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InvestinginEurope:
PrivateEquityActivity2023
www.investeurope.eu/research
2
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
Disclaimer
TheinformationcontainedinthisreporthasbeenproducedbyInvestEurope,basedondatacollectedaspartoftheEuropeanDataCooperative(EDC)andotherthird-partyinformation.WhileInvestEuropehasmadeeveryefforttoensurethereliabilityofthedataincludedinthisreport,InvestEuropecannotguaranteetheaccuracyoftheinformationcollectedandpresented.Therefore,InvestEuropecannotacceptresponsibilityforanydecisionmadeoractiontakenbaseduponthisreport,ortheinformationprovidedherein.
Thisreportisfortheexclusiveuseofthepersonstowhomitisaddressedandisintendedforgeneralinformationpurposesonly.Itisnotintendedtoconstitutelegalorotherprofessionaladviceandshouldnotbetreatedassuch.Appropriatelegaladvicemustbesoughtbeforemakinganydecision,takinganyactionorrefrainingfromtakinganyactioninrelianceontheinformationcontainedinthisreport.InvestEuropedoesnotassumeanyresponsibilityforanyperson’srelianceupontheinformationcontainedherein.
Infurnishingthisreport,InvestEuropeundertakesnoobligationtoprovideanyadditionalinformationortoupdatethisreportoranyadditionalinformationortocorrectanyinaccuracieswhichmaybecomeapparent.
Unlessotherwisespecified,thisreportisconfidentialandmaynotbedistributed,published,reproducedordisclosedtoanyotherpersonorusedforanyotherpurpose,withoutthewrittenpermissionofInvestEurope.
Copyrightinformation
NopartofthispublicationmaybereproducedbyanyprocessexceptinaccordancewiththeprovisionsoftheCopyrightAct1968.
CopyrightenquiriesshouldbedirectedtoInvestEurope.
Tel:+3227150020.
©CopyrightInvestEuropeMay2024
Version
Presentationasof01/05/2024
www.investeurope.eu/research
3
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
IntroductiontoInvestEurope
InvestEuropeisthe
voiceofinvestors
inprivatelyheld
companiesinEurope
>InvestEuropeistheassociationrepresentingEurope’sprivateequity,venturecapitaland
infrastructuresectors,aswellastheirinvestors.Wehaveover650members,splitroughly
equallybetweenprivateequity,venturecapitalandlimitedpartners–withsome110
associatemembersrepresentingadviserstoourecosystem.Thosemembersarebasedin57
countries,including42inEurope,andmanage60%oftheEuropeanprivateequityandventurecapitalindustry’s€1,004billionofcapitalundermanagement.Businesseswithprivatecapitalinvestmentemploy10.9millionpeopleacrossEurope,5%oftheregion’sworkforce.
>Ourmemberstakealong-termapproachtoinvestinginprivatelyheldcompanies,from
start-upstoestablishedfirms.Theyinjectnotonlycapitalbutdynamism,innovationand
expertise.Thiscommitmenthelpsdeliverstrongandsustainablegrowth,resultinginhealthyreturnsforEurope’sleadingpensionfundsandinsurers,tothebenefitofthemillionsof
Europeancitizenswhodependonthem.
>InvestEuropeaimstomakeaconstructivecontributiontopolicyaffectingprivatecapitalinvestmentinEurope.Weprovideinformationtothepubliconourmembers’roleintheeconomy.Ourresearchprovidesthemostauthoritativesourceofdataontrendsand
developmentsinourindustry.
>InvestEuropeistheguardianoftheindustry’sprofessionalstandards,demandingaccountability,goodgovernanceandtransparencyfromourmembers.
>InvestEuropeisanon-profitorganisationwith31employeesinBrussels,Belgium.
>Formoreinformationpleasevisitwww.investeurope.eu
www.investeurope.eu/research
4
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
EuropeanDataCooperative
WhatistheEDC?
TheEDCisthe
mostcomprehensivedatabaseofEuropeanprivateequityand
venturecapital
statistics
Thisyear,alldatafrom2007onwards
havebeenrestatedandsupplemented
withadditionalinformation.Thisupdatewascoordinatedinclosecollaboration
withdataprovidersandpartnernationalassociationstoensurecomprehensive
coverageanduniformmethodology.
>TheEuropeanDataCooperative(EDC)isajointinitiativewhichisowned&operatedbyInvestEuropeanditsnationalassociationpartnerstocollectEurope-wideprivateequityandventurecapitalindustrydata.
>TheEDCservesasasingledataentrypointformembersofprivateequityandventurecapitalassociationsandothercontributorsacrossthecontinent.
>Usingoneplatformwithastandardisedmethodologyallowsustohaveconsistent,robustpan-Europeanstatisticsthatarecomparableacrosstheregion.
>Auditeffortsareconductedinclosecoordinationwithdatacontributorsandpartneringnationalassociationstoensurethebestcoverageandconsistentapplicationofmethodology.
>AsaresultweproducethemostcomprehensiveoverviewofEurope’sprivateequityandventurecapitalmarketsavailable,allowingustobetterinformfundmanagers,investors,policymakers,regulators,andotherstakeholders.
>InvestEuropeprocessesallavailableinformationatthetimeofthedatacollectioncut-offtoproduceitsannualstatistics.AnydifferencesbetweenInvestEurope’sstatisticsandthoseofotherassociationspartneringintheEDCmayberelatedtodifferentreportingapproaches,
restatements,andtimingofdatacollectioncut-offs.
>ThemostrecentdatapublicationsarealwaysavailableonInvestEurope’swebsite(
www.investeurope.eu/research
)orbycontactingtheresearchteam
(
research@investeurope.eu
).
>InvestEuropemembersanddatacontributorsareeligibletoreceivededicatedresearchanddatasupportfromourresearchteam.Pleasecontactusat
research@investeurope.eu
tofindoutmoreabouthowtousethisservice.
www.investeurope.eu/research
5
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
EuropeanDataCooperative
WhatistheEDC?
308,0003T8ra0cinsTransactions
EuropeanDatacooperative
1,150+
fundmanagersacross
Europecontributedto2023
datacollectioneffort
90%
ofthe€1,004bnincapital
undermanagementin
Europecovered(asofend-2022)
10,200Funds
12,100+Funds
4,200+Firms
83,000
Portfolio
100,300+
Portfolio
companies
companies
www.investeurope.eu/research
6
FOREWORD
7
EXECUTIVESUMMARY
8
METHODOLOGY&GLOSSARY
76
ACKNOWLEDGEMENTS
81
ABOUTINVESTEUROPERESEARCH
83
DIVESTMENTS
ATAGLANCE
64
BYEXITROUTE
66
BYSECTOR
71
BYREGION
74
HOLDINGPERIOD
75
INVESTMENTS
ATAGLANCE
38
BYINVESTMENTSTAGE
ALLPRIVATEEQUITY
BUYOUTBYEQUITYBRACKET
40
43
BYGEOGRAPHY
45
INVESTMENTSAS%OFGDP
LOCATIONOFTHEPEFIRM
LOCATIONOFTHEPORTFOLIOCOMPANY
50
55
BYSECTOR
59
INVESTMENTSINSMES
62
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
What’sinside?
FUNDRAISING
ATAGLANCE
11
INCREMENTALFUNDRAISING
BYFUNDSTAGEFOCUS
BYFUNDSECTORFOCUS
CONCENTRATIONOFCAPITAL
FIRST-TIME&FOLLOW-ONFUNDS
BYREGIONOFMANAGEMENT
INVESTORSBYTYPE
INVESTORSBYGEOGRAPHY
13
15
17
18
20
22
27
FINALCLOSING
BYFUNDSTAGEFOCUS
CONCENTRATIONOFCAPITAL
MEDIANANDINTERQUARTILE
30
32
33
www.investeurope.eu/research
7
InvestinginEurope:
Introduction
PrivateEquityActivity2023
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
Foreword
Aftertwoexceptionalyearsforfundraisingand
investmentintheimmediaterecoveryfromtheCOVIDpandemic,thechallengesfacingtheprivateequity
andventurecapitalindustryin2023werewell
documented.Yetfarfromenduringacrash,the
Europeanindustryhadasoftlanding,returningto
pre-pandemiclevelsorhigheracrossbuyouts,growthandventurecapital.
ThepowerofInvestEurope’sresearchisits
comprehensiveness,coveringover1,150fund
managersand90%ofthe€1trillioninEuropean
capitalundermanagement.Thatenablesustotake
Asimportantasthequantumofcapital,iswherethemoneyisgoing.Ofthe8,391companiesreceiving
investmentin2023,85%wereSMEs,andalmosthalfwereintheInformationCommunicationsTechnology(ICT)andBiotech&Healthcaresectors.Energy&
Environmentwasatop-fivesectorforoverall
investmentandaleadingsectorforVC.ThismeanscompaniesattheheartofEurope’sgreenanddigitaltransitions,aswellasthosemakingmedical
discoveriesthatwilltransformhealthandlives.
Moreover,thatinvestmentcomeswithexpertisetohelpdriveinnovation,growthandjobcreation.
anauthoritativelookatactivityoverthelong-termto
Thechallengescanneverbeunderestimated,butthe
EricdeMontgolfier,CEO,InvestEurope
identifyindustrytrendsandtrajectories.Throughthishigh-poweredlens,weseethatincremental
ecosystemisworkinganddeliveringinvestmentandskillsthatbuildbetterbusinessesattheheartofa
fundraisingdidfallto€133billionfrom2022’s
functioningeconomyandsociety.
Thesefiguresreflecttheconfidenceoflong-term
stratospherichighof€195billion,butnonetheless
rankedasthethirdbestyeareverforindustry-widecapitalraising–andthesecondbestforbuyoutswith€95billionraised.Onsomemetrics,itwasevena
recordyear–the€137billionachievedbyfundsatfinalclosingisthehighestleveleverregistered.
EricdeMontgolfier
investorsintheabilityof
Itisasimilarstoryforinvestment.Deployment
CEO,InvestEurope
Europeanmanagersto
contractedfrom2021and2022highs,butreached
€100billionforthefourthyearinthelastfive,inline
generatereturnsthatcan
growthepensionsandsavingsofcitizens.
with2019levels.Lessthanadecadeago,the
Europeanindustryhadyettobreachthe€50billion
mark.ThatkindofcontextisimportanttounderstandwhereEuropeanprivateequityandventurecapitaliscomingfromandthepathitison.
www.investeurope.eu/research
8
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
ExecutiveSummary
FUNDRAISING
TotalfundraisinginEuropeduring2023reached€132.9bn,representinga3%declinefromthepreviousfive-year
average.Atotalof744fundsraisedcapitalduringtheyear,inlinewithnumbersseenin2020.
Pensionfundsaccountedfor24%ofthefundsraised,followedbysovereignwealthfunds(12%)andfundoffunds(11%).
NorthAmericaprovidedthehighestproportionofcapitalforfundraising(23%),followedbyFrance&Benelux(22%).
242fundsreachedtheirfinalclosingduring2023,raisingatotalamountof€137bnsinceinception.Thisisthehighestamountoffundsraisedatfinalclosinginanyyearever
recorded.
Venturefundraisingreached€14.2bnduring2023,
representinga21%decreasefromthepreviousfive-year
average.Atotalof278venturefundsraisedcapitalin2023;
70ofthethemwerefirst-timefunds.Thetopthreesourcesoffundsweregovernmentagencies(37%),corporateinvestors
(13%),andprivateindividuals(10%).
In2023,buyoutfundraisingreached€95.4bn,representing72%ofthetotalamountraisedduringtheyear.Thisamountis5%abovetheaverageforthepreviousfiveyears.Atotalof184
buyoutfundsraisedcapitalin2023,slightlyabovetheaveragefromthepreviousfiveyears.Pensionfundsprovidedthemostcapital,asinpreviousyears.Regionally,theprimarysourceofcapitalwasNorthAmerica.
Growthfundraisingreached€17.2bnduringtheyear,
representing13%ofthetotalamountraisedandinlinewiththeaveragefromthepreviousfiveyears.Atotalof192
growthfundsraisedcapitalin2023.Pensionfundsandprivateindividualsprovidedthetoptwosourcesofcapitalforthe
year,accountingfor19%and18%respectively.
INVESTMENTS
ThetotalequityamountinvestedinEuropeancompaniesin2023was€99.8bn,a25%decreasefromthepreviousyear
and11%belowthepreviousfive-yearaverage.8,391
companiesreceivedinvestment,85%ofwhichwereSMEs.ICTreceivedover€24bnofinvestmentsandcombinedwithconsumergoods&servicesaccountedformorethan43%ofinvestmentsbyamount.
Venturecapitalinvestmentreached€12.9bnin2023.Thisisroughly5%lessthantheaveragefromthepastfiveyears
average.4,764companiesreceivedaventureinvestmentin2023-99%ofthesebeingSMEs-representingaround56%ofthetotalnumberofcompaniesbackedduringtheyear.ThisyearintermsofamounttheStart-upstagewithinVenturereceivedthemostamountofinvestment:€6.4bn,or49%ofthetotalforventure.Bysector,ICTreceivedaround43%ofventurecapitalinvestment.
Buyoutinvestmentsreached€62.6bnin2023.Themid-marketbuyoutsegmentsawthehighestamountofinvestmentswithinbuyout(38%oftotalbuyoutamount).Intermsofnumberof
companies,thepercentagewas31%.Themegainvestmentsegment(>€300m),accountedforjustover36%oftotal
amountintothespace.Bysector,businessproducts&servicesandconsumergoods&servicesreceivedthemostinvestment,exhibitingatotalof€27.4bnroughlysplitequally.
Growthinvestmentssawa30%decreasefrom2022,reaching€21.1bnfortheyear.VC-backedgrowthinvestmentsreceivedatotalof€3.6bn.Thenumberofcompaniesreceivinggrowthinvestmentreached2,255.ICTreceivedthehighestlevelof
investment(26%).
InvestmentsbyEuropeanPrivateEquity&Venturecapitalfundsreached0.44%ofEuropeanGDPin2023.
DIVESTMENTS
Divestmentsatcostin2023reached€30.6bn,representinga15%decreasefromthepreviousyear.Atotalof3,094
Europeancompanieswereexitedduringtheyear,a12%
decreasefrom2022.Themainexitroutebyvaluewassaletoanotherprivateequityfirm,accountingfor35%ofthe
total.
Venturedivestmentsin2023reached€2.4bn,representinga16%decreasefromtheyearbefore.Thisisalso14%belowtheaverageforthepastfiveyears:€2.8bn.Atotalof1,168
companieswereexited,whichisslightlybelowtheaverageofthepreviousfiveyears.Themainexitroutewastradesale,
accountingfor35%ofthetotalamounts.While39%ofexitedcompanieswereintheICTsector.
In2023,therewasan8%year-on-yeardeclineinbuyout
divestments,totaling€22.4billiondivestedthroughoutthe
year.Thenumberofdivestedcompaniesdecreasedby17%
comparedto2022,with662companiesdivested.Themain
exitroutebybothamountandnumberofcompanieswassaletoanotherprivateequityfirm,representing38%and29%ofallexits,respectively.Businessproductsandservicessector
accountedforthelargestnumberofexitsintermsofbothamount(26%)andnumberofcompanies(29%).
ThetotalvalueofGrowthdivestmentsin2023was€5.3bn,
representinga35%decreasefrom2022and20%belowthe
averageforthepreviousfiveyears(€6.6bn).Atotalof1,350
growthcompaniesweredivested.Themainexitroutebyvaluewassaletoanotherprivateequityfirm(29%),followedby
tradesale(28%).Thecompaniesinthebusinessproductsandservicessectorsawthemostexits(28%),whiletheICTsectoraccountedforthelargestvalueofexits(23%).
Note:Forthesectoranalysiswrite-offswerenotconsidered.
www.investeurope.eu/research
9
InvestinginEurope:IPrivateEquityActivity2023
ntroduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
Overview-AllPrivateEquity-Fundraising,Investments,&Divestments
Amountovertime(€billion)
FUNDRAISINGINVESTMENTSDIVESTMENTS
195
141
133
127
114
108
100
86
6059
55
43
29
27
22
149
47
49
464445
36
3635
3637
31
27
26
21
15
134
100
101
92
86
76
5759
4341
444949
26
Source:InvestEurope/EDC
InvestinginEurope:
PrivateEquityActivity2023
www.investeurope.eu/research
10
ACTIVITY2023
FUNDRAISING
www.investeurope.eu/research
11
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
Fundraisingataglance
2023-Analysis
>
TotalfundraisinginEuropeduring2023reached€132.9bn,representinga3%declinefromthepreviousfive-yearaverage.Atotal
AllPrivateEquity
Amountraised€133bnby744funds
Finalclosing€137bnby242funds
of744fundsraisedcapitalduringtheyear,inlinewithnumbersseenin2020,and6%belowtheaveragenumberoffundsraisingcapitaloverthepreviousfiveyears.
>
Pensionfundsaccountedfor24%ofthefundsraised,followedbysovereignwealthfunds(12%)andfundoffunds(11%).North
Americaprovidedthehighestproportionofcapitalforfundraising(23%),followedbyFrance&Benelux(22%),andAsia&Australia
(20%).Intotal,47%wascommittedbyinvestorsfromoutsideEurope.
>
242fundsreachedtheirfinalclosingduring2023,raisingatotalamountof€137bnsinceinception.Thisisthehighestamountoffundsraisedatfinalclosinginanyyeareverrecorded.
VentureCapital
Amountraised
Finalclosing
€14bn
€12bn
by
by
278funds
83funds
>
Venturefundraisingreached€14.2bnduring2023,representinga21%decreasefromthepreviousfive-yearaverage.Funds
focusingonallVCraised61%ofthetotalventurefortheyear.Atotalof278venturefundsraisedcapitalin2023;70ofthethemwerefirst-timefunds.Thetopthreesourcesoffundsweregovernmentagencies(37%),corporateinvestors(13%),andprivate
individuals(10%).TheFrance&Beneluxregioncontinuedtobetheprincipalsourceofcapital,with37%offundscommittedcomingfromtheregion.
Buyout
Amountraised
€95bnby184funds
>
In2023,buyoutfundraisingreached€95.4bn,representing72%ofthetotalamountraisedduringtheyear.Thisamountis5%abovetheaverageforthepreviousfiveyears.Atotalof184buyoutfundsraisedcapitalin2023,whichisslightlyabovethe
Finalclosing€106bnby83funds
Growth
averagefromthepreviousfiveyears.Pensionfundscontinuedtoprovidethemostcapital,accountingfor27%ofthetotal,
followedbysovereignwealthfunds(16%),andfundoffunds(12%).Pensionfundsprovidedthemostcapital,asinpreviousyears.Regionally,theprimarysourceofcapitalwasNorthAmerica,accountingfor27%ofthetotal,followedbyAsia&Australia(26%),andFrance&Benelux(16%).
>
Growthfundraisingreached€17.2bnduringtheyear,representing13%ofthetotalamountraisedandinlinewiththeaverage
Amountraised€17bnby192funds
fromthepreviousfiveyears.Atotalof192growthfundsraisedcapitalin2023.Pensionfundsandprivateindividualsprovidedthetoptwosourcesofcapitalfortheyear,accountingfor19%and18%respectively,followedbygovernmentagencies(15%),and
Finalclosing€14bnby52funds
NB:Amountraisedrepresentsincrementalamountraised.Finalclosingrepresentscumulativeamountraised.
fundoffunds(13%).
www.investeurope.eu/research
12
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
Fundraisingataglance
Europe-Incrementalamountraisedduringtheyear€194.6bn
5.05.1
7.6
4.4
7.0
9.5
22.1
€141.0bn
€132.9bn
6.30.7
25.9
€126.8bn
4.4
1.9
€114.3bn0.16.5€108.4bn
4.3
17.2
€100.2bn
0.620.8
10.611.1
4.8
11.0
€86.0bn
6.0
131.6
0.9
10.5
0.3
5.1
6.1
€59.9bn€58.5bn
€55.2bn
86.995.4
4.66.1
81.783.9
7.7
5.6
€43.0bn
0.4
1.3
6.7
3.7
3.1
70.970.0
64.0
7.3
4.6
23.9
4.6
€26.7bn
€29.3bn
2.7
€21.8bn
43.9
3.5
34.2
38.9
6.83.7
11.9
3.7
1.61.9
0.6
5.3
0.41.311.2
3.6
24.5
17.9
14.2
10.511.912.0
16.615.621.1
200920102011201220132014201520162017201820192020202120222023
VentureCapitalBuyoutGrowthMezzanineGeneralist
Source:InvestEurope/EDC.NB:Buyoutincludesturnaround/rescueandreplacementcapitalfunds
www.investeurope.eu/research
13
€billion
17.2
11.1
9.5
7.0
6.56.3
4.3
1.9
0.7
0.1
0.6
4.4
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
Fundsraisedbyfundstagefocus
Incrementalamountraisedduringtheyear
30
25
20
15
10
5
0
TotalVentureCapital
Venture(allstages)
Later-stage
Early-stage
24.5
16.6
15.6
21.1
9.8
14.2
11.2
10.4
7.4
4.0
8.6
10.7
2.0
1.8
7.9
6.4
1.4
1.5
4.8
4.0
VentureCapital
25.9
22.1
20.8
GrowthMezzanineGeneralist
20192020202120222023
131.6
95.4
86.9
81.783.9
Buyout
Source:InvestEurope/EDC
www.investeurope.eu/research
14
Numberoffunds
142
99
82
62988
9290
96
InvestinginEurope:
PrivateEquityActivity2023
Introduction
Fundraising
Investments
Divestments
Methodology&Glossary
Acknowledgements
Fundsraisedbyfundstagefocus
Numberoffundsthatreachedfirst,intermediateorfinalclosingduringtheyear
500
400
300
200
100
0
TotalVentureCapital
Venture(allstages)
Later-stage
Early-stage
389381
325
206
182
278
294
146
148
161
49
41
36
39
150
143
142
21
107
96
VentureCapital
219219
192
176
GrowthMezzanineGeneralist
20192020202120222023
218
184
174
165
148
Buyout
Source:InvestEurope/EDC
www.investeurope.eu/research
15
InvestinginEurope:
PrivateEquityA
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