03
Transaction pricing analysis – GP-led
Average GP-led transaction pricing reported by respondents, by period¹
- Weighted by transaction value (purchase price plus unfunded) per respondent
- GP-led transactions have seen a wider dispersion in pricing compared with FY 2022. Buyers were sensitive to perceived high valuations in H1 2023, which resulted in more transactions pricing at deeper discounts than we’ve seen in the past.
- A difficult M&A market has led to more flexibility around single-asset pricing to deliver liquidity to LPs. At the same time, a 2% increase in multi-asset continuation fund activity coincided with more mixed-quality portfolios being brought to market, pushing average pricing lower.
- Recent stability in public markets, continuing LP demand for liquidity, and uncertain M&A markets could drive significant H2 2023 volume, with some spillover into 2024.
Please contact us should you have any queries or wish to find out more about Campbell Lutyens’ secondary advisory practice
