2024年一季度美国PE细分2025

Q1

2025

US

C

PEBreakdown

pitchBooK

Contents

Executivesummary:Walkingafinelinebetween3

greedandfear

Deals4

Dealvaluationmetrics11

Dealfinancingmetrics12

Dealsbysize,backingtype,andsector13

Spotlight:SoutheastAsiaPrivateCapitalBreakdown14

Exits16

Fundraising22

Performance25

PitchBookData,Inc.

NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence

MarinaLukatskyGlobalHeadofResearch,CreditandUSPrivateEquity

InstitutionalResearchGroupAnalysis

GarrettHinds

SeniorResearchAnalyst,PrivateEquity

garrett.hinds@

JinnyChoi

SeniorResearchAnalyst,PrivateEquity

jinny.choi@

KyleWalters

ResearchAnalyst,PrivateEquity

kyle.walters@

KaziHelal,Ph.D.

SeniorResearchAnalyst,BiopharmaandPharmatech

kazi.helal@

Data

NickZambrano

DataAnalyst

pbinstitutionalresearch@

Publishing

ReportdesignedbyJuliaMidkiff,ChloeLadwig,andDrewSanders

PublishedonApril11,2025

Click

here

forPitchBook’sreportmethodologies.

2Q12025USPEBREAKDOWN

pitchBooK

3Q12025USPEBREAKDOWN

EXECUTIVESUMMARY

Walkingafinelinebetween

greedandfear

Tariffsrecentlyemergedasacriticalfactorinreducing

overallriskappetiteanddrivingvolatilityinpublicmarkets.Clearly,PEwillalsobeimpactedbythesenewpolicies,butweexpecttheecosystemtoberelativelywellpositionedtonavigatethisuncertainperiod,aidedbyampledrypowderinboththeequityandcreditstrategiesaswellaslonger

investmenthorizons.

Weseekeynear-termrisksinexitactivity.3,800USPE-

backedportfoliocompanieshavebeenheldforfiveto12

years,awaitingexitopportunities.Improvingcreditconditionsforsponsor-to-sponsortransactionsandrenewedIPOactivityhavesustainedgrowthinexitactivityeventhroughQ12025,butwecouldseeascenariowherebuyersandsellershave

divergentvalueexpectationsandexittransactionmomentumstallslaterin2025.Valuationsmayproveincreasingly

challenging,withpotentialforfurthernetassetvalue(NAV)markdownsshouldportfoliocompaniesfaceslowingsales

amidGDPdecelerationthisyear.Amidthisbackdrop,

continuationvehiclesareanticipatedtogrowmoreprominentasfirmsseekalternativestosellingintovolatilemarkets.

Amongthisgroupof3,800companies,39.4%areinthe

B2Bsectorandanother19%areintheB2Csector,asshownintheaccompanyingchart.B2BandB2Cfirmswilllikely

havethemostexposuretoimports.Withincreasedimportcosts,weexpectstrategicresponsesfromPEfirms,suchaspricehikes,reducedmarketingandsalesspending,productrangeconsolidation,andstreamlineddistributionchannels.Transferpricingandsupplychainoptimizationstrategies

willbecomeessential;thePEfirmsabletoinnovateintheseareascandisseminatebestpracticesacrosstheirportfoliosandpotentiallygainacompetitiveadvantage.Seeingthefullimpactofthetariffscouldtaketime—theycouldbereducedorchanged,sotheremaybeanear-termairpocketforexits,capitalreturns,andfundraising.

ShareofPE-backedcompaniesheldforfiveto12yearsbysector

B2B

39.4%

B2C

19.0%

IT

13.2%

Healthcare

12.5%

Energy

6.3%

Financial

services

5.3%

Materials&resources4.3%

Source:PitchBook•Geography:US•AsofMarch31,2025

EvenifweseeNAVmarkdownsintheshortterm,thisyear

mayofferattractiveentrypointsfornewcapital,whichcouldhelpfundraisingdynamics.Potentialmarketdislocations

incertainsectorsmaycreatesignificantopportunities,

especiallywhenPEbuyersaretargetingcompaniesneedingmaterialinvestmenttostaycompetitive,nonbacked

companieswithagingfounders,orcompaniesripefor

substantialcost-cutting.TheampledrypowderheldbyPEfirms—approximately$1trillionincorporatePEand$566.8billioninprivatecredit—positionsthemwelltocapitalizeonopportunitiespresentedbymarketdislocations.PE’s

impressivetrackrecord,markedby10-yearrollingIRRsofapproximately15%,demonstratesitsoperationalacumen,particularlythroughperiodsofuncertainty.

4Q12025USPEBREAKDOWN

pitchBooK

Deals

PEdealactivity

10,127

9,277

8,775

7,853

6,175

6,437

6,507

4,615

4,766

5,299

2,263

$534.9

$464.5

$595.3

$653.5

$680.7

$609.0

$1,245.7

$952.1

$723.8

$889.3

$259.7

20152016201720182019202020212022202320242025

Dealvalue($B)——DealcountEstimateddealcount

Source:PitchBook•Geography:US•AsofMarch31,2025

Overview

PEdealmakingentered2025onastrongnote.Withample

creditavailabilityandasubstantialreservoirofdrypowder,

dealmakersstayedactive,buildingonmomentumfromlast

year.Still,earlysignalssuggestthemacroeconomiclandscapeisshifting.Risingconsumerandbusinessloandelinquencies,potentially$1trillioninfederalspendingcuts,andthe

implementationofnewtariffsareallconvergingtocreateanatmosphereofuncertaintythatcouldstallactivityinthequartersahead.

Thisemergingcautionisreflectedinsentimentindicators.CNBC’sCFOCouncilsurveyrevealsastrikingshift:60%of

CFOsexpectarecessioninthesecondhalfof2025,asharpincreasefromjust7%lastquarter.1Meanwhile,WTIoil—

oftenacoincidentproxyfordemand—hasdeclined23.5%

betweenthedaysleadinguptothepresidentialinaugurationandthesecondweekofApril.Optimismtiedtothenew

administrationhasgivenwaytoamorereservedstance,asmarketsdigesttheimplicationsofpolicychangesthatmay

PEdealactivitybyquarter

$4003,500

$350

$300

$250

$200

$150

$100

$50

$0

Q1Q3Q1Q3Q1Q3Q1Q3Q1Q3Q1

3,000

2,500

2,000

1,500

1,000

500

0

202020212022202320242025Dealvalue($B)——DealcounteEstimateddealcount

Source:PitchBook•Geography:US•AsofMarch31,2025

1:“RecessionIsComingBeforeEndof2025,Generally‘Pessimistic’CorporateCFOsSay:CNBCSurvey,”CNBC,EricRosenbaum,March26,2025.

5Q12025USPEBREAKDOWN

pitchBooK

QuarterlyBSL-fundedloanvalue($B)toPEborrowersbytype

$60

$50

$40

$30

$20

$10

$0

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

2022202320242025LBOsandadd-onsRefinancings

Source:PitchBook|LCD•Geography:US•AsofMarch31,2025

Note:Thischartincludesinstitutionalcapitalonly.Proratatranchesareexcluded.

formastagflationaryheadwind.Overthelongterm,reformsaimedatamoreefficientgovernmentandarebalancedtradeprofilemayyieldbenefits,butthesearelikelyatleastayearout.Intheinterim,volatilitymaybethenorm.

Fromatransactioncountperspective,Q12025activity

inclusiveofestimatesreached2,263deals,down5.5%QoQandup11.8%YoY.Q1dealvalueinclusiveofestimatesfor

late-reportingandnondisclosed-valuedealstotaled$259.7billion,up24.6%QoQand36.1%YoY.Onecategorydrivingthegrowthindealvalueistake-privateactivity.March

featuredthelargestPE-backedtake-privatetransactionin

overtwoyears:the$23.7billionacquisitionofWalgreens

BootsAlliance(WBA)bySycamorePartners.Thissingledealequatesto9.1%ofQ1’stotaldealvalue,andmoredealsof

thisscalecouldposition2025forapotentiallyblockbusteryear.Large-capdealslikethishaveanoutsizedimpacton

aggregatefiguresandoftenserveasbellwethersforbroaderinvestorriskappetite.

Importantly,PEfirmsarenotwithoutoptionsinthis

environment.Marketdislocationscreateattractiveentrypoints,whileanymacroimprovementresultingfrompolicyimplementationwouldopenthedoorforlucrativeexits.

Whetherthroughcontrariandeploymentorstrategic

patience,PEiswellpositionedtonavigateachoppynear-termoutlook.

Lookingback,2024markedastrongrecovery:USPEdeal

valuerose22.9%YoY,whiledealcountincreased11.7%YoY.Atyear-end,expectationsleanedtowardcontinuedmomentumin2025.However,theQ1trajectorynowpaintsamore

nuancedpicture.2Themorecautiousinterpretationisthat

2024mayprovetobeatoughcomp,astoday’senvironmentfaceselevateduncertainty:escalatingtradefrictions,historicfederalbudgetreductions,andtheweakestconsumercreditmetricsinoveradecade.Themoreoptimistictakeisthat

business-friendlypoliciesandreducedantitrustscrutinycouldcatalyzeafreshwaveofconsolidation.

AsQ12025closes,thenetresultisamarketmovinglargelysideways.Inayearlikelytobedefinedbypolicyvolatility

andstrategicrepositioning,PEcontinuestodemonstrateitsabilitytoadapt—whetherbywaitingforclarityorleaning

intodislocation.

Take-privates

Q12025hasusheredinnotableopportunitiesforPE,

particularlywithunderwritingsubstantialdealsinthe

currentmarketenvironment.PEfirmshavenotably

increasedtheirtake-privateactivities,swiftlycapitalizing

onheightenedvolatilityobservedthroughoutQ1.This

renewedinterestfollowsthepronouncedpost-election

valuationspikeswitnessedinNovemberandDecember2024,

2:Forfurtheranalysis,pleaserefertoour

Q12025AnalystNote:USPEPulse

.

6Q12025USPEBREAKDOWN

pitchBooK

PEtake-privatedealactivity

97

98

96949491

79

83

76

70

15

$143.1$68.2$101.2$117.0$135.6$65.8$200.3$198.4$153.8$152.3$50.9

20152016201720182019202020212022202320242025

Dealvalue($B)——Dealcount

suggestingstrategicopportunismfromPEinresponsetomarketfluctuations.

Simultaneously,emergingeconomicrisks—including

potentialtariffsdrivinginflationarypressuresandearly

signsofdeterioratingcreditqualityamongbanks—signalthepossibilityoftighteningliquidityahead.Giventhese

circumstances,atimelystrategicmoveforPEcouldinvolveacquiringrobust,financiallystableplatformcompanies.

Thiswouldstrategicallypositionthemtocapitalizeon

increasedmarketvolatilityorpotentialrecessionscenarios,enablingtheacquisitionofstrugglingsubscaleentitiesat

attractivevaluations.

Creditconditionsremainedlargelyfavorableinearly

2025,characterizedbytightcreditspreadsandtechnical

imbalanceinfavorofborrowers.However,sentimentsouredinFebruaryandMarchduetotariffconcerns,capitalmarketsvolatility,andweakeningconsumerconfidence.Althoughthesyndicatedloanmarketnew-issuespreadswereatmultiyearlowsforthequarteroverall—creatinganaccommodating

environmentforsizablePEtransactions—thecostofdebt

widenedinMarch,especiallyfortheriskiestborrowers.

Volatilemarketsmayhavehobblednew-issueborrowing

activity,buttheleveragedloanmarketwasfarfromshutteredasdealmakingcontinued,includingafewlargebuyouts.

Additionally,anticipatedreductionsinantitrustscrutinymayfurtherbolsterconsolidationopportunities.Thisshiftaligns

Source:PitchBook•Geography:NorthAmericaandEurope•AsofMarch31,2025

perfectlywiththeclassicPEplaybook,particularlyinpursuinglarger-scalebuild-and-buyconsolidationstrategies.

Highlightingthesedynamics,oneofthequarter’smarqueetransactionsinvolvedWBA.SycamorePartnersagreedto

acquireWBA,aglobalhealthcare,pharmacy,andretail

giantwithover12,500locations,foratotalconsideration

of$23.7billion.WBAshareholderswillreceive$11.45per

shareincashwithanontransferableeconomicinterest

relatedtoVillageMD,valuedupto$3.00depending

ondivestitureoutcomes.Thisrepresentsasubstantial

premium—29%basedsolelyoncashconsiderationand63%whenincludingtotalconsideration—comparedwithWBA’ssharepriceimmediatelyprecedinginitialmediacoverageofthetransaction.

ThistransactionmarksthelargestPE-backedhealthcaretake-privatedealsincetheglobalfinancialcrisis,underscoring

PE’sreadinesstoleverageabundantliquidityinpursuitof

megadeals.PrivatizationenablesWBAtoexecutecritical

long-termstrategictransformations,freefromtheshort-

termpressuresofpublicmarketscrutiny.Potentialstrategicinitiativesincludeintensifyinginvestmentincorepharmacyoperationsandenhancinge-commercecapabilitieswhileretreatingfromlessprofitableprimarycaresegments.

Furthermore,apossiblebreakupofWBA—suchas

separatingitsUSretailoperationsfromitsUK-basedBoots

7Q12025USPEBREAKDOWN

pitchBooK

ShareofPEdealcountbytype

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

PEgrowth/

expansion

Add-on

Buyout/LBO

Source:PitchBook•Geography:US•AsofMarch31,2025

segment—maybeforthcoming.SycamorePartnersis

expectedtoaggressivelystreamlineoperationsbyshutteringunderperforminglocationsandengaginginsale-leasebacktransactionstounlockvalue.Beyondthistransaction,weareseeingageneraluptickinPEinterestwithintheconsumer

healthsector.

UnderPEownership,WBAwilllikelyprioritizerigorous

costmanagement,acceleratedstoreclosures,andfocusedoptimizationofprofitablelocationstomaximizecash

flowgeneration.

Growthequity

Growthequityhasbeenrelativelystronglately.Thestrategymadeup24.5%ofallPEdealsinQ1,wellabovethefive-yearaverageof19.2%andtrackingabovetherecenthighof21.6%inQ12023.Butbecausegrowthequitychecksizesaremuchsmallerthanbuyoutchecksizes,growthequity’sshareof

overallPEdealvalueisalwayslower.InQ1,thesharewas

16.3%,400basispointsabovethefive-yearaverageof12.3%yetbelowtherecenthighof17.4%setinQ12024.Growth

equitydealcountovertookplatformLBOdealcountinQ1

2023forthefirsttimeever,andthattrendhaspersistedeversince.Still,weseethepotentialforstrongerbuyoutdeal

activityin2025ascreditmarketsembracelarge-scaledeals.

PlatformLBOandgrowthequitydealsasashareofallPEdeals

35%

30%

24.5%

25%

21.2%

20.4%

20%

18.9%

15%

20152016201720182019202020212022202320242025

——Buyout/LBO——PEgrowth/expansion

Source:PitchBook•Geography:US•AsofMarch31,2025

Thedistinctstrategyofgrowthequity,eschewingthe

burdenofcostlydebtbytypicallyoptingforall-equitydeal

structures,alignswellwithitsfocusonrapidlyexpanding

companies.Byprovidingcapitalforexpansion,growthequityaimstoaccelerateandscalegrowth,therebyenhancinguniteconomicsthroughoperationalratherthanfinancialleverage.Thisapproachisparticularlypotentinthecurrenteconomicclimate,wherevaluecreationisrealizedbymaximizing

EBITDAmarginsandgrowth.

Add-ons

Inouranalysis,add-ontransactionscontinuetohaveoutsizedprominencewithinthePEbuyoutlandscape,representing

74.9%ofallbuyoutactivitiesinQ12025,anincreaseof150basispointsfromthe2024average.Theenduringstrengthunderscoresthestrategicshifttowardconsolidationand

operationalsynergiesamongPEinvestors.However,we

expectaplateauingofthistrend,withlimitedpotentialforfurtherexpansionasweadvanceintothelatterhalfof2025.

Sinceinitiatingtheinterestratehikecyclein2022,add-

onacquisitionshaveemergedasapivotalmechanism

forsustainingthemomentumofthePEsectoramidthe

challengesoftightenedcreditconditionsandmarket

volatility.ThesestrategictransactionsenablePEsponsors

8Q12025USPEBREAKDOWN

pitchBooK

Add-onsasashareofallPEbuyouts

73.4%74.9%

6,0562,309

5,7981,757

5,1261,858

4,7511,555

3,5721,692

3,6671,601

3,2991,799

2,6441,614

2,1881,458

2,3341,437

1,286430

20152016201720182019202020212022202320242025Add-onNon-add-on——Add-onshareofbuyouts

Source:PitchBook•Geography:US•AsofMarch31,2025

topersistentlydeploycapitalbyfocusingonsmaller,moremanageabledeals,therebynavigatingthroughaperiod

wherethelendingenvironmentconstrainstheexecutionoflargerplatformbuyouts.Add-ons,traditionallyfavoredfortheirfinancialaccessibilityduetotheirreducedscaleandtheleveragingcapacityprovidedbytheirlargerplatform

acquirers’existingcreditfacilities,havebecomeevenmoreintegral.

Carveouts

2024sawmanylarge-scalecompanieshonetheirstrategic

plansandfocusonthemostattractivegrowthvectors,oftenidentifyinganddivestingassetsthatnolongerfittheirgrowthstrategies.Thistrendcarriedintothebeginningof2025.

Additionally,thesecarveoutdealsareparticularlyattractivetoGPsseekingplatformacquisitions.Thisdivestitureprocessisastrategicmoveforparentcompaniestoimprovefinancialperformancebysheddingunderperformingornonstrategicdivisions,allowingforaclearerandmorepositivefinancial

narrativeforinvestors.

GPsviewthesetransactionsasattractiveopportunities,

benefitingfrommoreaccessiblefinancingandapplying

PEturnaroundacumentomaximizethevalueofthese

acquisitions.Theacquiredunitscanserveasplatforms

fornewgrowthoractassynergisticadditionstoexisting

operations,enhancingscaleandefficiency.ThisstrategicapproachallowsGPstonavigatecurrentmarketchallenges

Carveouts/divestituresasashareofallPEbuyoutsbyquarter

12%

11.3%

10%

9.8%

8%

6%

4%

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1202020212022202320242025Source:PitchBook•Geography:US•AsofMarch31,2025

effectively,makingstrategicexpansionstobolsterscaleandperformanceamidacomplexdealmakinglandscape.

Carveoutsaccountedforahigherpercentageofdealsin

2024thantheassetclasshadgrownusedto.Carveoutdeal

activitystarted2025rightinlinewithactivityin2024,at

9.8%ofallbuyoutdeals,andremainselevatedcomparedwith2022and2023.Intheyearahead,weanticipatecarveout

activitytoremainflatwhilemoredealmakingoptionsareatGPs’disposalasthecostofcapitalcomesdown.Therewillstillbesignificantopportunitiespresentedbytheprospectofacquiringadivestedasset,butifotherdealtypesmakeupmoreofthemix,therecouldbeacrowding-outeffect

forcarveouts.

Therewereafewnotablelargecarveouttransactions

inthefirstthreemonthsof2025asPEbuyersinthe

consumerandenergysectorsscoopedupassets.REITSun

CommunitiessoldSafeHarborMarinas,thelargestmarina-andsuperyacht-servicingbusinessintheUS,toBlackstonefor$5.7billion.ThedealallowsSuntoimproveitsleverage

profileandrefocusonitscoresegmentswhilediversifying

Blackstone’sportfolioandbenefitingfromthelong-term

thematictailwinds,includingthegrowthoftravelandleisure.

Intheenergysector,NationalGridannounceditsagreementtosellitsUSonshorerenewablesbusinesstoBrookfieldAssetManagementfor$1.7billion.ThesaleallowsNationalGridtorefocusitsinvestmentsonitsenergynetworkbusiness,whileBrookfieldshowsgrowinginterestinrenewableassets.

9Q12025USPEBREAKDOWN

pitchBooK

Technology

ThetechnologyPEdeallandscapestillshowssteadyactivity,withanestimated422ITdealstotaling$61.8billionwhen

includingestimatesforlate-reportingdeals.QoQ,thisputs

dealvaluehigherby63.9%anddealcounthigherby10.6%.

ThesectoriscloselybehindB2BinshareoftotalUSPEdeal

activity,accountingfor18.3%oftotalPEdealcountand

24%ofdealvalue.Despitethedownwardadjustmentfrom

thefrenziedactivityseenin2021and2022,ITdealactivity

hasremainedaheadofthequarterlyaveragesseeninthe

pre-pandemicyearsof2017to2019.Thisdemonstratesthe

sector’srobustpositioningforinvestmentopportunities

eveninmacroeconomicvolatility.Majorgrowthtrendsand

disruptionsinkeytechnologies,suchasAI,continuetocreateinvestmentopportunitiesforPEfirmsreadywithanample

supplyofdrypowder.Assuch,thelargestQ1ITdealwas

CenterSquareInvestmentManagement’s$12billiongrowth

equityinvestmentinAlignedDataCenterswithapartnershipwithMacquarieAssetManagement.AlignedDataCentersisatechinfrastructurecompanyprovidingdatacenterandcoolinginfrastructuresystemsandwillusethefundingtocapitalizeonsignificantgrowthopportunitiesfromtherisingdemand

forAIandcloudapplications.3

Healthcare

Q12025healthcarePEdealactivitysustainedthereboundseenin2024,withdealactivitytotaling$25billionacross

278deals—excludingthe$23.7billionWBAacquisition,

whichfallsundertheretailindustryintheB2Csector.Risingvalueswithmoderatingvolumeindicateashifttowardlargerstrategicacquisitions.Moreover,themarketcontinuesto

attractsubstantialcapitaldespitevaluationchallenges,withfirmsprioritizingqualityoverquantity.Thisalignswiththe

post-2021patternofstablevaluesanddecreasingdealcountsfromthepandemicpeak.

KeyQ12025dealsincludeNewMountainCapital’s$1.5

billionacquisitionofAccessHealthcare(revenuecycle

management)ata$2billionvaluation;WindRoseandCourtSquare’s$1.1billionacquisitionofSoleoHealth(specialty

pharmacy);RubiconFounders’$130millionacquisitionof

HorizonInfusions(outpatientcenters);andCoreSound

Imaging’sStudycastplatformsecuring$80millioningrowthequity.Thesetransactionsreflectinvestorconfidencein

healthcaresubsectorswithstrongtechnologycomponentsandvalue-basedcaredeliverymodels.

TechnologyPEdealactivity

1,851

1,528

1,404

1,190

1,215

1,143

1,076

918

692794

422

20152016201720182019202020212022202320242025Dealvalue($B)——DealcounteEstimateddealcount

Source:PitchBook•Geography:US•AsofMarch31,2025

HealthcarePEdealactivity

1,596

1,409

1,161

1,1291,182

1,021

1,018

839

695

609

278

20152016201720182019202020212022202320242025Dealvalue($B)——DealcountEstimateddealcount

Source:PitchBook•Geography:US•AsofMarch31,2025

Buyout/LBOtransactionsdominatedQ1with138of179

completeddeals,withPEgrowthinvestmentsat43deals.Healthcareservicesledwith116deals,reflectingafocusonlowerregulatoryriskareas.TheDepartmentofHealthandHumanServicesreleasedareportinJanuaryidentifying

concerningtrendsinhealthcareconsolidationandPE

$151.2

$98.4

$99.5

$111.1

$126.5

$161.7

$320.0

$268.5

$151.6

$197.9

$61.8

$54.5

$69.5

$96.8

$90.4

$116.0

$91.7

$210.8

$113.3

$91.2

$127.6

$25.0

3:“AlignedDataCentersCompletes$12+BillionCapitalRaise,”AlignedDataCenters,January15,2025.

pitchBooK

Medianenterprisevalue(EV)/revenuemultiplesonPEdealsof$2.5billionormore

5.0x

4.0x

3.0x

2.0x

1.0x

0x

4.9x

4.5x

4.5x

4.6x

3.9x

3.8x

3.6x

3.4x

2.5x

2.9x

2.6x

2015201620172018201920202021202220232024TTM

Source:PitchBook•Geography:NorthAmericaandEurope•AsofMarch31,2025

investment.TheFederalTradeCommission’sapproach

mayshiftfollowingAndrewN.Ferguson’sappointmentas

chair,replacingLinaKhan.However,effectiveJuly1,2025,

Indiana’sHouseBill1666providestheattorneygeneral

a45-dayreviewofPEhealthcaretransactions,withthe

powertodenydealscausing“adverse”financialimpacts

orhealthcareoutcomes.ThebillbuildsonGovernorMike

Braun’sregulatoryframeworkcampaign.Growingstate-levelfocushaspromptedPEsponsorstore-evaluateMidwest

investmentstrategies.

Q12025macroeconomicstabilizationiscreatingfavorable

PEconditions.FollowingratecutsfromtheFederalReserve

(theFed),financingforAccessHealthcareandSoleoHealthfeaturedbetterdebttermsthan2024deals.The2025outlookiscautiouslyoptimisticforhealthcaretechnology,specialtypharmacy,andrevenuecyclemanagement.Thoughvaluationchallengesmaylimitlargeplatformacquisitions,healthcareserviceswilllikelyremaindominantforhealthcarePEdeals.Strategicbuyersareprovidingexitopportunities,particularlyintechnology-enabledservices.Ascurrentadministration

policiesclarify,sponsorsarepositionedformoreaggressiveinvestmentinvalue-basedcare,costcontainment,and

technology-drivenimprovements.

MedianEV/revenuemultiplesonPEdealsbelow$25million

1.2x

1.0x

0.8x

0.6x

0.4x

0.2x

0x

1.1x

1.0x0.9x

0.9x

1.0x0.9x

0.8x

0.7x0.6x

0.6x

0.6x

2015201620172018201920202021202220232024TTM

Source:PitchBook•Geography:NorthAmericaandEurope•AsofMarch31,2025

Valuations

PEvaluationscontinuetogaintheirfooting,adjustingslightlyfromtherecoveringvaluationlevelsin2024.Afteratwo-yearreset,EBITDAmultiplessawameaningfulbounce,reaching

12.7xin2024andre