PitchBook：2022年欧洲私募股权报告（EN）_17页_21mb

报告摘要

European Private Equity Summary (H1 2022)

Core Content

This report provides an analysis of European private equity (PE) dealmaking, exits, and fundraising activity in the first half of 2022, highlighting the impact of macroeconomic conditions on the sector.

Main Points

Deal Activity

Deal Volume and Value: In H1 2022, 4,053 PE deals closed, valued at €463.5 billion, representing a 16.2% increase in deal count and a 34.8% increase in deal value compared to the same period in 2021.
Deal Size Trends: The median deal size rose to €47.6 million, and deals over €2.5 billion increased nearly threefold from H1 2021.
Sector Focus: The business products & services sector saw the highest deal value, contributing €124.2 billion in H1 2022. The IT sector also remained a strong focus, accounting for nearly a quarter of deal volume.
Take-Private Activity: Take-private deals surged in H1 2022, with €17.5 billion in deal value, up 22.4% from H1 2021. The largest take-private was Permira's €5.5 billion delisting of Mimecast from the Nasdaq.
Carveouts: Carveout activity, though slow in H1, is expected to be a major theme in H2 and 2023 as companies seek to deleverage and exit non-core assets.

Exits

Exit Value and Volume: PE-backed companies exited for a cumulative value of €157.8 billion in H1 2022, marking a 25.3% YoY decline in exit value, while exit volume remained flat.
Exit Types: Sponsor-to-sponsor exits were the most robust in H1, accounting for 234 liquidity events and over half of all exits.
IPO Activity: Public listings are expected to make a comeback in H2, albeit at softer valuations, as seen with Joe & the Juice potentially IPOing.
Regional Exits: The France & Benelux region contributed the largest share of exit volume in H1, with 28.3% of all exits, driven by sponsor-to-sponsor transactions and the business products & services sector.
Sector Exits: The business products & services sector and IT industry were notable for their exit activity, with companies seeking to strengthen balance sheets and maintain margins.

Fundraising

Fundraising Trends: Liquidity in the fundraising market weakened due to cyclical forces and diminished confidence, with €27.9 billion raised across 40 vehicles in H1 2022, pacing towards the lowest fund count and capital raised since 2014.
Fund Size Distribution: Funds under €100 million accounted for 12.8% of fund volume, well below the five-year average of 28%. Middle-market funds (€250–500 million) saw a resurgence, contributing 30% of fund volume.
Fundraising Challenges: First-time, inexperienced, and smaller funds face greater difficulties in fundraising due to reduced LP confidence and higher re-up demand.
Resilient Strategies: Distressed and private credit strategies are gaining traction due to their downside protection and floating rate structures. Experienced managers and sub-sector specialists in sustainability, healthcare, and technology are more likely to secure capital.

Key Information

Macro Environment: European PE dealmaking remains resilient despite tighter policies and economic headwinds. The sector is expected to face increased pressure in H2 due to recession expectations, rising interest rates, and accelerating inflation.
Valuation Pressures: Rising interest rates have caused downward pressure on valuations, especially for high-growth tech companies. PE firms are focusing on softer multiples and market dislocation to secure deals.
Sponsor Behavior: Sponsors are cautiously aggressive in acquiring PE-backed companies, particularly in take-private and carveout deals, due to falling public market valuations and recession fears.
Corporate Acquisitions: Corporates are playing a more active role in PE exits, acquiring companies across various sectors to scale operations, gain new capabilities, and achieve revenue synergies.
Fundraising Outlook: The fundraising environment is tightening, with extended timelines and lower step-ups expected. Strategies with strong historical performance and focus on secular growth areas are more likely to succeed in securing capital.

Conclusion

European private equity is navigating a complex macroeconomic environment with resilience, driven by strong dry powder, favorable sector dynamics, and strategic focus on areas with inflation hedging potential. While deal activity remains robust, exit volumes are under pressure due to public market volatility and economic uncertainty. Fundraising is challenging, but distressed and private credit strategies are gaining traction. The sector is expected to see a shift towards sponsor-to-sponsor exits and organic growth as a means to maintain performance in the face of macroeconomic headwinds.