Download PitchBook’s Report here. PE middle-market valuations reached their apex in 2021 and have declined sharply since. Closing out 2023, deal multiples in the middle market had declined by somewhere between 25.0% to 40.6% from their peak, depending on the yardstick used (EBITDA or revenue), and unlike the overall M&A market, there were no signs of…
Download PitchBook’s Report here. In PitchBook’s 2024 US Private Equity Outlook, we forecast this would be the year that continuation funds hit critical mass and would reach 100 or more exits of this nature…. Subscribe to Read MoreAlready a member? Log in here...
Download PitchBook’s Report here. Who doesn’t like low-cost debt? For some borrowers, including many private equity-owned companies, the question is more complicated…. Subscribe to Read MoreAlready a member? Log in here...
Download PitchBook’s Report here. Private credit continues to dominate the number of buyout financings while lending from public business development companies (BDCs) suggests direct lending may have bottomed in H2 2023, but competition is increasing, leading to private lenders having to lower their prices to secure deals…. Subscribe to Read MoreAlready a member? Log in here...
Download PitchBook’s Report here. Within PE subcategories, we expect buyout funds to continue to garner the bulk of fundraising in the coming years, but growth funds have seen increasing LP interest and offer an alternative to the VC asset class…. Subscribe to Read MoreAlready a member? Log in here...
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...