PitchBook-2025年一季度美国私募股权中间市场报告（英）-2025.5_29页_3mb

Executive Summary

The report analyzes the US PE middle market for Q1 2025, highlighting uncertainties from US trade policy and recession risks as key concerns. Deal activity remained resilient, with $95.4 billion in value and 983 deals, though QoQ declines were noted due to market caution. Valuations stabilized, with median EV/EBITDA at 12.1x, consistent with pre-pandemic levels. Exit activity slowed, lacking IPO support, and fundraising decreased to $20.8 billion, but middle-market managers achieved record 10.8% rolling IRR. Sectors like healthcare and sports show growth, while challenges from tariffs and supply chain disruptions persist.

Deal Activity

Q1 2025 US PE middle-market deals reached $95.4 billion in value (8.7% QoQ decline, 10% YoY increase) with 983 estimated transactions. Key drivers included deals in the $100M–$500M range, while the mid-Atlantic and West Coast regions outperformed others. Industry impacts include reduced activity in technology due to macro uncertainty, healthcare seeing a 240-basis-point value increase, and sports continuing strong interest from PE firms.

Valuation Metrics

Median EV/EBITDA for middle-market buyouts was 12.1x TTM, rebounding from 2023's low and aligned with historical norms. EV/revenue multiples were 2.6x TTM, reflecting higher returns than pre-pandemic highs. Global M&A multiples provided broader context, supporting deal confidence amid better financing conditions and reduced macroeconomic uncertainty.

Exits

Exit activity declined QoQ in Q1 2025, with $29.6 billion in value and 219 deals. Sponsor-to-sponsor exits dominated (68.9% of value), valued at $14.1 billion, underscored by large transactions like the UniVista Insurance acquisition. Corporate exits fell due to macro uncertainty, and overall exit trends lag behind the broader PE market, with IPO absence limiting activity.

Fundraising and Performance

Q1 fundraising totaled $20.8 billion across 32 funds, down from 2024's $31.8 billion, with most funds exceeding their predecessors in size. A rolling one-year IRR of 10.8% for middle-market funds outperformed megafunds and the broader industry, rebounding returns despite persistent economic headwinds. Emerging managers contributed significantly to fundraising success, with 26.9% of capital raised.

Spotlight on Sports Capital

PE investment in sports surged, with high returns driven by revenue growth from media rights and fan engagement. Notable deals include team acquisitions and venue investments; however, media rights remain inaccessible for many PE firms. The sector's resilience positions it for continued growth amid global expansion opportunities.

Other Insights

• Healthcare and technology sectors saw increased deal and exit activity, offsetting broader uncertainties.
• Trade policy risks and tariffs pose challenges, particularly for supply-dependent firms, delaying strategic exits.
• Value creation through market studies and operational improvements is critical for sustaining returns in a volatile environment.

Overall, the market shows improvement in returns and deal confidence, yet faces ongoing risks from economic uncertainty and regulatory shifts.