Juniper Square’s Post

According to PitchBook, in H1 2024, U.S. PE middle-market dealmaking showed a modest recovery, with buyouts up 12% compared to 2023, outpacing overall PE growth but lagging behind corporate M&A’s 20% rise. Deal values improved after a weak end to 2023, though multiples neared past highs only on an EBITDA basis. Flat middle-market exits reflected cautious selling, while a July surge in small-cap equities may boost valuations for late-stage private companies. LP interest has shifted from middle-market to megafunds due to expected lower interest rates. Fundraising for middle-market funds is down 10% from 2023, while overall PE fundraising remains stable. Read more here: https://lnkd.in/gugaRScj

Pitchbook’s 2023 Annual US PE Breakdown My key takeaways: 📝 On Deal Types: PE deal types that are less dependent on access to new debt have taken share of the PE deal market — growth equity deals outnumbered platform LBO deals in 2023 for the first time ever! 🌎 Within Growth Equity: There is growing trend for growth equity investments to align with objectives beyond financial returns, increasingly targeting initiatives that generate positive climate and social impacts. Aside from reflecting a broader change in investment priorities, this shift also demonstrates the versatility of growth equity in adapting to evolving market demands and societal expectations. 🔚 On Exits: The slowed exit market is creating an impending “maturity wall” for deals made 5-7 years ago that are beginning to reach their natural exit timelines. Continuation funds will be an increasingly attractive option for PE firms with promising assets to extend exit timelines or secure liquidity without force-selling. 💰 On Fundraising: Mid-market managers (raising $100m - $5b) followed up their best-ever fundraising years in 2021 and 2022 with a strong 2023, taking center stage by accounting for a significant 59.4% of total funds raised (well above the 10-year average of 46.7%). This is largely on the back of large-fund fatigue setting in for investors, accompanied by more accessible financing and more favorable valuations to help offset higher borrowing costs at the lower end of the market. 🔭 2024 Outlook: PE volumes are likely to rebound in 2024 as public trading multiples have pushed significantly higher than private M&A deal multiples. A wide gap between public and private markets can help pry open a tight IPO window which would bode well for exits and carry over to M&A. #privateequity #growthequity #continuationfunds #fundraising #2024outlook ——— Pitchbook 2023年美国私募股市概况 关键摘要： 📝 关于交易类型：较不依赖新融资的私募股权交易类型在2023年里提高了在私募股权交易市场里的占比 — 成长型股权交易数量首次超过杠杆收购交易！ 🌎 对于成长型股权：成长型股权投资开始倾向于非财务回报相关的指标，并逐渐针对能够产生正面气候和社会影响的倡议。这除了反映投资重点的总体变化之外，也体现了成长股权在适应不断变化的市场需求及社会期望方面的灵活性。 🔚 有关退出市场：在5 至 7 年前达成的交易逐渐抵达自然到期出场的时间点，而退出市场的放缓将造成一座即将来临的“到期墙”。因此，持有着高潜能资产的私募股权经理很可能会采用接续基金来延长退出期间而不需经过资产甩卖来索取流动性。 💰 关于募资：中型市场的基金经理（募集 1 亿美元 - 50亿美元的基金）在2021及2022年募资表现辉煌，并在2023年里持续强劲，占募资市场总额的59.4%（远高于46.7%的10 年均值）。这主要是由于投资者对大型基金的疲劳，同时低中端市场里更易于融资，估值较合理，都有助于抵消低中端市场较高的借贷成本。 🔭 2024 年展望：由于公共市场交易倍数已显著高于私募并购交易倍数，这巨大的差距可促使IPO市场的回弹并从而推动退出和并购交易的复苏。因此，私募股权交易量很有可能会在2024年里反弹。 #私募股权 #成长型股权 #接续基金 #募资 #2024年展望

PitchBook's Q2 2024 US PE Breakdown is officially live! I highly recommend giving it a read if you need to better understand the latest trends in buyouts, add-ons, growth equity investing, exits, fundraising, fund performance, and deal valuations. Key takeaways: -PE deal activity is now tracking ahead of the prior year by approximately 12.0% through H1 2024. This has arrested the decline in PE share of M&A deal value, which has stabilized at 36.8% of all M&A. -We are still over 50% removed from the exit volumes of 2020 and 2021, and many of these exits are partial, such as a sale and rollover of a minority stake; but half measures in a half-strength market is better than none. US PE exit value increased by approximately 15.0% YoY in H1 2024, though exit count was largely flat versus the prior year at 626 in H1. -PE fundraising continues to surprise on the upside at $155.0 billion YTD, although we view that metric as a lag indicator and fully expect a fade in the back half of 2024. Large fund families are on pause or wrapping up their latest flagship after being in the market for two-plus years, and as they do, they are being replaced by smaller launches. -One-year returns for US PE funds posted a median rolling one-year IRR through Q3 2023 of a more encouraging 10.0%. This reflected an inflection upward from the 6.5% rolling one-year return as of Q2.

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PitchBook data shows that #privateequity deals over the past four years, involving six or more investors, have multiplied 162 percent compared with the prior four-year period, while standard single-investor deal volumes are up only 28 percent. More data in the Financial Times 👇

Check out the latest Flyer from LRP Advisory!

Check out the latest Flyer from LRP Advisory!

Private equity investors are hoping for a rebound in 2024 – but PitchBook data claims a rebound could hinge on the exit environment. Learn more about what private equity could look like in 2024: https://lnkd.in/gfU-5XwY #privateequity #pe #invest #investing #startupinvesting

If you don't want to read the 113-page academic paper "Selling Private Equity Fees" (which examines the impact of GP stake sales on GPs and their LPs), Coller Capital just released a great summary of it: • Main takeaway: GPs create more value (in absolute terms) for their LPs after selling a GP stake • The research suggests that GPs need to be more transparent with LPs about the strategic reasons for a GP stake sale #GPStakesNews #GPStakes https://lnkd.in/e5qYRAFQ