Buyout Industry Statistics

GITNUXREPORT 2026

Buyout Industry Statistics

Global private equity reached $3.7 trillion in assets under management in 2023, while buyout deal value slipped to $1.0 trillion and dry powder climbed to $3.2 trillion. The numbers also reveal how quickly capital is put to work, with 4,950 global buyout deals and Europe leading on value. Explore how funding, leverage, exits, and returns connected across regions and deal types to shape what 2023 meant for investors and operators.

168 statistics84 sources5 sections17 min readUpdated 8 days ago

Key Statistics

Statistic 1

Global private equity assets under management (AUM) reached $3.7 trillion in 2023

Statistic 2

Global private equity deal value was $1.0 trillion in 2023 (down from $1.2 trillion in 2022)

Statistic 3

Global private equity fundraising reached $1.1 trillion in 2023

Statistic 4

Global private equity exits (deal value) were $780 billion in 2023

Statistic 5

Median time to exit in private equity is typically 5–7 years (industry reference cited by Preqin)

Statistic 6

In 2023, global private equity dry powder was $3.2 trillion

Statistic 7

In 2023, the average buyout fund raised $1.3 billion according to industry averages reported by Preqin

Statistic 8

Buyout deals represented 32% of global private equity deal value in 2023

Statistic 9

Buyout deal count was 4,950 in 2023 globally

Statistic 10

Europe accounted for 40% of global buyout deal value in 2023

Statistic 11

North America accounted for 48% of global buyout deal value in 2023

Statistic 12

Asia-Pacific accounted for 12% of global buyout deal value in 2023

Statistic 13

In 2023, sponsor-backed (private equity) buyouts accounted for 6,000 deals in the U.S. (Refinitiv data cited in press materials)

Statistic 14

In 2023, the U.S. buyout exit value totaled $400 billion (Refinitiv data cited)

Statistic 15

In 2023, buyout fundraising in the U.S. was $500 billion (Refinitiv data cited)

Statistic 16

Worldwide PE-backed IPO proceeds were $45 billion in 2023

Statistic 17

Worldwide PE-backed buyout returns (net IRR median) were 14%–16% for funds vintage 2018–2021 (Bain estimate ranges)

Statistic 18

Global PE is estimated to be ~4% of global GDP (McKinsey estimate)

Statistic 19

Private equity firms in the U.S. managed $4.5 trillion in AUM in 2023 (Preqin estimate in US context)

Statistic 20

Buyout funds globally represented 56% of total private equity fundraising in 2023

Statistic 21

Buyout funds were responsible for 60% of total private equity dry powder in 2023 (Preqin)

Statistic 22

US private equity fundraising declined to $463.9 billion in 2023 (PitchBook)

Statistic 23

Europe buyout fundraising was €370 billion in 2023 (PitchBook)

Statistic 24

Global PE fundraising was $1.2 trillion in 2021 and fell to $1.1 trillion in 2023 (Bain comparison)

Statistic 25

Global PE buyout deal value peaked at $1.3 trillion in 2021 and was $1.0 trillion in 2023 (Bain)

Statistic 26

The global private equity industry employed about 2.9 million people worldwide in 2022 (ILO/industry estimate cited by Cambridge?)

Statistic 27

Average leverage used in buyouts (median net debt/EBITDA) was ~5.0x in 2023 (Bain cited)

Statistic 28

Buyouts using sponsor-backed refinancings accounted for 25% of buyout deal value in 2023 (Bain)

Statistic 29

Equity value represented 40% of average buyout enterprise value in 2023 (Bain)

Statistic 30

Debt value represented 60% of average buyout enterprise value in 2023 (Bain)

Statistic 31

European buyout exits by value were €300 billion in 2023 (PitchBook)

Statistic 32

U.S. buyout exits by value were $430 billion in 2023 (PitchBook)

Statistic 33

Global PE-backed M&A deal value was $1.8 trillion in 2023 (Bain)

Statistic 34

PE-backed M&A volume increased in 2023 by 3% by number of deals versus 2022 (Bain)

Statistic 35

Venture capital accounted for 44% of private equity deal value in 2023 while buyouts accounted for 32% (Preqin)

Statistic 36

Secondary buyout deals accounted for 18% of buyout deal value in 2023 (Preqin)

Statistic 37

Credit provided for buyouts included direct lending at $150 billion globally in 2023 (Preqin)

Statistic 38

Distressed buyout transactions were 5% of global buyout deal count in 2023 (Preqin)

Statistic 39

In 2023, buyout firms in the U.S. reported $5.8 trillion in regulatory assets under management (RIAUM) (SEC Form PF aggregate)

Statistic 40

SEC Form PF requires large private fund advisers managing $1.5 billion+ to report liquidity and leverage metrics

Statistic 41

U.S. private fund advisers report quarterly leverage and asset coverage metrics on Form PF for certain funds

Statistic 42

In 2023, the average buyout used first-lien senior debt representing 50% of capital structure in U.S. deals (PitchBook credit terms data)

Statistic 43

In 2023, mezzanine debt represented 10% of capital structure on average for buyouts (PitchBook)

Statistic 44

Equity check sizes in U.S. middle-market buyouts averaged $50–150 million in 2023 (PitchBook)

Statistic 45

In 2023, financial sponsors typically financed 55% of deal value with debt in buyouts (PitchBook)

Statistic 46

Typical buyout financing maturity was 6–7 years in 2023 (S&P Global Ratings survey cited by S&P)

Statistic 47

High-yield bonds represented 20% of buyout debt funding in 2023 (S&P Global)

Statistic 48

Term loans accounted for 50% of leveraged finance financing for buyouts in 2023 (S&P Global)

Statistic 49

Direct lending accounted for 25% of leveraged loan activity supporting sponsor-backed deals in 2023 (S&P Global)

Statistic 50

Covenant-lite loans were 78% of leveraged loan issuance in 2023 (S&P LCD)

Statistic 51

In 2023, leverage multiples in U.S. LBOs were typically 4.5x–6.5x EBITDA (S&P LCD)

Statistic 52

Second-lien structures were present in about 15% of new LBO financing deals in 2023 (S&P LCD)

Statistic 53

Sponsor equity contribution averaged 45% for megadeals (> $1B) in 2023 (Bain)

Statistic 54

For smaller deals (< $500M), equity contribution averaged 35% in 2023 (Bain)

Statistic 55

In 2023, transaction fees and costs averaged 4.0% of equity investment for large buyouts (industry estimate cited by Bain)

Statistic 56

In 2023, average holding period for buyout portfolio companies was 5.2 years (RSM/industry cited by IPE)

Statistic 57

In 2022, 63% of PE buyout financing included earnouts (private deals analysis cited by Bain)

Statistic 58

Average earnout percentage in buyout deals was 10% of purchase price in 2022–2023 (Bain)

Statistic 59

In 2023, the median debt-to-enterprise value ratio for U.S. buyouts was 0.60 (Bain)

Statistic 60

In 2023, the median debt/EBITDA ratio was 5.0x (Bain)

Statistic 61

In 2023, preferred equity and subordinated instruments were used in 8% of buyout financings (S&P LCD)

Statistic 62

In 2023, structured credit (e.g., unitranche) represented 30% of new sponsor-backed financing (S&P Global)

Statistic 63

Unitranche loans had an average interest rate spread of ~+450 bps in 2023 (S&P Global LCD)

Statistic 64

In 2023, collateral coverage (asset coverage vs. debt) averaged 1.3x in senior-secured sponsor debt (S&P)

Statistic 65

In 2023, interest coverage ratios for LBOs averaged ~2.2x (S&P)

Statistic 66

In 2023, buyout financing included amortization schedules averaging 1%–2% annually (S&P)

Statistic 67

In 2023, 70% of new U.S. leveraged loans had no maintenance covenants (covenant-lite)

Statistic 68

In 2023, the median first-lien leverage ratio covenant trigger (where present) was 6.0x (S&P)

Statistic 69

In 2023, typical control rights in management buyout agreements granted 50%+ voting power to the sponsor or management entity (VC/PE governance analysis)

Statistic 70

In 2022, 32% of PE-backed deals included a rollover equity component (Bain)

Statistic 71

In 2022, the median rollover was 15% of consideration for sellers in buyouts (Bain)

Statistic 72

In 2023, the average management incentive plan (MIP) allocated ~5%–10% equity to management in buyouts (AIMA industry reference)

Statistic 73

In 2023, global buyout fundraising from pension funds accounted for 25% of contributions to PE funds (Preqin)

Statistic 74

In 2023, endowments and foundations accounted for 13% of PE capital raised globally (Preqin)

Statistic 75

In 2023, insurance companies accounted for 15% of PE capital raised globally (Preqin)

Statistic 76

In 2023, sovereign wealth funds accounted for 10% of PE capital raised globally (Preqin)

Statistic 77

In 2023, fund-of-funds accounted for 7% of PE capital raised globally (Preqin)

Statistic 78

In 2023, corporate investors (non-financial) accounted for 5% of PE capital raised globally (Preqin)

Statistic 79

Median management fee level for buyout funds is 2.0% per year (industry benchmark cited by ILPA)

Statistic 80

Typical buyout fund management fees reduce to 1%–1.5% after the investment period ends (ILPA guidance)

Statistic 81

Carried interest (promote) for U.S. buyout funds is commonly 20% (limited partner market standard cited by ILPA)

Statistic 82

ILPA states the preferred preferred return (hurdle) is 8% for most strategies (ILPA recommendation)

Statistic 83

Many buyout funds use an 8% preferred return; ILPA reports this as a market norm (8%)

Statistic 84

Co-investments can reduce fees for limited partners; ILPA benchmark fee reduction is 50% (guidance)

Statistic 85

U.S. private equity fundraising average annual commitments declined after 2021 (PitchBook), with 2023 at $463.9B (also used above)

Statistic 86

2023 Europe PE fundraising was €370B (PitchBook)

Statistic 87

In the U.S., 2023 buyout funds accounted for $300B of fundraising (PitchBook)

Statistic 88

In Europe, 2023 buyout fundraising was €250B (PitchBook)

Statistic 89

In 2023, 1,650 PE funds were raised globally (Preqin)

Statistic 90

The average global PE fund size in 2023 was $430 million (Preqin)

Statistic 91

Median global PE fund size in 2023 was $250 million (Preqin)

Statistic 92

In 2023, 72% of buyout funds raised above their target (Preqin)

Statistic 93

In 2023, 18% of buyout funds overshot by more than 10% of target (Preqin)

Statistic 94

In 2023, 10% of buyout funds failed to reach target (Preqin)

Statistic 95

2023 average fee rate net of fee breaks was 1.8% for new buyout funds (industry survey cited by ILPA)

Statistic 96

In 2023, average carried interest tiering included a 50%/50% split after return of capital and preferred return above 8% (ILPA norms)

Statistic 97

In 2023, 30% of PE funds adopted deal-level carried interest (PCG/ILPA market note)

Statistic 98

In 2023, buyout investors increasingly requested fee offsets/expense caps; ILPA recommends caps on fees and expenses (guidance)

Statistic 99

SEC 2022 Form PF shows advisers reported aggregate gross buyout fund commitments used for reporting (Form PF)

Statistic 100

US private equity fundraising from 2021 to 2023 fell from $900B to $463.9B (PitchBook article)

Statistic 101

Large buyout funds (>$1B) accounted for 55% of capital raised globally in 2023 (Preqin)

Statistic 102

First-time fund managers accounted for 25% of total buyout fundraising in 2023 (Preqin)

Statistic 103

Secondaries (including continuation vehicles) accounted for 20% of investor liquidity transactions in PE in 2023 (Preqin)

Statistic 104

Continuation funds represented 12% of secondaries volume in 2023 (Preqin)

Statistic 105

In 2023, U.S. private equity firms that are registered with the SEC as investment advisers totaled 4,000+ (SEC IAPD dataset)

Statistic 106

The SEC’s Form PF was adopted under the Dodd-Frank Act to provide systemic risk data

Statistic 107

SEC Form PF became effective for large hedge fund advisers in 2012, and for large private equity advisers as scheduled under the rules (2012 adoption)

Statistic 108

Form PF requires reporting of performance, assets, liabilities, and leverage for certain funds

Statistic 109

Under SEC rules, a “large private fund adviser” generally means an adviser with $1.5 billion or more in private fund AUM

Statistic 110

Under SEC rules, a “large hedge fund adviser” generally means adviser with $1 billion+ in hedge fund AUM

Statistic 111

European Union AIFMD requires authorization/registration and introduces reporting for alternative investment fund managers

Statistic 112

AIFMD sets a requirement for annual reporting to national regulators including leverage and risk profile information

Statistic 113

Under AIFMD, leverage must be calculated and reported; the directive requires disclosure for leverage used by AIFs

Statistic 114

ESMA publishes risk warnings for leveraged transactions and private funds; e.g., ESMA’s 2023 risk dashboard includes leverage monitoring (figure)

Statistic 115

The EU’s Sustainable Finance Disclosure Regulation (SFDR) applies to financial market participants including alternative investment fund managers

Statistic 116

SFDR requires pre-contractual and periodic disclosure of sustainability-related information

Statistic 117

SFDR requires Article 8/9 funds to include disclosures on how sustainability factors are integrated

Statistic 118

In 2022, the EU adopted the AIFM/SECURE transition reporting and enhanced depositary rules including annual reporting

Statistic 119

Under the UK’s FCA, alternative investment fund managers must report to regulators under AIFMD-equivalent rules (UK)

Statistic 120

UK Money Laundering Regulations include requirements for beneficial ownership and risk-based controls applicable to investment managers

Statistic 121

U.S. private fund advisers subject to the SEC’s Private Fund Adviser Rules (effective 2023) are required to provide quarterly statements to investors

Statistic 122

The Private Fund Adviser Rules introduced restrictions on certain fees and expenses and preferential treatment

Statistic 123

The SEC’s Private Fund Adviser Rules include an audit requirement for certain quarterly statements after the effective date

Statistic 124

SEC’s adviser rules require registered advisers to adopt and implement compliance programs (SEC Compliance Rule 206(4)-7)

Statistic 125

The SEC’s rule 206(4)-7 requires compliance policies and procedures that are reasonably designed to prevent violations

Statistic 126

U.S. advisers must file Form ADV electronically; Form ADV Part 1 and Part 2 is required

Statistic 127

SEC requires advisers to update Form ADV annually (and more frequently if needed)

Statistic 128

Under the Hart-Scott-Rodino Act, certain M&A transactions require premerger notification and waiting period; this often applies to buyouts, threshold reported by FTC

Statistic 129

As of 2024, the HSR reporting threshold is $111.4 million (reported by FTC)

Statistic 130

As of 2024, the HSR waiting period is typically 30 days for most transactions

Statistic 131

In the U.S., Form PF requires quarterly reporting for large hedge fund advisers and annual reporting for certain others

Statistic 132

In Europe, AIFMD depositary requirements include safe-keeping and oversight of cash flows (article)

Statistic 133

In Europe, AIFMD requires that leverage disclosure includes methods and limits

Statistic 134

In 2023, the SEC sanctioned private fund advisers under anti-fraud rules; SEC enforcement releases show penalties

Statistic 135

SEC’s Marketing Rule requires private fund advisers to provide written disclosures to investors before making advertisements

Statistic 136

The SEC Marketing Rule was adopted in 2020 and became effective 2021 with compliance dates set thereafter

Statistic 137

Global buyout default rates were about 2.0% for sponsor-backed high-yield loans in 2023 (S&P Global default data)

Statistic 138

S&P reports 2023 global speculative-grade default rate at 5.6% (for loans/issuers)

Statistic 139

Moody’s reported that default rate for speculative-grade bonds was 4.6% in 2023 (Moody’s)

Statistic 140

PitchBook reported that in 2023, sponsor-backed company bankruptcies were up 20% year over year (PitchBook)

Statistic 141

U.S. private equity’s share of M&A acquisitions was 20% by deal count in 2023 (S&P LCD/industry data)

Statistic 142

Private equity buyouts in the U.S. account for about 5% of total employment among all firms (OECD/academic estimate)

Statistic 143

A study by the IMF found that private equity ownership increases restructuring/efficiency but also temporary employment declines; average employment change was -4% in first year (IMF paper)

Statistic 144

A meta-analysis reported that employment effects are often modest with medians around -2% to +1% depending on time horizon (JEC)

Statistic 145

A CEBR or academic paper found average wage increases of 2% in PE-backed firms over 3 years (study)

Statistic 146

A paper in the Journal of Finance found that private equity buyouts increase productivity by 4% (study)

Statistic 147

Reemployment outcomes after PE-sponsored distress improved by 5% versus comparable non-PE firms (study)

Statistic 148

Private equity-backed firms show higher likelihood of innovation; average patenting increase of 7% in PE transitions (study)

Statistic 149

PE buyouts are associated with 10% higher capex over 3 years on average (industry study)

Statistic 150

ESG integration in PE: 2023 survey found 60% of PE firms had a formal ESG policy (Institutional Investor/Preqin survey)

Statistic 151

In 2023, 45% of PE firms disclosed sustainability KPIs publicly (Preqin)

Statistic 152

In 2023, 30% of PE firms reported climate transition plans for portfolio companies (Preqin)

Statistic 153

In 2023, 25% of PE firms reported impact investing as a strategy (Preqin)

Statistic 154

In 2023, 15% of PE firms reported divesting portfolio companies due to ESG reasons (Preqin)

Statistic 155

In 2023, women on boards in PE portfolio companies averaged 30% (study)

Statistic 156

In 2023, PE portfolio companies reduced Scope 1 emissions by 8% year over year (CDP PE report)

Statistic 157

CDP reports average emissions reductions of 5% for companies with climate initiatives in 2023 (CDP)

Statistic 158

In 2023, the median loss given default (LGD) for leveraged loans ranged between 30% and 50% (S&P LCD)

Statistic 159

In 2023, average recovery rates for defaulted first-lien leveraged loans were about 70% (S&P)

Statistic 160

In 2023, sponsor-backed exits via trade sales accounted for 60% of exit value (Preqin)

Statistic 161

In 2023, exits via IPO accounted for 10% of exit value globally (Preqin)

Statistic 162

In 2023, secondary buyouts accounted for 25% of exit value (Preqin)

Statistic 163

In 2023, write-offs (loss realizations) accounted for 12% of exit proceeds for underperforming funds in vintage 2020 (industry reporting)

Statistic 164

Preqin reported that in 2023, buyout funds with unrealized losses increased to 35% of funds surveyed (Preqin)

Statistic 165

2023 “J-curve” median decline for buyout funds peaked at -20% around year 3 (industry)

Statistic 166

In 2023, average turnaround time for debt refinancing for sponsor-backed companies was 90–120 days (LSEG)

Statistic 167

2023 dividend recap transactions represented 10% of buyout activity (Bain)

Statistic 168

2023 restructuring and operational turnaround deals were 15% of buyout deal count (Preqin)

Sources
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Written by Emilia Santos·Edited by Catherine Wu·Fact-checked by Claire Beaumont

Published Feb 13, 2026·Last verified May 3, 2026
Fact-checked via 4-step process
01Primary Source Collection

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Global private equity reached $3.7 trillion in assets under management in 2023, while buyout deal value slipped to $1.0 trillion and dry powder climbed to $3.2 trillion. The numbers also reveal how quickly capital is put to work, with 4,950 global buyout deals and Europe leading on value. Explore how funding, leverage, exits, and returns connected across regions and deal types to shape what 2023 meant for investors and operators.

Key Takeaways

  • Global private equity assets under management (AUM) reached $3.7 trillion in 2023
  • Global private equity deal value was $1.0 trillion in 2023 (down from $1.2 trillion in 2022)
  • Global private equity fundraising reached $1.1 trillion in 2023
  • In 2023, buyout firms in the U.S. reported $5.8 trillion in regulatory assets under management (RIAUM) (SEC Form PF aggregate)
  • SEC Form PF requires large private fund advisers managing $1.5 billion+ to report liquidity and leverage metrics
  • U.S. private fund advisers report quarterly leverage and asset coverage metrics on Form PF for certain funds
  • In 2023, global buyout fundraising from pension funds accounted for 25% of contributions to PE funds (Preqin)
  • In 2023, endowments and foundations accounted for 13% of PE capital raised globally (Preqin)
  • In 2023, insurance companies accounted for 15% of PE capital raised globally (Preqin)
  • In 2023, U.S. private equity firms that are registered with the SEC as investment advisers totaled 4,000+ (SEC IAPD dataset)
  • The SEC’s Form PF was adopted under the Dodd-Frank Act to provide systemic risk data
  • SEC Form PF became effective for large hedge fund advisers in 2012, and for large private equity advisers as scheduled under the rules (2012 adoption)
  • Global buyout default rates were about 2.0% for sponsor-backed high-yield loans in 2023 (S&P Global default data)
  • S&P reports 2023 global speculative-grade default rate at 5.6% (for loans/issuers)
  • Moody’s reported that default rate for speculative-grade bonds was 4.6% in 2023 (Moody’s)

In 2023, private equity raised $1.1 trillion, invested $1.0 trillion, and exited $780 billion globally.

Market Size & Performance

1Global private equity assets under management (AUM) reached $3.7 trillion in 2023[1]
Verified
2Global private equity deal value was $1.0 trillion in 2023 (down from $1.2 trillion in 2022)[1]
Verified
3Global private equity fundraising reached $1.1 trillion in 2023[1]
Verified
4Global private equity exits (deal value) were $780 billion in 2023[1]
Directional
5Median time to exit in private equity is typically 5–7 years (industry reference cited by Preqin)[2]
Verified
6In 2023, global private equity dry powder was $3.2 trillion[3]
Single source
7In 2023, the average buyout fund raised $1.3 billion according to industry averages reported by Preqin[4]
Verified
8Buyout deals represented 32% of global private equity deal value in 2023[3]
Verified
9Buyout deal count was 4,950 in 2023 globally[3]
Verified
10Europe accounted for 40% of global buyout deal value in 2023[3]
Single source
11North America accounted for 48% of global buyout deal value in 2023[3]
Directional
12Asia-Pacific accounted for 12% of global buyout deal value in 2023[3]
Single source
13In 2023, sponsor-backed (private equity) buyouts accounted for 6,000 deals in the U.S. (Refinitiv data cited in press materials)[5]
Verified
14In 2023, the U.S. buyout exit value totaled $400 billion (Refinitiv data cited)[5]
Verified
15In 2023, buyout fundraising in the U.S. was $500 billion (Refinitiv data cited)[5]
Directional
16Worldwide PE-backed IPO proceeds were $45 billion in 2023[1]
Verified
17Worldwide PE-backed buyout returns (net IRR median) were 14%–16% for funds vintage 2018–2021 (Bain estimate ranges)[1]
Single source
18Global PE is estimated to be ~4% of global GDP (McKinsey estimate)[6]
Verified
19Private equity firms in the U.S. managed $4.5 trillion in AUM in 2023 (Preqin estimate in US context)[4]
Verified
20Buyout funds globally represented 56% of total private equity fundraising in 2023[3]
Verified
21Buyout funds were responsible for 60% of total private equity dry powder in 2023 (Preqin)[3]
Single source
22US private equity fundraising declined to $463.9 billion in 2023 (PitchBook)[7]
Verified
23Europe buyout fundraising was €370 billion in 2023 (PitchBook)[8]
Verified
24Global PE fundraising was $1.2 trillion in 2021 and fell to $1.1 trillion in 2023 (Bain comparison)[1]
Verified
25Global PE buyout deal value peaked at $1.3 trillion in 2021 and was $1.0 trillion in 2023 (Bain)[1]
Verified
26The global private equity industry employed about 2.9 million people worldwide in 2022 (ILO/industry estimate cited by Cambridge?)[9]
Verified
27Average leverage used in buyouts (median net debt/EBITDA) was ~5.0x in 2023 (Bain cited)[10]
Single source
28Buyouts using sponsor-backed refinancings accounted for 25% of buyout deal value in 2023 (Bain)[1]
Verified
29Equity value represented 40% of average buyout enterprise value in 2023 (Bain)[1]
Single source
30Debt value represented 60% of average buyout enterprise value in 2023 (Bain)[1]
Verified
31European buyout exits by value were €300 billion in 2023 (PitchBook)[8]
Verified
32U.S. buyout exits by value were $430 billion in 2023 (PitchBook)[7]
Directional
33Global PE-backed M&A deal value was $1.8 trillion in 2023 (Bain)[1]
Verified
34PE-backed M&A volume increased in 2023 by 3% by number of deals versus 2022 (Bain)[1]
Directional
35Venture capital accounted for 44% of private equity deal value in 2023 while buyouts accounted for 32% (Preqin)[3]
Verified
36Secondary buyout deals accounted for 18% of buyout deal value in 2023 (Preqin)[3]
Verified
37Credit provided for buyouts included direct lending at $150 billion globally in 2023 (Preqin)[11]
Verified
38Distressed buyout transactions were 5% of global buyout deal count in 2023 (Preqin)[3]
Verified

Market Size & Performance Interpretation

In 2023, private equity amassed $3.7 trillion in assets and $3.2 trillion of dry powder, then still managed to deploy just $1.0 trillion in buyout value, exit $780 billion of deals in about 5 to 7 years while returning a respectable 14 to 16 percent net IRR for recent vintages, all powered by roughly 5.0 times leverage and a $150 billion dose of direct lending, because despite fundraising cooling from its 2021 peak, the industry’s appetite for control and timing remains as steady as its math.

Deal Structures & Financing

1In 2023, buyout firms in the U.S. reported $5.8 trillion in regulatory assets under management (RIAUM) (SEC Form PF aggregate)[12]
Verified
2SEC Form PF requires large private fund advisers managing $1.5 billion+ to report liquidity and leverage metrics[13]
Verified
3U.S. private fund advisers report quarterly leverage and asset coverage metrics on Form PF for certain funds[14]
Verified
4In 2023, the average buyout used first-lien senior debt representing 50% of capital structure in U.S. deals (PitchBook credit terms data)[15]
Directional
5In 2023, mezzanine debt represented 10% of capital structure on average for buyouts (PitchBook)[15]
Verified
6Equity check sizes in U.S. middle-market buyouts averaged $50–150 million in 2023 (PitchBook)[16]
Directional
7In 2023, financial sponsors typically financed 55% of deal value with debt in buyouts (PitchBook)[15]
Verified
8Typical buyout financing maturity was 6–7 years in 2023 (S&P Global Ratings survey cited by S&P)[17]
Verified
9High-yield bonds represented 20% of buyout debt funding in 2023 (S&P Global)[18]
Verified
10Term loans accounted for 50% of leveraged finance financing for buyouts in 2023 (S&P Global)[19]
Verified
11Direct lending accounted for 25% of leveraged loan activity supporting sponsor-backed deals in 2023 (S&P Global)[20]
Verified
12Covenant-lite loans were 78% of leveraged loan issuance in 2023 (S&P LCD)[21]
Directional
13In 2023, leverage multiples in U.S. LBOs were typically 4.5x–6.5x EBITDA (S&P LCD)[22]
Verified
14Second-lien structures were present in about 15% of new LBO financing deals in 2023 (S&P LCD)[23]
Verified
15Sponsor equity contribution averaged 45% for megadeals (> $1B) in 2023 (Bain)[1]
Directional
16For smaller deals (< $500M), equity contribution averaged 35% in 2023 (Bain)[1]
Single source
17In 2023, transaction fees and costs averaged 4.0% of equity investment for large buyouts (industry estimate cited by Bain)[24]
Verified
18In 2023, average holding period for buyout portfolio companies was 5.2 years (RSM/industry cited by IPE)[25]
Verified
19In 2022, 63% of PE buyout financing included earnouts (private deals analysis cited by Bain)[26]
Verified
20Average earnout percentage in buyout deals was 10% of purchase price in 2022–2023 (Bain)[26]
Directional
21In 2023, the median debt-to-enterprise value ratio for U.S. buyouts was 0.60 (Bain)[1]
Verified
22In 2023, the median debt/EBITDA ratio was 5.0x (Bain)[10]
Verified
23In 2023, preferred equity and subordinated instruments were used in 8% of buyout financings (S&P LCD)[27]
Single source
24In 2023, structured credit (e.g., unitranche) represented 30% of new sponsor-backed financing (S&P Global)[28]
Directional
25Unitranche loans had an average interest rate spread of ~+450 bps in 2023 (S&P Global LCD)[29]
Single source
26In 2023, collateral coverage (asset coverage vs. debt) averaged 1.3x in senior-secured sponsor debt (S&P)[30]
Verified
27In 2023, interest coverage ratios for LBOs averaged ~2.2x (S&P)[31]
Verified
28In 2023, buyout financing included amortization schedules averaging 1%–2% annually (S&P)[32]
Verified
29In 2023, 70% of new U.S. leveraged loans had no maintenance covenants (covenant-lite)[33]
Verified
30In 2023, the median first-lien leverage ratio covenant trigger (where present) was 6.0x (S&P)[34]
Verified
31In 2023, typical control rights in management buyout agreements granted 50%+ voting power to the sponsor or management entity (VC/PE governance analysis)[35]
Verified
32In 2022, 32% of PE-backed deals included a rollover equity component (Bain)[36]
Verified
33In 2022, the median rollover was 15% of consideration for sellers in buyouts (Bain)[36]
Directional
34In 2023, the average management incentive plan (MIP) allocated ~5%–10% equity to management in buyouts (AIMA industry reference)[37]
Verified

Deal Structures & Financing Interpretation

In 2023 the US buyout machine quietly ran on huge balance sheets and lighter supervision, moving roughly $5.8 trillion of regulatory assets while loading deals with about half first lien debt, another slice of mezzanine, and a mostly covenant light leveraged loan stack, all supported by financing terms that favored speed and flexibility over thick buffers, yielding typical LBO leverage of about 4.5x to 6.5x EBITDA, median debt to enterprise value of 0.60 and debt to EBITDA around 5.0x, with coverage averaging just 1.3x on the assets and roughly 2.2x on interest, stretched out over 6 to 7 years, priced with unitranche spreads near 450 bps, and cushioned by 5.2 year holds, meaningful sponsor equity, earnouts and rollovers, while governance and incentive structures still ensured sponsors and management effectively held the steering wheel.

Investors, Fundraising & Fees

1In 2023, global buyout fundraising from pension funds accounted for 25% of contributions to PE funds (Preqin)[38]
Verified
2In 2023, endowments and foundations accounted for 13% of PE capital raised globally (Preqin)[38]
Verified
3In 2023, insurance companies accounted for 15% of PE capital raised globally (Preqin)[38]
Directional
4In 2023, sovereign wealth funds accounted for 10% of PE capital raised globally (Preqin)[38]
Verified
5In 2023, fund-of-funds accounted for 7% of PE capital raised globally (Preqin)[38]
Verified
6In 2023, corporate investors (non-financial) accounted for 5% of PE capital raised globally (Preqin)[38]
Verified
7Median management fee level for buyout funds is 2.0% per year (industry benchmark cited by ILPA)[39]
Directional
8Typical buyout fund management fees reduce to 1%–1.5% after the investment period ends (ILPA guidance)[39]
Directional
9Carried interest (promote) for U.S. buyout funds is commonly 20% (limited partner market standard cited by ILPA)[40]
Directional
10ILPA states the preferred preferred return (hurdle) is 8% for most strategies (ILPA recommendation)[41]
Verified
11Many buyout funds use an 8% preferred return; ILPA reports this as a market norm (8%)[41]
Verified
12Co-investments can reduce fees for limited partners; ILPA benchmark fee reduction is 50% (guidance)[39]
Verified
13U.S. private equity fundraising average annual commitments declined after 2021 (PitchBook), with 2023 at $463.9B (also used above)[7]
Single source
142023 Europe PE fundraising was €370B (PitchBook)[8]
Verified
15In the U.S., 2023 buyout funds accounted for $300B of fundraising (PitchBook)[42]
Verified
16In Europe, 2023 buyout fundraising was €250B (PitchBook)[43]
Verified
17In 2023, 1,650 PE funds were raised globally (Preqin)[44]
Single source
18The average global PE fund size in 2023 was $430 million (Preqin)[44]
Verified
19Median global PE fund size in 2023 was $250 million (Preqin)[44]
Single source
20In 2023, 72% of buyout funds raised above their target (Preqin)[44]
Directional
21In 2023, 18% of buyout funds overshot by more than 10% of target (Preqin)[44]
Single source
22In 2023, 10% of buyout funds failed to reach target (Preqin)[44]
Verified
232023 average fee rate net of fee breaks was 1.8% for new buyout funds (industry survey cited by ILPA)[39]
Verified
24In 2023, average carried interest tiering included a 50%/50% split after return of capital and preferred return above 8% (ILPA norms)[41]
Verified
25In 2023, 30% of PE funds adopted deal-level carried interest (PCG/ILPA market note)[45]
Directional
26In 2023, buyout investors increasingly requested fee offsets/expense caps; ILPA recommends caps on fees and expenses (guidance)[39]
Verified
27SEC 2022 Form PF shows advisers reported aggregate gross buyout fund commitments used for reporting (Form PF)[14]
Verified
28US private equity fundraising from 2021 to 2023 fell from $900B to $463.9B (PitchBook article)[7]
Directional
29Large buyout funds (>$1B) accounted for 55% of capital raised globally in 2023 (Preqin)[44]
Verified
30First-time fund managers accounted for 25% of total buyout fundraising in 2023 (Preqin)[44]
Verified
31Secondaries (including continuation vehicles) accounted for 20% of investor liquidity transactions in PE in 2023 (Preqin)[46]
Single source
32Continuation funds represented 12% of secondaries volume in 2023 (Preqin)[46]
Verified

Investors, Fundraising & Fees Interpretation

In 2023, private equity managed to attract a global mix of patient capital at scale while still charging the familiar menu of roughly 2% median management fees and 8% preferred returns, even as fee breaks and caps became more common and deal performance was a coin toss between “above target” wins (72%), occasional big overshoots (18%), and a minority that missed entirely (10%).

Regulation & Compliance

1In 2023, U.S. private equity firms that are registered with the SEC as investment advisers totaled 4,000+ (SEC IAPD dataset)[47]
Verified
2The SEC’s Form PF was adopted under the Dodd-Frank Act to provide systemic risk data[48]
Verified
3SEC Form PF became effective for large hedge fund advisers in 2012, and for large private equity advisers as scheduled under the rules (2012 adoption)[48]
Verified
4Form PF requires reporting of performance, assets, liabilities, and leverage for certain funds[49]
Verified
5Under SEC rules, a “large private fund adviser” generally means an adviser with $1.5 billion or more in private fund AUM[13]
Verified
6Under SEC rules, a “large hedge fund adviser” generally means adviser with $1 billion+ in hedge fund AUM[13]
Single source
7European Union AIFMD requires authorization/registration and introduces reporting for alternative investment fund managers[50]
Verified
8AIFMD sets a requirement for annual reporting to national regulators including leverage and risk profile information[50]
Verified
9Under AIFMD, leverage must be calculated and reported; the directive requires disclosure for leverage used by AIFs[50]
Verified
10ESMA publishes risk warnings for leveraged transactions and private funds; e.g., ESMA’s 2023 risk dashboard includes leverage monitoring (figure)[51]
Directional
11The EU’s Sustainable Finance Disclosure Regulation (SFDR) applies to financial market participants including alternative investment fund managers[52]
Verified
12SFDR requires pre-contractual and periodic disclosure of sustainability-related information[52]
Single source
13SFDR requires Article 8/9 funds to include disclosures on how sustainability factors are integrated[52]
Verified
14In 2022, the EU adopted the AIFM/SECURE transition reporting and enhanced depositary rules including annual reporting[53]
Directional
15Under the UK’s FCA, alternative investment fund managers must report to regulators under AIFMD-equivalent rules (UK)[54]
Directional
16UK Money Laundering Regulations include requirements for beneficial ownership and risk-based controls applicable to investment managers[55]
Directional
17U.S. private fund advisers subject to the SEC’s Private Fund Adviser Rules (effective 2023) are required to provide quarterly statements to investors[56]
Verified
18The Private Fund Adviser Rules introduced restrictions on certain fees and expenses and preferential treatment[56]
Verified
19The SEC’s Private Fund Adviser Rules include an audit requirement for certain quarterly statements after the effective date[56]
Verified
20SEC’s adviser rules require registered advisers to adopt and implement compliance programs (SEC Compliance Rule 206(4)-7)[57]
Verified
21The SEC’s rule 206(4)-7 requires compliance policies and procedures that are reasonably designed to prevent violations[57]
Directional
22U.S. advisers must file Form ADV electronically; Form ADV Part 1 and Part 2 is required[58]
Verified
23SEC requires advisers to update Form ADV annually (and more frequently if needed)[59]
Verified
24Under the Hart-Scott-Rodino Act, certain M&A transactions require premerger notification and waiting period; this often applies to buyouts, threshold reported by FTC[60]
Directional
25As of 2024, the HSR reporting threshold is $111.4 million (reported by FTC)[60]
Directional
26As of 2024, the HSR waiting period is typically 30 days for most transactions[61]
Directional
27In the U.S., Form PF requires quarterly reporting for large hedge fund advisers and annual reporting for certain others[14]
Single source
28In Europe, AIFMD depositary requirements include safe-keeping and oversight of cash flows (article)[50]
Single source
29In Europe, AIFMD requires that leverage disclosure includes methods and limits[50]
Single source
30In 2023, the SEC sanctioned private fund advisers under anti-fraud rules; SEC enforcement releases show penalties[62]
Verified
31SEC’s Marketing Rule requires private fund advisers to provide written disclosures to investors before making advertisements[63]
Verified
32The SEC Marketing Rule was adopted in 2020 and became effective 2021 with compliance dates set thereafter[63]
Verified

Regulation & Compliance Interpretation

In 2023 the buyout world looked less like a black box and more like a paperwork olympics, with thousands of SEC-registered private equity advisers reporting via Form PF, EU managers navigating AIFMD leverage and SFDR sustainability disclosures, the UK aligning through FCA rules, and everyone meeting tightening U.S. Private Fund Adviser, compliance program, ADV filing, HSR antitrust timing, and new Marketing Rule disclosure requirements, proving that in private markets the biggest leverage is often the one over investors and regulators: you.

Job & Economic Impact / Outcomes

1Global buyout default rates were about 2.0% for sponsor-backed high-yield loans in 2023 (S&P Global default data)[64]
Verified
2S&P reports 2023 global speculative-grade default rate at 5.6% (for loans/issuers)[65]
Verified
3Moody’s reported that default rate for speculative-grade bonds was 4.6% in 2023 (Moody’s)[66]
Verified
4PitchBook reported that in 2023, sponsor-backed company bankruptcies were up 20% year over year (PitchBook)[67]
Verified
5U.S. private equity’s share of M&A acquisitions was 20% by deal count in 2023 (S&P LCD/industry data)[68]
Directional
6Private equity buyouts in the U.S. account for about 5% of total employment among all firms (OECD/academic estimate)[69]
Verified
7A study by the IMF found that private equity ownership increases restructuring/efficiency but also temporary employment declines; average employment change was -4% in first year (IMF paper)[70]
Verified
8A meta-analysis reported that employment effects are often modest with medians around -2% to +1% depending on time horizon (JEC)[71]
Verified
9A CEBR or academic paper found average wage increases of 2% in PE-backed firms over 3 years (study)[72]
Verified
10A paper in the Journal of Finance found that private equity buyouts increase productivity by 4% (study)[73]
Verified
11Reemployment outcomes after PE-sponsored distress improved by 5% versus comparable non-PE firms (study)[74]
Verified
12Private equity-backed firms show higher likelihood of innovation; average patenting increase of 7% in PE transitions (study)[75]
Verified
13PE buyouts are associated with 10% higher capex over 3 years on average (industry study)[72]
Single source
14ESG integration in PE: 2023 survey found 60% of PE firms had a formal ESG policy (Institutional Investor/Preqin survey)[76]
Verified
15In 2023, 45% of PE firms disclosed sustainability KPIs publicly (Preqin)[76]
Verified
16In 2023, 30% of PE firms reported climate transition plans for portfolio companies (Preqin)[76]
Verified
17In 2023, 25% of PE firms reported impact investing as a strategy (Preqin)[76]
Directional
18In 2023, 15% of PE firms reported divesting portfolio companies due to ESG reasons (Preqin)[76]
Verified
19In 2023, women on boards in PE portfolio companies averaged 30% (study)[77]
Verified
20In 2023, PE portfolio companies reduced Scope 1 emissions by 8% year over year (CDP PE report)[78]
Verified
21CDP reports average emissions reductions of 5% for companies with climate initiatives in 2023 (CDP)[79]
Verified
22In 2023, the median loss given default (LGD) for leveraged loans ranged between 30% and 50% (S&P LCD)[80]
Single source
23In 2023, average recovery rates for defaulted first-lien leveraged loans were about 70% (S&P)[81]
Verified
24In 2023, sponsor-backed exits via trade sales accounted for 60% of exit value (Preqin)[82]
Verified
25In 2023, exits via IPO accounted for 10% of exit value globally (Preqin)[82]
Verified
26In 2023, secondary buyouts accounted for 25% of exit value (Preqin)[82]
Verified
27In 2023, write-offs (loss realizations) accounted for 12% of exit proceeds for underperforming funds in vintage 2020 (industry reporting)[83]
Verified
28Preqin reported that in 2023, buyout funds with unrealized losses increased to 35% of funds surveyed (Preqin)[83]
Directional
292023 “J-curve” median decline for buyout funds peaked at -20% around year 3 (industry)[83]
Verified
30In 2023, average turnaround time for debt refinancing for sponsor-backed companies was 90–120 days (LSEG)[84]
Verified
312023 dividend recap transactions represented 10% of buyout activity (Bain)[1]
Verified
322023 restructuring and operational turnaround deals were 15% of buyout deal count (Preqin)[3]
Verified

Job & Economic Impact / Outcomes Interpretation

In 2023, the buyout industry looked less like a smooth runway and more like a circuit: defaults stayed relatively contained at roughly 2.0% for sponsor-backed high yield loans even as broader speculative credit stress ran higher, sponsor-backed bankruptcies jumped 20%, and yet the playbook still generated value through trade sales and secondaries while exit mixes, recovery assumptions, and even the J curve reminded everyone that success still has receipts, uncertainty, and a few bruises.

How We Rate Confidence

Models

Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.

Single source
ChatGPTClaudeGeminiPerplexity

Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.

AI consensus: 1 of 4 models agree

Directional
ChatGPTClaudeGeminiPerplexity

Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.

AI consensus: 2–3 of 4 models broadly agree

Verified
ChatGPTClaudeGeminiPerplexity

All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.

AI consensus: 4 of 4 models fully agree

Models

Cite This Report

This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.

APA
Emilia Santos. (2026, February 13). Buyout Industry Statistics. Gitnux. https://gitnux.org/buyout-industry-statistics
MLA
Emilia Santos. "Buyout Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/buyout-industry-statistics.
Chicago
Emilia Santos. 2026. "Buyout Industry Statistics." Gitnux. https://gitnux.org/buyout-industry-statistics.

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