2024年全球私募股权市场报告（英）-贝恩-2024.docx

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1、G1.OBA1.PRIVATEEQUITYREPORT2024RAIN&COMPANYQAboutBain&CompanysPrivateEquitybusinessBain&Companyistheleadingconsultingpartnertotheprivateequity(PE)industryanditsstakeholders.PEconsultingatBainhasgrowneightfoldoverthepast15yearsandnowrepresentsaboutone-thirdofthefirm,sglobalbusiness.Wemaintainaglobaln

2、etworkofmorethan2,000experiencedprofessionalsservingPEclients.Ourpracticeismorethantriplethesizeofthenext-largestconsultingcompanyservingPEfirms.Bain,sworkwithPEfirmsspansfundtypes,includingbuyout,infrastructure,realestate,anddebt.Wealsoworkwithhedgefunds,aswellasmanyofthemostprominentinstitutionali

3、nvestors,includingsovereignwealthfunds,pensionfunds,endowments,andfamilyinvestmentoffices.Wesupportourclientsacrossabroadrangeofobjectives：Dealgeneration.Weworkalongsideinvestorstodeveloptherightinvestmentthesisandenhancedealflowbyprofilingindustries,screeningtargets,anddevisingaplantoapproachtarget

4、s.Duediligence.Wchelpsupportbetterdealdecisionsbyperformingintegratedduediligence,assessingrevenueg,owthandcost-reductionopportunitiestodetermineatargetsfullpotential,andprovidingapost-acquisitionagenda.Immediatepost-acquisition.Afteranacquisition,wesupportthepursuitofrapidreturnsbydevelopingstrateg

5、icblueprintsforacquiredcompanies,leadingworkshopsthatalignmanagementwithstrategicpriorities,anddirectingfocusedinitiatives.Ongoingvalueaddition.Duringtheownershipphase,wehelpincreasethevalueofportfoliocompaniesbysupportingrevenueenhancementandcost-reductioninitiativesandrefreshingtheirvalue-creation

6、plans.Exit.Wehelpensurethatinvestorsmaximizereturnsbypreparingforexit,identifyingtheoptimalexitstrategy,preparingthesellingdocuments,andprequalifyingbuyers.Firmstrategyandoperations.WehelpPEfirmsdevelopdistinctivewaystoachievecontinuedexcellencebydevisingdifferentiatedstrategies,maximizinginvestment

7、capabilities,developingsectorspecializationandintelligence,enhancingfund-raising,improvingorganizationaldesignanddecisionmaking,andenlistingtoptalent.Institutionalinvestorstrategy.Wehelpinstitutionalinvestorsdevelopbest-in-classinvestmentprogramsacrossassetclasses,includingprivateequity,infrastructu

8、re,andrealestate.Topicsweaddresscoverassetclassallocation,portfolioconstructionandmanagerselection,governanceandriskmanagement,andorganizationaldesignanddecisionmaking.Wealsohelpinstitutionalinvestorsexpandtheirparticipationinprivateequity,includingthroughcoinvestmentanddirectinvestingopportunities.

9、Bain&Company,Inc.131DartmouthStreetBoston,Massachusetts02116USATel：+16175722000NetPromoter,NPS,NPSPrism,andtheNPS-relatedemoticonsareregisteredtrademarksofBain&Company,lnc.,NICESystems,lnc.,andFredReichheld.NetPromoterSCOreSMandNetPromoterSyStemSMareservicemarksofBain&Company,lnc.,NICESystems,lnc.,a

10、ndFredReichheld.Copyright2024Bain&Company,Inc.Allrightsreserved.GlobalPrivateEquityReport2024ContentsTheDarkbeforetheDawn2PrivateEquityOutlook2024:The1.iquidityImperative3Investments9Exits15Fund-raising19Returns24Move-InReady:RenovatingYourGrowthStrategy28HaveSecondariesReachedaTippingPoint?35Buildi

11、ngaStrongerBuy-and-Build39HarnessingGenerativeAIinPrivateEquity45TheYearCashBecameKingAgaininPrivateEquity52GlobalPrivateEquityReport2024TheDarkbeforetheDawnDearColleague：Theyear2023wasoneofportent.Dealvaluefellby37%.Exitvalueslidevenmore,by44%.Fundaisingdroppedacrossprivatecapital,as38%fewerbuyoutf

12、undsclosed.Interestingly,dollarcommitmentsinbuyoutssurgedasanumberofhigh-performingfundscametomarket.Butitwastrulyayearofhavesandhave-nots.Just20fundsaccountedformorethanhalfofallbuyoutcapitalraised.Thewordforthismarketisstalled.Cuttingthroughallofthemacronoisewasthe525-basis-pointincreaseinUScentra

13、lbankratesfromMarch2022toJuly2023.Thespeedandmagnitudeofthisrisecausedgeneralpartnerstohitthepausebutton.Thegoodnews?Interestratesappeartobestableandhavebeenforafewmonths.Recorddrypowderisstackedandreadyfordeployment.Asizablechunkofthisdrypowderisagingandneedstobeputtowork.1.ookingintoportfolios,nea

14、rlyhalfofallglobalbuyoutcompanieshavebeenheldforatleastfouryears.Inshort,theconditionsappeartobeshiftinginfavorofhittingthegobutton.Wewillseewhat2024brings.Bestwishes,阳心照HughMacArthurChairman,GlobalPriVateEquityPrivateEquityOutlook2024:The1.iquidityImperativeSpikinginterestratesderaileddealmakingin2

15、023andleftthecapitalflywheelsputtering.Gettingunstuckisjoboneintheyearahead.ByHughMacArthur,RebeccaBurack,GrahamRose,ChristopheDeVusser,KikiYang,andSebastien1.amyAtaGIance Privateequitycontinuedtoreelin2023asrapidlyrisinginterestratesledtosharpdeclinesindealmaking,exits,andfund-raising. Theexitconun

16、drumhasemergedasthemostpressingproblem,as1.Psstarvedfordistributionspullbacknewallocationsfromallbutthelargest,mostreliablefunds. Thelong-termoutlookremainssound,butbreakingthelogjamwillrequiremorerobustapproachestovaluecreationandrapidinnovationinliquiditysolutions.It,ssafetosaytheprivateequityindust