Q2 2023
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.
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 |