华利安：2024美国成长股市场年秋季更新报告（英文版）（12页）.pdf

1、Growth Equity ValuationU.S.SnapshotPortfolio Valuation and Fund Advisory ServicesMarket UpdateFall 2024Introduction2Houlihan Lokey is pleased to present a summary of its U.S.growth equity observations and valuation insights based on real-time market data.Source:PitchBook.*As of September 30,2024.U.S

2、.VC Fundraising ActivityTepid Exit Valuation Landscape$70.7$72.8$93.7$176.2$184.2$86.3$65.17938019371,6081,5828362018201920202021202220232024*Capital Raised($B)Fund Count380IPO and M&A Market Remains MutedDistributions to Investors Nearing All-Time LowFundraising Favors Established ManagersAI Invest

3、ments Are Dominating Primary FinancingsRate Cuts Started but Will Take Time to Translate Into Valuation ImprovementsFunding and Valuation Environment in Fall 20243The exit market remains stagnant for both IPOs and large M&A deals.In Q3 2024,only 14 companies exited through IPOs,down from 30 in Q3 20

4、23.Total M&A value decreased by 33.5%in Q3 2024 compared to Q3 2023.The inventory of venture-backed companies has grown to 57,674 as of Q3 2024,a 6.3%year-over-year increase,with 28.2%of these companies considered to be later-stage,according to PitchBook.Consequently,the distribution rate to LPs is

5、nearly as low as the levels during the global financial crisis.The average quarterly distribution rate over the past decade was 16.8%,but it has fallen to around 5.0%in recent quarters.Dry powder remains high as only 23.1%of capital raised was utilized for dealmaking in the past year.As exits remain

6、 sparse,LPs and GPs have been using alternative strategies for liquidity.Some of these alternatives include secondaries,continuation vehicles,and strip sales.Fundraising continues to lag,especially for emerging managers.While the annualized venture fundraising value in 2024 is expected to surpass bo