英国私募股权行业市场前景及投资研究报告-培训课件外文版2024.6

INDUSTRIES

&

MARKETSPrivateequityintheUKCHAPTER

01MarketoverviewMarketsizeoftheprivateequity(PE)industryintheUnitedKingdom(UK)from2012to2022withaforecastfor2023(inmillionGBP)PrivateequitymarketsizeintheUK2012-20224,0003,5003,355.93,169.62,958.83,0002,5002,0001,5001,0005002,850.12,699.52,424.72,243.52,140.82,080.61,979.81,930.21,876.402012201320142015201620172018201920202021202220233Description:From2012to2022,theprivateequitymarketshowedcontinuousgrowthintheUnitedKingdom.Themarketsizeoftheprivateequityindustryin2022wasworthmorethanthreebillionBritishpounds.In2023,theindustryisexpectedtogrowbyapproximatelysixpercent,reachingnearly3.4billionBritishpounds.ReadmoreNote(s):UnitedKingdom;2012to2022;*Forecast.ReadmoreSource(s):IBISWorldValueofprivateequity(PE)dealsintheUnitedKingdom(UK)from2017to2023(inbillionGBP)ValueofprivateequitydealsintheUK2017-2023200180160181.4170.6134140120.6114120100806040200109.9106.320172018201920202021202220234Description:In2023,thevalueofprivateequitydealsintheUnitedKingdomdecreasedbyapproximately23percentcomparedtothepreviousyear,reaching134billionBritishpounds.Theyearwiththelowestvalueraisedthroughprivateequitydealswas2020,withPEdealsamountingto106billionBritishpounds.ReadmoreNote(s):UnitedKingdom;2017to2023Source(s):KPMGUK;PitchBookVolumeofprivateequity(PE)dealsintheUnitedKingdom(UK)from2017to2023VolumeofprivateequitydealsintheUK2017-20232,5002,0001,5001,9591,8021,4511,3451,3481,2481,1711,000500020172018201920202021202220235Description:Between2017and2023,thenumberofprivateequity(PE)dealsintheUnitedKingdom(UK)fluctuatedsignificantly.In2023,PEdealvolumepeakedat1,451,aconsiderabledecreasecomparedtothepreviousyear,when1,802PEdealswererecordedintheUK.ReadmoreNote(s):UnitedKingdom;2017to2022Source(s):KPMGUK;PitchBookPrivateequity(PE)fundsraisedintheUnitedKingdom(UK)andIrelandfrom2017to1sthalf2023(inbillioneuros)PrivateequityfundsraisedintheUKandIreland2017-H1202390807079.764.659.3605040302010050.947.342.47201720182019202020212022H120236Description:ThevalueofprivateequityfundsraisedintheUnitedKingdom(UK)andIrelandin2022amountedto79.7billioneuros,whichwas25billioneurosmorethaninthepreviousyear.ThiswasthehighestvalueofprivateequityfundsraisedintheUKandIrelandthroughouttheperiodconsidered.ReadmoreNote(s):Ireland,UnitedKingdom;2017toH12023Source(s):InvestEuropeValueofprivateequityinvestmentsincountryofmanagementanddestinationcountryinselectedEuropeancountriesin2022(inbillionU.S.dollars)Europeanprivateequityinvestments2022,bycountryPEinvestmentsinbillionU.SdollarsLocationoftheportfoliofirm20Locationoftheprivateequityfirm30

40010506033UnitedKingdomFrance55.225.430.315.913.3GermanySweden11.1127.26.65.9NetherlandsItaly9.86.7DenmarkSpain4.93.63.50.4LuxembourgNorway1.81.77.67Description:TheUnitedKingdomwasthemostdevelopedEuropeanmarketintermsofprivateequityinvestmentsin2022.Inthatyear,privateequityfundsbasedintheUKinvestedapproximately55billionU.S.dollarsandUKcompaniesreceived33billionU.S.dollarsinprivateequityfunding.ReadmoreNote(s):Europe;2022Source(s):InvestEurope;TheCityUKCHAPTER

02MarketbreakdownDistributionofprivateequity(PE)fundraisingintheUnitedKingdom(UK)in2022,bysourceoffundsDistributionofprivateequityfundsraisedintheUK2022,byinvestorlocation35%28.9%30%25%20%15%10%5%20%15.2%14.6%13.5%6.8%1.1%0%RestofEuropeNorthAmericaUKAsiaPacificMiddleEast&AfricaCentral&SouthAmericaUnclassified9/statistics/1114795/value-of-private-equity-funds-raised-in-the-united-kingdom-by-location-of-investorIn2021,thecombinedvalueofprivateequitywas70.18Britishpounds(GBP)offundsraised.ThemajorityoffundsraisedcamefrominvestorsinEuropeandNorthAmerica.Only1.1percentoffundsraisedcamefromCentralandSouthAmerica.

ReadmoreNote(s):Worldwide;2022Source(s):BritishPrivateEquity&VentureCapitalAssociationDistributionofprivateequity(PE)fundraisingintheUnitedKingdom(UK)in2022,bytypeofinvestorDistributionofprivateequityfundsraisedintheUK2022,byinvestortypeShareoffundraisingvalue10%

15%0%5%20%25%30%35%PensionfundsOthers30%15%14%SovereignwealthfundsInsurancecompaniesFundoffunds9%8%OtherassetmanagersFamilyoffices5%5%Privateindividuals*4%4%Academicinst./endowments/foundationsBanks3%Capitalmarkets&corporateinvestorsGovernmentagencies1%0%10Description:In2022,thecombinedvalueofprivateequitywas70.18Britishpounds(GBP)offundsraised.ThemajorityoffundsraisedcamefrompensionfundsandotherfundsintheUK.ReadmoreNote(s):UnitedKingdom;2022Source(s):BritishPrivateEquity&VentureCapitalAssociationDistributionofprivateequity(PE)fundsraisedintheUnitedKingdom(UK)in2022,bystageDistributionofprivateequityfundsraisedintheUK2022,bystage80%69%70%60%50%40%30%20%10%0%18%12%2%BuyoutGrowthVentureCapitalOther11Description:Themajorityofprivateequity(PE)fundsraisedintheUnitedKingdom(UK)in2022wasconcentratedinbuyouts,whichincludetheacquisitionofcompaniesbypurchasingmajorityorcontrollingstakes.Thesetransactionsarefinancedthroughamixtureofequityanddebt.ReadmoreNote(s):UnitedKingdom;2022Source(s):BritishPrivateEquity&VentureCapitalAssociationDistributionofprivateequity(PE)investmentsvalueintheUnitedKingdom(UK)in2022,bysectorDistributionofprivateequityinvestmentsvalueintheUK2022,bysectorShareofPEinvestments0%5%10%15%20%25%30%35%40%45%ICT(Communications,computerandelectronics)BusinessproductsandservicesConsumergoodsandservicesBiotechandhealthcare38.6%17%14.2%13%12.2%FinancialandinsuranceactivitiesEnergyandenvironmentTransportation3%0.8%0.5%ConstructionChemicalsandmaterials0.3%Realestate

0.2%Infastructure

0.2%12Description:In2022,themajorityofprivateequityinvestmentsintheUnitedKingdom(UK)involvedcompaniesintheICTsector(communications,computerandelectronics),whichaccountedfor38.6percentofthetotal.OtherpopularsectorforprivateequityinvestmentsintheUKwerebusinessproductsandservices,consumergoodandservices,andbiotechandhealthcaresectors.

ReadmoreNote(s):UnitedKingdom;2022Source(s):BritishPrivateEquity&VentureCapitalAssociationDistributionofprivateequity(PE)investmentsintheUnitedKingdom(UK)in2022,byregionDistributionofprivateequityinvestmentsintheUK2022,byregionShareofPEinvestments20%

30%0%10%40%50%60%56.4%LondonEastMidlandsSouthEast13.8%6.9%5.6%WestMidlandsNorthWest3.3%3.2%2.7%2.2%2.1%2%EastofEnglandSouthWestScotlandWalesNorthEastYorkshireandTheHumberNorthernIreland1.3%0.4%13Description:In2022,themajorityofallprivateequityinvestmentsintheUnitedKingdom(UK)tookplaceinthesouthofthecountry.Inparticular,Londonaccountedforapproximately56percentofallPEinvestmentsintheUK.ReadmoreNote(s):Ireland,UnitedKingdom;2022Source(s):BritishPrivateEquity&VentureCapitalAssociationCHAPTER

03Mid-marketValueofmid-marketprivateequity(PE)dealsintheUnitedKingdom(UK)from2017to2023(inbillionGBP)Valueofmid-marketprivateequitydealsintheUK2017-2023605049.1484643.340.74034.6323020100201720182019202020212022202315Description:In2023,thevalueofmid-marketprivateequitydealsintheUnitedKingdomincreasedcomparedtothepreviousyearandreached48billionBritishpounds.Thehighestmid-marketprivateequitydealvaluewasrecordedin2021,amountingto49.1billionBritishpounds.ꢀThesourceclassifiesmid-markettransactionsasdealswithavaluevaryingbetweentenand300millionBritishpounds.ReadmoreNote(s):UnitedKingdom;2017to2023;Mid-markettransactionsreferstodealswithavaluevaryingbetweentenand300millionBritishpoundsSource(s):KPMGUK;PitchBookVolumeofmid-marketprivateequity(PE)dealsintheUnitedKingdom(UK)from2017to2023Volumeofmid-marketprivateequitydealsintheUK2017-20231,0009008818007486757006356246005004003002001000534526201720182019202020212022202316Description:In2022and2023,thevolumeofmid-marketprivateequitydealsintheUnitedKingdomdecreasedcomparedto2021-whenitpeakedat881-andreached675.Thelowestmid-marketprivateequityactivitywasrecordedin2020,whentherewere526privateequitydealsintotal.ꢀThesourceclassifiesmid-markettransactionsasdealswithavaluevaryingbetweentenand300millionBritishpounds.ReadmoreNote(s):UnitedKingdom;2017to2023;Mid-markettransactionsreferstodealswithavaluevaryingbetweentenand300millionBritishpoundsSource(s):KPMGUK;PitchBookDistributionofmid-marketprivateequity(PE)dealvolumeintheUnitedKingdom(UK)in2023,bysectorValueofmid-marketPEdealsasashareofallPEdealsintheUK202350%44%45%40%35%30%25%20%15%10%5%19%14%7%7%6%3%0%Businessservices

Technlogy,mediaand

FinancialservicestelecommunicationsHealtcareConsumergoodsandretailIndustrialsEnergy17Description:In2023,nearlyhalfofallmid-marketprivateequitydealsintheUnitedKingdomwereinthebusinessservicessector,accountingfor44percentofthetotal.ThesecondmostpopularsectorforPEinvestmentsinthecountrywasthetechnology,mediaandtelecommunicationssector,whichrepresented19percentoftotalPEdealvolume.Thesourceclassifiesmid-markettransactionsasdealswithavaluevaryingbetweentenand300millionBritishpounds.

ReadmoreNote(s):UnitedKingdom;2023;Mid-markettransactionsrefertodealswithavaluevaryingbetweentenand300millionBritishpoundsSource(s):KPMGUK;PitchBookDistributionofmid-marketprivateequity(PE)dealsintheUnitedKingdom(UK)in2023,bysectorVolumeofmid-marketPEdealsintheUK2023,bysector70%65%60%50%40%30%20%10%0%14%13%3%3%1%Secondarybuyout

Managementbuyout

Managementbuy-in1%Bolt-onBuyout/LBOMinorityPublictoprivate18Description:Bolt-ondealsrepresentedthemajorityofinvestmentsinmid-marketprivateequityintheUKin2023,accountingfor65%ofdealsbyvolume.Thesedealsaimtodelivergrowthinanexistingbusinessbybuyingoutacompetitororcomplementarybusinessinthesameoradjacentindustry.Minoritydealsaccountedfor13percentofPEdealvolumeintheUKin2023.Thesourceclassifiesmid-markettransactionsasdealswithavaluevaryingbetweentenand300millionBritishpounds.

ReadmoreNote(s):UnitedKingdom;2023;Mid-markettransactionsreferstodealswithavaluevaryingbetweentenand300millionBritishpoundsSource(s):KPMGUK;PitchBookCHAPTER

04LeadingfirmsLargestprivateequitycompaniesinEuropeintermsoffund-raisingcapacitybetween2018and2023(inmillionU.S.dollars)BiggestprivateequityfirmsinEurope2018-2023,byfundraisingcapacityFund

raised

in

million

U.S.

dollarsEQT(Stockholm)101660510464175034801327223105026683236662026618013178501358013167Hg(London)CVCCapitalPartners(Luxembourg)PermiraAdvisers(London)Cinven(London)NordicCapital(Jersey)PartnersGroup(Zug)PAIPartners(Paris)BCPartners(London)Bridgepoint(London)Ardian(Paris)ApaxPartners(London)Eurazeo(Paris)20Description:TheStockholm-basedprivateequity(PE)companyEQTrecordedacombinedfundraisingsumofover100billionU.S.dollarsbetween2018and2023,makingitthelargestPEcompanyinEuropeintermsoffundraisingcapacity.SecondintherankingwasHg,withtotalfundsraisedamountingto51billionU.S.dollarsduringthesameperiod.ReadmoreNote(s):Europe;2018to2023Source(s):PrivateEquityInternationalLeadingprivateequity(PE)companiesintheUnitedKingdom(UK)intermsoffund-raisingcapacitybetween2018and2023(inmillionU.S.dollars)BiggestprivateequityfirmsintheUK2018-2023,byfundraisingcapacityFundsraisedinmillionU.S.dollars010,00020,00030,00040,00050,00060,000HgPermiraAdvisersCinven51,04634,80132,722BCPartnersBridgepoint20,26618,013ApaxPartners13,580InflexionPrivateEquityInvestindustrial7,8547,098TDRCapitalIKPartnersParthenonCapitalPartnersGHOCapitalPartnersOakleyCapitalPrivateEquity7,0336,9476,5226,2896,23021Description:TheLondon-basedprivateequity(PE)firmHgrecordedacombinedfundraisingsumofover51billionU.S.dollarsbetween2018and2023,makingittheleadingPEcompanyintheUnitedKingdom(UK)intermsoffundraisingcapacity.SecondintherankingwasPermiraAdvisers,withtotalfundsraisedamountingto35billionU.S.dollarsduringthesameperiod.ReadmoreNote(s):UnitedKingdom;2018to2023Source(s):PrivateEquityInternationalLargestprivateequityfundswithofficesintheUnitedKingdom(UK)in2023,byfundsize(inbillionU.S.dollars)LargestprivateequityfundsintheUK2023,byfundsizeFundsizeinbillionU.S.dollars40

6002080100120140160GoldmanSachsMerchantBankingDivisionArdian15082SilverLake79EQTPartners66WarburgPincus46AdamsStreetPartnersAdventInternational3iInvestments363013FranciscoPartnersTSGConsumerPartnersActis1097.87.37InflexionPrivateEquityPartnersTAAssociates22Description:GoldmanSachsMerchantBankingDivisionwasthelargestprivateequityfundwithofficesintheUnitedKingdomasof2023.ꢀGoldmanSachsMerchantBankingDivision'sPEfundsamountedto150billionU.S.dollars.SecondintherankingwasArdian,with82billionU.S.dollarsworthoffundsmanaged,followedbySilverLakewith79billionU.S.dollars.ReadmoreNote(s):UnitedKingdom;2023Source(s):Website()LargestprivateequityfundsandinvestorswithofficesintheUnitedKingdom(UK)in2023,byfundsize(inbillionU.S.dollars)LargestprivateequityfundsandinvestorsintheUK2023,byfundsizeFundssizeinbillionU.S.dollars050100150200250TheCarlyleGroup201KKRGoldmanSachsMerchantBankingDivisionFieraCapital153150130OaktreeCapital122TPGCapitalBainCapitalIFMInvestors107104101ArdianSilverLake8279EQTPartners66WarburgPincus46AdamsStreetPartners3623Description:Asof2023,theCarlyleGroupboastedthelargestfundamongprivateequityandgrowthequityfunds(includingmulti-categoryinvestors)withofficesintheUnitedKingdom.TheCarlyleGroup'sfundsundermanagementamountedtoover200billionU.S.dollars.SecondintherankingwasKKR,with153billionU.S.dollarsworthoffunds.ReadmoreNote(s):Europe,UnitedKingdom;2023Source(s):Website()CHAPTER

05EuropeanlandscapeValueoflargestprivateequity(PE)dealsmadeinEuropein2023(inbillioneuros)LargestprivateequitydealsEurope2023TargetInvestorPermira,Blackstone,GeneralAtlantic,TCVGTCRDealvalue

in

billion

eurosAdevinta12.211.77.4WorldpayAmplexorLifeSciencesArisGlobal,AthyriumCapitalManagement,NordicCapitalDechraPharmaceuticalsVodafoneEspanaRosenGroupAbuDhabiInvestmentAuthority,EQTZegonaCommunicationsPartnersGroup5.153.83.53.4Data4BrookfieldAssetManagementStandardCharteredAviLease,SaudiArabia'sPublicInvestmentFundSoftwareAGSTEAGSilverLake2.62.6AsterionIndustrial25Description:Thelargestprivateequitydeal(PE)inEuropein2023involvedaconsortiumofinvestorsledbyPermiraandBlackstonefortheacquisitionofNorway-basedAdevinta,anoperatorofonlineclassifiedswebsites.Thedealwasworthapproximately12billioneuros.ReadmoreNote(s):Europe;2023Source(s):PitchBookNumberofprivateequity(PE)dealsinEuropefrom2006to2023PrivateequitydealvolumeinEurope2006-2023WesternEuropeCentralandEasternEurope5,0004,5004,0003,5003,0002,5002,0001,5001,000500020062007200820092010201120122013201420152016201720182019202020212022202326Description:InEurope,dealsinvolvingprivateequity(PE)investments,thatis,investmentfundsthatwerenotlistedonapublicexchange,amountedtoover3,400in2023.Asthegraphshows,PEinvestmentdealsin