The total number of global private equity exits in the third quarter was 467, up 21.6% from the same period in 2022, according to data from Preqin Pro.

The three months to Sept. 30 represented the most active quarter for exits during the year as both trade sales and IPOs grew sequentially, while secondary sales and "other exits" were down compared to the second quarter.

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Trade sales made up more than half of total private equity exits, with 253 transactions during the third quarter. Secondary sales and other exits numbered 167 and 33, respectively.

Only 14 IPOs were completed during the quarter ended Sept. 30, but that number was double the previous quarter's.

Global private equity exits in the year to Sept. 30 totaled 1,294. The number remains significantly lower than the 2022 full-year aggregate of 1,584, which was the lowest annual exit total since at least 2018.

Largest exits

The largest private equity exit in the third quarter was Univar Solutions Inc.'s $8.04 billion acquisition by an investor group. Dutch private equity firm Parcom Capital Management BV exited the commodity and specialty chemical products distributor, according to S&P Global Market Intelligence data.

The second-largest exit was the $7.37 billion sale of Reata Pharmaceuticals Inc., which develops treatments for serious or life-threatening diseases. Private equity firms Blackstone Life Sciences and Perceptive Advisors LLC were part of the investor group that sold the pharmaceutical company to Biogen Inc.

Astellas Pharma Inc.'s unit Astellas US Holding Inc., which acquired biotechnology company IVERIC bio Inc. for $5.42 billion, was the third-largest private equity exit during the quarter. Deep Track Capital LP, Vivo Capital LLC, Samsara BioCapital LLC, Vanguard Group Inc. and BlackRock Inc. were part of the selling investor group.