2025-06-08-PitchBook-美国风险投资支持的并购前景（英）_12页_912kb

报告摘要

Large M&A remains scarce due to elevated interest rates, regulatory scrutiny, economic uncertainty, and stock market volatility. Public acquirers decreased from 1,423 in 2021 to 815 in 2024.
Smaller acquisitions are on the rise, fueled by lower startup valuations, liquidity needs, and funding constraints.

Large Acquisitions: Declined significantly due to macroeconomic headwinds, regulatory pressures (notably Big Tech antitrust concerns), and higher borrowing costs.
Small Acquisitions: Balancing favorable conditions (valuation reset, liquidity demands) and stable to mild growth potential for 2025–2026.
Public Acquirers: Reduced presence; now ~16.9% of active acquirers (down from 23.7% in 2021). Factors: COVID disruptions, higher costs, regulations.

Software Dominance: Leads all sectors (~51.2% of Q1 2025 VC-backed deal volume) with sustained resilience due to organic growth and regulatory insulation in some subsectors.
Biotech & Pharma: Despite regulatory challenges, continues attracting high-value acquisitions, especially in drug development.
Non-Tech Sectors: M&A activity has fluctuated; industries like packaged foods/agriculture show higher acquisition tendencies.

Buyouts, though historically lower than initial public offerings (IPOs), now outpace public listings, driven by private equity interest in bolt-on opportunities, especially in software, healthcare, and commercial services.
Public Listings: VC-backed IPOs remain limited (NYSE/Nasdaq listings have ~3% market share for VC-backed firms), as private companies (~71,208 as of 2024) far exceed public ones (~4,386).
Liquidity Needs: Record average age of VC-backed companies (2.4 years in Q1 2025) intensifies pressure for M&A or other liquidity exits.

2025–2026: While large deals face regulatory and macro challenges, smaller M&A and buyouts may see moderate growth.
PE-backed Buyouts: Could support growth, but heightened interest rate sensitivity may temper expansion.
Google-Wiz Deal: Signals potential for high-value M&A despite antitrust scrutiny.

Headwinds: Persisting regulatory pressure for Big Tech, macro uncertainty, and financing costs constrain deal activity in large acquisitions.
Liquidity Drivers: The dearth of public capital exits (IPOs) and the protracted timeline for IPOs force reliance on M&A for VC fund liquidity.
Data Caveats: All charts reflect extrapolated or incomplete deal data.

VC Exit Types: Buyouts and public listings are separate exit categories; smaller transactions (acquisitions) are Part 1 of Exit Types.
Deal Pacing: VC-backed M&A in 2025 Q1 totaled ~$22.7B (annualized), narrowly exceeding 2023 values—still below pre-pandemic peaks.

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