Invest Europe：2023年欧洲投资报告

InvestinginEurope:

PrivateEquityActivity2023

www.investeurope.eu/research

2

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

Disclaimer

TheinformationcontainedinthisreporthasbeenproducedbyInvestEurope,basedondatacollectedaspartoftheEuropeanDataCooperative(EDC)andotherthird-partyinformation.WhileInvestEuropehasmadeeveryefforttoensurethereliabilityofthedataincludedinthisreport,InvestEuropecannotguaranteetheaccuracyoftheinformationcollectedandpresented.Therefore,InvestEuropecannotacceptresponsibilityforanydecisionmadeoractiontakenbaseduponthisreport,ortheinformationprovidedherein.

Thisreportisfortheexclusiveuseofthepersonstowhomitisaddressedandisintendedforgeneralinformationpurposesonly.Itisnotintendedtoconstitutelegalorotherprofessionaladviceandshouldnotbetreatedassuch.Appropriatelegaladvicemustbesoughtbeforemakinganydecision,takinganyactionorrefrainingfromtakinganyactioninrelianceontheinformationcontainedinthisreport.InvestEuropedoesnotassumeanyresponsibilityforanyperson’srelianceupontheinformationcontainedherein.

Infurnishingthisreport,InvestEuropeundertakesnoobligationtoprovideanyadditionalinformationortoupdatethisreportoranyadditionalinformationortocorrectanyinaccuracieswhichmaybecomeapparent.

Unlessotherwisespecified,thisreportisconfidentialandmaynotbedistributed,published,reproducedordisclosedtoanyotherpersonorusedforanyotherpurpose,withoutthewrittenpermissionofInvestEurope.

Copyrightinformation

NopartofthispublicationmaybereproducedbyanyprocessexceptinaccordancewiththeprovisionsoftheCopyrightAct1968.

CopyrightenquiriesshouldbedirectedtoInvestEurope.

Tel:+3227150020.

©CopyrightInvestEuropeMay2024

Version

Presentationasof01/05/2024

www.investeurope.eu/research

3

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

IntroductiontoInvestEurope

InvestEuropeisthe

voiceofinvestors

inprivatelyheld

companiesinEurope

>InvestEuropeistheassociationrepresentingEurope’sprivateequity,venturecapitaland

infrastructuresectors,aswellastheirinvestors.Wehaveover650members,splitroughly

equallybetweenprivateequity,venturecapitalandlimitedpartners–withsome110

associatemembersrepresentingadviserstoourecosystem.Thosemembersarebasedin57

countries,including42inEurope,andmanage60%oftheEuropeanprivateequityandventurecapitalindustry’s€1,004billionofcapitalundermanagement.Businesseswithprivatecapitalinvestmentemploy10.9millionpeopleacrossEurope,5%oftheregion’sworkforce.

>Ourmemberstakealong-termapproachtoinvestinginprivatelyheldcompanies,from

start-upstoestablishedfirms.Theyinjectnotonlycapitalbutdynamism,innovationand

expertise.Thiscommitmenthelpsdeliverstrongandsustainablegrowth,resultinginhealthyreturnsforEurope’sleadingpensionfundsandinsurers,tothebenefitofthemillionsof

Europeancitizenswhodependonthem.

>InvestEuropeaimstomakeaconstructivecontributiontopolicyaffectingprivatecapitalinvestmentinEurope.Weprovideinformationtothepubliconourmembers’roleintheeconomy.Ourresearchprovidesthemostauthoritativesourceofdataontrendsand

developmentsinourindustry.

>InvestEuropeistheguardianoftheindustry’sprofessionalstandards,demandingaccountability,goodgovernanceandtransparencyfromourmembers.

>InvestEuropeisanon-profitorganisationwith31employeesinBrussels,Belgium.

>Formoreinformationpleasevisitwww.investeurope.eu

www.investeurope.eu/research

4

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

EuropeanDataCooperative

WhatistheEDC?

TheEDCisthe

mostcomprehensivedatabaseofEuropeanprivateequityand

venturecapital

statistics

Thisyear,alldatafrom2007onwards

havebeenrestatedandsupplemented

withadditionalinformation.Thisupdatewascoordinatedinclosecollaboration

withdataprovidersandpartnernationalassociationstoensurecomprehensive

coverageanduniformmethodology.

>TheEuropeanDataCooperative(EDC)isajointinitiativewhichisowned&operatedbyInvestEuropeanditsnationalassociationpartnerstocollectEurope-wideprivateequityandventurecapitalindustrydata.

>TheEDCservesasasingledataentrypointformembersofprivateequityandventurecapitalassociationsandothercontributorsacrossthecontinent.

>Usingoneplatformwithastandardisedmethodologyallowsustohaveconsistent,robustpan-Europeanstatisticsthatarecomparableacrosstheregion.

>Auditeffortsareconductedinclosecoordinationwithdatacontributorsandpartneringnationalassociationstoensurethebestcoverageandconsistentapplicationofmethodology.

>AsaresultweproducethemostcomprehensiveoverviewofEurope’sprivateequityandventurecapitalmarketsavailable,allowingustobetterinformfundmanagers,investors,policymakers,regulators,andotherstakeholders.

>InvestEuropeprocessesallavailableinformationatthetimeofthedatacollectioncut-offtoproduceitsannualstatistics.AnydifferencesbetweenInvestEurope’sstatisticsandthoseofotherassociationspartneringintheEDCmayberelatedtodifferentreportingapproaches,

restatements,andtimingofdatacollectioncut-offs.

>ThemostrecentdatapublicationsarealwaysavailableonInvestEurope’swebsite(

www.investeurope.eu/research

)orbycontactingtheresearchteam

(

research@investeurope.eu

).

>InvestEuropemembersanddatacontributorsareeligibletoreceivededicatedresearchanddatasupportfromourresearchteam.Pleasecontactusat

research@investeurope.eu

tofindoutmoreabouthowtousethisservice.

www.investeurope.eu/research

5

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

EuropeanDataCooperative

WhatistheEDC?

308,0003T8ra0cinsTransactions

EuropeanDatacooperative

1,150+

fundmanagersacross

Europecontributedto2023

datacollectioneffort

90%

ofthe€1,004bnincapital

undermanagementin

Europecovered(asofend-2022)

10,200Funds

12,100+Funds

4,200+Firms

83,000

Portfolio

100,300+

Portfolio

companies

companies

www.investeurope.eu/research

6

FOREWORD

7

EXECUTIVESUMMARY

8

METHODOLOGY&GLOSSARY

76

ACKNOWLEDGEMENTS

81

ABOUTINVESTEUROPERESEARCH

83

DIVESTMENTS

ATAGLANCE

64

BYEXITROUTE

66

BYSECTOR

71

BYREGION

74

HOLDINGPERIOD

75

INVESTMENTS

ATAGLANCE

38

BYINVESTMENTSTAGE

ALLPRIVATEEQUITY

BUYOUTBYEQUITYBRACKET

40

43

BYGEOGRAPHY

45

INVESTMENTSAS%OFGDP

LOCATIONOFTHEPEFIRM

LOCATIONOFTHEPORTFOLIOCOMPANY

50

55

BYSECTOR

59

INVESTMENTSINSMES

62

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

What’sinside?

FUNDRAISING

ATAGLANCE

11

INCREMENTALFUNDRAISING

BYFUNDSTAGEFOCUS

BYFUNDSECTORFOCUS

CONCENTRATIONOFCAPITAL

FIRST-TIME&FOLLOW-ONFUNDS

BYREGIONOFMANAGEMENT

INVESTORSBYTYPE

INVESTORSBYGEOGRAPHY

13

15

17

18

20

22

27

FINALCLOSING

BYFUNDSTAGEFOCUS

CONCENTRATIONOFCAPITAL

MEDIANANDINTERQUARTILE

30

32

33

www.investeurope.eu/research

7

InvestinginEurope:

Introduction

PrivateEquityActivity2023

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

Foreword

Aftertwoexceptionalyearsforfundraisingand

investmentintheimmediaterecoveryfromtheCOVIDpandemic,thechallengesfacingtheprivateequity

andventurecapitalindustryin2023werewell

documented.Yetfarfromenduringacrash,the

Europeanindustryhadasoftlanding,returningto

pre-pandemiclevelsorhigheracrossbuyouts,growthandventurecapital.

ThepowerofInvestEurope’sresearchisits

comprehensiveness,coveringover1,150fund

managersand90%ofthe€1trillioninEuropean

capitalundermanagement.Thatenablesustotake

Asimportantasthequantumofcapital,iswherethemoneyisgoing.Ofthe8,391companiesreceiving

investmentin2023,85%wereSMEs,andalmosthalfwereintheInformationCommunicationsTechnology(ICT)andBiotech&Healthcaresectors.Energy&

Environmentwasatop-fivesectorforoverall

investmentandaleadingsectorforVC.ThismeanscompaniesattheheartofEurope’sgreenanddigitaltransitions,aswellasthosemakingmedical

discoveriesthatwilltransformhealthandlives.

Moreover,thatinvestmentcomeswithexpertisetohelpdriveinnovation,growthandjobcreation.

anauthoritativelookatactivityoverthelong-termto

Thechallengescanneverbeunderestimated,butthe

EricdeMontgolfier,CEO,InvestEurope

identifyindustrytrendsandtrajectories.Throughthishigh-poweredlens,weseethatincremental

ecosystemisworkinganddeliveringinvestmentandskillsthatbuildbetterbusinessesattheheartofa

fundraisingdidfallto€133billionfrom2022’s

functioningeconomyandsociety.

Thesefiguresreflecttheconfidenceoflong-term

stratospherichighof€195billion,butnonetheless

rankedasthethirdbestyeareverforindustry-widecapitalraising–andthesecondbestforbuyoutswith€95billionraised.Onsomemetrics,itwasevena

recordyear–the€137billionachievedbyfundsatfinalclosingisthehighestleveleverregistered.

EricdeMontgolfier

investorsintheabilityof

Itisasimilarstoryforinvestment.Deployment

CEO,InvestEurope

Europeanmanagersto

contractedfrom2021and2022highs,butreached

€100billionforthefourthyearinthelastfive,inline

generatereturnsthatcan

growthepensionsandsavingsofcitizens.

with2019levels.Lessthanadecadeago,the

Europeanindustryhadyettobreachthe€50billion

mark.ThatkindofcontextisimportanttounderstandwhereEuropeanprivateequityandventurecapitaliscomingfromandthepathitison.

www.investeurope.eu/research

8

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

ExecutiveSummary

FUNDRAISING

TotalfundraisinginEuropeduring2023reached€132.9bn,representinga3%declinefromthepreviousfive-year

average.Atotalof744fundsraisedcapitalduringtheyear,inlinewithnumbersseenin2020.

Pensionfundsaccountedfor24%ofthefundsraised,followedbysovereignwealthfunds(12%)andfundoffunds(11%).

NorthAmericaprovidedthehighestproportionofcapitalforfundraising(23%),followedbyFrance&Benelux(22%).

242fundsreachedtheirfinalclosingduring2023,raisingatotalamountof€137bnsinceinception.Thisisthehighestamountoffundsraisedatfinalclosinginanyyearever

recorded.

Venturefundraisingreached€14.2bnduring2023,

representinga21%decreasefromthepreviousfive-year

average.Atotalof278venturefundsraisedcapitalin2023;

70ofthethemwerefirst-timefunds.Thetopthreesourcesoffundsweregovernmentagencies(37%),corporateinvestors

(13%),andprivateindividuals(10%).

In2023,buyoutfundraisingreached€95.4bn,representing72%ofthetotalamountraisedduringtheyear.Thisamountis5%abovetheaverageforthepreviousfiveyears.Atotalof184

buyoutfundsraisedcapitalin2023,slightlyabovetheaveragefromthepreviousfiveyears.Pensionfundsprovidedthemostcapital,asinpreviousyears.Regionally,theprimarysourceofcapitalwasNorthAmerica.

Growthfundraisingreached€17.2bnduringtheyear,

representing13%ofthetotalamountraisedandinlinewiththeaveragefromthepreviousfiveyears.Atotalof192

growthfundsraisedcapitalin2023.Pensionfundsandprivateindividualsprovidedthetoptwosourcesofcapitalforthe

year,accountingfor19%and18%respectively.

INVESTMENTS

ThetotalequityamountinvestedinEuropeancompaniesin2023was€99.8bn,a25%decreasefromthepreviousyear

and11%belowthepreviousfive-yearaverage.8,391

companiesreceivedinvestment,85%ofwhichwereSMEs.ICTreceivedover€24bnofinvestmentsandcombinedwithconsumergoods&servicesaccountedformorethan43%ofinvestmentsbyamount.

Venturecapitalinvestmentreached€12.9bnin2023.Thisisroughly5%lessthantheaveragefromthepastfiveyears

average.4,764companiesreceivedaventureinvestmentin2023-99%ofthesebeingSMEs-representingaround56%ofthetotalnumberofcompaniesbackedduringtheyear.ThisyearintermsofamounttheStart-upstagewithinVenturereceivedthemostamountofinvestment:€6.4bn,or49%ofthetotalforventure.Bysector,ICTreceivedaround43%ofventurecapitalinvestment.

Buyoutinvestmentsreached€62.6bnin2023.Themid-marketbuyoutsegmentsawthehighestamountofinvestmentswithinbuyout(38%oftotalbuyoutamount).Intermsofnumberof

companies,thepercentagewas31%.Themegainvestmentsegment(>€300m),accountedforjustover36%oftotal

amountintothespace.Bysector,businessproducts&servicesandconsumergoods&servicesreceivedthemostinvestment,exhibitingatotalof€27.4bnroughlysplitequally.

Growthinvestmentssawa30%decreasefrom2022,reaching€21.1bnfortheyear.VC-backedgrowthinvestmentsreceivedatotalof€3.6bn.Thenumberofcompaniesreceivinggrowthinvestmentreached2,255.ICTreceivedthehighestlevelof

investment(26%).

InvestmentsbyEuropeanPrivateEquity&Venturecapitalfundsreached0.44%ofEuropeanGDPin2023.

DIVESTMENTS

Divestmentsatcostin2023reached€30.6bn,representinga15%decreasefromthepreviousyear.Atotalof3,094

Europeancompanieswereexitedduringtheyear,a12%

decreasefrom2022.Themainexitroutebyvaluewassaletoanotherprivateequityfirm,accountingfor35%ofthe

total.

Venturedivestmentsin2023reached€2.4bn,representinga16%decreasefromtheyearbefore.Thisisalso14%belowtheaverageforthepastfiveyears:€2.8bn.Atotalof1,168

companieswereexited,whichisslightlybelowtheaverageofthepreviousfiveyears.Themainexitroutewastradesale,

accountingfor35%ofthetotalamounts.While39%ofexitedcompanieswereintheICTsector.

In2023,therewasan8%year-on-yeardeclineinbuyout

divestments,totaling€22.4billiondivestedthroughoutthe

year.Thenumberofdivestedcompaniesdecreasedby17%

comparedto2022,with662companiesdivested.Themain

exitroutebybothamountandnumberofcompanieswassaletoanotherprivateequityfirm,representing38%and29%ofallexits,respectively.Businessproductsandservicessector

accountedforthelargestnumberofexitsintermsofbothamount(26%)andnumberofcompanies(29%).

ThetotalvalueofGrowthdivestmentsin2023was€5.3bn,

representinga35%decreasefrom2022and20%belowthe

averageforthepreviousfiveyears(€6.6bn).Atotalof1,350

growthcompaniesweredivested.Themainexitroutebyvaluewassaletoanotherprivateequityfirm(29%),followedby

tradesale(28%).Thecompaniesinthebusinessproductsandservicessectorsawthemostexits(28%),whiletheICTsectoraccountedforthelargestvalueofexits(23%).

Note:Forthesectoranalysiswrite-offswerenotconsidered.

www.investeurope.eu/research

9

InvestinginEurope:IPrivateEquityActivity2023

ntroduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

Overview-AllPrivateEquity-Fundraising,Investments,&Divestments

Amountovertime(€billion)

FUNDRAISINGINVESTMENTSDIVESTMENTS

195

141

133

127

114

108

100

86

6059

55

43

29

27

22

149

47

49

464445

36

3635

3637

31

27

26

21

15

134

100

101

92

86

76

5759

4341

444949

26

Source:InvestEurope/EDC

InvestinginEurope:

PrivateEquityActivity2023

www.investeurope.eu/research

10

ACTIVITY2023

FUNDRAISING

www.investeurope.eu/research

11

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

Fundraisingataglance

2023-Analysis

>

TotalfundraisinginEuropeduring2023reached€132.9bn,representinga3%declinefromthepreviousfive-yearaverage.Atotal

AllPrivateEquity

Amountraised€133bnby744funds

Finalclosing€137bnby242funds

of744fundsraisedcapitalduringtheyear,inlinewithnumbersseenin2020,and6%belowtheaveragenumberoffundsraisingcapitaloverthepreviousfiveyears.

>

Pensionfundsaccountedfor24%ofthefundsraised,followedbysovereignwealthfunds(12%)andfundoffunds(11%).North

Americaprovidedthehighestproportionofcapitalforfundraising(23%),followedbyFrance&Benelux(22%),andAsia&Australia

(20%).Intotal,47%wascommittedbyinvestorsfromoutsideEurope.

>

242fundsreachedtheirfinalclosingduring2023,raisingatotalamountof€137bnsinceinception.Thisisthehighestamountoffundsraisedatfinalclosinginanyyeareverrecorded.

VentureCapital

Amountraised

Finalclosing

€14bn

€12bn

by

by

278funds

83funds

>

Venturefundraisingreached€14.2bnduring2023,representinga21%decreasefromthepreviousfive-yearaverage.Funds

focusingonallVCraised61%ofthetotalventurefortheyear.Atotalof278venturefundsraisedcapitalin2023;70ofthethemwerefirst-timefunds.Thetopthreesourcesoffundsweregovernmentagencies(37%),corporateinvestors(13%),andprivate

individuals(10%).TheFrance&Beneluxregioncontinuedtobetheprincipalsourceofcapital,with37%offundscommittedcomingfromtheregion.

Buyout

Amountraised

€95bnby184funds

>

In2023,buyoutfundraisingreached€95.4bn,representing72%ofthetotalamountraisedduringtheyear.Thisamountis5%abovetheaverageforthepreviousfiveyears.Atotalof184buyoutfundsraisedcapitalin2023,whichisslightlyabovethe

Finalclosing€106bnby83funds

Growth

averagefromthepreviousfiveyears.Pensionfundscontinuedtoprovidethemostcapital,accountingfor27%ofthetotal,

followedbysovereignwealthfunds(16%),andfundoffunds(12%).Pensionfundsprovidedthemostcapital,asinpreviousyears.Regionally,theprimarysourceofcapitalwasNorthAmerica,accountingfor27%ofthetotal,followedbyAsia&Australia(26%),andFrance&Benelux(16%).

>

Growthfundraisingreached€17.2bnduringtheyear,representing13%ofthetotalamountraisedandinlinewiththeaverage

Amountraised€17bnby192funds

fromthepreviousfiveyears.Atotalof192growthfundsraisedcapitalin2023.Pensionfundsandprivateindividualsprovidedthetoptwosourcesofcapitalfortheyear,accountingfor19%and18%respectively,followedbygovernmentagencies(15%),and

Finalclosing€14bnby52funds

NB:Amountraisedrepresentsincrementalamountraised.Finalclosingrepresentscumulativeamountraised.

fundoffunds(13%).

www.investeurope.eu/research

12

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

Fundraisingataglance

Europe-Incrementalamountraisedduringtheyear€194.6bn

5.05.1

7.6

4.4

7.0

9.5

22.1

€141.0bn

€132.9bn

6.30.7

25.9

€126.8bn

4.4

1.9

€114.3bn0.16.5€108.4bn

4.3

17.2

€100.2bn

0.620.8

10.611.1

4.8

11.0

€86.0bn

6.0

131.6

0.9

10.5

0.3

5.1

6.1

€59.9bn€58.5bn

€55.2bn

86.995.4

4.66.1

81.783.9

7.7

5.6

€43.0bn

0.4

1.3

6.7

3.7

3.1

70.970.0

64.0

7.3

4.6

23.9

4.6

€26.7bn

€29.3bn

2.7

€21.8bn

43.9

3.5

34.2

38.9

6.83.7

11.9

3.7

1.61.9

0.6

5.3

0.41.311.2

3.6

24.5

17.9

14.2

10.511.912.0

16.615.621.1

200920102011201220132014201520162017201820192020202120222023

VentureCapitalBuyoutGrowthMezzanineGeneralist

Source:InvestEurope/EDC.NB:Buyoutincludesturnaround/rescueandreplacementcapitalfunds

www.investeurope.eu/research

13

€billion

17.2

11.1

9.5

7.0

6.56.3

4.3

1.9

0.7

0.1

0.6

4.4

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

Fundsraisedbyfundstagefocus

Incrementalamountraisedduringtheyear

30

25

20

15

10

5

0

TotalVentureCapital

Venture(allstages)

Later-stage

Early-stage

24.5

16.6

15.6

21.1

9.8

14.2

11.2

10.4

7.4

4.0

8.6

10.7

2.0

1.8

7.9

6.4

1.4

1.5

4.8

4.0

VentureCapital

25.9

22.1

20.8

GrowthMezzanineGeneralist

20192020202120222023

131.6

95.4

86.9

81.783.9

Buyout

Source:InvestEurope/EDC

www.investeurope.eu/research

14

Numberoffunds

142

99

82

62988

9290

96

InvestinginEurope:

PrivateEquityActivity2023

Introduction

Fundraising

Investments

Divestments

Methodology&Glossary

Acknowledgements

Fundsraisedbyfundstagefocus

Numberoffundsthatreachedfirst,intermediateorfinalclosingduringtheyear

500

400

300

200

100

0

TotalVentureCapital

Venture(allstages)

Later-stage

Early-stage

389381

325

206

182

278

294

146

148

161

49

41

36

39

150

143

142

21

107

96

VentureCapital

219219

192

176

GrowthMezzanineGeneralist

20192020202120222023

218

184

174

165

148

Buyout

Source:InvestEurope/EDC

www.investeurope.eu/research

15

InvestinginEurope:

PrivateEquityA