« back to reports
US PE Breakdown

Q1 2024

US PE Breakdown

April 9, 2024

This report was reuploaded on April 11, 2024, to correct a company name on page 29.

Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.
 

PE’s share of M&A activity continues to slide

Recent improvements in liquidity and economic conditions herald a potential rebound in M&A activity this year. However, whether the PE industry will participate in the upside of a broader M&A recovery and break its exits logjam remains to be seen, according to PitchBook’s Q1 2024 US PE Breakdown.

In 2023, PE’s share of M&A deal volume dropped to 39.9% from 44.0% in 2022, reversing a trend of eight years with a growing share, and that slide has continued in the new year. 

The report, sponsored by Alter Domus and Azurite Consulting, breaks down deal trends and offers insights on when PE dealmaking and exit activity will spring to life.


Table of contents
Executive summary: Two and done? 4
Deals 6
A word from Alter Domus 14
Deal valuation metrics 16
Deal financing metrics 17
Deals by size, backing type, and sector 18
Spotlight: Surfing Turbulent Cash Flow Waves 19
Exits 21
Fundraising 28
Performance 32