美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

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MARKETSPrivateequityintheU.S.CHAPTER

01GlobaloverviewValueofprivateequity(PE)capitalraisedworldwidefrom2019to2023(inbillionU.S.dollars)Valueofprivateequitycapitalraisedworldwide2019-20231,8001,6001,4001,2001,5361,2621,0801,0008006004002000928914201920202021202220233Description:During2023,thetotalamountofcapitalraisedbyprivateequity(PE)decreasedforthesecondyearinarow,reachingapproximately1.1trillionU.S.dollars.Thisrepresenta14percentfallcomparedtothepreviousyear,following18percentdeclinein2022.ReadmoreNote(s):UnitedKingdom;2019to2023Source(s):ArancaResearch;PitchBookValueofprivateequity(PE)capitalinvestedworldwidefrom2017to2023(inbillionU.S.dollars)Valueofprivateequitycapitalinvestedworldwide2017-20233,0002,5002,0002,4252,1681,7741,7501,6171,5411,5001,00050001,38520172018201920202021202220234Description:Thevalueofprivateequitycapitalinvestedworldwideincreasedoverallfrom2017to2023,withsomefluctuations.Thelowestamountwasobservedin2020,wheninvestmentsamountedto1.35billionU.S.dollars,whileitpeakedat2.25billionU.S.dollarsin2022.During2023,PEcapitalinvestedamountedto1.8trillionU.S.dollars.ReadmoreNote(s):Worldwide;2017to2023Source(s):ArancaResearch;PitchBookNumberofprivateequity(PE)dealsworldwidefrom2017to2023Numberofprivateequitydealsworldwide2017-202312,0009,74810,0008,0006,0004,0002,00008,0437,2937,1986,9086,4966,05620172018201920202021202220235Description:Thenumberofprivateequitydealsworldwidepeakedin2021,withatotalofnearly10,000deals.Thiswasalmost3,000dealsmorethanin2023,whenPEdealsworldwidereached6,908.

ReadmoreNote(s):Worldwide;2017to2023Source(s):ArancaResearch;PitchBookValueofprivateequity(PE)dealsworldwidefrom2019to2023,bytargetcountry(inbillionU.S.dollars)Valueofprivateequitydealsworldwide2019-2023,bytargetcountry2019482.0574.6716.3841.6976.5131.1731.5119.7918.1827.9126.472020533.382.1913.9449.32142.4434.2924.939.7320211136.86145.8425.172022835.12104.631.1549.9954.7454.1269.8666.99108.0223.0320.682023458.7657.2850.6142.1637.1133.1633.1623.7123.1918.1617.87UnitedStatesUKJapanGermanyChina62.29167.6883.28FranceItaly48.48NetherlandsIndia30.3830.9218.4916.750.63Spain53.83SouthKorea30.616Description:Thevalueofprivateequitydealssloweddowninmanycountriesworldwidein2022and2023,afterreachingunprecedentedpeaksin2021.IntheUnitedStates,forinstance,thevalueofPEdealsdecreasedbynearly50percentin2023,reaching459billionU.S.dollars.ReadmoreNote(s):Worldwide;2019to2023Source(s):AcurisGlobal;White&CaseValueofdrypowderofprivateequity(PE)companiesworldwidefrom2003to2023(intrillionU.S.dollars)Valueofprivateequitydrypowderglobally2003-20234.54.03.53.02.52.01.53.93.53.23.12.52.421.71.51.41.41.21.21.21.11.11.10.91.00.50.00.60.50.52003

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2010

2011

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2013

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2015

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20237Description:Drypowderhasbeenincreasingworldwideoverthepastdecadeandreachedrecordheightsin2023.In2023,thedrypowderofprivateequitycompaniesreachednearlyfourtrillionU.S.dollarsglobally,up400billioncomparedtothepreviousyear.Drypowderreferstothecapitalwhichacompanyhascommittedtoinvest,buthasnotyetallocated.ReadmoreNote(s):Worldwide;2003to2023Source(s):Bain&Company;PreqinCHAPTER

02LeadingPEfirmsLeadingprivateequity(PE)companiesworldwidebetween2018and2023,byfundraisingcapacity(inbillionU.S.dollars)Biggestprivateequitycompaniesworldwide2018-2023,byfundraisingcapacityFundraisinginbillionU.S.dollars020406080100120140Blackstone(USA)KKR(USA)125.61103.71101.66EQT(Sweden)ThomaBravo(USA)TheCarlyleGroup(USA)TPG(USA)74.0969.6854.97AdventInternational(USA)Hg(UK)52.9451.0548.748.53GeneralAtlantic(USA)WarburgPincus(USA)9Description:U.S.-basedBlackstonewastheleadingprivateequity(PE)firmworldwide,witharecordedfundraisingsumof125.61billionU.S.dollarsbetween2017and2022.SecondinthelistcameinvestmentfirmKKR,alsolocatedintheUnitedStates.Privateequityisprovisionofcapitalfromprivateorinstitutionalinvestors,withtheparticipationofcompanies(privateequityfirms)foralimitedtimeinordertogenerateafinancialreturn.Fundraisingreferstotheraisingoffundsfromprivateequity[...]ReadmoreNote(s):Worldwide;2018to2023Source(s):PrivateEquityInternationalLeadingprivateequity(PE)companiesintheUnitedStatesintermsoffundraisingcapacitybetween2018and2023(inmillionU.S.dollars)BiggestprivateequityfirmsintheU.S.2018-2023,byfundraisingcapacityFundsraisedinmillionU.S.dollars020,00040,00060,00080,000100,000120,000140,000Blackstone(NewYork)KKR(NewYork)125,612103,713ThomaBravo(Chicago)74,093TheCarlyleGroup(WashingtonDC)TPG(FortWorth)69,68154,965AdventInternational(Boston)GeneralAtlantic(NewYork)WarburgPincus(NewYork)SilverLake(MenloPark)52,93948,69648,53448,280GoldmanSachs(NewYork)BainCapital(Boston)ClearlakeCapitalGroup(SantaMonica)VistaEquityPartners(Austin)45,35844,34743,96741,50010Description:TheNewYork-basedprivateequity(PE)companyBlackstonerecordedacombinedfundraisingsumof126billionU.S.dollarsbetween2018and2023,makingitthelargestPEcompanyintheUnitedStatesintermsoffundraisingcapacity.SecondintherankingwasagainaNewYork-basedfirm,KKR,withtotalfundsraisedamountingto103billionU.S.dollarsduringthesameperiod.ReadmoreNote(s):UnitedStates;2018to2023Source(s):PrivateEquityInternationalLeadingprivateequity(PE)companiesworldwideasof2023,byassetsundermanagement(inbillionU.S.dollars)Largestprivateequityfirmsworldwide2023,byassetsundermanagementAssetsundermanagementinbillionU.S.dollars2,000

3,000

4,00001,0009515,0006,0007,0008,0007,500BlackRock(U.S.)Blackstone(U.S.)ApolloGlobalManagement(U.S.)KKR(U.S.)523471TheCarlyleGroup(U.S.)CVCCapitalPartners(Luxembourg)TPG(U.S.)36914613511410098ThomaBravo(U.S.)EQT(Sweden)InsightPartners(U.S.)11Description:Asoftheendof2023,BlackRockwastheundisputedleaderoftheprivateequityindustryworldwide.TheNewYork-headquarteredPEfirm'sassetsundermanagement(AuM)amountedto7.5trillionU.S.dollars,comparedtojustbelowonetrillionforBlackstone,thesecondPEfirmintheranking.ReadmoreNote(s):Worldwide;January2024Source(s):Dealroom.coLeadingprivateequity(PE)firmsintheUnitedStatesasofMarch2024,byassetsundermanagement(inbillionU.S.dollars)LargestprivateequityfirmsintheU.S.2024,byassetsundermanagementAssetsundermanagementinbillionU.S.dollars02004006008001,0001,0001,200BlackstoneApollo598KKR510TheCarlyleGroupBainCapital381165137127TPGCapitalThomaBravoSilverLake9896VistaEquityPartnersInsightPartners9012/statistics/614876/largest-private-equity-firms-worldwide-by-aumTheCarlyleGrouphadalargervalueofassetsundermanagementthananyotherprivateequityfirmin2017,withatotalAUMof178billionU.S.dollars.ApolloGlobalManagementfollowedclosely,with173billionU.S.dollarsinassetsatthattime.

ReadmoreNote(s):Worldwide;asofMarch2024Source(s):ForbesLeadingprivateequity(PE)investorsintheUnitedStatesasofJanuary2023,bynumberofinvestmentsLargestprivateequityinvestorsintheU.S.2023,bynumberofdealsNumberofdeals40002006008001,0001,200TigerGlobalManagementAdvantageCapitalInsightPartners1,1391,120980NorwestVenturePartnersDCMVentures873611590OrbiMedWarburgPincusSummitPartnersGeneralAtlantic447428414402OakInvestmentPartnersTCV396392CoatueInternationalFinanceCorporation38613Description:AsofJanuary2023,TigerGlobalManagementwasthemostactiveprivateequityinvestorintheUnitedStateswith1,139investmentdeals.AdvantageCapitalandInightPartnersfollowedbehindwith1,120and980investments,respectively.

ReadmoreNote(s):UnitedStates;asofJanuary12,2023Source(s):CrunchBaseCHAPTER

03U.S.marketValueofprivateequity(PE)dealsintheUnitedStatesfrom2006to2023(inbillionU.S.dollars)PrivateequitydealvalueintheU.S.2006-20231,2001,000800600400200020062007200820092010201120122013201420152016201720182019202020212022202315Description:ThevalueofprivateequitydealsintheUnitedStatesincreasedmorethantwofoldbetween2020and2021,exceedingonetrilliondollar.During2022and2023,privateequitydealsvaluedecreasedreaching458billionU.S.dollars.GlobalPEdrypowderalsoreachedrecordhighlevelsinrecentyears,whichmeansthatthereisalargevolumeonunallocatedcapitalinthemarket.ReadmoreNote(s):UnitedStates;2006to2023Source(s):AcurisGlobal;White&CaseNumberofprivateequity(PE)dealsintheUnitedStatesfrom2006to2023PrivateequitydealvolumeintheU.S.2006-20236,0005,0004,0003,0002,0001,000020062007200820092010201120122013201420152016201720182019202020212022202316Description:Theannualnumberofprivateequity(PE)dealsintheUnitedStatesincreasednearlytwofoldsince2006,despiteexperiencingsignificantfluctuations.ThehighestnumberofPEdealswasrecordedin2021,whenitexceeded5,600.During2022and2023,privateequitydealsvolumedecreased,reaching3,312.ReadmoreNote(s):UnitedStates;2006to2023Source(s):White&CaseValueofprivateequity(PE)dealsintheUnitedStatesin2023,bysector(inbillionU.S.dollars)PrivateequitydealvalueintheU.S.2023,bysectorDealvalueinbillionU.S.dollars40

60

80020100120140160180200Technology,media,andtelecommunicationsEnergy,mining,andutilitiesPharma,medical,andbiotechFinancialservices171.7560.6456.4349.59IndustrialandchemicalsBusinessservices39.0928.8519.7311.857.512.65Defence

0.83Agriculture

0.29ConsumerLeisureRealestateConstruction17Description:In2023,themostpopulartargetsectorforprivateequityactivityintheUnitedStateswasthetechnology,media,andtelecommunications(TMT).PEactivityinthissectoramountedtoover170billionU.S.dollars,nearlythreetimesasmuchasPEactivityintheenergy,mining,andutilitiessector,whichwassecondinthelist.ReadmoreNote(s):UnitedStates;2022Source(s):AcurisGlobal;White&CaseNumberofprivateequity(PE)dealsintheUnitedStatesin2023,bysectorPrivateequitydealvolumeintheU.S.2023,bysectorNumberofdeals02004006008001,0001,2001,400Technology,media,andtelecommunicationsBusinessservicesPharma,medical,andbiotechIndustrialandchemicalsConsumer1,228557466354203Energy,mining,andutilitiesFinancialservicesConstruction16215667391514LeisureAgricultureRealestateDefence418Description:In2023,themostpopulartargetsectorforprivateequityactivityintheUnitedStateswasthetechnology,media,andtelecommunications(TMT).ThenumberofPEdealsinthiseconomicsectoramountedtoover1,200,morethandoublethenumberofdealsinbusinessservicessector,whichwassecondinthelist.ReadmoreNote(s):UnitedStates;2023Source(s):AcurisGlobal;White&CaseValueofdrypowderofprivateequity(PE)companiesintheUnitedStatesfrom2018to2023(inbillionU.S.dollars)ValueofofprivateequitydrypowderintheU.S.from2018-20231,4001,2001,0001,2701,170939922780800600400200067520182019202020212022202319Description:Asof2023,thevalueofprivateequitydrypowder-atermcommonlyusedintheprivateequityworldtorefertocommitted,butunallocatedcapital-intheUnitedStatesreachedavalueofnearly1.3trillionU.S.dollars.Thisfigureistwiceashighasitwasin2018.ReadmoreNote(s):UnitedStates;2018to2023Source(s):PrivateEquityInternational;PwCUSCHAPTER

04PE-backedfirmsPrivateequity(PE)andventurecapital(VC)penetrationrateinprivatecompaniesintheU.S.2023,bystatePE/VCpenetrationrateinprivatecompaniesintheU.S.2023,bystatePE/VCpenetrationrate3%

4%0%1%2%5%6%7%8%CaliforniaNewYorkTexas6.98%6.18%5.06%5.01%MassachusettsIllinois4.32%4.3%FloridaColoradoPennsylvaniaWashingtonGeorgia4.18%3.3%2.95%2.94%2.82%OhioNewJerseyNorthCarolina2.79%2.76%21Description:AsofSeptember2023,privateequityandventurecapital-backedcompaniesrepresented3.5percentoftotalprivatecompaniesintheUnitedStates.TheU.S.statewiththelargestPE/VCpenetrationratewasCalifornia,withsevenpercent.Bycontrast,WestVirginia,Mississippi,andNorthDakotawereatthebottomofthelist,withapenetrationrateoflessthanonepercent.ReadmoreNote(s):UnitedStates;asofSeptember2023Source(s):S&PGlobalMarketIntelligenceNumberofprivateequity(PE)andventurecapital(VC)backedprivatecompaniesintheUnitedStatesasof2023,bystateNumberofPE/VC-backedprivatecompaniesintheU.S.2023,bystateNumberofPE/VC-backedcompanies02,0004,0006,0008,00010,00012,00014,00016,00018,00020,000CaliforniaNewYorkTexas18,3827,2964,549MassachusettsIllinois3,3892,9132,398FloridaColoradoPennsylvaniaWashingtonGeorgia1,6861,6571,5521,481Ohio1,277NewJerseyNorthCarolina1,2091,08522Description:AsofSeptember2023,thenumberofprivateequityandventurecapital-backedcompaniesamountedtoover62,000intheUnitedStates.TheU.S.statewiththehighestnumberofPE/VC-backedcompanieswasCalifornia,withalmost20,000.

ReadmoreNote(s):UnitedStates;asofSeptember2023Source(s):S&PGlobalMarketIntelligenceNumberofprivateequity(PE)andventurecapital(VC)backedprivatecompaniesintheUnitedStatesasof2023,bysectorNumberofPE/VC-backedprivatecompaniesintheU.S.2023,bysectorNumberofPE/VC-backedcompanies05,00010,00015,00020,00025,00030,000TMTHealthcare27,16110,361Consumer9,030Industrials6,970Financials4,382Materials1,3491,330EnergyandutilitiesRealestate542Unclassified1,36423Description:AsofSeptember2023,thenumberofprivateequityandventurecapital-backedcompaniesamountedtoover62,000intheUnitedStates.ThesectorwiththehighestnumberofPE/VC-backedcompanieswasthetechnology,mediaandtelecommunicationsone,accountingfornearlyhalfofthetotal.Bycontrast,PE/VC-backedcompaniesintherealestatesectoramountedto542.ReadmoreNote(s):UnitedStates;asofSeptember2023Source(s):S&PGlobalMarketIntelligencePrivateequityEV/EBITDAmultiplesintheUnitedStatesin2023PrivateequityEV/EBITDAmultiplesintheU.S.20231613.8141210813.412.311.811.411.410.910.59.59.58.764202013201420152016201720182019202020212022202324Description:EBITDAmultipleshavefluctuatedsignificantlyinthelastdecade,butincreasedoverall.At13.8x,2021wasthepeakyearforPEEV/EBITDAvaluations,butthisfiguredecreasedby1.5pointsbetween2021and2023,reaching12.3x.Enterprisevaluetoearningsbeforeinterest,tax,depreciationandamortization(EV/EBITDA)isaratiocalculatedtoestimatethevalueofacompany.Whenusedtomeasureindustries,valuationmultiplescanhaveawidevariation.Areasofhighergrowthcanbe[...]

ReadmoreNote(s):UnitedStates;2013to2023Source(s):PitchBook;Website()CHAPTER

05EconomicimpactEconomicactivityofprivateequity(PE)sectorintheUnitedStatesin2022EconomicimpactoftheprivateequitysectorintheU.S.2022U.S.

PE

sector12mSuppliers

to

U.S.

PE7.8mConsumer

related

spending11.5mTotal31.3mEmploymentWages1tnUSD0.7tnUSD0.7tnUSD2.4tnUSD4tn

USD0.7tnUSDGDP1.7tn

USD0.3tnUSD1.1tn

USD0.2tn

USD1.3tnUSDTaxespaid0.2tnUSD26Description:TheprivateequitysectorintheUnitedStatesisestimatedtohavecontributedtothecountry'sgrossdomesticproduct(GDP)with1.7trillionU.S.dollars-orapproximately6.5percentofthetotalin2022.Also,privateequity-backedbusinessesemployapproximately12millionpeople,withemployeeearningsamountingtoonetrillionU.S.dollars.ReadmoreNote(s):UnitedStates;2022Source(s):AmericanInvestmentCouncil;EYDirecteconomicactivityoftheprivateequity(PE)sectorintheUnitedStatesin2022,bystateDirecteconomicimpactoftheprivateequitysectorintheU.S.2022,bystateEmployment

(in

1,000s)Wages

(in

billion

U.S.

dollars)GDP

(in

billion

U.S.

dollars)CaliforniaTexas1475108576073949145242837737535032931429512393566039363430292826252621116195FloridaNewYorkIllinois10265PennsylvaniaOhio6259Georgia51NorthCarolinaMichiganNewJerseyVirginia50474541Massachusetts4427Description:TheprivateequitysectorintheUnitedStatesisestimatedtohavecontributedtothecountry'sgrossdomesticproduct(GDP)with1.7trillionU.S.dollars-orapproximately6.5percentofthetotalin2022.CaliforniaandTexaswerethestateswiththehighestemploymentfigures,wages,andGPDrelatedtoPEactivity.ReadmoreNote(s):UnitedStates;2022Source(s):AmericanInvestmentCouncil;EYTotaleconomicactivityoftheprivateequity(PE)sectorintheUnitedStatesin2022,bystateTotaleconomicimpactoftheprivateequitysectorintheU.S.2022,bystateEmployment

(in

1,000s)Wages

(in

billion

U.S.

dollars)GDP

(in

billion

U.S.

dollars)CaliforniaTexas38632804200019841320120511089702952221421491009150939324525417415014112312111310899FloridaNewYorkIllinoisPennsylvaniaOhio84Georgia72NorthCarolinaMichiganNewJerseyVirginia96471881678646581362Massachusetts758609928Description:Theprivateequitysector,andtheeconomicactivityrelatedtoit,intheUnitedStatesisestimatedtohavecontributedtothecountry'sgrossdomesticproduct(GDP)withoverfourtrillionU.S.dollarsin2022.California,Texas,Florida,andNewYorkwerethestateswiththehighestemployment,wages,andGDPrelatedtoPEactivity.ReadmoreNote(s):UnitedStates;2022Source(s):AmericanInvestmentCouncil;EYEmploymentintheprivateequity(PE)sectorintheUnitedStatesin2022,byindustry(inmillions)PrivateequitysectoremploymentintheU.S.2022,byindustryNumberofjobsinmillionsSupplierstoU.S.PE

RelatedtoconsumerspendingU.S.PEsector024681012BusinessservicesPersonalservicesManufacturingRetailtradeTransportationandwarehousingInformationWholesaletradeConstructionUtilitiesMining,quarrying,andoilandgasextraction29Description:TheprivateequitysectorintheUnitedStateswasestimatedtoemploy12millionindividualsin2022.ThelargestshareofU.S.privateequitysectoremploymentwasinbusinessservices,whichaccountsfor36percentofthetotal.Personalservicesemployedthesecond-largestshareofUSprivateequitysectorworkers,with26percentofthetotal.ReadmoreNote(s):UnitedStates;2022Source(s):AmericanInvestmentCouncil;EYCHAPTER

06OutlookForecastoftheprivateequity(PE)marketsizeintheUnitedStatesin2024and2027(inbillionU.S.dollars)PrivateequitymarketsizeintheU.S.forecast2024-202790080070060050040030020010002024202731Description:Theprivateequity(PE)marketsizeintheUnitedStatesisexpectedtoreach460billionU.S.dollarsin2024.By2027,theU.S.PEmarketisforecasttoincreaseto765billionU.S.dollars,withacompoundannualgrowth(CAGR)of11percent.

ReadmoreNote(s):UnitedStates;2024Source(s):MordorIntelligence;MordorIntelligencePrivateequity(PE)professionals'expectationsaboutfundraisingcapacityin2023and2024PrivateequityfundraisingexpectationsintheU.S.202350%45%40%35%30%44%27%25%20%15%10%5%23%6%0%MorechallengingSomewhatchallengingMoreorlessthesameSomewhatlesschallengin32Description:FundraisingforprivateequityfirmsintheUnitedStatesisexpectedtobechallengingthroughoutthesecondhalfof2023andthefirsthalfof2024.AccordingtoasurveyconductedamongseniorexecutivesatPEfirmsintheU.S.,two-thirdsofrespondentsexpectfundraisingtogetmorechallenginginthenext12months.ReadmoreNote(s):United