浩瀚宇宙的昏睡最终导致了 私人股本 (PE)第三季度中端市场, 经历了六年来交易量的最低点，退出价值环比下降了约26%. Deal multiples for PE transactions targeting small to medium-sized companies contracted from recent peaks.
筹资活动也有所降温，第三季度已交割基金的价值下降了7%.环比增长3%至22美元.80亿美元，低于每季度250亿至300亿美元的历史标准.
Pitchbook的 2023年第三季度美国PE中端市场报告, 由Antares Capital和LBMC赞助, breaks down factors contributing to the headwinds faced by the middle market and explores what could get things moving.
吉姆·米德: We anticipate the impact of rising interest rates on variable-rate debt will become more significant in the coming year. 在过去几个月与客户交谈时, we’ve learned that increased personnel costs and costs of goods and services continue to be the norm, 某些行业仍然受到员工短缺和供应链限制的影响. 客户正在制定战略，通过外包非核心功能来减少支出, 减少可变利率债务, 为了节省成本的劳动力而外包, 在新工艺中运用技术.
虽然供应链问题在过去一年有所改善, 仍然存在混乱, and the continued rising cost of goods and services has placed significant pressure on gross margins. In 2024, 我们预计EBITDA将面临更大的压力, 现金管理, 遵守债务契约.
在PE/VC方面，资金成本上升和市场不确定性是主要担忧. 随着利率的上升, 杠杆收购和投资变得更加昂贵, 这可能导致较低的投资回报. Market volatility and uncertainty also makes it harder to accurately assess the value of target companies, 这导致了收购和投资组合退出计划的推迟.
有大量的资金可供使用, 在某一时刻, 这些基金的经理将开始以收购的形式部署它们. 然而, deal multiples have decreased and will continue to be down from the highs we saw in recent years. 在后期融资中尤其如此.
吉姆·米德: 客户关心的是M的暂停&由于交易价值和信贷/资本成本的下行压力而进行的活动. 除了制造和分销部门, 哪里的供应链问题仍然存在, growth remains strong; however, 利润率和利润都在收缩.
技术 clients (such as software-as-a-service providers) have significant cash needs to support sales growth and the continuous development of software/products. 资本/债务成本已成为, 或者正在变成, 对于处于早期阶段的技术实体来说，这是一个重大挑战.
也, we have observed that the scarcity of quality in-house accounting staff often resulted in transaction delays or errors or changes in revenue/income which were discovered in pre-transaction diligence or audits. Making the investment in the right financial partner well before a transaction is anticipated will help ensure there are few surprises and delays when that time comes.
丽莎拒绝: The applicability of sales taxes has been recently underestimated by many buyers and sellers, 特别是在医疗保健行业. 有一种普遍的误解，认为医疗保健不受销售税复杂性的影响, 但这种假设与现实相去甚远.
耐用的医疗设备, 处方药, 医疗器械, and healthcare diagnostic equipment often catch healthcare providers and suppliers off guard, as qualifications for sales tax exemptions in these areas are based on specific criteria that varies by state.
Another common misconception in the healthcare industry is that if a product or service is reimbursed by Medicare or Medicaid, 然后自动获得销售税免税资格. 然而，情况并非总是如此.
It’s essential for businesses in the healthcare industry to research and understand the specific tax treatment of their offerings in each state where they operate. 适用于医疗保健行业以及其他行业, addressing sales tax issues is not just about compliance; it’s also about protecting your financial health.
Multiple years of incorrect compliance or inattention can generate significant and unforeseen sales tax liabilities. 这些负债会直接影响EBITDA, 评估公司财务表现的关键指标是什么.
丽莎拒绝: 如上所述, 优质会计资源稀缺, 在交易过程中缺乏适当的财务专业知识, and/or the lack of a timely investment in financial systems and processes persist as common “pain points” for many buy-side due diligence processes in the middle market.
考虑到目前的经济环境, buyers are even more cautious and disciplined during the deal process than in previous periods, 当时的资本成本要低得多. Sellers that are looking to achieve a maximum valuation should not overlook the importance of being prepared for a deal process and sell-side due diligence. If buyers have tremendous difficulty in determining the quality and realizability of pro forma earnings due to lack of relevant and reliable financial data, 价值和交易结构变得不那么有利于卖方.
The availability of quality financial data that supports real-time financial and operational decision-making is a business imperative. 如果卖家的数据有漏洞, buyers will immediately begin to question the additional cash investment needed to address these risks and exposures. Achieving data quality and data security is essential before any AI strategy can be adopted and successfully executed, 对于今天的许多买家来说，哪个是最重要的.
乔恩·希尔顿: 通货膨胀之间, 经济衰退, 劳动力的斗争, 阻碍了获得资本, 企业要么沉没，要么适应，这样它们才能游泳. 很大一部分适应将发生在人工智能领域. 这已经影响到私募股权行业的方方面面.
人工智能的采用就像公司采用任何新技术或新流程一样. Following a deliberate plan and taking measured steps in innovation are the key to unlocking AI’s potential. 考虑采用人工智能的一个好方法是采用三步方法:
您可以遵循此框架在整个组织中扩展AI. An additional strategy will need to be developed to create a roadmap of which business processes and areas you will address based on business prioritizations.
2023年的交易 是否被视为私人股本5至8年增长周期的开始. 预计低质量投资将被抛售, 尽管市场不确定性持续到2024年，私募股权公司仍将“押注底部”.
Only 5% of our business executives surveyed expect an infusion of cash from private equity firms; however, 分析师预测 反映出这些高管专注于2024年增长和愿景的乐观态度.
