PitchBook-2023年二季度欧洲风险投资报告（英）-2023.7-16页_8mb

报告摘要

European VC dealmaking and fundraising decline significantly in H1 2023.
Decline attributed to macroeconomic factors: higher interest rates, inflation, closed IPO exits, and challenging fundraising conditions.
Recovery uncertain; public markets showing signs of stabilization (especially US) while Europe's tightening cycle continues.

VC Activity Decline: Q2 deal value down 59.7% YoY, with a steady quarterly decline since Q1 2022.
Deal Size & Stages: Median deal size €2.1M, with a shift toward larger deals and away from seed/early-stage funding.
Sector Impact: Software deals most affected (71.8% YoY drop), while biotech & pharma show more resilience.
US Participation Decline: US investors reduced deal participation by 69.2% YoY, due to tighter global VC activity and cross-border risk aversion.

Participation Decline: Overall deal value with non-traditional investor participation (sovereign funds, hedge funds, etc.) is on track to be the lowest since 2018.
Portfolio Shift: Nontraditional investors focus on late-stage deals due to larger check sizes and proximity to exits.
Cheque Size Reduction: Median deal size down from €18.5M in 2022 to €13.6M in 2023.

Despite macroeconomic improvement, deal activity in France has slowed, particularly in Q2.
H1 deal value up 16.5% compared to 2022, driven by key deals like Ledger and Ynsect.
Exit activity improved, with France gaining market share, though exit values still lag (58.4% YoY decline).

Exit activity continues to decline, with H1 2023 exit value down 82.2% YoY.
Acquisitions remain the dominant exit strategy (75.7% of exit count), while public listings continue to decline.
Sector performance varies: IT hardware most resilient, energy least, though cleantech remains a strong focus.

VC Fundraising Decline: Total H1 fundraising reached €8.9 billion, 36.7% below 2022.
Experience Bias: Experienced funds capture a larger share of capital raised (61.7%), despite more emerging funds being launched.
Fund Size & Location: Early-stage dominates top funds; France and Benelux show relative resilience.

Recovery depends on public market performance; ECB tightening prolongs private market caution.
Valuation haircuts persist, impacting exits and dealmaking.
Regional disparities remain, with France and Benelux handling downturns better.

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