to record the following information:

• Title of source
• Title of container (larger work in which source is included)
• Other contributors
• Publication date

When using MLA style with online sources, also record the following information:

• Date of original publication
• Date of access
• DOI (A DOI, or digital object identifier, is a series of digits and letters that leads to the location of an online source. Articles in journals are often assigned DOIs to ensure that the source can be located, even if the URL changes. If your source is listed with a DOI, use that instead of a URL.)

It is important to understand which documentation style your instructor will require you to use. Check the Handbook for MLA Documentation and Format and APA Documentation and Format styles . In addition, you can check the style guide information provided by the Purdue Online Writing Lab .

Informational Notes

These notes record the relevant information found in your sources. When writing your essay, you will work from these notes, so be sure they contain all the information you need from every source you intend to use. Also try to focus your notes on your research question so that their relevance is clear when you read them later. To avoid confusion, work with separate entries for each piece of information recorded. At the top of each entry, identify the source through brief bibliographic identification (author and title), and note the page numbers on which the information appears. Also helpful is to add personal notes, including ideas for possible use of the information or cross-references to other information. As noted in Writing Process: Integrating Research , you will be using a variety of formats when borrowing from sources. Below is a quick review of these formats in terms of note-taking processes. By clarifying whether you are quoting directly, paraphrasing, or summarizing during these stages, you can record information accurately and thus take steps to avoid plagiarism.

Direct Quotations, Paraphrases, and Summaries

A direct quotation is an exact duplication of the author’s words as they appear in the original source. In your notes, put quotation marks around direct quotations so that you remember these words are the author’s, not yours. One advantage of copying exact quotations is that it allows you to decide later whether to include a quotation, paraphrase, or summary. ln general, though, use direct quotations only when the author’s words are particularly lively or persuasive.

A paraphrase is a restatement of the author’s words in your own words. Paraphrase to simplify or clarify the original author’s point. In your notes, use paraphrases when you need to record details but not exact words.

A summary is a brief condensation or distillation of the main point and most important details of the original source. Write a summary in your own words, with facts and ideas accurately represented. A summary is useful when specific details in the source are unimportant or irrelevant to your research question. You may find you can summarize several paragraphs or even an entire article or chapter in just a few sentences without losing useful information. It is a good idea to note when your entry contains a summary to remind you later that it omits detailed information. See Writing Process Integrating Research for more detailed information and examples of quotations, paraphrases, and summaries and when to use them.

Other Systems for Organizing Research Logs and Digital Note-Taking

Students often become frustrated and at times overwhelmed by the quantity of materials to be managed in the research process. If this is your first time working with both primary and secondary sources, finding ways to keep all of the information in one place and well organized is essential.

Because gathering primary evidence may be a relatively new practice, this section is designed to help you navigate the process. As mentioned earlier, information gathered in fieldwork is not cataloged, organized, indexed, or shelved for your convenience. Obtaining it requires diligence, energy, and planning. Online resources can assist you with keeping a research log. Your college library may have subscriptions to tools such as Todoist or EndNote. Consult with a librarian to find out whether you have access to any of these. If not, use something like the template shown in Figure 13.8 , or another like it, as a template for creating your own research notes and organizational tool. You will need to have a record of all field research data as well as the research log for all secondary sources.

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Writing up a Research Report

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A research report is one big argument about how and why you came up with your conclusions. To make it a convincing argument, a typical guiding structure has developed. In the different chapters, there are distinct issues that need to be addressed to explain to the reader why your conclusions are valid. The governing principle for writing the report is full disclosure: to explain everything and ensure replicability by another researcher.

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Standard: Basic Research Methodology

Lesson 10: Sampling in Qualitative Research

Lesson 11: qualitative measurement & rigor, lesson 12: qualitative design & data gathering, lesson 1: introduction to research, lesson 2: getting started with your research project, lesson 3: critical information literacy, lesson 4: paradigm, theory, and causality, lesson 5: research questions, lesson 6: ethics, lesson 7: measurement in quantitative research, lesson 8: sampling in quantitative research, lesson 9: quantitative research designs, powerpoint slides: sowk 621.01: research i: basic research methodology.

The twelve lessons for SOWK 621.01: Research I: Basic Research Methodology as previously taught by Dr. Matthew DeCarlo at Radford University. Dr. DeCarlo and his team developed a complete package of materials that includes a textbook, ancillary materials, and a student workbook as part of a VIVA Open Course Grant.

The PowerPoint slides associated with the twelve lessons of the course, SOWK 621.01: Research I: Basic Research Methodology, as previously taught by Dr. Matthew DeCarlo at Radford University. 

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KS1 / KS2 English: How to write a discussion text

BBC Teach > Primary Resources > KS1 English / KS2 English > The Facts About Non-Fiction

Video summary

Newsround presenter Leah Boleto explains how discursive writing requires an understanding of the difference between facts and opinions, and how to use connecting phrases and statistics.

Leah outlines how to research in different ways to find supporting evidence, such as statistics, which will justify your arguments.

She also demonstrates how to summarise information and write a closing statement.

This short film is from the BBC series, The Facts About Non-Fiction.

Teacher Notes

Ask pupils as a group to come up with arguments ‘for’ and ‘against’ wearing a school uniform.

They can then watch this short film and check if they predicted the same reasons as Leah.

Set them the challenge of writing their own discussion piece on a topic using all the techniques outlined by Leah.

You could also use the detailed explanation of writing in the 1st, 2nd and 3rd person as part of a grammar lesson about pronouns.

This short film will be relevant for teaching English at KS1 and KS2 in England, Wales and Northern Ireland and 1st and 2nd Level in Scotland.

More from The Facts About Non-Fiction:

How to write clear instructions

Stefan Gates explains how writing a set of instructions requires use of simple, precise language, and an understanding of chronological order and imperative verbs.

How to write a persuasive text

Actors Shannon Flynn and Richard Wisker talk about using emotive language, the difference between facts and opinions, and how to use evidence to support persuasive writing.

How to write a recount

Michael Rosen explains how writing a recount requires an understanding of chronological order or sequencing, and how to structure a piece of writing.

How to write a non-chronological report

BBC journalist Sonali Shah explains how writing non-chronological reports requires an understanding of the planning, writing and drafting process.

How to write an explanation

Chris Packham explains how writing an explanation requires an understanding of chronological order or sequencing, how to use technical language and how to write succinctly.

McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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New NASA Black Hole Visualization Takes Viewers Beyond the Brink

Ever wonder what happens when you fall into a black hole? Now, thanks to a new, immersive visualization produced on a NASA supercomputer, viewers can plunge into the event horizon, a black hole’s point of no return.

“People often ask about this, and simulating these difficult-to-imagine processes helps me connect the mathematics of relativity to actual consequences in the real universe,” said Jeremy Schnittman, an astrophysicist at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, who created the visualizations. “So I simulated two different scenarios, one where a camera — a stand-in for a daring astronaut — just misses the event horizon and slingshots back out, and one where it crosses the boundary, sealing its fate.”

The visualizations are available in multiple forms. Explainer videos act as sightseeing guides, illuminating the bizarre effects of Einstein’s general theory of relativity. Versions rendered as 360-degree videos let viewers look all around during the trip, while others play as flat all-sky maps.

To create the visualizations, Schnittman teamed up with fellow Goddard scientist Brian Powell and used the Discover supercomputer at the NASA Center for Climate Simulation . The project generated about 10 terabytes of data — equivalent to roughly half of the estimated text content in the Library of Congress — and took about 5 days running on just 0.3% of Discover’s 129,000 processors. The same feat would take more than a decade on a typical laptop.

The destination is a supermassive black hole with 4.3 million times the mass of our Sun, equivalent to the monster located at the center of our Milky Way galaxy.

“If you have the choice, you want to fall into a supermassive black hole,” Schnittman explained. “Stellar-mass black holes, which contain up to about 30 solar masses,  possess much smaller event horizons and stronger tidal forces, which can rip apart approaching objects before they get to the horizon.”

This occurs because the gravitational pull on the end of an object nearer the black hole is much stronger than that on the other end. Infalling objects stretch out like noodles, a process astrophysicists call spaghettification .

The simulated black hole’s event horizon spans about 16 million miles (25 million kilometers), or about 17% of the distance from Earth to the Sun. A flat, swirling cloud of hot, glowing gas called an accretion disk surrounds it and serves as a visual reference during the fall. So do glowing structures called photon rings, which form closer to the black hole from light that has orbited it one or more times. A backdrop of the starry sky as seen from Earth completes the scene.

As the camera approaches the black hole, reaching speeds ever closer to that of light itself, the glow from the accretion disk and background stars becomes amplified in much the same way as the sound of an oncoming racecar rises in pitch. Their light appears brighter and whiter when looking into the direction of travel.

The movies begin with the camera located nearly 400 million miles (640 million kilometers) away, with the black hole quickly filling the view. Along the way, the black hole’s disk, photon rings, and the night sky become increasingly distorted — and even form multiple images as their light traverses the increasingly warped space-time.

In real time, the camera takes about 3 hours to fall to the event horizon, executing almost two complete 30-minute orbits along the way. But to anyone observing from afar, it would never quite get there. As space-time becomes ever more distorted closer to the horizon, the image of the camera would slow and then seem to freeze just shy of it. This is why astronomers originally referred to black holes as “frozen stars.”

At the event horizon, even space-time itself flows inward at the speed of light, the cosmic speed limit. Once inside it, both the camera and the space-time in which it's moving rush toward the black hole's center — a one-dimensional point called a singularity , where the laws of physics as we know them cease to operate.

“Once the camera crosses the horizon, its destruction by spaghettification is just 12.8 seconds away,” Schnittman said. From there, it’s only 79,500 miles (128,000 kilometers) to the singularity. This final leg of the voyage is over in the blink of an eye.

In the alternative scenario, the camera orbits close to the event horizon but it never crosses over and escapes to safety. If an astronaut flew a spacecraft on this 6-hour round trip while her colleagues on a mothership remained far from the black hole, she’d return 36 minutes younger than her colleagues. That’s because time passes more slowly near a strong gravitational source and when moving near the speed of light.

“This situation can be even more extreme,” Schnittman noted. “If the black hole were rapidly rotating, like the one shown in the 2014 movie ‘Interstellar,’ she would return many years younger than her shipmates.”

By Francis Reddy NASA’s Goddard Space Flight Center , Greenbelt, Md. Media Contact: Claire Andreoli 301-286-1940 [email protected] NASA’s Goddard Space Flight Center, Greenbelt, Md.

Related Terms

• Astrophysics
• Black Holes
• Galaxies, Stars, & Black Holes
• Galaxies, Stars, & Black Holes Research
• Goddard Space Flight Center
• Supermassive Black Holes
• The Universe

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Gen Z Travelers Boost Hotel Revenue

Rashaad Jorden , Skift

May 16th, 2024 at 3:29 AM EDT

Today's podcast looks at Paris' new bookings, Gen Z's new bookings, and TUI's new challenges.

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Episode Notes

This year’s Summer Olympics are boosting short-term rental bookings in Paris , writes Reporter Elizabeth Casolo. 

Short-term rental bookings in Paris between July 26 through August 11 are up 46% compared to the prior two weeks, according to data analytics firm AirDNA. Bookings in Paris’ suburbs for the Olympics are up 112%.

However, AirDNA Chief Economist Jamie Lane said short-term rental rates during the Olympics are beginning to drop. Lane added AirDNA expects rates to continue falling because hosts will get worried their units aren’t booked.  

Next, Generation Z travelers are spending big on travel — especially hotels, writes Senior Hospitality Editor Sean O’Neill. 

Generator and Freehand hotel brands — both of which heavily target guests between the ages of 18 and 28 — saw revenue jump 15% in 2023 from the previous year. The two brands have seen bookings jump 40% this year in markets such as Miami, Madrid and New York. Alastair Thomann, CEO of the two brands, attributed that growth to spending by Gen Z travelers. 

O’Neill notes Gen Z is financially better off than young people in prior generations, with youth unemployment in the world’s seven most well-off countries the lowest since 1991. 

Next, Europe’s largest tour operator TUI is facing several challenges due to ongoing Boeing delivery delays, writes Travel Experiences Reporter Jesse Chase-Lubitz. 

TUI CEO Sebastian Ebel said the company received fewer Boeing jets than expected, which drove TUI to extend leases on older aircraft. Ebel added that maintenance expenses associated with older aircrafts helped drive up costs for TUI. However, he said the tour operator expects to receive compensation from Boeing. 

Despite the challenges brought about by delivery delays, TUI still had a strong second quarter. The company generated just below $4 billion of revenue, a 16% increase from last year.

Presenter/Producer: Jane Alexander

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Tags: airdna , gen z , olympics , paris , skift podcast , tui

Photo credit: Hotel brands are finding larger revenues from Gen Z travelers. Adobe Stock

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Hhs halts grants for nonprofit ecohealth that funded gain-of-function research in wuhan.

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The Department of Health and Human Services suspended all federal grants Tuesday to the controversial Manhattan nonprofit EcoHealth Alliance, which funded gain-of-function virus research in Wuhan, China in advance of the COVID-19 pandemic.

HHS deputy assistant secretary for acquisitions Katrina Brisbon informed EcoHealth President Dr. Peter Daszak in a Wednesday letter released by a House subcommittee investigating the outbreak that there was “adequate evidence” to recommend the nonprofit be cut off from future government contracts, writing “immediate action is necessary to protect the public interest.”

“Debarment is generally for a period not to exceed three years; however, regardless of whether EHA contests this action or responds to this Notice, I may impose debarment for a longer period or shorter period as the circumstances warrant,” Brisbon added.

In an accompanying memo, Brisbon said that EcoHealth had been “more than two years late” with one of its reviews of a grant proposal for its Wuhan project, which had for a time operated around a government-wide moratorium on the practice .

The National Institutes of Health (NIH), which permitted the grant, gave EcoHealth several opportunities to disprove that its experiments constituted gain-of-function research — but the group “failed to do so,” according to Brisbon.

That research also “likely violated protocols of the NIH regarding biosafety,” she added, with experiments conducted at biosafety level 2 — which according to Rutgers University molecular biologist Dr. Richard Ebright is comparable to the standards of safety at a typical dentist’s office .

Alarmingly, Brisbon revealed that NIH has yet to receive several materials from EcoHealth about its novel bat coronavirus research at the now-notorious Wuhan Institute of Virology (WIV) or from the Chinese lab itself.

Daszak, in sworn congressional testimony earlier this month, said he had not even asked Wuhan researchers — including longtime collaborator and WIV deputy director Shi Zhengli — for viral sequences since before the pandemic began.

Brisbon’s memo also referenced an internal probe of “allegations that WIV released the coronavirus that was responsible for the COVID-19 global pandemic,” though no EcoHealth or other US-funded grant has been tied yet to the outbreak.

“EcoHealth Alliance is disappointed by HHS’ decision today and we will be contesting the proposed debarment,” a spokesperson said in a statement. “We disagree strongly with the decision and will present evidence to refute each of these allegations and to show that NIH’s continued support of EcoHealth Alliance is in the public interest.”

“EcoHealth Alliance provably defrauded the US government, provably breached contractual terns of US-government grants, and, through the reckless gain-of-function research it conducted in Wuhan, probably caused the COVID-19 pandemic, killing 20 million and costing $25 trillion,” Ebright told The Post.

“Nevertheless, EcoHealth Alliance was awarded more than $50 million in new US-government funding since the start of the pandemic with most of that funding earmarked for the same kinds of reckless virus discovery and virus enhancement research that likely caused pandemic.”

The memo attached to the letter notes EcoHealth received a grant of more than $4 million from the NIH titled “Understanding the Risk of Bat Coronavirus Emergence.”

More than half a million dollars of that funding flowed to the WIV between 2014 and 2021, a Government Accountability Office report found last year, to conduct “genetic experiments to combine naturally occurring bat coronaviruses with SARS and MERS viruses, resulting in hybridized (also known as chimeric) coronavirus strains.”

The grant was initially suspended in April 2020, with NIH’s then-principal deputy director Lawrence Tabak revealing in October 2021 that EcoHealth had violated the terms of its grant by performing the gain-of-function research.

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The project had modified novel bat coronaviruses and made them 10,000 times more infectious for research on lab mice — but EcoHealth “failed to report” that to NIH.

Tabak stressed that the bat coronaviruses studied on the taxpayers’ dime in Wuhan could not have caused the COVID-19 pandemic because the “sequences of the viruses are genetically very distant.”

But other EcoHealth grant proposals have since come under scrutiny from experts like Ebright, who said “the evidence provided by the genome sequence” from another 2018 grant proposal project submitted to US Defense Advanced Research Projects Agency was a “ smoking gun .”

Appearing before the House Select Subcommittee on the Coronavirus Pandemic on May 1, Daszak repeatedly denied that his group helped fund the gain-of-function experiments.

“EcoHealth Alliance and Dr. Peter Daszak should never again receive a single penny from the US taxpayer,” said COVID subcommittee chairman Brad Wenstrup (R-Ohio), who had recommended a criminal investigation of Daszak before the hearing.

“Only two weeks after the Select Subcommittee released an extensive report detailing EcoHealth’s wrongdoing and recommending the formal debarment of EcoHealth and its president, HHS has begun efforts to cut off all US funding to this corrupt organization,” Wenstrup added.

“EcoHealth facilitated gain-of-function research in Wuhan, China without proper oversight, willingly violated multiple requirements of its multimillion-dollar National Institutes of Health grant, and apparently made false statements to the NIH,” he went on.

“EcoHealth’s immediate funding suspension and future debarment is not only a victory for the US taxpayer, but also for American national security and the safety of citizens worldwide.”

The HHS letter to Daszak also drew attention to other NIH grants it received to study viruses in Bangladesh, Myanmar, Laos, Vietnam and other Southeast Asian nations, all of which are “uniquely focused on either emerging infectious disease, highly transmissible pathogens, or novel viruses.”

The Wuhan Institute of Virology was barred for 10 years from receiving any HHS grants in July 2023, months after both the FBI and US Energy Department determined a lab leak was the most likely cause of the COVID pandemic.

Wenstrup in his statement added that his subcommittee’s “investigation into EcoHealth and the origins of COVID-19 is far from over,” with high-profile public hearings planned in the coming weeks to question Tabak and former National Institute of Allergy and Infectious Diseases Director Dr. Anthony Fauci.

“There must be full accountability, both civil and criminal, for EcoHealth and EcoHealth’s officers — particularly its president, Peter Daszak,” Ebright declared.

“And there must be full accountability for the US-government officials who enabled, abetted, and covered up EcoHealth’s misdeeds and who obstructed investigation of EcoHealth’s misdeeds.”

EDITOR’S NOTE: An earlier version of this story incorrectly stated that EcoHealth Alliance was restricted from receiving HHS grants for 10 years in July 2023. In fact, the Wuhan Institute of Virology was barred from access to the grants.

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