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1、Headline not higher!European Private EquityOutlook 2024Positive momentum in the airMarch 2024STUDYCover Radka Danailova/iStockThe European Private Equity Outlook 2024 is the 15th consecutive publication in a series launched by Roland Berger in 2010.This years key messages include In 2024,65%of respo

2、ndents anticipate a higher volume of M&A transactions involving private equity(PE).A significant change in sentiment compared to 2023.This expectation is primarily driven by the anticipated easing of financing conditions and the perception of greater investment opportunities Technology,software&digi

3、tal solutions and pharma&healthcare remain the most attractive target industries in 2024 for M&A transactions with PE involvement The availability of debt financing and the overall economic situation are expected to have a major impact on PE transactions in 2024.The small-and mid-cap segments are co

4、nsidered the most promising asset classes in 2024,being less dependent on large amounts of debt financing.Furthermore,debt financing for private equity investments in infrastructure is expected to be favorable in 2024 Over 75%of PE professionals believe that current valuation multiples are overvalue

5、d,a perspective that has remained largely consistent with last years views.However,technology,software&digital solutions,pharma&healthcare,and infrastructure are likely to continue(very)high valuation multiples Primary investments and secondary buyouts are expected to be the most important deal sour

6、ces in 2024.Majority investments are forecast to offer significant value creation potential.Secondary buyouts will become relevant as many PE exits were postponed in 2023 Development of portfolio companies and continuation funds are set to be a key focus of PE activity in 2024,while respondents expe

7、ct fundraising to be less in focus in 2024.However,54%of PE professionals still expect the level of competition for fundraising to become more intense in 2024,down from 78%in 2023 Most PE professionals continue prioritizing value creation initiatives in their portfolios.Key drivers for future value

8、creation include the integration of AI,digitalization/data analytics and ESG.In addition to creating value in the portfolio companies,AI is also expected to provide advantages in the due diligence process3European Private Equity Outlook 2024PE experience%of responsesParticipants investment focus%of

9、responsesApproximately 2,200 experts from private equity investment companies across Europe were contacted for this years PE Outlook.The results show what experts in the market anticipate for different countries and regions as well as the factors and topics they consider to be relevant for the priva

10、te equity business in 2024.Exclusive survey of private equity professionals from leading PE firms across EuropeSource:Roland Berger1 Germany,Austria and Switzerland 2 Norway,Sweden,Finland,Denmark 3 Central&Eastern Europeexperts contacted2,200United Kingdom 10%Nordics2 6%Benelux 20%France 11%Spain&P

11、ortugal 6%Italy 5%CEE3 4%DACH1 38%10 years4European Private Equity Outlook 2024What change do you expect to see in 2024 in the number of completed M&A transactions with PE involvement?Around 65%of respondents anticipate an increase in M&A transactions involving private equity firms in 2024 compared

12、to 2023.This marks a significant shift from last years survey,where only 30%of respondents expected a positive development.This shift can be attributed to various factors;on the one hand,there was a decline in PE-related M&A activity in 2023,as anticipated in last years PE Outlook,influenced by unfa

13、vorable macroeconomic conditions such as inflation and interest rate;on the other hand,the economic outlook for 2024 appears more promising,with expectations of stable or lower interest rates and a continued recovery across most key European economies.Additionally,many portfolio company exits by pri

14、vate equity were postponed in 2023,with plans to enter the market in 2024 instead,as investors anticipate more favorable market conditions.65%of respondents are expecting an increased level of M&A transactions with PE involvement in 2024 A change in sentiment compared to 2023Source:Roland Berger%of

15、responses only one answer per category possible and excluding blank answersTotal may not add up to 100%due to rounding5%12%18%47%18%M&A transactions with PE involvement 2024 vs.2023%Decline of more than 10%0%to -10%0%to +10%0%Increase of more than 10%65%5European Private Equity Outlook 2024What chan

16、ge in PE M&A activity do you expect to see in the following countries in 2024?The outlook for M&A transactions with PE involvement differs between major European countries and regions.Respondents expect the DACH region and France to see the strongest growth in 2024,followed by the Nordics and Benelu

17、x.The growth expectations for UK,Italy,Spain and Portugal are also clearly positive,but compared to the other countries,participants appear to be more conservative.Further,for Central&Eastern Europe,roughly twice as many participants expect a positive rather than a negative development of deal activ

18、ity.This development outlook differs among major European countries and regionsSource:Roland BergerPositive development expectations%(share of respondents who expect a slight orstrong increase)Change in PE M&A activity in major countries 2024 vs.2023%Decline of more than 10%0%to-10%0%to+10%Increase

19、of more than 10%0%Spain&PortugalDACH1100%100%100%100%100%100%100%100%58%73%72%62%67%59%64%59%Central&Eastern EuropeFranceNordics2ItalyBeneluxUnited Kingdom13%45%9%20%13%14%45%6%21%14%14%45%5%24%12%21%41%5%21%11%17%47%5%21%10%15%53%2%17%14%26%46%2%16%11%23%49%7%12%8%1 Germany,Austria and Switzerland

20、2 Denmark,Norway,Sweden,Finland,and Iceland6European Private Equity Outlook 2024What change do you expect to see in 2024 with respect to the number of completed M&A transactions with PE involvement?The outlook for M&A transactions with PE involvement varies across industries.As already observed over

21、 the past three years,both technology,software&digital solutions as well as pharma&healthcare are anticipated to lead M&A transactions with PE involvement in 2024.Key reasons in pharma&healthcare include the perceived resilience against economic crises,strengthening of the supply chain,and product p

22、ortfolio expansion.For technology,software&digital solutions,software-as-a-service(SaaS)and digital transformation solutions(including data analytics,hyper-automation,artificial intelligence solutions)are key.These industries are of particular interest to PE due to their fundamental growth character

23、istics,resilience and scalability.Technology,software&digital solutions,and pharma&health-care are expected to continue yielding the most M&A dealsSource:Roland Berger%of participants that expect a high number of transactionsRank change 2024 vs.2023100%max.valueLikelihood of a higher number of M&A t

24、ransactions by industry 2024%Technology,software&digital solutionsBusiness services&logisticsEnergy/utilitiesInfrastructureIndustrial goods&engineeringFinancial servicesConsumer goods&retailChemicalsBuilding&constructionAutomotivePharma&healthcare+173%-169%-149%046%031%015%+153%047%044%+114%-17%7Eur

25、opean Private Equity Outlook 2024Please estimate the development of the European M&A market with PE involvement by size classes(based on EV estimations)While respondents consider the small-cap segment(enterprise value(EV)estimations of below EUR 100 m)and mid-cap segment(EUR 100 to 499 m)the most pr

26、omising in 2024,PE professionals remain conservative with respect to the upper mid-cap(EUR 500 to 999 m)and large-cap segments(EUR 1 bn)of the European M&A market.This is due to the size of debt needed,which is higher in large-cap compared to small-and mid-cap segments.The small-and mid-cap segments

27、 are,once again,perceived as most promising target classes in 2024 in terms of the development of the number of transactionsSource:Roland BergerEUR 1,000 mDevelopment of PE transaction size classes 2024 vs.2023%(Slight)decreaseOn a par with 2023(Slight)increaseSegmentdefinitionSmall-capMid-capMid-ca

28、pUpper mid-capLarge-cap100%100%100%100%100%34%47%19%22%59%19%18%66%16%25%60%14%31%47%22%8European Private Equity Outlook 2024What are the most influential factors affecting the number of European M&A transactions with private equity involvement in 2024?Nearly all respondents identify the availabilit

29、y of debt financing,the overall economic situation,and valuation levels as the primary factors influencing the number of M&A transactions involving PE in 2024.Moreover,more than 60%of respondents emphasize the importance of the availability of attractive acquisition targets in shaping the levels of

30、M&A activity for the year 2024.The availability of debt financing,overall economic situation,and valuation levels are anticipated to be the most influential factors on the#of PE transactions in 2024Source:Roland BergerRanking of M&A influencing factors 2024%Positive development expectations%(share o

31、f respondents who expect an improvement in the respectiveinfluencing factor)Availability of debt financingValuation levelsAvailability of attractive acquisition targetsPolitical stability(e.g.,trade or geopolitical conflicts)Consumer confidenceAccelerating of energy transitionRising energy costsComp

32、etition from strategic investorsProcess uncertaintyOthers1Overall economic situation/potential recession81%59%42%9%51%19%29%52%29%38%27%n/a81%63%45%26%23%80%46%35%22%9%Based on ranking from 1(least influential)to 5(most influential)%shown represents the share of respondents assigning a score of 4 or

33、 5 to a given factor relative to total number of respondents 1 Other influencing factors seen by respondents;not specified1239European Private Equity Outlook 2024What is the current situation of debt financing(end of 2023)and how do you expect debt financing will develop in 2024 per asset class?Comp

34、ared to 2023,PE professionals expect debt financing to be favorable for infrastructure and small-and mid-cap asset classes.20%and 19%of respondents,expecting(very)good debt financing.However,more than half(59%)of PE professionals expect large-cap financing to deteriorate.Looking ahead,debt financing

35、 for infra-structure and small-&mid-cap size classes is expected to improve or remain on par with the previous year,indicating an overall positive trend in debt financing.Infrastructure and small-&mid-cap size classes appear particularly promising for debt financingSource:Roland BergerAvailability o

36、f debt financing(Very)badNeutral(Very)goodInfrastructureSmall-cap/Mid-capLarge-capCurrent situation of debt financing End of 2023%59%47%31%20%19%7%34%34%50%of responses only one answer possible110European Private Equity Outlook 2024What are the most influential factors preventing debt financing for

37、target companies in 2024?PE professionals primarily attribute the limited availability of debt financing to factors such as less predictable cash flows,increased interest rates,and the amount of debt required relative to the transaction size.Additionally,broader macroeconomic uncertainties and geopo

38、litical conflicts,such as the Russia-Ukraine war,are seen as further constraints on debt availability.Main hurdles for the availability of debt financing are the low predictability of cash flows,increased interest rates,and the amount of debt neededSource:Roland BergerAvailability of debt financing1

39、(Least relevant)5(Most relevant)423Factors preventing debt financing 2024%High relevance%(sum of answers 4 and 5)Instability of the supply chain Lower predictability of cash flows100%100%100%100%100%100%100%100%Energy intensity of business Increased interest ratesSize of debt needed/transaction size

40、 Consumer exposure of business General macro-economic uncertainty Exposure to Ukraine/Russia 1%14%8%42%34%6%29%4%40%21%13%30%3%32%21%26%26%6%29%14%16%44%34%6%18%47%4%21%10%37%33%2%18%10%26%52%19%3%78%64%51%34%70%60%43%16%111European Private Equity Outlook 2024What is your outlook for the economic cl

41、imate in 2024?This years survey results depict mixed sentiments among PE professionals about the economic climate for 2024 with no overwhelming consensus.While one-third of respondents expects slight growth in the economic climate outlook,another third expects the economic climate to stay on par wit

42、h 2023.Conversely,27%anticipate a slight downturn,pointing to a cautious concern about potential economic headwinds.The spread of opinions reflects uncertainty and a wide range of expectations for the economic performance in the coming year.Varied macro-economic expectations for 2024 among PE profes

43、sionalsSource:Roland BergerOverall economic situation%of responses only one answer possible10%27%30%32%1%Economic climate outlook-2024%Economic downturnSlight downturnSlight growthOn par with 2023High growth212European Private Equity Outlook 2024Which measures do you consider to be most effective ag

44、ainst a potential downturn?Around 37%of respondents expect a(slight)downturn in the economic climate.However,PE professionals believe that measures such as investing in resilient businesses,preparing portfolio companies for challenging times through dedicated weatherproof programs,and making add-on

45、acquisitions could act as a downturn protection.The professionals also hold the view that reducing investment pace and investing in(more)distressed assets are clearly less effective against a potential downturn.Investments in resilient businesses,weatherproof programs,and add-on acquisitions are con

46、sidered effective measures against a downturn for PEsSource:Roland BergerOverall economic situation%of responses(relative frequency)1 e.g.,weatherproof programsMeasures for downturn protection 2024%Investing in resilient businesses and avoiding cyclical industries29%Preparing portfolio companies for

47、 challenging times123%Investing in add-on acquisitions17%Application of earn-out clauses(to manage valuation gap)11%Raising long-hold funds(e.g.,15-years duration)7%Reducing investment pace(i.e.,stretching funds over a longer time)7%Investing in(more)distressed assets5%213European Private Equity Out

48、look 2024What best describes the current status of valuation multiples paid during M&A transactions with PE involvement?Assets are In this years survey,76%of respondents indicated that valuation multiples were too high,which marks a slight increase from 72%in 2023.However,sentiment has shifted sligh

49、tly,with 22%of respondents in this years survey seeing valuations as too high,compared to 27%previously.Instead,54%of respondents now perceive valuations as slightly too high,up from 45%in the previous year.The proportion of respondents who believe assets are fairly valued has somewhat decreased to

50、16%from 21%in 2023.Conversely,the number of respondents who perceive assets as undervalued has slightly increased,with 8%of surveyed PE professionals expecting valuations to be undervalued compared to 6%in 2022.Over 75%of PE professionals believe that current valuation multiples are too high,a persp

51、ective that is consistent with last years resultsSource:Roland BergerValuation levels%of responses only one answer possible1%0%7%6%16%21%54%45%22%27%Current status of valuation multiples End of 2023%undervalued slightly undervalued slightly overvaluedPrevious years results(2023)fairly valued overval

52、ued76%314European Private Equity Outlook 2024How do you expect valuation multiples paid in transactions with PE involvement to develop in 2024?Looking in more detail at the expected development of valuation multiples by industry,most respondents expect technology,software&digital solutions to see an

53、 increase in valuation multiples in 2024(49%),followed by pharma&healthcare(40%)and infrastructure(30%).The majority of respondents expects valuation multiples to decrease for assets in consumer goods&retail(52%),automotive(69%)and building&construction(71%).Technology,software&digital solutions,pha

54、rma&healthcare and infrastructure are likely to continue experiencing(very)high valuation multiplesSource:Roland BergerValuation levels%of responses only one answer possibleExpected development of valuation multiples by industry 2024%Technology,software&digital solutionsPharma&healthcareInfrastructu

55、reFinancial servicesEnergy/utilitiesBusiness services&logisticsIndustrial goods&engineeringChemicalsConsumer goods&retailBuilding&constructionAutomotive100%100%100%100%100%100%100%100%100%100%100%30%18%52%40%19%41%49%21%30%27%20%53%23%21%56%23%27%50%18%31%51%13%46%41%12%52%36%4%71%24%69%31%(Slight)d

56、ecreaseOn a par with 2023(Slight)increase315European Private Equity Outlook 2024What will the source of the most attractive targets be in 2024?Primary investments(incl.majority and minority investments)continue to be perceived as the key source for potential targets.Majority shareholdings in family-

57、owned companies are seen as an important source of targets by 75%of participants.Secondary buyouts are perceived as the second most important source of attractive targets,being named by 70%of survey participants(up from c.19%in 2023).As many PE exits were postponed in 2023 due to the unfavorable eco

58、nomic situation and high inflation rates,rebound effects are expected in 2024.The attractiveness of public-to-private transactions is expected to decrease significantly in 2024 due to the high number of assets being brought to market by private equity firms.Majority investments and secondary buyouts

59、 are perceived to be the most important sources of targets in 2024Source:Roland Berger%of participants that expect this source of targets to be important or very important(as defined by selecting it among the top three choices out of six possibilities)multiple answers possibleRank change 2024 vs.202

60、3Delta 2024 vs.2023ppts.100%max.valueSources of most attractive targets 2024%Majority investmentsInsolvent companies/distressed dealsParts of groups/carve-outsMinority investmentsListed companies(taking private)Secondary buyouts+1+3175%+4+5170%0+2055%+1+3454%-1-123%-5-3223%98%primary investments16Eu

61、ropean Private Equity Outlook 2024Overall,targets available on the market in 2024 will be more attractive than in 2023.To what extent do you agree?90%(compared to 72%in 2023)of respondents expect the targets available in 2024 to be as attractive or more attractive than the targets available in 2023.

62、Only 10%of PE professionals(down significantly from 28%in 2023)assume that the targets will be less attractive than in the previous year.70%of PE professionals expect the targets available in 2024 to be more attractive compared to the ones in 2023Source:Roland BergerExpected development of investmen

63、t opportunities 2024 vs.2023%3%7%18%54%18%Completely disagreeSomewhat disagreeSomewhat agreeNeither agree nor disagreeCompletely agree72%10%of responses only one answer possible17European Private Equity Outlook 2024On which phase of the PE value chain will you focus most in 2024?What degree of compe

64、titiveness do you expect in fundraising in 2024?About 40%of respondents indicate that development of portfolio companies will be the focus of PE activities in 2024,which received the lowest ranking with only 16%in last years survey.Another key focus for PEs is expected to be continuation funds,albei

65、t with declining prominence(21%in 2024 vs.35%in 2023).Respondents expect fundraising to lose focus in 2024,whereas it was the top priority last year(17%in 2024 vs.67%in 2023).Compared to last years survey,the competitive situation in fundraising is still expected to be intense in 2024,but to a lower

66、 extent(54%in 2024 vs.78%in 2023).Development of portfolio companies and continuation funds are set to be a key focus of PE activity in 2024Source:Roland BergerFocus of PE investors by value chain phase 2024%Expected level of competition for fundraising 2024%of responses only one answer possible%of

67、respondents that will place most of their focus on this phase of the PE value chain multiple answers possibleMaking new investmentsDevelopment of portfolio companiesProlongation of existing funds54%I expect the competitive situation to get more intense39%I dont expect any change in the competitive s

68、ituation7%I expect the competitive situation to ease upFundraisingDivesting existing investments41%21%20%17%13%18European Private Equity Outlook 2024What role will value creation play in 2024 and in the next 5 years?59%and 79%of respondents believe value creation will have an important or very impor

69、tant role in 2024 and the next 5 years,respectively.This reflects a slight decrease of the importance compared to our survey in 2023 with 89%and 92%for the respective periods.Especially in times of increased interest rates,investors are constantly looking for additional creation of value besides jus

70、t buying low and selling high.Since interest rates are expected to normalize going forward,the focus on value creation initiatives becomes more diversified.In 2024,PE professionals expect value creation initiatives in the portfolio to gain further importanceSource:Roland BergerRole of value creation

71、 2024-2029%of responses only one answer possible0%2%6%9%16%30%51%50%28%9%Very unim-portant/strongly decreasingLess important/slightly decreasingImportant/slightly increasingNeutral/no changeVery important/strongly increasing79%59%In the next 5 yearsCurrently19European Private Equity Outlook 2024Whic

72、h of the following portfolio management/value creation measures do you consider most important in 2024;which measures will increase in importance the most in the next 5 years?Respondents expect AI integration to be the top priority in the next five years(7%vs.20%),followed by digitalization/data ana

73、lytics(11%vs.17%)and ESG(8%vs.13%)with regards to portfolio management and value creation.The most notable decreases in the next five years are anticipated for cost reduction initiatives(11%vs.4%),cycle resilience of portfolio companies(14%vs.8%),and add-on acquisitions(15%vs.5%),which are the most

74、relevant measures in 2024.AI integration,digitization/data analytics,and ESG are viewed to be the most important drivers of value creationSource:Roland BergerImportance of portfolio management/value creation measures 2024 vs.future%Expected future development ppt.AI integration+137%20%Add-on acquisi

75、tions-515%10%Commercial excellence-15%4%Refinancing-25%3%Digitization/data analytics+611%17%New products&services+43%7%Pricing-25%3%ESG+58%13%Upgrading of manage-ment/aligning incentives-16%5%Purchasing/supply chain optimization03%3%Cycle resilience of portfolio companies-614%8%Cost reduction initia

76、tives-711%4%Working capital optimiza-tion/capex efficiency-46%2%2024Next 5 years%of responses only one answer possible120European Private Equity Outlook 2024In which of the following parts of the private equity value chain do you anticipate artificial intelligence(AI)deployment to provide the most b

77、enefits?PE professionals expect AI integration to be the most important portfolio management/value creation measure going forward.Just over 40%of the respondents believe that AI will provide the most benefit to value creation in portfolio companies by leveraging available data.One third said AI will

78、 enhance the due diligence process,such as providing unique insights from open-source market data,while the remaining 25%of respondents expect AI to benefit deal sourcing and portfolio management the most.AI is predicted to bring the highest benefits to PE in creating value for portfolio companies a

79、nd supporting due diligence processesSource:Roland BergerBenefits of artificial intelligence 2024%AI integration%of responses only one answer possible42%Value creation in portfolio companies33%Due diligence process20%Deal sourcing5%Portfolio management75%121European Private Equity Outlook 2024How do

80、 you expect the individual exit channels to change in 2024?In 2024,respondents continue to perceive sales to strategic investors as the most promising exit channel,followed by sales to PE investors.Compared to 2023,the expected development of sales to strategic investors and PE has become more posit

81、ive.IPOs and dual-or triple-tracks are expected to remain largely stable.Strategic or other PE investors remain the most promising exit channels in 2024Source:Roland BergerChange in exit channels 2024%of responses only one answer possibleM&A with strategic investors100%6%1%42%49%2%M&A with PE invest

82、ors100%10%3%14%57%16%Dual track(e.g.,IPO and M&A processes)100%21%4%49%23%2%Triple track(e.g.,IPO,M&A process and refinancing)100%20%8%44%27%1%IPO100%24%10%44%19%2%Decrease sharplyIncrease slightlyDecrease slightlyIncrease significantlyStay on par with 202322European Private Equity Outlook 2024Europ

83、ean transaction volume by geography1All European countries recorded a high single or double-digit decline in 2023 compared to 2022.The UK,DACH and France are the largest regions in terms of transaction volume,and experienced a decline of-14%,-23%and-8%,respectively.Strongest decline was observed in

84、Nordics(-47%),Rest of Europe(-44%)and Spain&Portugal(-32%).The primary reason for the general decline are the difficulties with debt financing.Significant decrease of European transactions by 24%in 2023 vs.2022 across all geographiesSource:Preqin(Feb.2024 latest data update);Roland Berger2004-2023#o

85、f deals1 Including all buyout deals available in Preqin(incl.add-on acquisitions)2 Central&Eastern Europe3 Denmark,Norway,Sweden,Finland,and Iceland4 Germany,Switzerland,AustriaCAGR 2022-2023UK&IrelandDACH4FranceBeneluxNordics3ItalySpain&PortugalCEE2Rest of EuropeTOTAL-24%-44%-19%-32%-27%-27%-47%-8%

86、-14%-23%2,1902,8773,5582,6472,6522,9252,7912,5062,3972,0681,7531,6681,8231,4819011,5291,8481,6398261,19820132022202320122021201120202010201920092018200820172007201620062015200520142004-24%compared to 202223European Private Equity Outlook 2024European transaction volume by industry1At the industry le

87、vel,business services&logistics(650 deals)and technology,software&digital solutions(540 deals)were the main contributors to the deal flow in 2023.From 2022 to 2023,most sectors experienced a decline,with building&construction transaction volume hit the hardest with-69%.Business services&logistics an

88、d technology,software&digital solutions recorded the largest transaction volumes in 2023Source:Preqin(Feb.2024 latest data update);Roland Berger1 Including all buyout deals available in Preqin(incl.add-on acquisitions)2 Including energy/utilities,chemicals,automotive and agriculture3 Including MedTe

89、ch&life sciencesCAGR 2022-2023Business services&logisticsTechnology,software&digital solutionsIndustrial goods&engineeringConsumer goods&retailPharma&healthcare3Financial servicesBuilding&constructionOthers2TOTAL-24%-28%-49%-14%-26%-27%-28%-29%-14%2,1902,8773,5582,6472,6522,9252,7912,5062,3972,0681,

90、7531,6681,8231,4819011,5291,8481,6398261,19820132022202320122021201120202010201920092018200820172007201620062015200520142004-24%compared to 20222004-2023#of deals24European Private Equity Outlook 2024Source:Roland BergerCycle of interest rate increases expected to end in 2024 This will facilitate fi

91、nancing costs and facilitate debt financing for investors.Debt funds will also gain material tractionThe shift from PE to corporate M&A activities observed in the market in late 2023 is expected to continue in 2024 as corporate investors have fewer financing issues and noticed how buy and build crea

92、tes value based on learnings from PE Support offered by Roland Bergers Transaction&Investor Services(TIS)departmentSignificant deal pipeline for large-cap Experts expect 230 large-cap and upper mid-cap companies in Europe to come to market in 2024,although these deals are yet to materialize.The resu

93、lting large-cap recovery will likely be gradual during 2024As already seen in 2023,increasing pressure from shareholders on corporates to focus on core business is expected to lead to a more active portfolio management and re-focus on core businessInvestment pressure for PEs sitting on dry powder of

94、 up to c.USD 1.5 trillion(possibly reduced by some shift towards private debt)as well as pressure from limited partners(LPs)to realize exits of existing investments Continuation funds as,among others,way to increase liquidity for LPsMid-cap and infrastructure stable to slightly improving Mid-cap due

95、 to easier financing for transactions of limited size and infra due to catch-up in financial investor ownership as well as increasing pressure from regulationsOverall,the following key trends are expected in the private equity market 202425European Private Equity Outlook 2024AuthorsKey European PE t

96、eam membersChristof HuthGlobal Head Transaction&Investor Services(TIS),Germany+49 160 744-Grgoire TondreauGlobal Co-Head Transaction&Investor Services(TIS),Belgium+32 478 97 97 Martin WeissbartPrincipal Transaction&Investor Services(TIS),Germany+49 160 744-Hrishikesh PoteyPartner,United Kingdom+44 7

97、8 80 20 20 Matthieu SimonPartner,France+33 6 71 37 49 David van der DoesPartner,Netherlands+31 20 7960 Benjamin VerhelstPartner,Belgium+32 476 44 63 Sven KleindienstPartner,Germany+49 160 744-Bieito LedoPartner,Spain+34 9 15 90 02 Nicola MorzentiPartner,Italy+39 33 55 98 26 Hans NycteliusPartner,Swe

98、den+46 70 815 74 26European Private Equity Outlook 2024ROLAND BERGER is one of the worlds leading strategy consultancies with a wide-ranging service portfolio for all relevant industries and business functions.Founded in 1967,Roland Berger is headquartered in Munich.Renowned for its expertise in tra

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