Cash flows were positive last year Download PitchBook’s Report here. PE distributions outpaced capital calls in 2021, according to PitchBook’s 2022 Global Fund Performance Report. Not by much: LPs collected $13.5 billion in net cash flow last year, reflecting $572.4 billion in outbound contributions and $585.9 billion transferred back to fund investors. Both datapoints are substantially…
Appetite for IT remains Download PitchBook’s Report here. Despite volatility and inflationary pressures, PE remains bullish on the IT sector. That’s according to our latest analyst note, pointing out that PE activity in Q1 2022 outdid itself compared to Q4 2021, which was a blockbuster quarter for the asset class…. Subscribe to Read MoreAlready a member?
Choppy fundraising ahead? Download PitchBook’s Report here. Market turmoil continues. The ripple effects will impact private equity deal flow and exits, and it will certainly impact fundraising. Our latest analyst note sees fundraising “tapering as demand outstrips supply.” PEGs have been returning and re-returning to the fundraising trail over the past few years, inundating LPs with…
Software chugging along Download PitchBook’s Report here. One sector that never really slowed is software. PE activity reached new heights last year, with almost $170 billion invested across more than 1,000 transactions. Combined value was 78% higher YoY, while deal flow jumped by 49%, according to PitchBook’s Q1 US PE Breakdown Report…. Subscribe to Read MoreAlready
PE firms are clubbing again Download PitchBook’s Report here. During the buyout boom of 2005-2008, “club” deals were a common sight, especially at the high end. When the music stopped in 2008, many of the biggest portfolio companies were held by three or more PE firms, who had to make “club” decisions about what to do…
A lackluster start for exits Download PitchBook’s Report here. PE exits came in lower in Q1 than what we’ve become accustomed to. PitchBook’s Q1 US PE Breakdown Report found about $90 billion worth of sales, the slowest quarter since deal markets revved up in Q4 2020. $90 billion isn’t low on a historical basis; it’s in…
A break from buyouts Download PitchBook’s Report here. Last week we covered a decently strong Q1, at least from a dollar perspective. But PitchBook’s Q1 US PE Breakdown Report showed a steep decline in deal flow, falling 30% QoQ to 2,166 transactions. That’s not a low number except in relation to the last few quarters. Except…
First quarter numbers Download PitchBook’s Report here. PitchBook’s Q1 US PE Breakdown Report is out. The first quarter saw an estimated $330.8 billion invested, a strong showing and the third highest quarter we’ve calculated. It’s not quite as high as the back half of last year, which saw $372.3 billion invested in Q3 and a record…
The middle market ratio dropped in 2020 Download PitchBook’s Report here. Another tidbit in PitchBook’s 2021 Annual Middle Market Report is the chart above. It reflects the proportion of all US PE deal flow being done in the middle market. For most of the decade, the middle market’s share of overall deal flow hovered just above…
The middle market is buying more startups Download PitchBook’s Report here. Tucked away in PitchBook’s 2021 Annual Middle Market Report is an interesting trend: more middle-market transactions involve venture-backed startups. Last year, 189 middle market deals were struck for startups, up from 36 a decade ago. The 189 deals were worth a collective $27.6 billion, another…