2024年全球私募股权市场报告（英）

GLOBALPRIVATEEQUITYREPORT2024 AboutBain&Company’sPrivateEquitybusiness Bain&Companyistheleadingconsultingpartnertotheprivateequity(PE)industryanditsstakeholders.PEconsultingatBainhasgrowneightfoldoverthepast15yearsandnowrepresentsaboutone-thirdofthefirm’sglobalbusiness.Wemaintainaglobalnetworkofmorethan2,000experiencedprofessionalsservingPEclients.Ourpracticeismorethantriplethesizeofthenext-largestconsultingcompanyservingPEfirms. Bain’sworkwithPEfirmsspansfundtypes,includingbuyout,infrastructure,realestate,anddebt.Wealsoworkwithhedgefunds,aswellasmanyofthemostprominentinstitutionalinvestors,includingsovereignwealthfunds,pensionfunds,endowments,andfamilyinvestmentoffices.Wesupportourclientsacrossabroadrangeofobjectives: Dealgeneration.Weworkalongsideinvestorstodeveloptherightinvestmentthesisandenhancedealflowbyprofilingindustries,screeningtargets,anddevisingaplantoapproachtargets. Duediligence.Wehelpsupportbetterdealdecisionsbyperformingintegratedduediligence,assessingrevenuegrowthandcost-reductionopportunitiestodetermineatarget’sfullpotential,andprovidingapost-acquisitionagenda. Immediatepost-acquisition.Afteranacquisition,wesupportthepursuitofrapidreturnsbydevelopingstrategicblueprintsforacquiredcompanies,leadingworkshopsthatalignmanagementwithstrategicpriorities,anddirectingfocusedinitiatives. Ongoingvalueaddition.Duringtheownershipphase,wehelpincreasethevalueofportfoliocompaniesbysupportingrevenueenhancementandcost-reductioninitiativesandrefreshingtheirvalue-creationplans. Exit.Wehelpensurethatinvestorsmaximizereturnsbypreparingforexit,identifyingtheoptimalexitstrategy,preparingthesellingdocuments,andprequalifyingbuyers. Firmstrategyandoperations.WehelpPEfirmsdevelopdistinctivewaystoachievecontinuedexcellencebydevisingdifferentiatedstrategies,maximizinginvestmentcapabilities,developingsectorspecializationandintelligence,enhancingfund-raising,improvingorganizationaldesignanddecisionmaking,andenlistingtoptalent. Institutionalinvestorstrategy.Wehelpinstitutionalinvestorsdevelopbest-in-classinvestmentprogramsacrossassetclasses,includingprivateequity,infrastructure,andrealestate.Topicsweaddresscoverassetclassallocation,portfolioconstructionandmanagerselection,governanceandriskmanagement,andorganizationaldesignanddecisionmaking.Wealsohelpinstitutionalinvestorsexpandtheirparticipationinprivateequity,includingthroughcoinvestmentanddirectinvestingopportunities. Bain&Company,Inc. 131DartmouthStreet Boston,Massachusetts02116USATel:+16175722000 www.bain.com NetPromoter®,NPS®,NPSPrism®,andtheNPS-relatedemoticonsareregisteredtrademarksofBain&Company,Inc.,NICESystems,Inc.,andFredReichheld.NetPromoterScoreSMandNetPromoterSystemSMareservicemarksofBain&Company,Inc.,NICESystems,Inc.,andFredReichheld. Copyright©2024Bain&Company,Inc.Allrightsreserved. Contents TheDarkbeforetheDawn2 PrivateEquityOutlook2024:TheLiquidityImperative3 Investments9 Exits15 Fund-raising19 Returns24 Move-InReady:RenovatingYourGrowthStrategy28 HaveSecondariesReachedaTippingPoint?35 BuildingaStrongerBuy-and-Build39 HarnessingGenerativeAIinPrivateEquity45 TheYearCashBecameKingAgaininPrivateEquity52 TheDarkbeforetheDawn DearColleague: Theyear2023wasoneofportent.Dealvaluefellby37%.Exitvalueslidevenmore,by44%.Fund-raisingdroppedacrossprivatecapital,as38%fewerbuyoutfundsclosed.Interestingly,dollarcommitmentsinbuyoutssurgedasanumberofhigh-performingfundscametomarket.Butitwastrulyayearofhavesandhave-nots.Just20fundsaccountedformorethanhalfofallbuyoutcapitalraised. Thewordforthismarketisstalled.Cuttingthroughallofthemacronoisewasthe525-basis-pointincreaseinUScentralbankratesfromMarch2022toJuly2023.Thespeedandmagnitudeofthisrisecausedgeneralpartnerstohitthepausebutton. Thegoodnews?Interestratesappeartobestableandhavebeenforafewmonths.Recorddrypowderisstackedandreadyfordeployment.Asizablechunkofthisdrypowderisagingandneedstobeputtowork.Lookingintoportfolios,nearlyhalfofallglobalbuyoutcompanieshavebeenheldforatleastfouryears. Inshort,theconditionsappeartobeshiftinginfavorofhittingthegobutton.Wewillseewhat2024brings. Bestwishes, HughMacArthur Chairman,GlobalPrivateEquity PrivateEquityOutlook2024:TheLiquidityImperative Spikinginterestratesderaileddealmakingin2023andleftthecapitalflywheelsputtering.Gettingunstuckisjoboneintheyearahead. ByHughMacArthur,RebeccaBurack,GrahamRose,ChristopheDeVusser,KikiYang,andSebastienLamy AtaGlance Privateequitycontinuedtoreelin2023asrapidlyrisinginterestratesledtosharpdeclinesindealmaking,exits,andfund-raising. Theexitconundrumhasemergedasthemostpressingproblem,asLPsstarvedfordistributionspullbacknewallocationsfromallbutthelargest,mostreliablefunds. Thelong-termoutlookremainssound,butbreakingthelogjamwillrequiremorerobustapproachestovaluecreationandrapidinnovationinliquiditysolutions. It’ssafetosaytheprivateequityindustryhasneverseenanythingquitelikewhat’shappenedoverthelast24months. Whilethesharpdrop-offindealactivityinlate2022andinto2023echoestheperiodfollowingthe2008–09globalfinancialcrisis(GFC),thesituationtheindustryfa