PitchBook-2023年二季度美国PE细分（英）-2023.7-37页_11mb

Investment Environment Assessment: The U.S. private equity market continues to face the challenge of persistently high interest rates, leading to increased borrowing costs for deals and reduced liquidity in floating-rate debt. Deal activity has significantly decreased, with a decline of 49.2% year-over-year in deal value, though deal counts are still above pre-pandemic levels (up 56.3%). Valuation multiples have fallen to 10.5x EV/EBITDA and 2.0x EV/revenue, reflecting market cooling.

Financing Market Conditions: High-rate lending environments constrain large LBO deals, pushing market participants toward smaller transactions or add-on purchases to mitigate financing risk. The leveraged loan market remains accessible for add-on financing, while NAV financing offers portfolio-level support. Add-ons accounted for 78.0% of all buyouts in Q2 2023, highlighting their critical role in capital deployment strategies during tight credit conditions.

Sector Activity Trends: The tech sector showed resilience with notable exits (e.g., Adenza, Apptio) and continued appeal for investors, though overall activity slowed. Healthcare experienced subdued performance due to sector-specific challenges (e.g., physician staffing companies under heavy debt and valuation pressure). Growth equity saw renewed interest amid continued macroeconomic headwinds, accounting for 22.2% of H1 2023 deals—a significant increase from 18.5% in 2022.

Exit Challenges & Maturity Wall: The gap between investments and realizations widened in mid-2023 to $88.9 billion YTD, up 66.9% sequentially. Exit activity remains below pre-pandemic levels (down 75.1% from Q2 2021 highs), with corporates accounting for 64.8% of exit value in Q2. The “maturity wall” looms significant for funds raised during the peak cycle, with an estimated 20-26% of capital at risk if exit activity persists at current levels, extending fund lifespans beyond typical timelines.

Fundraising Developments: Middle-market and megafund fundraising slowed notably, with middle-market funds capturing 60.5% of YTD value—a record high. Declining megafund size (e.g., Blackstone’s IX aimed at $15.5B vs predecessors) reflects market cooling expectations. Revitalized interest in secondary markets and co-investments from sovereign wealth funds (e.g., Abu Dhabi Investment Authority) provide alternative funding sources. Fund performance deteriorated in the final quarter of 2022 (-0.5% annualized), with smaller funds (e.g., middle-market) outperforming larger peers due to less reliance on debt and more operational flexibility.