PitchBook-2023年二季度欧洲PE细分（英）-2023-16页_16mb

报告摘要

Declining Activity: European PE deals experienced another decline in Q2 2023, with deal value down 45.5% YoY and overall activity depressed due to macroeconomic conditions and higher financing costs.
Post-Peak Resilience: While YoY declines are expected, the sequential quarterly decline was less sharp, suggesting some resilience after peaking in Q2 2022.
Take-Privates Subdued: Take-private activity remained subdued year-over-year due to the higher interest rate environment increasing financing costs.
Add-ons Rise: Add-on deals continued to gain prominence (54.8% of H1 deal value in 2023), driven by their lower leverage requirements, while buyout activities slowed. Smaller deal size gained market share.

Regional Focus: France & Benelux showed the most resilient deal activity. Southern Europe lagged behind.
Sector Performance: Financial Services outperformed, while Healthcare experienced a significant YoY decline (54.8% YoY decrease in H1). The B2B sector showed notable resilience in exits.

Slight Recovery: European PE exit value increased slightly in Q2 2023, the highest level since Q2 2022, but still down 31.6% YoY from the pre-pandemic peak.
Drivers: Mega-exits (above €2.5 billion) significantly boosted exit value and capitalized on the 'denominator effect,' forcing sponsors to exit large investments to rebalance portfolios and crystallize returns.
Exit Mix: Acquisitions accounted for a rising share of exits (64.1% of exit value in Q2 2023), rising alongside ECB monetary tightening, which made LBOs more expensive.

Strong Indicators: Despite challenges like longer fundraising periods (median time to close increased to 15.8 months), megafunds continue to raise significant capital, potentially exceeding 2022 totals.
Megafunds Leading: Megafunds (€5 billion+) raised €24.1 billion in H1 2023, supporting the trend of larger funds securing capital more easily than smaller vehicles.
LP Bias: LP capital continues to favor larger, more established funds.

Moderate Recovery: 2023 activity levels are expected to remain depressed YoY due to persistently sticky inflation and interest rates. Recovery may gain traction later in the year as lapping eases.
Strategy Shift: Add-on deals are likely to maintain their prominence as leveraged buyouts become costlier.
Exit Trends: Public listings are expected to pick up towards late 2023/early 2024 as monetary conditions stabilize. Buyouts could become more attractive post-rate normalization.

Resilience: France showed relative resilience in PE activity, contributing disproportionately to European megadeals (40% of YTD).
Foreign Investment: Non-European investor participation in French deals has been declining.
Market Position: Despite some gains, France continues to trail the UK in overall PE deal value, which remains Europe's largest market.

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