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罗兰贝格(Roland Berger):2025年欧洲私募股权市场展望报告:持续平衡之举(中译版)(28页).pdf

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1、European Private Equity Outlook 2025The balancing act continuesJanuary 2025STUDYCover mbolina/iStockThe European Private Equity Outlook 2025 is the 16th consecutive publication in a series launched by Roland Berger in 2010.This years key messages include Over 90%of the professionals surveyed anticip

2、ate increased M&A activity involving private equity(PE),driven by portfolio exits deferred from recent years and by improved financing conditions,including stabilized interest rates and better debt financing availability.Technology,software&digital solutions and pharma-ceuticals&healthcare remain th

3、e most attractive sectors for PE investments because of their resilience and scalability.Valuation multiples for these industries are expected to rise,while other sectors,such as automotive,may see(further)declines.Small-and mid-cap segments continue to be seen as the most promising asset classes as

4、 they are less debt dependent.The financing outlook for infrastructure investments is likewise positive,while large-cap deals continue to face heavier constraints due to high-volume capital requirements even though they are expected to improve from current conditions in 2025.Digitalization,data anal

5、ytics,add-on acquisitions and commercial excellence are expected to be the most important drivers of value creation going forward.Primary investments and secondary buyouts are expected to be the most important deal sources in 2025.Majority investments are forecast to offer significant value creation

6、 potential.Secondary buyouts will become relevant as many PE exits were postponed in 2024.Secondary buyouts and family-owned company acquisitions are expected to drive deal sourcing.Resilience-focused measures such as investing in stable businesses and add-on acquisitions are seen as effective strat

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根据报告的内容,本文主要讨论了2025年欧洲私募股权市场的展望。主要观点包括: 1. 超过90%的专业人士预计2025年私募股权参与的并购活动将增加,主要受近年推迟的组合退出和改善的融资条件推动,包括稳定的利率和更好的债务融资可用性。 2. 技术、软件和数字解决方案以及制药和医疗保健仍然是私募股权投资最吸引人的行业,因为它们的韧性和可扩展性。这些行业的估值倍数预计将上升,而其他行业,如汽车业,可能进一步下降。 3. 小型和中型市值公司继续被视为最有前景的资产类别,因为它们不太依赖债务。基础设施投资的融资前景同样积极,而大型交易由于高资本需求而继续面临更重的约束。 4. 数字化、数据分析、附加收购和商业卓越预计将是未来价值创造的最重要驱动因素。 5. 预计2025年主要交易来源将是主要投资和二手收购,多数投资预计将提供显著的价值创造潜力。 6. 二手收购和家族企业收购预计将推动交易来源。专注于投资稳定业务和附加收购等韧性措施被视为有效策略,以防范潜在的经济衰退。
哪些行业最受关注? 哪些因素将影响交易数量? 如何有效应对经济衰退?
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