PitchBook年二季度美国私募股权中间市场报告（英）

USPE Middle Market ReportQ220242Q2 2024 US PE MIDDLE MARKET REPORTPitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDylan Cox, CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisContentsDataCharlie Farber Senior Data AnalystNick Zambrano Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Joey SchafferPublished on September 13, 2024Methodology change disclosure Click here for PitchBook’s report methodologies.Tim Clarke Lead Analyst, Private Equity tim.clarke@pitchbook.comGarrett Hinds Senior Analyst, Private Equity garrett.hinds@pitchbook.comJinny Choi Senior Analyst, Private Equity jinny.choi@pitchbook.comKyle Walters Associate Analyst, Private Equity kyle.walters@pitchbook.comExecutive summary3Deals5Overview6Deal valuation metrics7Deals by size and sector12Spotlight: The state of enterprise SaaS M&A13Exits15Fundraising and performance20Q2 2024 US PE middle-market lending league tables243Q2 2024 US PE MIDDLE MARKET REPORTEXECUTIVE SUMMARYExecutive summaryIn H1 2024, US PE middle-market dealmaking participated in the gradual recovery that has characterized the broader PE space. As noted in our Q2 US PE Breakdown, PE deal activity of all sizes and types is tracking ahead by approximately 10% in the first six months of 2024 versus 2023. After excluding minority growth deals, which have been unusually strong, US PE buyouts were up more like 5.0% in H1, with the middle-market segment faring a bit better at up 12.0%. That is not a ferocious rebound by any means, and it still lags a more vigorous 20.0% pickup in corporate-led M&A, but it is forward progress, nonetheless.Middle-market deal values have firmed on the gradual recovery in deal volume. This follows a soft patch at the end of 2023, which contained hints of distressed selling. In 2024, multiples have narrowed the gap to the old highs on an EBITDA basis, less so on a revenue basis. We suspect the next wave of sponsor-to-sponsor dealmaking will involve lesser-quality companies, and the uptrend in multiples will be disrupted as a result. The tradeoff will be a broadening in volume, especially on the sell-side of the PE equation. Middle-market exits in H1 were basically flat YoY, reflecting a continued sellers’ strike among sponsor owners.One impediment to more active dealmaking that we noted in our Q1 2024 US PE Middle Market Report was the relatively poor performance of small-cap public equities, which had been trapped at record-low valuations versus large-cap equities for nearly a year. That dam finally broke in July when small-cap stocks posted their best two-week streak versus large caps in 38 years. During that span the Russell 2000 index rose by 10.1% while the S&P 500 declined by 19.6%, erasing what had been a 16.9% YTD return differential between the two. The Russell index has shed approximately one-third of those gains but has been holding up well ever since. Good relative strength in pub