Very few exits in Q1
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PE exits were historically slow in Q1, according to PitchBook’s Q1 2023 US PE Breakdown. All exit ramps—corporate acquisitions, IPOs and secondary buyouts—were down significantly. SBO activity has been in a teeter totter pattern since Covid. Q4 2021 saw 318 SBOs—the most ever recorded—but was bookended by historically low quarters in Q2 2020 and Q1 2023. The chart above shows how steady SBO activity was prior to Covid, but it’s been anything but since then.