Global private equity and venture capital deal value and volume booked year-over-year declines in both September and the third quarter.
Total deal value slipped 22.3% to $28.55 billion in September from $36.74 billion a year ago. The number of deals also went down to 864 from 1,418 the year prior, according to S&P Global Market Intelligence data.
In the third quarter, the total transaction value fell 18.2% year over year to $105.32 billion from $128.70 billion. The number of deals decreased to 2,668 from 3,959 a year earlier.
Europe posted the highest deal value globally in September with $12.36 billion, up from $10.33 billion for the same month in 2022. North America and Asia-Pacific followed, with $10.82 billion and $4.18 billion, respectively.
Asia-Pacific booked the highest number of transactions in September, at 339. The US and Canada recorded 251 deals, while Europe tallied 230 transactions.
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The industrial sector secured the most capital from private equity investors in September, pulling in $7.70 billion, more than double the $3.12 billion it received a year earlier.
The technology, media and telecom (TMT) sector came next with $6.40 billion, less than half of the $13.37 billion secured in September 2022.
In the third quarter, application software companies received $14.01 billion, the largest chunk of private equity-backed investments among the TMT subsectors. Interactive media and service providers came next with $3.55 billion and semiconductor companies with $3.36 billion in capital.
Largest deals
The biggest transaction for September was TDR Capital LLP and I Squared Capital Advisors (US) LLC's offer to buy Spain-based industrial testing company Applus Services SA for $2.37 billion.
Merrill Lynch International, Barclays PLC, Morgan Stanley (España) SA, Jefferies Financial Group Inc., Linklaters SLP and AIGA Advisory SL are buy-side advisers on the deal. JP Morgan Espana SA is the adviser for Applus.
For the biggest round of funding of the month, Swedish decarbonization company H2GS AB, or H2 Green Steel, secured about €1.5 billion in equity from an investor group co-led by private equity firms Altor Equity Partners AB and Just Climate LLP.