The Pulse of Private Equity – 7/1/2024

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Worldwide, PE-backed exits remain sluggish midway through 2024. Pacing is difficult to assess with any exactitude, but should the first-half tallies of the year repeat, essentially 2024 would see the fewest exits since 2015, and the lowest exit value since 2013. It is possible that conditions ease somewhat in the back half of the year, however, not due to any easing of interest rates which seem increasingly unlikely and would not instigate any immediate buying spree given typical deal timelines, but because liquidity pressures have ramped up and during this protracted period fund managers have been busy preparing portfolio companies for any possible eventuality prior to finally going public, courting a strategic buyer, or engaging in a fellow sponsor sale.