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1、12023 US Private Equity OutlookPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysispbinstitutionalresearch PublishingDesigned by Julia MidkiffPublished on December 1

2、9,2022Tim Clarke Senior Analyst,Private EJinny Choi Analyst,Private EAndrew Akers,CFA Senior Quantitative AKyle Walters Associate Analyst,Private ERebecca Springer,Ph.D.Senior Analyst,HPitchBook is a Morningstar company providing the most comprehensive,most accurate,and hard-to-find data for profess

3、ionals doing business in the private markets.2023 outlooksp.2-3 PE-led take-privates will migrate to the middle markets.p.4-5 Aggregate PE fund returns will underperform public equity benchmarks as private market valuations continue to get marked down.p.6 Sponsor-to-sponsor exits will take up a reco

4、rd portion of US PE exits.p.7-8 The exit-to-investment ratio will reach a more than 15-year low.p.9-10 US PE healthcare services investment in skilled care and behavioral health providers will bounce back to a record high of more than 40 deals,excluding add-ons.p.11-12 PE will dip below its historic

5、 share of private market fundraising,driven by demand for income over growth by discretionary investors.p.13-14 Direct lenders will continue to dominate LBO debt markets,eventually giving way to a recovery in bank-led lending later in the year.2PitchBook Analyst Note:2023 US Private Equity OutlookOu

6、tlook:PE-led take-privates will migrate to the middle markets.Rationale:Taking public companies private has been a winning PE strategy.PE firms turned to this approach almost out of necessity as funds approached$30 billion at the extreme upper end.It allowed mega-funds to quickly deploy record amoun