The next buyout cycle is heavy middle market View PitchBook’s 2017 PE & VC Fundraising Report Here If the latest fundraising numbers are any indication, the new buyout cycle taking hold will be much more geared toward the middle market, particularly on the lower end. Compared to years past, the latest crop of MM funds accounts…
Spotlight on the Consumer Following the announcement of the Amazon/Whole Foods merger, one telling footnote deserves more attention: private equity was eyeing Whole Foods but, due to a rapidly evolving industry, didn’t really have a chance against Amazon. An interesting scoop from Techcrunch reported that, after hearing PE firms were trying to start exploratory conversations,…
Middle Market Activity – 2Q Update, Part Two Download PitchBook’s 2Q 2017 US PE Middle Market Report click here. As we discussed last week, record-level fundraising is having an outsized effect on the PE middle market. So it comes as little surprise that secondary buyouts are taking a larger share of exit activity, with the…
Middle Market Activity – 2Q Update To get the full report on Friday, please visit PitchBook’s dedicated Reports page, linked here. The US middle market continues to be a hotbed of PE activity. PitchBook’s 2Q 2017 Middle Market Report, to be released this Friday, shows another strong quarter, particularly for the upper middle market. 147…
PE is consistent, even against Russell View PitchBook’s Research Note Here Is private equity performance consistent? Managers will tell you yes – according to marketing materials, nearly every manager boasts of top quartile performance. Squishy numbers and contestable metrics have clouded the industry for years, and investors apparently fall for them every cycle. … Subscribe to
PE is consolidating, but why now? View PitchBook’s 2Q 2017 US PE Breakdown Report Here It wasn’t by much, but the US private equity field shrank last year for the first time in over a decade. By year-end, 4,248 PE firms still had their lights on, a 1.3% decline from year-end 2015. Industry observers have been…
Mega-funds on the Comeback For a preliminary peek at second quarter PE numbers in PitchBook’s upcoming Breakdown Report, please refer to the linked infographic. Through the first half of the year, mega-funds of $10 billion or more in size have made a strong comeback in the U.S. and Europe. Five such private equity funds have already…
Global PE Buyout Multiples and Deal Flow View PitchBook’s 2017 Analyst Note: Where can PE firms find attractive valuations? Here Global buyout activity has gradually surpassed median EBITDA levels following the financial crisis. Creeping up to 10.2x on the eve of the crisis, LBO valuations have oscillated in the 8x-9x range dating back to 2010,…
Digesting Elephants: What Happens Next with SBOs? View PitchBook’s 2017 PE & VC Exits Here Secondary buyouts have been artificially propped up by the inflated volume of crisis-era investments for the past few years. “Like a snake digesting an elephant’s worth of assets,” as Bain & Co. phrased it, PE deals made from 2005 to 2008…
Exit multiples have stayed steady at an elevated level View PitchBook’s 2017 PE & VC Exits Here Slowly but surely, exit multiples for secondary buyouts and corporate acquisitions have risen over the past two years, with figures for the former topping off at 9.4x last year. Thus far in 2017, the aggregate figure for all transaction…