PitchBook-美国风险投资支持的并购前景（英）-2025_12页_1mb

US VC-backed M&A market shows a shift: large deals remain scarce due to high interest rates, economic uncertainty, regulatory scrutiny, and stock volatility. These factors have led to a decline in acquisition activity since 2021, with a record low number of active public acquirers dropping from 1,423 in 2021 to 815 in 2024.

Smaller acquisitions are increasing as a response to financing droughts, valuation corrections, and heightened liquidity demand. Factors include lower startup valuations, regulatory pressures, and a focus on bolt-ons, particularly in software and healthcare sectors.

Software dominates M&A, accounting for over 40% of deal volume since 2015, peaking at 51.2% in Q1 2025. Biotech and Pharma continue to attract large deals despite challenges, while sectors like digital health and supply chain tech are less affected by trade risks.

Exit strategies: M&A is becoming a key alternative to IPOs due to limited public market uptake, with private companies facing pressure to return capital. The median time since last funding round reached a record 2.4 years in Q1 2025, increasing urgency for acquisitions.

Buyouts are moderately rising, now surpassing public listings in some cases, driven by private equity interest in software, healthcare, and commercial services. However, macro uncertainties制约 future growth.

Overall outlook: US VC-backed M&A activity expected to stay stable in 2025-2026, with small and medium deals gaining traction amid regulatory headwinds for large acquisitions. Big Tech faces antitrust risks, but notable deals like Google's Wiz acquisition show potential for high-profile acquisitions.