Q3 2024
US PE Breakdown
October 8, 2024
This report was updated on October 10, 2024, to correct take-private deal activity data on pages 9 and 10, and October 24, 2024, to update a chart on page 43.
PE posts breakout quarter before rate cuts and election
US PE had a breakout quarter in Q3, pushing buy-side deal value up by 24% on the year. This comes ahead of two major developments in the dealmaking landscape: a change in interest rate policy and the US presidential election. PitchBook’s Q3 2024 US PE Breakdown, sponsored by Weaver and Ramp, examines how these events have historically affected PE and whether the recent strength in dealmaking is likely to be impeded or further accelerated as a result.
So what insights did our look back in time uncover? The results point to a post-election December “bump” and a deal market already primed by “stealth” rate cuts administered by lending markets.
Table of contents
| Executive summary: Of rates and races | 4 |
| A word from Weaver | 6 |
| Deals | 8 |
| A word from Ramp | 18 |
| Deal valuation metrics | 21 |
| Deal financing metrics | 22 |
| Deals by size, backing type, and sector | 23 |
| Spotlight: LBO loan update: Leverage creeps up, high demand signals dealmaking potential | 24 |
| Exits | 27 |
| Fundraising | 37 |
| Performance | 41 |