贝恩-2018年全球私募股权投资报告（英文）-81页_8mb

Global Private Equity Report 2018 Summary

Core Content Overview

The 2017 private equity (PE) market saw significant investment growth, strong exit activity, and robust fund-raising, despite facing structural challenges. The industry continued to evolve to meet the demands of a competitive and increasingly complex environment, with a focus on value creation through strategic and tactical approaches.

Main Points and Key Information

Market Performance in 2017

• Investments: Global buyout investment value rose by 19% to $440 billion in 2017, driven by large public-to-private deals and add-on transactions.
• Deal Count: Despite the growth in value, the number of deals only increased slightly by 2% to 3,077, reflecting a trend of fewer but more valuable transactions.
• Add-on Deals: Add-on transactions, which involve acquiring assets to enhance existing platform companies, became a significant portion of PE activity. They accounted for about half of all deals but only 25% of total deal value.
• Dry Powder: The amount of uncalled capital (dry powder) reached a record high of $1.7 trillion in December 2017, indicating strong capital availability.

Valuation Trends

• High Multiples: Average purchase price multiples for leveraged buyouts (LBOs) reached historic highs, with around half of all acquisitions priced above 11 times EBITDA.
• Leverage Levels: Debt multiples increased to six times EBITDA, with some high-profile deals exceeding eight times EBITDA, raising regulatory concerns.
• Corporate Competition: Corporate buyers, with their lower cost of capital and strategic advantages, have intensified competition, particularly for midsize and large companies.

Fund-Raising and Capital Availability

• Record Fund-Raising: Over the past five years, $3 trillion was raised in the PE industry, leading to a flood of capital.
• Debt Market: The debt market remained strong, with speculative bonds and leveraged loans offering high yields, enabling GPs to fund larger transactions.

Challenges and Responses

• Discipline Required: Despite high capital availability, GPs have shown discipline in deal execution, avoiding overvaluation and ensuring sustainable returns.
• Strategic Adjustments: GPs are adopting new strategies, such as sponsor-to-sponsor deal hunting, focusing on smaller assets, and extending holding periods for long-term value creation.

Exit Activity

• Exit Value: Exit value reached $366 billion in 2017, up from $337 billion in 2016, though still below the peak of $464 billion in 2014.
• Exit Count: Exit count rose to 1,063 in 2017, with North America and Europe showing growth, while Asia-Pacific saw a drop in exit value due to reliance on public market and growth company investments.
• Stronger Portfolios: Most exits involved companies acquired since 2009, indicating a healthier and more mature portfolio than in earlier years.

Spotlight on Key Sectors

• Retail Healthcare: A growing sector with potential for value creation through organic growth and strategic acquisitions.
• Long-Hold Funds: Some funds are extending holding periods beyond the traditional five years to better manage long-term growth and transformation.

Strategic Value Creation

• Fit-for-Purpose Talent: Matching leaders with mission-critical roles to drive performance and innovation.
• Commercial Excellence: Programs to boost organic revenue growth, especially in industries struggling with post-recession growth.
• Digital Savviness: Leveraging digital transformation to seize opportunities and avoid pitfalls in fast-changing markets.
• Amazon Factor: The rise of Amazon has reshaped the retail and consumer goods sectors, requiring GPs to adapt their due diligence and investment strategies.

Conclusion and Outlook

• The PE industry continues to show resilience despite challenges, adapting to new market dynamics and competition.
• The focus is shifting toward more strategic and value-driven approaches, including working closely with management, investing in add-ons, and exploring public-to-private conversions.
• With the potential for more large-scale deals and a growing number of attractive targets, 2018 is expected to be a key year for the industry, driven by disciplined execution and innovation.