PitchBook-2023年二季度英国市场快照（英）-2023.8-21页_937kb

UK Market Snapshot Q2 2023

1. Market Overview

   • UK GDP grew by 0.2% in Q2 2023, while CPI inflation reached 7.3%. The Bank rate is currently 5.0%.
   • Equity markets saw mixed results, with the FTSE 100 total return declining by 0.3% and a PE ratio of 10.1x.
   • Public markets had 2 listings with a total deal value of £4.3B, while private markets raised £2.5B in capital.

2. Macro Trends

   • Inflation remains elevated at 7.3% YoY, CPI is projected to follow G7 trends but may slow.
   • Bank rates have increased significantly to reach 5.0% amid economic uncertainty.

3. Equity Markets

   • UK equity markets experienced a slight negative return, but European and US markets showed positive growth in Q2 2023.
   • Sector-wise, energy, basic materials, and healthcare saw notable growth, while industrials and telecom faced declines.

4. Private Markets

   • Venture Capital: Total capital raised for VC reached £4.3B, with significant activity in late-stage deals and sectors like healthcare and technology.
   • Private Equity: The total capital raised stands at £38.4B, dominated by buyout activity. PE-backed companies primarily in finance, energy, and healthcare marked Q2 activities.

5. VC Deal Activity

   • Q2 2023 saw £5B in VC deal value, bolstered by growth-stage investments. Lead investors included Highland Europe Capital and others.
   • Post-money valuations hovered around £3-£7B for late-stage deals, indicating continued investor confidence.

6. VC Exit Activity

   • Q2 exits totalled £1.0B, with acquisition as the dominant exit route. Key exits include healthcare and technology firms.

7. VC Fundraising

   • VC fundraising saw a record £4.3B raised, with funds focusing on tech, healthcare, and fintech sectors.

8. PE Deal Activity

   • The quarter recorded £15.5B in PE deals, with buyouts and add-ons leading the landscape. A notable deal involved a major retail acquisition.

9. PE Exit Activity

   • Q2 PE exits reached £0.5B, primarily through mergers and acquisitions. Key exits included companies in utilities and IT services.

10. PE Fundraising

    • Total PE fundraising was £8.1B with a focus on buyout deals.

11. Credit Markets

    • Credit markets saw a steady shift in strategies, with EBITDA multiples rising in buyouts. Capital market activity remained under regulatory scrutiny.

Note: All data in this UK Capital Markets report is current as of Q2 2023.