PitchBook-2024年欧洲PE细分（英）_14页_2mb

Summary of PitchBook 2024 European PE Breakdown Report

• Overall Recovery: European PE experienced a strong recovery in 2024, characterized by increased deal and exit activities, driven by returning US investment, rising deal sizes, and improved macroeconomic conditions due to monetary policy shifts.

• Deal Activity: Annual deal value jumped 35.4% YoY to €609.9 billion, and deal count rose 18.2% YoY to 8,264 deals, making it the third-best year after 2021 and 2022. Key drivers include US investor participation (≈20% of deals), growth in buyouts (e.g., Covestro by ADNOC for €14.7 billion), and sectors like AI/ML and cleantech. Italy and Germany led deal value (≈25% combined), with cross-border US involvement noted.

• GP-Led Secondaries: Secondaries exited increased, with 89 transactions in 2024 potentially worth €40–50 billion, reflecting a rise in valuation discounts and a shift from LP-led exits. Forecasts suggest continued growth, reaching €70 billion AUM by 2028.

• Exit Activity: Annual exit count and value grew 18.6% YoY and 5% YoY respectively (€287.9 billion exited). Sponsor acquisitions surged to 51.1% of exits, with IT and healthcare sectors leading. Exit delays increased (median holding period: 6.1 years), and while IPOs saw modest recovery, listings remained low.

• Fundraising: Fundraising matched peaks in 2021/2023, avec ≈€122.3 billion raised, primarily by megafunds (e.g., EQT Fund X: €22 billion). However, new funds underperformed due to tighter conditions, with middle-market fundraising declining for three years. Nordic regions outperformed, raising €33 billion.

Future outlook: Optimistic for dealmaking in 2025 with economic stabilization, but cautious on exit liquidity and fundraising disparities between experienced and new managers.