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European PE Breakdown

3Q 2018

European PE Breakdown

November 7, 2018

European PE Breakdown
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In the 3Q 2018 European PE Breakdown, PitchBook analysts look at a broad-based downturn in European private equity activity.

Through 3Q 2018, European private equity saw:
  • €276.8 billion total deal value (15.3% YoY decrease) across 2,327 deals (14.8% YoY decrease)
  • €150.5 billion total exit value (30.4% YoY decrease) across 718 exits (24.3% YoY decrease)
  • €56.7 billion total capital raised (13.5% YoY decrease) across 54 funds (33.3% YoY decrease)

Despite the dip in dealmaking, 3Q managed to nudge European PE buyout EV/EBITDA multiples into double-digits, thanks in part to GP-friendly financing conditions. This edition of the European PE Breakdown also spotlights carveouts within the continent and touches on why they are becoming increasingly favored by PE groups even as their overall rate diminishes.