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Annual US PE Breakdown

2023

Annual US PE Breakdown

January 9, 2024

This report, along with the XLS, were reuploaded on February 5, 2024, to update data on pages 28, 31, 32, and 33 .

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US PE’s rebound in 2024 hinges on exit environment

On the back of its worst year in dealmaking since 2016, the US PE industry needs a snapback in exits to get the market rolling in 2024. In 2023, PE capital deployment in the US dropped by 29.5% and total US exit value by 26.4%, causing dry powder to swell to a record high. 

As traditional exit routes become clogged, PE investors, faced with unfavorable valuations and an impending maturity wall, are ready for distributions to flow again. Our 2023 Annual US PE Breakdown, sponsored by Stout, Baker Tilly, and Blue Owl Capital, explores the factors that have held the industry back after two years of decline and how dealmaking could turn around in 2024.