Global private equity and venture capital deal value and volume recorded a year-over-year decline in both the month of June and the second quarter, according to S&P Global Market Intelligence data.
Overall private equity entries in June totaled $27.04 billion, down 59.3% from $66.41 billion in the same month a year ago. The number of deals dipped to 847 from 1,536 transactions a year prior.
In the second quarter, the total transaction value slipped 53.5% year over year to $98.48 billion from $211.69 billion. The number of deals also declined to 2,686 from 4,411 transactions.
The US and Canada posted the highest deal value globally in June with $13.35 billion, although the amount was less than half of the $30.44 billion recorded in the region a year prior. Asia-Pacific and Europe came next with $7.13 billion and $4.93 billion, respectively.
The US and Canada also recorded the highest number of transactions in June at 301. Asia-Pacific saw 258 deals during the month, while Europe tallied 246 transactions.
– Download a spreadsheet with data featured in this story.
– Check out the global private equity entries Data Dispatch in May.
– Read some of the day's top news and insights from S&P Global Market Intelligence.
The technology, media and telecommunications sector continued to receive the most capital from investors during the month, bringing in $9.52 billion in total transaction value, although that amount was about one-third of the $28.41 billion the segment raised in the same period in 2022.
The energy and utilities sector came in second with $5.89 billion in total deal value, up from $2.20 billion in June 2022. Industrial companies followed, securing $4.42 billion, down from $8.42 billion a year ago.
Largest deals
In the largest deal announced in June, Bain Capital LP's Bain Capital Investors LLC offered to buy the remaining 57.83% stake in China-based hyperscale datacenter solutions company Chindata Group Holdings Ltd. in a take-private transaction valued at $2.26 billion, according to Market Intelligence data.
Kirkland & Ellis LLP and Morgan Stanley were Bain's advisers for the proposed deal. Citigroup Global Markets Asia Ltd. and Gibson Dunn & Crutcher LLP were advisers to the special committee formed by Chindata.
The second-biggest deal was the planned acquisition of a 19.9% stake in gas and electric distribution company Northern Indiana Public Service Co. LLC by an affiliate of Blackstone Inc.'s Blackstone Infrastructure Partners group. NiSource Inc. agreed to sell the non-controlling equity interest for $2.15 billion.
Barclays and Latham & Watkins LLP are Blackstone's advisers on the deal. NiSource's advisers include Lazard Frères & Co. LLC, Goldman Sachs & Co. LLC and McGuireWoods LLP.