1、1European Private Equity Outlook 2023European Private Equity Outlook 2023More challenging times ahead?2European Private Equity Outlook 20233European Private Equity Outlook 2023The European Private Equity Outlook 2023 is the 14th consecutive publication in a series launched by Roland Berger in 2010.T

2、his years key messages include:In 2023,nearly 60%of PE professionals expect a similar level of M&A transactions with PE involvement compared to 2022 Easing of financing conditions and greater investment opportunities foreseen in the second half of the year Similar to previous years,pharma&healthcare

3、 and technology,software&digital solutions remain the most attractive target industries in 2023,driving 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 2023 The mid-cap and small-cap

4、segments are considered the most promising asset classes in 2023,being less dependent on large amounts of external financing Primary investments and investments in listed companies(P2P)are expected to be the most important deal sources in 2023 Especially primary investments are forecast to offer sig

5、nificant potential for value creation Over 70%of PE professionals think that valuation multiples are currently overvalued(especially in pharma&healthcare and technology,software&digital solutions)Slight multiple decrease expected for 2023 Fundraising and divesting existing investments are forecast t

6、o be the focus of PE activity in 2023.Over three quarters of PE professionals(78%)expect the level of competition for fundraising to become more intense in 2023 The majority of PE professionals consider value creation initiatives in the portfolio to be a very important topic and say they will contin