2022-11-10-PitchBook-2022年三季度欧洲PE细分（英）_16页_5mb

报告摘要

Q3 2022 European PE Market Summary

Key Insights

Market Resilience: Deal activity remained strong in Q3 2022 despite macroeconomic headwinds (inflation, rising interest rates).
Geographic Shift: France & Benelux overtook UK & Ireland as the top region for deal value, partly due to currency volatility and regulatory concerns.
Sector Trends: Business products & services dominated deal activity, while consumer sectors saw significant YoY declines due to inflation.
Exit Challenges: Exit values declined, with public listings reaching a 10-year low; buyouts/acquisitions became preferred exit routes.
Fundraising Pressures: Capital raised decreased due to tighter lending conditions and LPs adopting cautious stances amid market uncertainty.

Major Data Points

Deal Activity:
- Deal value flat YoY, count +16.9%.
- Average deal size increased to €289.1M (vs €215.9M in 2021).
- Business products & services: 37.8% of all deals YTD.
Fundraising:
- Capital raised YoY: €37.4B (lowest in a decade).
- Focus shifted to large funds targeting size buckets of €1B–€5B, with countries like Sweden and the UK leading.
Exits:
- Exit value sustained declines, €221B in Q3.
- 51.1% of exit value from core regions (UK & Ireland, France & Benelux).
- Public listings recorded their lowest annual total since 2012.
Macroeconomic Impact:
- High inflation and rate hikes reduced deal attractiveness.
- Currency fluctuations (e.g., GBP/USD) influenced foreign investments in the UK.

Main Drivers & Challenges

✔ Drivers: Large transactions driven by dry powder; focus on resilient sectors (energy, infrastructure); geopolitical factors (war in Ukraine) boosting renewable energy.
✗ Challenges: Economic recession risks, declining consumer spending, LP caution due to market uncertainty.

Outlook

Dealmaking: Expected to remain pressured in Q4 due to macroeconomic factors.
Funds: PE growth/expansion strategies remain popular due to high-return potential.
Sectors: Renewable energy, healthcare, and technology-focused deals may see increased activity.

Key Recommendations

LPs: Prioritize experienced funds and sectors resilient to downturns.
GPs: Emphasize strategic exits via buyouts and diversify geographically to mitigate currency impacts.

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