M&A Year in Review 2023 brochure - Flipbook - Page 68
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Private Equity
Sector performance
The steep decline in private equity dealmaking in the
second half of 2022 continued in 2023. Inflation and
the resulting rise in interest rates put downward
pressure on valuations and deal activity, aggravating
the “expectations gap” between buyers and sellers. IPO
markets were also effectively closed for private equity
exits, and fundraising remained flat year on year.
However, uncommitted capital continued to grow. An
increasing number of sponsors turned to fund leverage
to avoid seeking new funds from investors. Other
sponsors began preparing their portfolio companies for
future exits in response to higher interest rates.
Hogan Lovells activities
In 2023, our Private Equity team advised on the full
range of investment transactions, including private
M&A, take-privates, minority investments, joint
ventures, co-investments, secondaries, and exits. We
partnered with clients on their high-end and midmarket transactions across a broad range of
geographies and sectors, including financial services,
technology, life sciences and health care, energy, and
sports, media, and entertainment.
We continued to cement our position as one of the
leading global Secondaries practices in the market,
advising on the full range of secondaries transactions,
including general partner (GP)-led secondaries.
