LEFF25_MCK252140 Private Markets Heatmap Interactive

The interactive heat map below shows key metrics across private equity asset classes, regions, and deal sizes.

Select a region and asset class, and toggle deal size

All private equity (PE) (buyout, growth, and venture capital)

Buyout

Growth

Venture capital

Global

North America

Europe

Asia

Deal size: All

Deal size: >$500 million

Negative for PE industry

Positive for PE industry

Macro environment

General partners (GPs)

Limited partners (LPs)

Metric

2019

2020

2021

2022

2023

2024

Interest rate (%)^{1, 2}

2.2

0

3.3

2.2

0

2.2

0.4

0

0.4

3.0

0.4

0

0.4

3.0

0.1

0

3.0

0.1

0

0.1

2.8

1.7

0.6

1.7

2.8

1.7

0.6

1.7

2.6

5.0

3.8

5.0

2.6

3.8

5.0

2.3

5.1

4.1

5.1

2.3

5.1

Inflation rate (%)

2.0

3.4

2.0

3.5

2.0

3.4

2.0

3.5

1.4

3.2

1.2

1.4

3.3

3.2

1.2

3.3

4.7

3.0

3.6

3.0

4.7

3.6

4.7

7.9

6.3

10.0

6.3

10.0

8.6

7.9

8.6

4.2

6.3

4.9

6.3

6.7

4.2

6.7

3.1

4.4

3.5

5.8

Deal value (% year-over-year [YOY] growth)

0

6

9

13

6

–5

4

83

–19

–27

24

–32

–18

113

86

81

135

162

86

73

101

–22

–9

–25

–21

–3

–28

–25

–20

–1

–34

–26

8

–47

–34

–24

–23

–16

43

16

34

–39

23

26

16

Deal count (% YOY growth)

4

7

1

–6

0

5

10

5

0

–2

–32

31

–21

–25

–3

–2

68

45

59

83

81

82

58

57

–23

–31

–12

0

–26

–39

–10

–6

–9

–6

–11

–16

–14

–13

1

–4

–1

0

5

7

4

–1

PE-backed exit deal value (% YOY growth)^{3, 4}

–

PE-backed exit deal count (% YOY growth)^{3, 4}

–

Median buyout entry multiples (purchase price/EBITDA)^{5, 6}

10.0×

–

10.0×

–

11.2×

–

11.2×

–

11.8×

–

11.8×

12.0×

–

12.0×

–

11.2×

–

11.2×

–

11.9×

–

11.9×

Fundraising of close-end commingled funds (% YOY growth)

71

162

13

–11

13

–11

162

71

–19

–30

13

–30

–27

13

–27

–19

28

–18

20

28

20

12

6

–20

6

–11

–20

–11

–37

42

6

–37

42

96

42

–36

10

–36

–25

–5

10

–5

–25

LP private equity target allocation (%)⁷

–

Capital calls in excess of distributions (% of distributions)^{4, 6, 8}

–

1-year pooled IRR for 2000−21 vintage funds (%)⁶

17

12

17

12

17

25

26

17

25

30

23

30

42

38

1

–4

–3

–4

–1

9

11

9

10

9

6

4

2

4

Note: Deal size filter only affects deal value, deal count, PE-backed exit deal value, and PE-backed exit deal count metrics.

¹Average annual central bank interest rate: effective federal funds rate is used as a proxy for North America, China’s 1-year medium-term lending facility rate as a proxy for Asia, and European Central Bank’s main refinancing operations rate as a proxy for Europe.

²US values displayed under “Global” filter.

³Exits of private equity investments. PE investments include those made by PE investors as well as by some additional investor types into mature companies. Excludes venture capital.

⁴Capital calls in excess of distributions and PE-backed exits reported only for all PE.

⁵Median buyout entry multiples data reported only for global buyout. Buyout figures displayed for global all PE as proxy.

⁶Capital calls in excess of distributions, IRR, and median buyout entry multiples data as of Q3 2024.

⁷Limited partner PE target allocation data reported only for all global PE.

⁸A negative value indicates that distributions have exceeded contributions in such year.

Source: CEM Benchmarking; European Central Bank; Federal Reserve Bank of St. Louis; International Monetary Fund; MSCI; People’s Bank of China; PitchBook; Preqin; StepStone Group

McKinsey & Company

The interactive heat map below shows key metrics across private equity asset classes, regions, and deal sizes.

Select a region and asset class, and toggle deal size

All private equity (PE) (buyout, growth, and venture capital)

Buyout

Growth

Venture capital

Global

North America

Europe

Asia

Deal size: All

Deal size: >$500 million

Negative for PE industry

Positive for PE industry

Macro environment

General partners (GPs)

Limited partners (LPs)

Metric

2019

2020

2021

2022

2023

2024

Interest rate (%)^{1, 2}

2.2

0

3.3

2.2

0

2.2

0.4

0

0.4

3.0

0.4

0

0.4

3.0

0.1

0

3.0

0.1

0

0.1

2.8

1.7

0.6

1.7

2.8

0.6

1.7

2.6

5.0

3.8

5.0

2.6

3.8

5.0

5.1

2.3

4.1

5.1

2.3

5.1

Inflation rate (%)

2.0

3.4

2.0

3.5

2.0

3.4

2.0

3.5

1.4

3.2

1.2

1.4

3.3

1.2

3.2

3.3

4.7

3.0

3.6

3.0

4.7

3.6

4.7

7.9

10.0

6.3

10.0

8.6

7.9

8.6

4.2

6.3

4.9

6.3

6.7

4.2

6.7

4.4

3.1

4.4

3.5

5.8

Deal value (% year-over-year [YOY] growth)

3

7

13

–29

–18

–3

5

2

–11

152

–13

–19

–22

–26

20

–8

107

70

89

124

144

90

70

98

–21

–10

0

–36

–30

–27

–26

–22

–18

–33

–29

22

–49

–25

19

20

49

–20

38

29

–35

14

–32

–25

Deal count (% YOY growth)

8

–27

–7

8

17

5

4

7

0

68

–27

–15

–18

4

3

41

44

75

84

72

79

34

41

–23

–31

–4

–39

–36

–8

–5

–7

–9

–19

–16

–7

3

–18

–14

–5

1

3

–23

8

3

–13

PE-backed exit deal value (% YOY growth)^{3, 4}

–10

–19

–8

6

–20

–41

–17

–8

–12

39

7

–8

–17

2

–11

56

45

124

116

131

135

87

54

17

–66

–45

–1

–24

–51

–8

–16

–22.0

–20

–10

–24

13.0

–21

–7

–6

3

–16

–32

10

–9

–16

54

–14

PE-backed exit deal count (% YOY growth)^{3, 4}

–6

–55

–69

–9

–21

–28

–26

–20

89

43

193

16

347

2

71

32

94

111

103

111

126

92

102

–64

–57

–65

–75

–43

–45

–51

–54

–5

7

–36

–25

20

1

5

–4

–2

–10

–16

–9

16

59

32

8

Median buyout entry multiples (purchase price/EBITDA)^{5, 6}

–

10.0×

–

10.0×

–

11.2×

–

11.2×

–

11.8×

–

11.8×

12.0×

–

12.0×

–

11.2×

–

11.2×

–

11.9×

–

11.9×

Fundraising of close-end commingled funds (% YOY growth)

13

28.0

–4

13

28

–4

13

–10

–13

16

–13

–24

16

–24

–10

47

–2

44

–2

47

44

36

–22

–20

–22

–7

–20

–1.0

–1

–7

–6

65

–56

–6

65

–12

–29

–32

–29

–24

–11

–32

–11

–24

LP private equity target allocation (%)⁷

–

6.1

–

6.3

–

6.3

–

6.8

–

7.5

–

7.5

8.2

–

8.2

–

8.3

–

8.3

Capital calls in excess of distributions (% of distributions)^{4, 6, 8}

71

19

–10

71

–10

19

25

41

15

41

18

23

15

23

3

14

–12

14

2

3

20

4

42

–9

42

4

–9

20

23

59

35

–28

35

59

–28

23

1

–38

–5

1

–38

–14

–5

–14

1-year pooled IRR for 2000−21 vintage funds (%)⁶

19

14

17

18

17

14

18

38

35

26

38

34

35

34

13

34

49

40

–9

–6

–7

–6

–8

6

10

6

2

6

4

0

4

Note: Deal size filter only affects deal value, deal count, PE-backed exit deal value, and PE-backed exit deal count metrics.

¹Average annual central bank interest rate: effective federal funds rate is used as a proxy for North America, China’s 1-year medium-term lending facility rate as a proxy for Asia, and European Central Bank’s main refinancing operations rate as a proxy for Europe.

²US values displayed under “Global” filter.

³Exits of private equity investments. PE investments include those made by PE investors as well as by some additional investor types into mature companies. Excludes venture capital.

⁴Capital calls in excess of distributions and PE-backed exits reported only for all PE.

⁵Median buyout entry multiples data reported only for global buyout. Buyout figures displayed for global all PE as proxy.

⁶Capital calls in excess of distributions, IRR, and median buyout entry multiples data as of Q3 2024.

⁷Limited partner PE target allocation data reported only for all global PE.

⁸A negative value indicates that distributions have exceeded contributions in such year.

Source: CEM Benchmarking; European Central Bank; Federal Reserve Bank of St. Louis; International Monetary Fund; MSCI; People’s Bank of China; PitchBook; Preqin; StepStone Group

McKinsey & Company