PitchBook-2023年三季度美国PE中间市场报告（英）-2023.12-32页_5mb

报告摘要

Middle-market deal activity declined in Q3 2023, with a 13.4% drop in value and 2.5% in count from Q2, reaching a six-year low.
Valuations fell, with EV/EBITDA dropping to 11.4x and EV/revenue to 2.4x, reflecting higher financing costs and asset repricing.
Exits slowed significantly, with both value and count down 26.6% and 7.1% sequentially, impacted by high interest rates and macroeconomic volatility.
Fundraising remained strong, with middle-market funds raising $22.8 billion in Q3, tracking near-par with 2022 despite funding challenges.

Technology: Deals decreased 13.1% in Q3; exits showed signs of shifting toward higher-quality, upmarket transactions.
Healthcare: Experienced the third consecutive quarter of declining deal activity and marked the fourth consecutive quarter of value declines.
Strong performance by middle-market funds (4.5% one-year IRR vs. -1.0% for megafunds) narrowed the gap due to megamarket rebounds.

Non-backed, founder-owned businesses accounted for 52.2% of US deals in Q3, regaining market share after pandemic-related declines.
Carveouts rose in proportion (8.7% of all deals in Q3), offering sellers liquidity and buyers flexibility amid high interest rates.
Exit-to-investment ratio hit a low of 0.37x, reflecting longer holding periods (median 6.3 years) as sponsors wait for improved exit conditions.

Debt supply for middle-market deals is ample but buyer/seller supply constrained; private credit vehicles refinance deals via PIK interest payments in a high-rate environment.
Middle-market fundraising captured 39.3% of all PE fund closings YTD, doubling fund sizes (median step-up 65.5%).

Higher-for-longer interest rates favor private credit yields (spreads at 654bps) but could extend economic risks; disciplined underwriting and workout capabilities are critical.
Rising costs of capital and election-year uncertainty remain hurdles in deal activity.