Middle-market above pre-Covid levels Download PitchBook’s Report here. Middle-market activity came in at $443.8 billion in 2023, according to PitchBook’s just-released US PE Middle Market Report. That represents a 26% decline from 2021 levels, while deal flow declined by a smaller 21% to 3,314…. Login to Read More...
Q4 recovery in private debt fundraising Download PitchBook’s Report here. A quarter ago, private debt fundraising numbers were “poised for a down year,” according to the guy typing this sentence. At the time, about $130 billion had closed in new private debt funds, compared to $228 billion in the 2021 vintage. The other decline, which remains…
Only 13% of LP dollars went to new PE firms Download PitchBook’s Report here. Only 13% of PE fundraising dollars went to inexperienced managers in 2022, according to PitchBook’s 2022 Annual Global Private Market Fundraising Report. That’s the smallest ratio we’ve recorded, though the 2020 ratio was similarly small (15%). The 2021 ratio was 17%. Before…
Corrections strongest in growth, VC strategies Download PitchBook’s Report here. PitchBook’s latest Quantitative Perspectives Report, available for free here, found a strong run-up in five strategies since 2019. The strongest surge was among PE growth funds, where hypothetical growth more than doubled between Q1 2020 and Q4 2021. $100 invested in 2007 would have equated to…
A decent year in Europe Download PitchBook’s Report here. European PE activity was stalwart in 2022, at least judging by year-end numbers. PitchBook’s European PE Breakdown paints a resilient picture, estimating small jumps in both deal flow and overall value. Our analysts are estimating a 13% bump in transactions and a 1% bump in value over…
PE IRRs down two quarters Download PitchBook’s Report here. Following a stalwart 2021, global PE fund returns fell swiftly in 2022, according to PitchBook’s Global Fund Performance Report. While Q1 remained positive, Q2 dipped into negative territory at -2.4%, and our preliminary Q3 numbers show another negative reading at -0.6%…. Login to Read More...
A big drop for small funds Download PitchBook’s Report here. Another 193 middle-market funds closed last year, according to PitchBook’s latest US PE Breakdown. Collectively the funds are worth $161.5 billion—both figures being in line with prior years. But fundraising at the smallest end of the market didn’t fare as well. Among funds of $200 million…
The stalled exit environment Download PitchBook’s Report here. PitchBook’s latest US PE Breakdown, the annual version, showed a seismic decline in PE exits last year. Estimated exit volume fell by 28% while exit value fell a much sharper 63%. In all, PitchBook estimates $322.9 billion in exit value, which is the lowest total since 2013…. Login
2022: The year of the smaller deal Download PitchBook’s Report here. A down year, to be sure, but a healthy one by historical standards. PitchBook’s just-released US PE Breakdown, the annual version, estimates $1.01 trillion in capital invested in 2022. That’s down from 2021’s $1.26 trillion reading, but it’s another $1T showing nonetheless. More than half…
Will take-privates move to the middle market? Download PitchBook’s Report here. Take-private transactions tend to be of the cannonball variety. Big, splashy, destined for headline coverage—terms that aren’t really associated with the middle market. But one of our predictions for the year ahead is that take-privates will move downstream in 2023…. Login to Read More...