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摘要：

In line with our predictions, PE healthcare services investment declined for the fifth straight quarter to 200 deals in Q1 2023—21.5% off the pace set in 2021 but still 20.4% higher than the average quarter in 2018-2019. The industry is settling into a new normal of higher interest rates, lower multiples, and slower, more proprietary deal processes. In most categories, multiples are landing a couple of turns lower than where they sat in 2021, or approximately at 2018-2019 levels, with some exceptions (e.g., mental health). This is in part a function of reduced leverage; rather than 6x, lenders are willing to underwrite 4x or 5x, or slightly higher for a very high-quality business. Although early signs that the bank debt market might revive in Q1 were quashed by Silicon Valley Bank’s collapse, it is still possible to get deals done: Our Global Private Debt Reportnotes that after a strong year of private credit fundraising, direct lenders closed out 2022 armed with $146.3 billion in dry powder, nearly equal to the total broadly syndicated loan origination volume in 2021. But both sponsors and lenders are more circumspect and proceeding with caution.

來源：【PitchBook】

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