2024-09-23-PitchBook-PitchBook年二季度美国私募股权中间市场报告（英）_25页_9mb

报告摘要

US PE middle-market deal activity saw a robust rebound in Q2 2024, with deal value and count growing by approximately 12.0% YoY.
Deal multiples have narrowed relative to pre-pandemic highs, especially on an EBITDA basis, with some disruption expected as trend breaks.
Middle-market exit activity remained low but showed signs of stabilization amid concerns regarding forced selling.
Fundraising slowed despite high allocations to middle-market funds; many established GPs continued to raise funds significantly.
Valuations across the US private markets have bottomed, with key metrics showing slight stabilization.

Middle-market buyout activity registered at $345.0 billion, with a 12% YoY increase compared to Q2 2023.
Improved financing conditions allowed borrowers to secure cheaper debt, contributing to favorable deal activity.
Valuations recovered for smaller companies below $1 billion, signaling a dissolution of minority growth deal excesses.

EV/EBITDA multiples are currently around 11.0x in the US, while they began recovering from a trough reached in 2023.
Middle-market valuations, particularly for smaller companies, rebounded due to decreased hurdles across deleveraging attempts.
Enterprise value and revenue multiples for deal targets reflect a long-term recovery, though they remain sensitive to macro conditions.

Middle-market exits remained sluggish, with aggregate value nearly flat YoY at $43.5 billion through H1 2024.
Sponsor-to-sponsor exits led in both volume and value for the second consecutive quarter.
Corporate strategic M&A absorbed more value, with $9.1 billion in exits to corporates recorded in Q2.

Middle-market funds raised $65.0 billion through H1 2024, with a large part from well-established GPs at bigger sizes.
Dry powder levels in the middle market stayed elevated due to continued fundraising momentum.
Mega funds regained the performance leadership after a run of underperformance by middle-market funds.
Return expectations for GPs increased due to optimism around potential Fed rate cuts and the economic stabilization.

The league tables reflect continued activity in the high-yield bond space, with Ares, Churchill, and Golub Capital leading by significant counts.

Overall deal activity appears poised for stabilization, with increasing signs of sustainable deal flow.
Some degree of valuation pressure remains, but levels have clearly improved from lows in 2023.
Middle-market activity continues to look brighter compared to megafunds in terms of deployment and relative flexibility in capital allocation.

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