2024年全球私募股权市场报告（英）-贝恩-2024.docx

G1.OBA1.PRIVATEEQUITYREPORT2024RAIN&COMPANYQAboutBain&Company'sPrivateEquitybusinessBain&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.Wchelpsupportbetterdealdecisionsbyperformingintegratedduediligence,assessingrevenueg,owthandcost-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.131DartmouthStreetBoston,Massachusetts02116USATel：+16175722000NetPromoter®,NPS®,NPSPrism®,andtheNPS-relatedemoticonsareregisteredtrademarksofBain&Company,lnc.,NICESystems,lnc.,andFredReichheld.NetPromoterSCOreSMandNetPromoterSyStemSMareservicemarksofBain&Company,lnc.,NICESystems,lnc.,andFredReichheld.Copyright©2024Bain&Company,Inc.Allrightsreserved.GlobalPrivateEquityReport2024ContentsTheDarkbeforetheDawn2PrivateEquityOutlook2024:The1.iquidityImperative3Investments9Exits15Fund-raising19Returns24Move-InReady:RenovatingYourGrowthStrategy28HaveSecondariesReachedaTippingPoint?35BuildingaStrongerBuy-and-Build39HarnessingGenerativeAIinPrivateEquity45TheYearCashBecameKingAgaininPrivateEquity52GlobalPrivateEquityReport2024TheDarkbeforetheDawnDearColleague：Theyear2023wasoneofportent.Dealvaluefellby37%.Exitvalueslidevenmore,by44%.Fundaisingdroppedacrossprivatecapital,as38%fewerbuyoutfundsclosed.Interestingly,dollarcommitmentsinbuyoutssurgedasanumberofhigh-performingfundscametomarket.Butitwastrulyayearofhavesandhave-nots.Just20fundsaccountedformorethanhalfofallbuyoutcapitalraised.Thewordforthismarketisstalled.Cuttingthroughallofthemacronoisewasthe525-basis-pointincreaseinUScentralbankratesfromMarch2022toJuly2023.Thespeedandmagnitudeofthisrisecausedgeneralpartnerstohitthepausebutton.Thegoodnews?Interestratesappeartobestableandhavebeenforafewmonths.Recorddrypowderisstackedandreadyfordeployment.Asizablechunkofthisdrypowderisagingandneedstobeputtowork.1.ookingintoportfolios,nearlyhalfofallglobalbuyoutcompanieshavebeenheldforatleastfouryears.Inshort,theconditionsappeartobeshiftinginfavorofhittingthegobutton.Wewillseewhat2024brings.Bestwishes,阳心照HughMacArthurChairman,GlobalPriVateEquityPrivateEquityOutlook2024:The1.iquidityImperativeSpikinginterestratesderaileddealmakingin2023andleftthecapitalflywheelsputtering.Gettingunstuckisjoboneintheyearahead.ByHughMacArthur,RebeccaBurack,GrahamRose,ChristopheDeVusser,KikiYang,andSebastien1.amyAtaGIance Privateequitycontinuedtoreelin2023asrapidlyrisinginterestratesledtosharpdeclinesindealmaking,exits,andfund-raising. Theexitconundrumhasemergedasthemostpressingproblem,as1.Psstarvedfordistributionspullbacknewallocationsfromallbutthelargest,mostreliablefunds. Thelong-termoutlookremainssound,butbreakingthelogjamwillrequiremorerobustapproachestovaluecreationandrapidinnovationinliquiditysolutions.It,ssafetosaytheprivateequityindust