PitchBook-2023年6月全球市场快照（英）-2023.6-11页.docx

GlobalMarketsSnapshot

JUNE2023

PrivateEquityActivityLags

Junewasabusymonthforglobalcentralbanksasthe

ghtagainstinfationcontinues.Ratehikeswereissued

bytheBankofEngland+50bps(basispoints)andthe

EuropeancentralBank+25bps.TheBankofJapan,despite

itsrecentchangeinleadershipinApril,maintainedits

policyrateat-0.1%,andtheFederalReserveBankofthe

unitedstateslikewisekeptthefederalfundsratesteady

intherangeof5%-5.25%.ThepeopleSBankofchinacut

itsprimaryinterestrate10bpsinsupportofdomestic

growthandinreactiontoweakerdownstreamdemand

foritsmanufacturedgoods.

Ascentralbankrateactivityevolvesaroundprevailing

infationrateenvironments,GpsinpEhavedrastically

slowedcapitaldeploymentinsearchof2021dealsat

2023prices.Amongthelargestpubliclylistedus

alternativesmanagers,mediandeploymenttopEona

dollar-valuebasisfellmorethan71%forQ12023froma

yearearlier.TotheexclusionofApolloandAres,

Blackstone,KKR,carlyle,andTPGallsawprecipitous

drop-offsintheirdeployedcapitalintopE.whileApollo

especiallyhasbeenquicktostrikeondealsin2023as

valuationsfalter,frmssuchaskkRandTPGareholding

untilvaluationscomedownmoremeaningfully.zooming

outtopEmorebroadly,totalquarterlypEdealactivityin

theunitedstatesinQ12023slowedtoatwo-and-a-half-

yearlow,notchingonly$82.6billion.

onadealvaluebasis,2023hasbeentheweakestyear

inmorethan15yearsforusbuyoutactivity,comprising

only40.8%ofoveralluspEdealcounts;incontrast,

add-onactivityreacheda15-yearproportionalpeakin

Q12023of48.2%.Thesetrendsindealactivityalso

correspondwithadropinthemedianpEdealdollar

valueandcanbereasonablyunderstoodasmanagers

lookingforsmallerdealsasfnancingremainscostly.AS

valuationscontinuetoresetfromrecenthighs,andas

thebiggestpEplayersreinitiateallocationstotheasset

class,expectbuyoutstorecoversomegroundin

proportionalactivity.Formoreinsightintohowcentra

banksandothermacroeconomicfactorsareshapingthe

PElandscapeof2023,pleasereferto