Private equity backed IPOs nonexistent in Q1; total exit activity slumps

The total number of global private equity exits in the first quarter was 322, down 29.2% from the same period in 2022, according to data from Preqin Pro.

Ongoing public market volatility sent global private equity backed initial public offerings to zero. Until the first quarter of 2023, there had not been a three-month period without a private equity backed IPO in at least three years.

– Download a spreadsheet with data featured in this story. – Private equity investments in Asia-Pacific fell sharply in Q1. – Explore more private equity coverage.

Secondary sales, which made up 35.1% of total private equity exits, saw 113 transactions in the first quarter. Trade sales and other exits totaled 99 and 110, respectively. These three exit categories declined year over year but increased compared to the fourth quarter of 2022.

Largest exits

Four of the top 10 exits in the first quarter were trade sales in the healthcare sector.

The largest private equity exit in the period was the $8.90 billion sale of healthcare facilities owner and operator City Practice Group of New York LLC by Warburg Pincus LLC to Walgreens Boots Alliance Inc.-owned Village Practice Management Co. LLC, according to S&P Global Market Intelligence data.

That was followed by New Mountain Capital LLC's $7.71 billion sale of healthcare services company Signify Health Inc. to CVS Health Corp. unit CVS Pharmacy Inc.

KPS Capital Partners LP's sale of Howden Group Ltd., which manufactures air and gas handling equipment, to Chart Industries Inc. for $4.40 billion was the third-largest deal in the quarter.