PitchBook-2023年一季度欧洲PE细分（英）-2023.4-17页_9mb

European Q1 2023 PE Breakdown Summary

Introduction
European Private Equity dealmaking slowed in Q1 2023, with deal value declining 6.8% YoY to €182.8 billion and deal count falling 3.8% YoY to 1,932 deals. This follows a peak in Q2 2022, driven by macroeconomic factors like higher interest rates and the Russia-Ukraine conflict, which reduced deal activity.

Deals

• Deal count showed resilience, but deal value dropped more sharply due to sponsors avoiding megadeals and favoring smaller bolt-on acquisitions (59.8% of deal count).
• Non-European investor deal value plummeted 73.8% YoY to €28.6 billion, impacted by higher rates, market conditions, and reduced flows from foreign investors, exacerbated by the denominator effect and geopolitical instability.

Exits

• Exit activity plateaued at €70.7 billion, unchanged quarter-over-quarter but down 12.0% YoY, with corporate acquisitions (63.9% of exit value) dominating over buyouts and public listings.
• Median buyout multiples decreased to 10.2x EV/EBITDA on a rolling four-quarter basis, the lowest since the global financial crisis, as high rates suppress valuations and encourage sponsors to focus on operational improvements.

Fundraising

• European PE fundraising increased in Q1 2023 to €26.4 billion, with a record year anticipated. Large megafunds, like Permira's €16.7 billion, led the way.
• Buyout funds remain in high demand, driven by LPs' preference for established GPs and fundamentals-based strategies, while growth/expansion funds saw reduced fundraising amid economic uncertainty and shifting focus to revenue and margin expansion.