Q1 2023 Investment Activity: Buyout Deals Start the Year at Lower Multiples
The Burgiss Manager Universe holdings-level dataset now contains over 240,000 unique underlying investments dating back to 1984 with a current gross valuation of approximately $5.5 trillion.
Here are some of the highlights from our Q1 2023 update to the holdings universe:
In the first quarter of 2023, the median Buyout entry multiple was 10.1x (down from 10.9x for 2022 deals) and the median exit multiple was 10.9x (down from 12.0x for 2022 deals).
Current valuations for Buyout funds remain relatively unchanged since Q4 2022 (12.7x) and Q4 2021 (12.4x), with the median Buyout company held at 12.8x at the end of Q1 2023.
Among 2022 Buyout funds, just over 45% of capital has been deployed across Information Technology companies so far—a significant rise from the 30% of capital for Buyout funds with a vintage year of 2021 and the 20–25% of capital for Buyout funds with earlier vintages.
Residential and Industrial properties dominate the holdings for recent Real Estate vintages, with more than 50% of the current investment valuation representing these two property types for funds raised since 2019.
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