PitchBook-美国风险投资支持的并购前景（英）

1US VC-Backed M&A OutlookLarge acquisitions are set to remain scarce, while small deals will be on the risePitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchKyle Stanford, CAIA Director of Research, US VentureInstitutional Research GroupAnalysisDataCollin Anderson Senior Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Adriana Hansen and Josie DoanPublished on May 28, 2025ContentsKey takeaways1Introduction2Large M&As are set to remain scarce3Finding silver linings amid macro uncertainties 6VC’s pressing need for liquidity generation 9Buyouts12Key takeaways• Large M&A continues to be rare because of elevated interest rates, uncertain economic growth, increased regulatory scrutiny, and stock market volatility. Public companies have significantly pulled back from large acquisitions, with the number of active public acquirers dropping from a peak of 1,423 in 2021 to 815 in 2024.• While big-ticket deals remain limited, smaller acquisitions are experiencing relative growth. A confluence of factors—lower startup valuations, need for liquidity, and prolonged funding drought—have created favorable conditions for smaller-scale M&A. These deals are poised to maintain or slightly grow in the coming quarters.• With the number of private companies rising sharply and public market exit channels severely limited, M&A has become a critical path for exits. The median time since last funding round hit a record 2.4 years in Q1 2025, reflecting mounting pressure for liquidity. Founders and GPs are increasingly turning to M&A as a quicker, more viable liquidity solution compared to IPOs.• Antitrust concerns continue to be a hurdle, especially for Big Tech, under the Trump administration. Despite this, large deals such as Google’s $32 billion offer for Wiz signal hope that high-profile acquisitions are still possible. • Sectoral trends show divergence in M&A resilience. Software remains the dominant sector, comprising more than 40% of deal volume since 2015 and peaking at 51.2% in Q1 2025. Biotech & Pharma, despite challenges, still attracts large-dollar acquisitions. In addition, areas such as digital health and supply chain tech are more insulated from trade policy risks.• Buyouts, although traditionally a smaller share of VC exits, now outpace public listings. Interest is growing among PE firms seeking bolt-ons, especially in software, healthcare services, and commercial products. However, their sensitivity to interest rate fluctuations may moderate this trend moving forward.Kaidi Gao Senior Research Analyst, Venture Capital kaidi.gao@pitchbook.com2Analyst Note: US VC-Backed M&A OutlookIntroductionShare of US VC exit count by type0%20%40%60%80%100%201520162017201820192020202120222023