PitchBook-2023年一季度美国PE细分（英）-2023.4-32页_6mb

2022 Annual US PE Breakdown Summary

Overview of Changes in PE Activity

• US private equity deal activity saw mixed Q1 2023 results: deal count decreased by 9.3%, while value increased by 11.4%. Pressure from inflation and financing challenges pushed deal sizes toward smaller targets, including add-ons and carveouts.

Deal Deals Activity and Valuation Trends

• Small deal sizes became more common due to high financing costs, with add-ons delivering incremental revenue amid rising interest costs. Megafunds deployed capital more efficiently to navigate market volatility.
• PE multiples fell significantly: median EV/EBITDA decreased to 11.1x, and EV/revenue fell to 1.7x in Q1 2023, reducing the value of tech acquisitions that peaked during pandemic hype.

Exit Strategies

• Exit activity slowed, with Q1 2023 seeing 279 exits totaling $55.8 billion—a 14.6% quarter-on-quarter decline. The exit-to-investment ratio dipped to 0.33x, reflecting fatigue from macroeconomic headwinds and IPO market closures.
• Exits to corporates led (69.7% of total value), while sponsor-to-sponsor sales decreased due to sluggish deal conditions, with a slide in median exit value for such transactions.

Fundraising Dynamics

• Fundraising slowed at year-start, with 73 funds raising $66.8 billion by Q1 2023. Fund sizes grew ($305 million median), shifting LP reliance from smaller funds to larger, megafunds dominating (only two closed in Q1 2023, despite historical dominance).
• Growth equity funds performed well, signaling demand for high-growth, low-debt strategies suited for the current environment.

Performance Returns

• PE performance saw a rebound, potentially influenced by hoped-for Fed pivot easing interest rates. Though markdowns were severe, the divergence from public markets (where S&P 500 fell 19.4% in 2022) is closing, aided by revised multiples.

Sector Spotlight

• Tech sectors moved away from high valuations, with carveout strategies providing niche-targeted opportunities despite reduced exit activity. Health-tech continues as a resilient area, seeing fee-based carveouts from larger conglomerates.