Dry Powder: The Private Equity Podcast
When I first saw some of the figures in Bain’s Private Equity Midyear Report 2023, I thought to myself, “Is this 2009 all over again?” Year over year, deal values are down about 45%, exits are down nearly 70%, and fundraising is on track to drop by nearly 30% by the end of the year.
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Even though the numbers sound grim, it also appears that nothing is fundamentally broken in the global economy. Macro data continues to defy all expectations that we are going to see a recession anytime soon. Absent some type of black swan event, which by definition is not really predictable, we’d expect dealmakers to get back to actually doing deals sooner, and I mean doing them at scale in an environment that’s hopefully stabilizing, if not attractive.
So, when will the industry get back to dealmaking? And what exactly are investors waiting for? Today on Dry Powder, I’ll share the key insights from Bain & Company’s Private Equity Midyear Report 2023.
Stuck in Place: Private Equity Midyear Report 2023
Stalled dealmaking and exits have jammed the capital flywheel, putting a premium on liquidity.
The Private Equity Podcast
In our podcast series, Bain's Hugh MacArthur interviews leading experts on the trends and opportunities that will redefine the private equity industry.
Published in July 2023