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1、Deloitte Private EquityCatching the waveThe role of PE portfolio CFOs in maximizing value on exitCatching the wave|The role of PE portfolio CFOs in maximizing value on exit2Executive summaryRiding the crest of the wave:Good CFOs boost enterprise valueChoppy waters:A lack of exit experience in a mark

2、et anticipating a wave of PE exitsMastering the surf:How CFOs can maximize value on exitReady to catch the wave?Preparing early and ensuring the right skills and supportClosing reflections and one piece of adviceDeloitte Private EquityGet in touch3581117232627ForewordChris DonovanUK Head of Private

3、Equity Portfolio and PE Exits LeaderEmma CoxGlobal Private Equity LeaderI love to surf.As a beginner,Im not elegant.Catching the waves is tricky,and standing up and staying up for more than 20 seconds has so far eluded me.My family and the creatures of the deep blue sea would agreeI need more practi

4、ce.Recently,Ive been considering an altogether different kind of wavean anticipated surge in PE exits,which has shaped this,our fifth PE portfolio CFO report.This research looks at the important role that CFOs can play in maximizing exit value at a time when PE investors and portfolio management tea

5、ms adapt to the end of an era of cheap credit,a challenging market context,and increasing pressure to distribute returns to investors.In the face of this,we see a perfect storm,as the impending wave of exits comes after a prolonged lull in the market,meaning many CFOs lack the firsthand experience t

6、hat is so critical to their ability to lead their businesses through an exit process.What role does the CFO play in delivering a successful exit?What skills and experience do you need to be able to deliver this?Here we address these questions so that you can prepare and be ready to catch,and make th

7、e most of,your exit wave when it arrives.OK,Im no surfer,but I share Emmas excitement about the opportunity for portfolio CFOsboth in terms of the value that can be created for investors and professionally,for those individuals to build exit experience.In the course of developing this report togethe

8、r with my global colleagues,we have spoken with more than200 CFOs,CEOs,operating partners,and PE investors from 18 countries and what theyve told us will be valuable reading for any PE portfolio CFO regardless of experience.What I loved about these conversations is the openness of seasoned exiters i

9、n speaking of the multitude of challenges involved.Much like the big surf,its not for the fainthearted;but for those that get it right,the experience is highly rewarding and certainly adrenaline charged!Todays market context means that deal processes have never been so complex and protracted,nor the

10、 valuation gaps so wide.If were sticking with surfing metaphors,conditions are altogether more gnarly.CFOs with exit experience will be highly sought-after.Those without will have a brilliant opportunity to build valuable credentials.Whichever you are,I hope you find this report useful.Finally,thank

11、 you to all the leaders who have shared their valuable insights in this research.ContentsCatching the wave|The role of PE portfolio CFOs in maximizing value on exit3Executive summaryWhat should portfolio CFOs be doing to ensure that they are in a position to maximize exit value?In this report,we hig

12、hlight and expand on the following four themes and the implications and opportunities for investors and portfolio company management teams.1.A lack of exit experience among CFOs following from the low volume of deal activity over recent years.This is creating a potential skills gap at a time of incr

13、easing demand for exit expertise in anticipation of a surge in deal activity.2.While the Finance function is critical to value creation,it is often immature in the businesses that PE investors inherit,with significant gaps in the specific capabilities needed to drive value.3.CFOs have a critical rol

14、e to play in exits.Their ability to do so is underpinned by early preparation and the systems and processes put in place ahead of time.4.PE investors and portfolio management teams need to seek out opportunities to support their CFOs and Finance teams.This includes helping to nurture and develop the

15、 relevant skills and expertise within their Finance function,as well as implementing the systems and processes to help maximize value within the business.“As a CFO,you have a leading role in an exit,so you have to know your business inside out.Furthermore,you should have a good relationship with you

16、r stakeholders.You are not only selling the business but also the management team,so you need to show accountability to the potential buyerjoint interest of the team members is essential for success!”CFOCatching the wave|The role of PE portfolio CFOs in maximizing value on exit4Unless otherwise spec

17、ified,all references to the findings from this survey are based on the 213 responses completed as of January 15,2025.In writing this report,selected analysis of survey responses was done in collaboration with PairD(pronounced“Paired”)the in-house Generative AI platform created by our colleagues in t

18、he Deloitte AI Institute UK.Throughout 2024,we have conducted more than 200 one-to-one interviews with CFOs and CEOs of PE portfolio companies,as well operating partners and deal team members from both large-cap houses and mid-cap regional investors around the globe.Executive summaryAverage PE inves

19、tment4 years 3 monthsPE69CFOs12618Countries18Large cap22Mid cap47Portfolio companies138Interviews213Portfolio companies by industry44ConsumerEnergy,Resources&IndustrialsFinancial ServicesLife Sciences&Health CareTechnology,Media&Telecommunications CEOs18231736IntervieweesPE houseintervieweesCatching

20、 the wave|The role of PE portfolio CFOs in maximizing value on exit5Riding the crest of the waveGood CFOs boost enterprise valueCatching the wave|The role of PE portfolio CFOs in maximizing value on exit6Riding the crest of the waveGood CFOs boost enterprise valueStakeholders recognize the importanc

21、e of a skilled CFO to ride the crest and make a positive impact on enterprise value through the choppy waters of todays markets.One-third of respondents believe that the positive impact of the CFO could be as high as 20%or more of the value realized on exit.A further half suggest an uplift between 5

22、%and 20%.CEOs tend to take the most bullish viewnearly half believe the uplift could be 20%or more.PE perspectivesPE investors highlight the importance of a CFO in protecting against value erosionensuring a strong control environment and compliance,and mitigating risks within the financial and repor

23、ting processes,as well as across the business more broadly.However,they also recognize the critical role of the CFO in driving value creation,particularly in relation to partnering with the business and providing data-driven insight to drive better,faster decision-making and performance.Many acknowl

24、edge the higher premium for CFOs with experience of exit processes,and the ability to provide robust financials and articulate a compelling equity story.CEO perspectivesNearly three-quarters of the CEOs surveyed believe their CFO has a good understanding of their role in maximizing enterprise value,

25、and CEOs value CFOs with these particular attributes:A deep understanding of the business and the ability to effectively communicate or“translate”it to investors and stakeholders Prior experience with exits and M&A Resilience,particularly during the deal process Strategic vision and commercial acume

26、nHow much can a good CFO positively impact the value realized on exit?Net positive(20%)33%Very significant(5%20%)50%Source:Deloitte survey as of January 15,2025(n=213)Catching the wave|The role of PE portfolio CFOs in maximizing value on exit7Riding the crest of the waveGood CFOs boost enterprise va

27、lueReplacing portfolio CFOsIt is common for incoming PE investors to replace their portfolio company CFOs.In fact,three-quarters of PE investors typically replace the CFO in over half of their portfolio companies.A“lack of experience”specifically of working with PEis a key reason for replacements.Bu

28、t there are other reasons at play.Respondents recognize the risk posed by a poor CFOparticularly the value erosion,which can result if credibility is undermined by inaccurate or unreliable financials.Other areas of concern:Focusing solely on the technical aspects of their role,with limited business

29、insight Lacking the commercial acumen or experience to effectively communicate the drivers of the business with investors Failing to integrate with the management team and broader culture of the business Taking instructions without demonstrating individual and proactive leadership“A strong CFO allow

30、s the business to be presented in a way that can drive more competition at exit.”PE investor“A great CFO can make a business,and a bad CFO can break a business.”PE investor41%36%10%13%Over 80%Under 25%25%50%50%80%How common is it to replace a CFO in your portfolio companies?Source:Deloitte survey as

31、 of January 15,2025(n=213)Catching the wave|The role of PE portfolio CFOs in maximizing value on exit8Choppy watersA lack of exit experience in a market anticipating a wave of PE exitsCatching the wave|The role of PE portfolio CFOs in maximizing value on exit9With an anticipated wave of exits on the

32、 horizon,we find that many portfolio CFOs are lacking in exits experience.And the Finance functions they lead are often in need of development to realize their value-protecting and value-enhancing potential,particularly in newly acquired businesses.The lack of deal activity has left PE funds sitting

33、 on record numbers of unsold assets in their portfolios,worth an estimated$3 trillion globally in 2024.1 The share of companies held for four years or more has risen sharply during 2024 to more than half.They are simultaneously under increasing pressure to distribute returns to investors.Lengthened

34、hold terms have led to a dramatic fall in DPI(distributions to paid-in capital)in the last decades fund vintages.2 The total“dry powder”available to PE globally has tripled over the past decade to$2.6 trillion.3 However,this is increasingly concentrated in the largest funds,with recent years seeing

35、a steep fall in the number of smaller funds(2 years12 years1 yearHow far ahead of anticipated exit should CFOs start preparing for exit?PE houseCFOCEONumbers may not sum to 100%due to rounding.Source:Deloitte survey as of January 15,2025(n=213)51%51%67%19%15%17%25%28%6%6%6%11%Catching the wave|The r

36、ole of PE portfolio CFOs in maximizing value on exit20Ready to catch the wave?CFOs need a detailed knowledge of the businessHaving a detailed knowledge of the business is consistently rated one of the top three most important aspects of the CFOs role in driving maximum exit value.Over half of respon

37、dents rate this as the most important aspectwith nearly 90%including it in their top three.PE respondents rate this particularly highly,describing the CFO as a“critical pillar in the exit process”due to their ownership of the critical financial data and reporting as well as management of the process

38、 itself.This knowledge is at the core of the CFOs role,and the foundation on which everything else is built.Respondents highlighted the need to be able to answer questions confidently,provide data-driven insights,and quickly access and analyze data in response to due diligence requests.Having a deta

39、iled knowledge,understanding,and articulation of the business ultimately builds confidence in the management team and so is the foundational basis from which CFOs can help to maximize the value realized in their businesses on exit.Strength of partnership with,and ability to stand up to,the CEOTeam l

40、eadership throughout the exit processRelationships with investor and other key stakeholders(e.g.,chairs)Source:Deloitte survey as of January 15,2025(n=213)Which are the most important aspects of the CFOs role in driving maximum value through an exit process?Share of respondents who rated in top thre

41、ePE houseCFOCEO22%21%16%39%35%26%44%37%41%61%52%51%44%69%70%89%85%97%Detailed knowledge of thebusiness,financials,MI,and KPIsStrong presentation skills and abilityto articulate the equity storyEnergy,drive,and resilience to withstand deal pressure Catching the wave|The role of PE portfolio CFOs in m

42、aximizing value on exit21Ready to catch the wave?CFOs need a detailed knowledge of the businessParticipants also highlight the importance of effective communication and presentation skills.These help the CFO to develop and articulate an equity story that will inspire confidence and gain trust from s

43、takeholders and prospective buyers.They recognize the critical importance of a CFOs ability to engage investors and provide credibility to the financials.A number of respondents cite the emerging trend for providing their CFOs with coaching in presentation skills,to ensure they are best prepared to

44、represent the business during exit presentations.“The CFO needs to have solid knowledge of the business;they must be able to drive the team and manage the exit alongside their daytoday operations.They should also have a good relationship with key stakeholders.”PE investorCatching the wave|The role o

45、f PE portfolio CFOs in maximizing value on exit22“Team leadership is a big one as there are so many moving parts with the ability to come unstuck.If just one thing hasnt been done right,or someone is off message,it has the potential to disrupt the exit process.”CFO“Do not underestimate the demands o

46、f managing the transaction processbut also the value that is derived from doing so.While the CFO should lead,they cannot do it alone,so my advice is to resource up with dedicated support,potentially via advisers or the PE investor.A management team that appearsand isin control of a well organized pr

47、ocess really protects value.”CFOEarly preparation,the right team,and effective relationships with the CEO lay a solid foundation from which CFOs are able to manage their energy levels and resilience throughout the pressures of the deal process.This enables them to deliver maximum value to the outcom

48、e.The pressures of the deal process,and the risk of deal fatigueespecially in the context of extending timelines and intensifying scrutiny from buyersis a recognized challenge.The CFO must deliver the transaction without taking their eye off of the day-to-day running of the business,making their abi

49、lity to manage their energy levels and maintain resilience critical to the successful delivery of the deal process.Having smooth-running processes and systems already in place will make this easier.CFOs should also ensure they have stood up sufficient resources for the transaction,with clear allocat

50、ion of roles and responsibilities ahead of time.A transaction team will typically include a dedicated project management officer(PMO)who can drive the process and workstreams on a day-to-day basis enabling the CFO and management team to prioritize their focus on the key decisions and actions.The cap

51、acity of the wider Finance team(and an honest assessment of whether additional resources are needed)should be carefully considered.The relationship with the CEO is especially significant during the exit process.The ideal partnership was described as“give and take”with complementary skill sets.In thi

52、s scenario,the CFO will typically provide the operational leadership and financial expertiseincluding appropriate challengeto support the CEOs strategic leadership.This dynamic is also relevant to managing relationships with investors and other stakeholders.While the CEO is generally acknowledged to

53、 have primary responsibility,respondents highlight the role for CFOs in managing and maintaining their own working relationships with selected key stakeholders.Overall,the responses underline the value of a CFO who embodies a balance of technical expertise,leadership,and communication skills.Someone

54、 who can manage the financial and operational intricacies of an exit,while also acting as a credible and trusted representative of the business to prospective buyers.Ready to catch the wave?Never underestimate the importance of having the right resources and supportCatching the wave|The role of PE p

55、ortfolio CFOs in maximizing value on exit23Closing reflections and one piece of adviceCatching the wave|The role of PE portfolio CFOs in maximizing value on exit24Are portfolio CFOs ready to catchthe impending wave of exits?Our research suggests that for many,there is work still to be done to develo

56、p and refine the requisite skill and expertise.But for the CFOs who are prepared to take on the challenge,there are few more exciting opportunities.And the personal reward and fulfilment of joining the prestigious,but small,cohort of“successful exiters”is significant.Throughout our report,we have se

57、t out analysis and practical suggestions for CFOs,portfolio management teams,and PE investors to help them address some of the key challenges in maximizing value on exitfrom building a Finance function focused on both value protection and value creation to successful management of the exit process i

58、tself.We hope you have found it insightful.So how doyou avoid a wipeout and make the most of the opportunity?We asked our respondents for“one piece of advice to a CFO embarking on an exit process.”Here are some of their replies.Closing reflections and one piece of advice“Its crucial to establish a s

59、trong and efficient Finance team.This allows you to concentrate on leading the exit process effectively,rather than spending valuable time reviewing and adjusting data and KPIs.”CEO“Get plenty of sleep beforehand.Dont get bamboozled by the process.”PE investor“The actual time to deliver an exit proc

60、ess is much longer than youll expect.Think of it as three phases:preparation takes a lot of the CFOs time up front.Then take the opportunity for a break during the second phasecourtshipbecause itll pick up again in execution.”CFO“Be open,flag issues,and get ahead of themego or insecurity can be the

61、death of success.Our teams really know what theyre doing in an exit.Lean on them,be open and transparent about issues and flaws,and well work through them together.”PE investor“Understand your strengths,and focus on them.Then ensure you have the support you need for other areas.”CFO“Put yourself in

62、the buyers shoes,and ask“how can I make this company the most appealing?”Focus on selling the positive,not the negative.Similar analogy to selling your house.”CEOCatching the wave|The role of PE portfolio CFOs in maximizing value on exit25Closing reflections and one piece of advice“Create value by u

63、nderstanding the businesseverything else is secondary and comes from that.”PE investor“Present a unified front with the CEO,acting cohesively as a management team.Encourage open discussion,and use your role at the table to actively participate.”CFO“An exit is like running a marathon:time is crucial,

64、yet its imperative to undertake thorough and substantial groundwork.”CFO“You can only stretch your good people so far.Ensure you have resources to get you through the dealbecause its a long process.You can manage the extra workload for a few weeksbut an exit process can take 69 months.So you need so

65、meone to own workstreams and help project manage the daytoday.Dont try to be in every conversationdivvy things up within your team.It only takes a couple of people,but they will make a massive difference.Dont sell yourself short by looking at it as a cost.”CFO“Dont underestimate the workload.Select

66、your advisers well,and work with people you know.”CFO“Treat liquidity events,like a refinancing,as an opportunity to gain experience and prepare for the eventual exit.”CFO“Know your numbers and know the business.Its simple,but you cant fake it.Investors can smell when people dont know their numbers

67、and the business.”PE investor“Project management skills are hard to find,but having a strong program manager is very important.They need to coordinate stakeholders and ensure ownership and accountability of plans.CFOs need to oversee the project and understand the key dependenciesplanning ahead will

68、 give you more time to focus on the exit.”CEOCatching the wave|The role of PE portfolio CFOs in maximizing value on exit26Deloitte is proud to have supported some of the worlds leading Private Equity organizations since the very start.Today,the sector is more complex,competitive,and influential than

69、 ever before.We believe private equity has a unique potential to impact the big challenges:powering progress through investment,building businesses that benefit everyone.That requires bold vision and the ability to make it happen.Thats why were not just thought leaders but action leaders,too.From fu

70、nd strategies to value creation,Deloittes worldwide network of practitioners can deliver integrated solutions that take your vision from on-the-page to on-the- Private EquityA greater return on ideasWe support private equity firms and their portfolio companies in delivering greater returns across ev

71、ery stage of the investment life cycle.Firm and fundoperationsPortfoliovaluecreationDeal executionStand upOperations and advisoryOptimizeand growDealoriginationDiligence and executionCarve-outand integrationExit readinessValue protectionPerformanceimprovementTransformationExecutive and talent develo

72、pmentSupporting private equity firms to realize and unlock value through structuring,strategies,and transformation throughout the firms life cycle.Steering successful M&A from deal identification to exit value maximization.Powering growth and value creation in private equity portfolio companies thro

73、ugh integrated solutions,digital expertise,and market-eminent leadership development programs.Catching the wave|The role of PE portfolio CFOs in maximizing value on exit27Get in touchContactsEmma CoxGlobal Private Equity Leaderejcoxdeloitte.co.ukLinkedInChris DonovanUK Head of Private Equity Portfol

74、io and PE Exits Leadercdonovandeloitte.co.ukLinkedInIan WhitefootEMEA PE Portfolio Leaderiawhitefootdeloitte.ieLinkedInVictoria BovairdCanada PE Portfolio Leadervbovairddeloitte.caLinkedInGuy LangfordUS PE Portfolio LLinkedInSatoshi SekineAsia Pacific PE Co-Leadersatoshi1.sekinetohmatsu.co.jpLinkedI

75、n Report authorsAndy Williamsandyjwilliamsdeloitte.co.ukLinkedInDominic Graham dominicgrahamdeloitte.co.ukLinkedInCopyright 2025 Deloitte LLP.Allrights reserved.This publication contains general information only and Deloitte is not,by means of this publication,rendering accounting,business,financial

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