Private Equity 2023 Year-in-Review and 2024 Outlook

This report provides an analysis of the private equity landscape in 2023 and outlines expectations for 2024. It describes the challenges faced by the industry, including a significant decline in deal volume and increased capital costs, which have resulted in a prolonged downturn in M&A activity. The report details how the banking crisis in early 2023 affected liquidity and financing for private equity transactions, particularly for large deals. Despite these challenges, certain segments, such as technology and professional services, showed resilience and potential for growth. The report also highlights operational challenges faced by fund managers, including longer hold periods and slower fundraising efforts. Additionally, it discusses regulatory developments impacting the sector and the emergence of unique opportunities in carve-out transactions and middle-market strategies. Overall, the report presents a comprehensive view of the current state of private equity and its outlook for the upcoming year.