Public and private valuations are converging Download PitchBook’s Report here. Middle-market PE multiples barely budged last year. We didn’t expect them to, and we don’t expect them to come down much in the near-term either, barring some significant macro development.2018 marked the sixth consecutive year with double-digit purchase price multiples,… Subscribe to Read MoreAlready a member?

Another record year for the middle market Download PitchBook’s Report here. The US middle market had quite the year. Both volume and total value easily set records by year, and the quarterly totals were even more impressive. All four quarters saw more than $100 billion invested—not only the first time that’s happened, but those are the…

Drawdown speeds and fund returns Download PitchBook’s Report here. US PE fundraising trended down in 2018. No surprise there—more than $200 billion was cumulatively raised in both 2016 and 2017, totaling nearly $442 billion altogether in the span of two years. As we’ve noted in the past, the current fundraising market bears a hint of opportunism,…

2018: Almost a record Download PitchBook’s Report here. Thanks to a massive Q4 to close out the year, 2018 came close to setting a new record for combined deal value. About $277 billion was invested in Q4, versus a relatively paltry $198 billion invested in Q3 2018. Fourth quarters typically see the highest numbers in any…

What do LPs want? Download PitchBook’s Report here. Do they know you, and how much do you cost? Those are the two most important factors for LPs considering GP commitments, according to our new Institutional Investors Survey. We reached out to more than 50 global LPs for the study, which came back with some surprising results….

Why are SBOs more expensive? Download PitchBook’s Report here. Secondary buyouts have transacted at a premium versus non-SBOs since the financial crisis. That’s somewhat surprising; one might assume that “used” portfolio companies would trade at a discount given the operational improvements that have already been made, leaving less low-hanging fruit for the next sponsor. Not so…

Leon Black sounds the alarm Apollo’s Leon Black made a few waves this week, warning that “the credit markets, unlike the equity markets, have gone to bubble status.” He said the amount of covenant-less debt available today is higher than it was in the run-up to the financial crisis. Bloomberg’s Lisa Abramowicz was right to…

PE carveouts on the rise Download PitchBook’s Report here. Activists, shareholders and corporate boards are all increasingly vocal about focusing on core investments, which often translates into selling off non-core assets. Not every PEG is experienced in carveouts, which are riskier and more challenging than standard buyouts. But for investors who have done them in the…

Is the middle market at an inflection point? Download PitchBook’s Report here. Much has been said on the consistent strength of the US middle market—much of it by us. Commenting as a data provider, we’ve found it tricky to creatively analyze the middle market without repeating ourselves. That said, there are a few unique ways to…

Why the secondaries surge? Download PitchBook’s Report here. Secondaries fundraising continues apace, gathering another $26.3 billion through early Q4. That puts 2018 slightly behind last year’s record, but this year will still mark a third consecutive year with strong numbers. As a strategy, secondaries have garnered attention recently—buy-side LPs are pushing for PE exposure at the…