Download PitchBook’s Report here. PE healthcare services investing continued to stagnate in Q1 2024. PE sponsors announced or closed an estimated 158 deals in the quarter, a downward trend even from 2023’s sluggish pace…. Subscribe to Read MoreAlready a member? Log in here...

Download PitchBook’s Report here. It was another stellar quarter for floating-rate loans to private company borrowers, which represent the bulk of private debt fund holdings. A good proxy for how these loans performed, the US Morningstar LSTA Index gained 2.5% in Q1 2024…. Subscribe to Read MoreAlready a member? Log in here...

Download PitchBook’s Report here. Unparalleled exit activity facilitated increases in 12-month distributions as a percentage of NAV for PE, culminating in a distribution rate of 33.7% in 2021, much higher than the historical average distribution of 24.4%…. Subscribe to Read MoreAlready a member? Log in here...

Identifying likely buyout take-private targets Download PitchBook’s Report here. Since the inception of the strategy in the 1980s, buyout managers have maintained a core playbook: Invest in relatively small, underperforming companies at a reasonable price that still generate enough free cash flow (FCF) to service an increased debt burden…. Subscribe to Read MoreAlready a member? Log

Carveout activity rebounds: Why corporate owners are selling Download PitchBook’s Report here. At the same time interest rates inflected upward for PE borrowers, earnings growth inflected downward for business owners and corporations…. Subscribe to Read MoreAlready a member? Log in here...

Median North America and Europe PE buyout EV/EBITDA multiple Download PitchBook’s Report here. A quarter in 2024, PitchBook data shows that buyout multiples remain elevated. The trailing 12-month mark for EV/EBITDA multiples in Europe and North America stands at 11.9x, relative to 14.1x for the first quarter of 2024…. Subscribe to Read MoreAlready a member? Log

Private debt fund performance Download PitchBook’s Report here. Drilling down to the major substrategies, mezzanine funds kicked into high gear with a one-year horizon return of 22.8% as of Q3 2023. This compares to a one-year return of 4.7% for distressed/special situation funds…. Subscribe to Read MoreAlready a member? Log in here...

Introducing LCD’s dual-track default rate: Sponsors drive distressed exchanges Download PitchBook’s Report here. In tandem with LCD’s legacy criteria capturing general defaults of missed payments and bankruptcy filings, LCD is now tracking a separate rate that includes distressed transactions stemming from out-of-court restructurings, exchanges, and subpar buybacks, or so-called “distressed exchanges.”… Subscribe to Read MoreAlready a

Median PE middle-market EV/EBITDA multiples Download PitchBook’s Report here. Both EV/EBITDA and EV/revenue multiples tell a similar story for middle markets: Valuations reached their apex in 2021 and have declined sharply ever since. Middle-market PE deal multiples are now down 25.0% to 40.6% from their peak, and unlike the overall M&A market, there are no signs…

Private equity Download PitchBook’s Report here. With dealmaking flush, PE capital calls as a percentage of dry powder reached 49.7% in 2021, well above the 35.3% historical average for the asset class going back to 2000. PE funds as a whole delivered 33.9% of NAV back to LPs in distributions, also well above the historical average…