贝恩-2018年全球私募股权投资报告（英文）-81页_7mb

报告摘要

2018 Global Private Equity Report Summary

Core Content Overview

The 2018 Global Private Equity Report provides a comprehensive analysis of the private equity (PE) industry in 2017, highlighting both achievements and ongoing challenges. It outlines the trends in investment activity, exit performance, fund-raising, and strategic adaptations by PE firms in a competitive and evolving market landscape.

Main Points and Key Information

1. Market Performance in 2017

Investment Growth: Despite a decline in deal count, global buyout investment value increased by 19%, reaching $440 billion in 2017, driven largely by large public-to-private deals and add-on transactions.
Deal Count: The number of deals globally was flat, growing only 2% to 3,077, marking a 19% drop from 2014, the peak of the economic cycle.
Add-on Deals: These became a significant portion of PE activity, comprising half of all deals in 2017, though they accounted for only 25% of total deal value due to their smaller size.
Platform Deals: The average disclosed buyout deal size reached a record high of $675 million, contributing significantly to the overall investment value.

2. Regional Highlights

North America: Deal value increased to $196 billion, largely due to large carve-outs and public-to-private deals like Sycamore Partners' $6.8 billion acquisition of Staples.
Europe: Deal value rose to $147 billion, supported by deals like Hellman & Friedman's $6.4 billion leveraged buyout of Nets.
UK: Despite Brexit uncertainty, exit value increased by 7% to $39 billion.
Asia-Pacific: The region saw a 74% surge in buyout value to $83 billion, driven by the $17.9 billion carve-out of Toshiba Memory Corp. by Bain Capital.

3. Fund-Raising and Capital Availability

Dry Powder: Global dry powder reached a record high of $1.7 trillion in December 2017, reflecting strong investor confidence in PE.
Equity and Debt: Both equity and debt capital flowed into the market, with debt multiples reaching 6 times EBITDA, pushing the regulatory threshold.
Covenant-Lite Loans: These loans, which have fewer restrictions, accounted for 75% of overall loan volume in the US and Europe by the end of 2017.

4. Challenges and Trends

High Valuations: Average purchase price multiples for LBOs hit historic highs, making it harder for GPs to justify returns and find attractive targets.
Competition: The number of PE firms has grown to 7,775, increasing competition for deals, especially from corporate buyers who have a lower cost of capital and are more willing to pay for strategic synergies.
Corporate Venture Capital (VC): Corporate VC activity surged, with global deal value reaching $51 billion in 2017. The number of corporate VC investors doubled to 262 in four years.
Zombie Funds: These are funds that stopped raising new capital but are still active in their portfolios. There were 19 such funds identified in North America and Europe.

5. Strategic Adaptations by GPs

Talent and Leadership: GPs are focusing on fit-for-purpose talent to match leaders with mission-critical roles and enhance performance.
Digital Transformation: Embracing digital savvy is essential to capitalize on opportunities and avoid pitfalls in rapidly changing industries.
Commercial Excellence: GPs are promoting organic revenue growth through programs that actively engage with management to drive performance.
Long-Hold Funds: Some PE firms are extending holding periods beyond the traditional five years to better manage growth and transformation.
Public-to-Private Activity: This trend is on the rise, with public-to-private conversions increasing in both number and value. The total value of these buyouts reached $180 billion in 2017, nearly double that of 2016.

6. Exit Trends

Exit Value: Global buyout-backed exit value reached $366 billion in 2017, surpassing 2016’s $337 billion, but still below the peak of $464 billion in 2014.
Exit Count: While the number of exits increased slightly, Europe saw a 4% drop in exit count, but still achieved an 18% rise in exit value.
Asia-Pacific: Exit value dropped by 16% to $30 billion, but when including minority stakes and public company sales, the value increased by 18% to $115 billion.

7. Future Outlook and Opportunities

Potential for Growth: The report suggests that public-to-private conversions will remain a key area for growth in 2018, with around 800 US public companies trading at 9 times EBITDA or below being viable targets.
Retail Healthcare: This sector is highlighted as a growth opportunity, with PE firms finding value through strategic acquisitions and integration.
Risk and Discipline: The PE industry is under pressure to maintain discipline in a market with high valuations and limited deal opportunities. Waiting on the sidelines carries its own risks, as conditions may worsen in the future.

Key Takeaways

The PE industry experienced strong performance in 2017, with rising investment value and exit returns.
High valuations and increased competition have created challenges for GPs in finding attractive deals.
Add-on deals and public-to-private conversions are becoming more important as platforms grow and traditional targets become scarce.
Strategic approaches like fit-for-purpose talent, digital transformation, and commercial excellence are essential for long-term success.
The industry must continue to innovate and adapt to maintain returns and navigate an increasingly complex market.