« back to reports
US PE Breakdown

Q2 2023

US PE Breakdown

July 11, 2023

US PE picks up the pace of exits

With four big M&A sales and IPO listings to close out the quarter, US private equity recorded its first big bounce in exits in more than a year. Our Q2 2023 US PE Breakdown, sponsored by Stout, West Monroe, and Twin Brook, details how PE firms kept busy both buying and selling despite a tough lending environment.

Key takeaways

•    Exit value surged by 66.9% from last quarter, the best since crashing six quarters ago. This is a much needed boost with funds running out of time to wind down holdings

•    Debt for LBOs has dropped off notably in 2023. The average loan-to-value ratio debt has dropped to 43% this year, down from the five-year average of 52%.

•    Among other deal types, take-privates  got smaller  this year. More than half of announced deals have clocked in under $1 billion.

This report is sponsored by Stout, West Monroe, and Twin Brook. Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more. 


Table of contents
Executive summary: Halfway Home 4
A word from Stout 6
Deals 8
A word from West Monroe 19
Deal valuation and debt metrics 22
Deals by size and sector 23
Spotlight: PE Exit Timelines and the Impending Maturity Wall 25
Exits 27
Fundraising and performance 32