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Laxman Pai, Opalesque Asia: The total number of global private equity exits in the second quarter was 391, down 9.7% from the same period in 2022, said a study.
S&P Global Market Intelligence, quoting the data from Preqin Pro said that the valuation gap between buyers and sellers and the rising cost of credit are among the headwinds slowing such exit routes as IPOs, trade sales, and secondary sales, which were all down year over year.
Secondary sales made up 37.9% of total private equity exits, with 148 transactions during the second quarter. Trade sales and other exits numbered 200 and 37, respectively. Only six IPOs were completed during the second quarter compared to 14 in the same period a year prior.
According to a report by S&P Global Market Intelligence, secondary and trade sales increased slightly compared to the first quarter, while IPOs and other exits were down.
The largest private equity exit in the second quarter was Housing Development Finance Corp. Ltd.'s $63.13 billion acquisition by HDFC Bank Ltd. Indian private equity firm PremjiInvest was among the sellers.
The second-largest exit was the $10.56 billion sale of Oak Street Health Inc., which operates primary care centers. An investor group including private equity firms Newlight Partners LP and General Atlantic Service Co. LP sold the business to CVS Health Corp.
Merck & Co. Inc.'s acquisition of biotechnology company Prometheus Biosciences Inc. for $10.16 billion was the third...................... To view our full article Click here
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