PitchBook-2023年二季度歐洲PE細(xì)分（英）-2023

Q22023EUROPEANPE

Brea

kdow

nContentsIntroduction3PitchBookData,Inc.John

Gabbert

Founder,CEODeals4Nizar

Tarhuni

Vice

President,

Institutional

Research

and

EditorialDylan

Cox,CFA

Head

ofPrivateMarkets

ResearchSpotlight:FrancePEdynamics8Exits1014InstitutionalResearchGroupFundraisingAnalysisNavina

RajanSenior

Analyst,

EMEA

Private

Capitalnavina.rajan@Methodology

change

update:In

connectionwithour

previously

communicated

methodology

change,wewilldiscontinue

estimating

future

restatements

in

deal

value.Sinceadopting

our

new

methodologyofincluding

announced

deals

in

additiontocompleted

deals,

the

restatementofdealvaluehas

diminished

greatly

andas

such

estimates

based

on

historic

activity

are

no

longer

warranted.

Thischangewillapplytodealvalueonly.We

willcontinuetoestimate

expectedrevisions

in

deal

count,

as

that

has

remainedfairlyconsistentwithpriorobservedactivity.This

changewillapplytothisandallfuturePE-andM&A-related

reports

and

harmonizeswiththe

methodology

already

in

useforVC-relatedreports.Nicolas

Moura,

CFAAnalyst,

EMEA

Private

Capitalnicolas.moura@DataCharlie

FarberSenior

Data

AnalystOscar

AllawayAssociate

Data

Analystpbinstitutionalresearch@PublishingReportdesignedbyJoeySchafferCoverdesignedbyJennaPluimerPublished

on

July

18,

2023Clickhere

for

PitchBook’s

report

methodologies.2Q2

2023

EUROPEAN

PE

BREAKDOWNIntroductionPEdealvaluecontinuedtodeclineinQ22023.

Declinesthisquarter

werethemost

stark

comparedwithlastyeargiventhepeak

levelsofactivity

seen

inQ22022.

Wewouldexpect

declinestocontinuethrough2023,

althoughtheextentofthedecrease

shouldimproveas

wemovepastpeak

levelsfrom2022.Furthermore,

PEdeal

valuedeclineshavebeen

less

stark

sequentially,wheredeal

valueQoQalsodeclinedtoless

ofanextent,

showingperhaps

someresilience.We

expect

overallactivity

for2023toremaindepressed

giventoughermacroeconomicconditionsandhigherfinancingcosts

seen

so

far.However,as

anassetclass,

wemaysee

moreresilienceinPEdeal

activity

asindustry

playersweighinon

depressed

asset

valuations.Astake-privatesbecome

less

prevalent,add-ons

continuetotakeagreatershareofdeal

valuefrommegadeals.

Smallertransactions

(morecommon

inadd-ons),whichrequireminimalleverage,haveprovenpopular.EuropeanPEexitvaluepickedupslightlyinQ22023,havingplateauedoverthepast

three

quarters.

Q2saw€68.0

billioninexitvalue,up28.8%

QoQ

but

stilldown31.6%YoY

fromtheelevatedlevelsseen

in2021and

H12022.Exit

valuewasfuelled

byadisproportionallyhighnumber

ofmega-exits

above€2.5

billion,whichmorethandoubled

fromQ1toQ2in2023.

PEsponsors

havebeen

exitingtheirlargeinvestmentstofreeupcapital,tocrystalise

theirreturns,and

torebalancetheirportfolios

inresponse

tothedenominatoreffect.

Europeanexitswerealsofuelled

bycorporateacquisitions,whichwentfromrepresenting28.1%ofexitvalueinQ22022torepresenting64.1%inQ22023.

Thisriseinfavourofacquisitionsoverthepast

yearhascoincidedwiththeEuropeanCentralBank’s(ECB’s)tighteningmonetary

policy,whichstarted

inJuly2022.Withinterestratesrising,leveragedbuyouts(LBOs)havebecome

costlierand

havethusfallenout

offavour.Performance

isnuancedbyregion

and

sector,evidencedbytheabilityofFranceand

financial

services

toPEfundraising

activityinEurope

looks

strong,

asmegafunds

get

more

mega.

PEfundraisinglevelsin2023areon

tracktoexceedthoseof2022.SeverallargedealsclosedinQ2,withmorelarge,open

funds

likelytoboosttotalsifalsoclosedthisyear.Larger

funds

continuetotakeLP

capitalfromsmallervehicles,perhaps

as

allocationspivottomoreexperiencedmanagersamidmarketvolatility.However,theenvironmentisstilltougher,withtimetoclosemarkedlysteppingupthisyearversusin2022.Despitethis,and

givenresilientlevelsofactivity

inH1

2023,

weexpect

PEfundraisingtoremainwell-placedthroughtheyear.outperform.

By

region,France&Benelux

showedthemostresilientdeal

activity,whichisinlinewithbroader

viewsofthearea’srelativeoutperformance

inprivatemarketinvestmentso

farin2023,

as

wecoveredinour

2023FrancePrivateCapitalBreakdown.By

sector,we’veseen

themostresilientactivity

infinancialservices,

whilehealthcarewasthegreatestlaggard.

However,withtherestoftheyearremaining,largedealscan

skewend-of-yeartotals.We

alsoexpect

structural

demand

insectors

suchas

healthcaretobe

resilient,withapotentiallagas

investorswaittotakeadvantageofdepressed

valuations.3Q2

2023

EUROPEAN

PE

BREAKDOWNINTRODUCTIONDealsPEdealactivityby

quarter€3002,5002,0001,5001,000500€250€200€150€100€50€00Q1Q2Q3

Q4Q1Q2Q3

Q4Q1Q2Q3

Q4Q1Q22021Estimateddeal

countQ3

Q4Q1Q2Q3

Q4Q1Q220182019202020222023*Deal

value(€B)Deal

countSource:

PitchBook

?

Geography:

Europe*AsofJune

30,

2023PEdeal

activity

declines

YoY,

but

is

there

arecoverytocome?2023,

18take-privatedealsoccuredcomparedwith38

take-privatedealsforfull-year2022.Thishasbeen

drivenbythehigher-interest-rateenvironment,makingthefinancingofsuchdealsmoredifficult.

Therefore,PEfirms

maybe

moreinclinedtotry

alternativedeal

strategies,whichrequireless

leverage.Lookingforward,as

thefrequency

ofinterestratehikesisexpected

toslowand

recentralliesspurthepublicmarkets,asustainedrecoveryinvaluationsislikelytodiscouragetake-privates,whichmeans

activity

willremainsubdued.PEdeal

activity

remained

muted

inQ22023.

Activity

withinthemarkethascontinuedtodeclineYoY

inrecentquarters,whilesequentialtrendshaveshownmoreresilience.Thesecond

quarter

of2023wasno

different,

withanoveralldeal

valueof€144.5

billion,down3.4%comparedwithQ12023,

and

markedly45.5%

lowerthanQ22022,whenactivity

wasatpeak

levels.Lookingpast

thispeak

pointofpain,despitetoughermacroconditionsand

higherfinancingcosts

so

farthisyear,wemaysee

moreresilienceinPEdeal

activity

comparedwithotherprivatemarketareas,

asindustry

playersweighinon

depressed

asset

valuations.Indeed,

PEdeal

valueinH1

2023paced

62.1%below2022’stotals,whereasVC

deal

valueinH1

2023pacedbelowfull-year2022levelsby75.4%.

Overall,weexpectdeal

valueand

deal

counttoremaintepidthrough2023,as

activity

levelswillbe

markedlylowerYoY

frombothavalueand

volumeperspective.

InH1

2023,

deal

valueanddeal

count—ifmaintainedfortherestoftheyear—wouldimply2023totalsthatare24.2%

and

23.4%

below2022levels,

respectively.The

riseofadd-ons

continues.

Regardingdeal

type,

add-ons

continuetorepresentthegreatestshareofdealssofarin2023,

comprising54.8%

ofdeal

valueinH1,

followedbybuyoutsat37.0%

ofalldeals,

and

PEgrowth/expansioncomprisingtherest.There

aresome

nuanceswithinQ2alone,

wherebuyoutstrategiestooksome

sharefromadd-ons.

However,givenexpectations

forhigherratesand

continuedvaluationdeclines,

wewouldexpect

LBOstocontinuetofallout

offavouras

investorspivottowardsbolt-ondeals,

whichconventionallyuse

less

debt.

Indeed,regardinghistoricalbuyoutvaluations,thetwo-yearmediandebtpercentagehaslagged

the10-yearmedian—thefigurescomeinat42.2%

and

51.9%,

respectively.Overall,add-ons

aretheonlycategory

wheredeal

valuepacesabove2022levels.Thismeans

thattheH1

rateofactivity,ifsustainedfortherestoftheyear,wouldimplya15.8%

YoYincreasefrom2022.Take-privatepresence

also

continuestodwindleinPEdealactivity.As

recentlynotedinour

2023EuropeanPrivateCapitalOutlook:

H1Follow-Up,contrary

toour

expectations,take-privateactivity

hasremainedsubdued

this

year.InH14Q2

2023

EUROPEAN

PE

BREAKDOWNDEALSAmidtheriseofadd-ons,

megadeals

decline.

Perhapsas

expected,

wesee

acorrelationindeal

sizewiththeaforementioneddynamicsregardingdeal

type.

Broadly,buyoutstrategiesareused

tofinancelargerdeal

sizes,whileadd-ons

aresynonymouswithsmallerdeals.Therefore,regardingsize,we’veseen

adeclineintheshareoflargerdealsand

megadeals,

whichweclassifyasabove€1

billion.Meanwhile,smallerdeals—totallinglessthan€500

million—gainedshareofdeal

valueinH1

2023,growingto83.8%

from64.0%

in2022.On

theotherhand,megadeal

sharedecreased

toa7.2%shareofdeal

value,comparedwith28.2%

in2022.We

expect

acontinuationofsuchtrendsthroughtheyearinlightofthecurrentenvironmentwherefewerlargeLBOs

areundertaken.InQ22023,thelargest

dealswereconcentratedintheUK&Ireland

and

Southern

Europe.

Withinthetop10

dealsoverall,thelargestdeal

wasthetake-privateofDechraPharmaceuticalsbyEQTfor€5.1

billion,followedbytheacquisitionofFrenchdatacentrecompanyDATA4

byBrookfield

Asset

Managementfor€3.5

billionand

thesaleofEGGroup’sUK

&IrelandoperationstoAsda

GroupforShareofPEdealvalueby

typeShareofPEdealvalueby

sizebucket100%100%90%80%70%60%50%40%30%20%10%0%€2.5B+Platform

creation90%€1B-€2.5B€500M-€1B€100M-€500M€25M-€100M<€25MGrowth

equity80%70%60%50%40%30%20%10%0%Add-onBuyout/LBOSource:

PitchBook

?

Geography:

EuropeSource:

PitchBook

?

Geography:

Europe*AsofJune

30,

2023*AsofJune

30,

2023MedianPEbuyoutEV/EBITDA

multiples10.2x201310.0x201410.4x20159.9x201611.4x201711.4x201811.0x201912.9x202011.2x202111.2x202210.5x2023*Source:

PitchBook

?

Geography:

Europe*AsofJune

30,

20235Q2

2023

EUROPEAN

PE

BREAKDOWNDEALS€2.6

billion.Regardingoverallregionaldynamics,

so

far

inH1wehaveseen

themost

resilienceinFrance&Benelux,

inlinewithour

viewsthattheregionisemerging

as

abrighterspotwithinEuropeamiddepressed

privatemarketactivity.ApartfromtheDATA4

buyout,keydealsinQ2alonesupportedthistrend,includingthetakeoverofCoriancefor€1.5

billionand

sale

ofNomiosfor€710

million.On

theotherhand,Southern

Europeison

tracktopacefurthest

below2022levels,withH1

totalsimplyinga45.6%YoY

declineindealvalue.

However,thisfollowsarecordyearofactivity

fortheregionin2022at€144.9

billion,makingdeal

activity

growththisyearmoredifficult.washealthcare.

The

healthcaresector

sawH1

2023valuedecrease

YoY

by48.8%

from€36.9

billioninH1

2022to€18.9

billioninH1

2023.

Thismayappear

surprisingdue

totheconventionalresilienceofthesector

duringdownturnsfromastructural

perspective.

However,we’veoften

seeninvestorsinthespaceholdoff

untilayearor

so

afterperiods

ofmarketcorrections,

waitingforwhen

activitytendstorebound

after

fullresetsinvaluations.Itthereforeremainstobe

seen

whetherthesector

willbounce

back

inactivity

next

yearas

deal

valuelags

in2023.Looking

forward,

weexpect

themutedlevelsofdealactivitytocontinuethrough

2023.

Recoverymaypartlybe

supported

byeasiercomparablebases

togrowfromthroughtheyearas

wemovepast

lappingpeak

levelsofactivity

seen

in2022.Also,underlyingPEactivity

couldremainresilientas

playerstakeadvantageofdepressedassetvalues,withincreasedbuyingactivity

causingmoreresilienceindeal

value.

However,overallactivity

isclearlyon

tracktoremaindepressed

YoY.

As

inflationand

interestratesremainstickierinEurope,thisenvironmentislikelytopersist,

meaninginvestorsarelikelytocontinuepreferringadd-on

strategiesoverbuyouts.

We

thereforeanticipatesuchstrategieswillcontinuetotakesharethrough2023asleveragedtransactions

become

costliertofinance.Financial

services

wasastandout

sector

as

healthcarefell

behind.

H1

2023deal

valuecame

inat€44.8

billionforfinancialservices,

arun

ratethatimpliesitistheonlysector

on

tracktopaceaboveits

2022levelsof€48.4billion.ThiswasdrivenbylargeinflowsinbothquartersofH1

2023,

totalling€21.7

billionforQ1and

€23.1

billionforQ2.Itisuncertain

whethersuchstrength

willcontinuethroughtheyear,as

quarterly

movementsinthedatacanbe

lumpy,skewedbylargerdealssuchas

thebuyoutofCruxAsset

Management

for€1.0

billionand

thebuyoutofGlobalAssekuranz

Groupfor€673.0million.Whilefinancialservices

sawgrowth,

attheotherend

ofthespectrumTop

10PEdealsby

dealvalue*CompanyDeal

date

(2023)June

2Deal

value

(€M)€5,121.0Deal

typeSectorHQ

locationUKDechra

PharmaceuticalsDATA4Buyout/LBOBuyout/LBOBuyout/LBOPE

growth/expansionBuyout/LBOBuyout/LBOBuyout/LBOBuyout/LBOBuyout/LBOBuyout/LBOHealthcareApril

11€3,500.0€2,599.6€2,000.0€1,500.0€1,010.7€939.4ITFranceUKEG

GroupMay

30May

30June

1B2CMesser

GroupCorianceMaterials

&

resourcesGermanyFranceUKEnergyCrux

Asset

ManagementEllabMay

31Financial

servicesJune

21ITDenmarkSpainOpdenergyJune

12€866.0EnergyB2BB2BAmara

NZeroApril

27€775.0SpainValoriza

Servicios

Medioambientales

June

11€734.0SpainSource:

PitchBook

?

Geography:

Europe*AsofJune

30,

20236Q2

2023

EUROPEAN

PE

BREAKDOWNDEALSQuarterlyshareofPEdealvalueby

region100%90%80%70%60%50%40%30%20%UK

&IrelandSouthernEuropeNordicsIsraelFrance&BeneluxDACHCentral&Eastern

Europe10%0%Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2201820192020202120222023*Source:

PitchBook

?

Geography:

Europe*AsofJune

30,

2023ShareofPEdealvalueby

sector100%Materials&resourcesIT90%80%70%60%50%40%30%20%10%0%HealthcareFinancialservicesEnergyB2CB2B20132014201520162017201820192020202120222023*Source:

PitchBook

?

Geography:

Europe*AsofJune

30,

20237Q2

2023

EUROPEAN

PE

BREAKDOWNDEALSSPOTLIGHTFrance

PE

dynamicsShareofFranceandEuropePEdealswithnon-Europeaninvestorparticipation50%45%40%35%30%25%20%15%10%5%43.5%24.8%29.9%28.3%22.8%24.0%17.7%13.5%0%20132014201520162017201820192020202120222023*Francedeal

valueFrancedeal

countEuropedeal

valueEuropedeal

countSource:

PitchBook

?

Geography:

Europe*AsofJune

30,

2023Thisspotlightisanupdatedsectionabridgedfrom

our2023FrancePrivateCapitalBreakdown.Pleaseseethefullreportforadditionalanalysis.activity

fromnon-European

investorsislowerthanitisfortherestofEurope,averaging11.0%

ofdeal

countcomparedwith21.1%forEuropefortheperiod

2013to2023YTD.

Amultitudeofreasonscouldexplainthis,fromprotectionismtoregulations.However,inperiods

ofuncertainty

andmarketdownturns,weoften

see

investorsretreatandfocuson

theircoregeography.Thisismost

likelytheprimereason

forthefallinnon-European

investors’appetiteforFrenchassets.PEactivity

inFrancebounced

back

in2023withastrongfirst

halfoftheyear.Seeminglyavoidingarecession,theFrencheconomyshowedsignsofresilienceand

isforecasttohavethesecond-highestgrowthamong

themajorEuropeaneconomies

in2023.

Franceaccountedforfouroutofthe10

megadeals

inEuropeYTD

and

sawasurgeinthe€25-million-to-€100-million

deal

bucket,whichgoes

hand-in-handwiththetrendofhigheradd-ons.

Buy-and-buildstrategiesseem

engrainedinbusinessideology

inFrance,withsome

ofthecountry’slargestcompanies—includingLVMH—buildingempiresbased

on

thestrategy.UK

still

bigger

than

Francefor

PEHistorically,Francehasbeen

thesecond-largestmarketforPEinEuropeafter

theUK.

There

isconstantnoiseinthepressregardingwhetherFrancehasbeen

takingmarketsharefromtheUK

followingtheUK’sdecisiontoexittheEuropeanUnionin2016.

InMay,

theFinancialTimesreported

thattherehadbeen

anaggregateof7,000financejobsmovedfromtheUK

tothecontinentsinceBrexit,2,800ofwhichmovedtoParis.

By

anothermetric,Choose

ParisRegion,agovernment-backedlobbygroup,statedthatParisFranceavoidsforeign

capitalProtectionismofindustriescan

makeitdifficult

attimestodo

businessinFranceand

attract

foreigncapital,especiallyfromoutsidetheEuropeanUnion.

Francedeal

activity

withnon-European

investorparticipationhasbeen

fallinginrecentyears,

representing42.4%ofdeal

valuein2020butonly28.3%

ofdeal

valuein2023YTD.

Comparingthiswiththerestofthecontinent,wenoticethatFrance’sPEdealhadadded

5,500

positionsas

aresult

ofBrexit.11:“Paris

Shaking

off

‘Backwater’

Tagas

International

Banks

Expand,”

the

Financial

Times,

Sarah

White,

May

3,

2023.8Q2

2023

EUROPEAN

PE

BREAKDOWNSPOTLIGHT:

FRANCE

PE

DYNAMICSLookingatdeal

value,therealitywithinPEisthatthereisstillalargegapbetween

Franceand

theUK,

withtheUKevenextendingits

dominanceinthepast

twoyears.

Thiscomes

despitetheeconomicand

politicaloutlookappearingmoredirefortheUK.

Francere-elected

PresidentEmmanuelMacroninMay2022forhissecond

term,and

despitesome

heavy

protestsaroundthedecisiontoincreasetheretirementageinFrancefrom62to64,

theeconomyisrecovering.WhetherFrancecan

takemoremarketsharefromtheUK

isyettobe

seen,

but

so

faritisnotthecase.The

UK

remainstheheart

ofPEinEurope,accountingforroughly28.0%

ofEuropeanPEin2023.FrancePEdealactivitywithnon-Europeaninvestorparticipation194190918880787567535151€6.82013€14.82014€14.72015€14.22016€15.92017€10.62018€13.3€30.02020€22.62021€23.22022€12.220192023*Deal

value(€B)Deal

countSource:

PitchBook

?

Geography:

France*AsofJune

30,

2023PEdealvalue(€B)

inFranceandtheUK20132014201520162017201820192020202120222023*Francedeal

valueUK

deal

valueSource:

PitchBook

?

Geography:

France

and

the

UK*AsofJune

30,

20239Q2

2023

EUROPEAN

PE

BREAKDOWNSPOTLIGHT:

FRANCE

PE

DYNAMICSEx

itsPEexitactivityby

quarter€14050045040035030025020015010050€120€100€80€60€40€20€00Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2201820192020202120222023*Exitvalue(€B)ExitcountEstimatedexitcountSource:

PitchBook

?

Geography:

Europe*AsofJune

30,

2023EuropeanPEexitvaluepickedupslightlyinQ22023,

havingplateauedoverthepast

threequarters.

Q2saw€68.0

billioninexitvalue,up28.8%

QoQ

but

stilldown31.6%YoY

fromtheelevatedlevelsseen

in2021and

H1

2022.2023exitvalueispacingtobe

inlinewithpre-2021levelsaround€240

billionto€250

billion.Exit

count,on

theotherhand,

ispacingforastrongyear—therehavebeen

763exitsso

farin2023—andcouldfinishcloserto2022’stotalexitcountofjustabove1,500.soldinQ2byPEfirm

MayfairEquityPartners

toaJapanesefood

conglomeratefor€577.1million,havingbeen

boughtthroughanLBO

in2015for€112.9million.After

holdingtheassetforeightyears,

and

giventhecurrentmacroeconomicheadwindsintheUK

ofhighinflation,risinginterestrates,and

aloomingrecessionaffecting

customers’wallets,itmayfeellikeagood

timetoexittherestaurantchain.Finally,thedenominatoreffect

hasforcedcapitalallocatorstorebalancetheirportfolios

fromprivatemarketsback

topublicmarketsoverthepast

yeargiventhatpublicmarketsfellatasharper

pacethanprivateones.

To

illustrate,welook

atthelargestexitinQ2:theagriculturemegamergerofViterra,whichisprivatelyowned,and

Bunge,

whichispubliclylisted,for€16.7

billion.Viterra’sshareholdersincluded,

among

others,

CPPInvestments,whichisCanada’slargestpensionfund.

CPPInvestmentswillseeits

40%

privateholdinginViterraturnintoa12%publicequity

positionthroughBunge

shares.

InthescenariowhereCPPInvestmentswaslookingtorebalancefromprivatemarketstopublicmarkets,thisisanefficient

route,effectivelydealingwiththedenominatoreffect

throughoneMega-exits

driveexitvalueExit

valuewasfuelled

byadisproportionallyhighnumber

ofmega-exits

above€2.5

billion.Q12023saw€11.3

billioninmega-exits,

whichmorethandoubled

inQ2to€24.9billion.We

alsonotethattheaverageexitvaluetickedup28.6%YoY,

whilethemedianexitvalueincreased30.7%YoY.

PEsponsors

havebeen

exitingtheirlargeinvestmentsforseveralreasons.

First,

tofreeupcapitalinanenvironmentconsistingoftoughfundraisingand

manyinvestmentopportunities

giventhecorrectionsinvaluationsoverthepast

year.Second,

sponsors

maybe

wary

ofthesecorrectionsand

lookingtocrystalise

theirreturnsbeforefurther

assetrevaluations.Forinstance,YO!

Sushiwastransaction

insteadoftwo.22:

“CPP

Investments

toAcquire

12%

Position

in

Bunge

Through

Viterra

Merger,”

CPP

Investments,

June

13,

2023.10Q2

2023

EUROPEAN

PE

BREAKDOWNEXITSShareofPEexitvalueby

sizebucketMedianandaveragePEexitvalue(€M)100%90%80%70%60%50%40%30%20%10%0%€2.5B+€800€688.0€1B-€2.5B€500M-€1B€100M-€500M€25M-€100M<€25M€700€600€500€400€300€200€100€0€535.2€200.0€153.02013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023*MedianAverageSource:

PitchBook

?

Geography:

EuropeSource:

PitchBook

?

Geography:

Europe*AsofJune

30,

2023*AsofJune

30,

2023European

exits

are

boosted

byFrench

resilienceandacquisitionsShareofPEexitcountby

region100%90%80%70%60%50%40%30%20%10%0%UK

&IrelandInour

spotlightsection,

wedetailedhowresilienttheFrencheconomyhasbeen

in2023comparedwithotherEuropeanmarkets.ThistranslatedintorecordexitvalueinFranceinQ1as

coveredfullyinour

2023FrancePrivateCapitalBreakdown.As

aregion,France&Benelux

accountedforalmosthalfofallexitvalueYTD,

surpassingits

10-yearaverageof28.9%.InQ2,FrenchinvestmentcompanyWendelGroupbought

out

ScalianthroughanLBO

worth€550

million.Belgianbuyoutfirm

Cobepa

and

FrenchPEfirm

Omada

exitedtheirinvestments.SouthernEuropeNordicsIsraelFrance&BeneluxDACHCentral&Eastern

EuropeEuropean

exits

werealso

fuelled

bycorporate

acquisitions—as

opposed

toPEbuyoutsand

publiclistings—inFrancebut

alsoacrossthecontinent.Acquisitionswentfromrepresenting28.1%ofexitvalueinQ22022to64.1%inQ22023.

Thisriseinfavourofacquisitionsoverthepast

yearhascoincidedwiththeECB’stighteningmonetary

policy,whichstarted

inJuly2022.Withinterestratesrising,leveragedbuyoutshavebecome

costlierand

fallenout

offavour.Exits

intheformofbuyoutsfell65.6%YoY

inQ22023,

whileacquisitionsrose56.2%.

Higher

interestrateshavealsodecreased

valuationsthroughtheincreasingdiscountfactor,thusleadingtodiscountedacquisitionopportunities

forlargerprivatefirms

withdry

powder.ThefourlargestexitsinEuropeYTD

haveallbeen

throughM&A.Finally,publiclistingscontinuedtobe

mutedinthefirst

halfof2023,

accountingforonly€1.8

billioninexitvalue,ahalf-yearrecordlow.Source:

PitchBook

?

Geography:

Europe*AsofJune

30,

202311Q2

2023

EUROPEAN

PE

BREAKDOWNEXITSQuarterlyshareofPEexitvalueby

type100%90%80%70%60%50%40%30%20%10%PubliclistingBuyoutAcquisition0%Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2201820192020202120222023*Source:

PitchBook

?

Geography:

Europe*AsofJune

30,

2023B2B

was

the

most

resilient

sectorShareofPEexitvalueby

sector100%90%80%70%60%50%40%30%20%10%0%Materials&resourcesInH1

2023,

theB2Bsector

accountedforalmosthalfofoverallexitvalue,markinganotableuptickfrompreviousyears.

The

totalskewedslightlytowardsmega-exits,

whichsawthreeofthefourlargestexitsYTD

allfromtheB2Bsector.Informationtechnology

(IT)and

financialserviceshavekeptupfairlywellin2023comparedwiththepreviousyear,whilematerials&resources,healthcare,and

energyhaveallslumpedinexitvaluecomparedwithpreviousyears.

Sponsors

arealwayson

thelookoutforrecession-proofcompaniesthathavetheabilitytopass

inflationcosts