A good year for carveouts Download PitchBook’s Report here. PE-led carveouts are having a good year, according to PitchBook’s Q3 US PE Breakdown. A healthy fourth quarter will bring 2022 in line with prior years, despite the sluggish market overall. Corporate America continues to struggle in this inflationary environment, creating opportunities to shed noncore assets to…

Europe resilient, for now Download PitchBook’s Report here. PE trends in Europe are bucking trends in the United States—so far, anyway. PitchBook’s Q3 2022 European PE Breakdown recorded a 16.9% YoY increase in deal counts. Deal value was flat YoY. Both are in contrast to the US market, where 2022 numbers face the tough task of…

Exit volume decline continues Download PitchBook’s Report here. Third quarter exit volume hit its lowest point since Q2 2020, according to the Q3 US PE Breakdown. So did exit value, for that matter. All told, an estimated $293 billion has been sold off this year, which actually stacks up well against prior years. 2019, a healthy…

10% of industries account for 60% of add-ons Download PitchBook’s Report here. An upcoming project unearthed an interesting trend around add-ons: Over 60% of them are done by 10% of the industry codes tracked by PitchBook. Sectors like insurance and healthcare clinics are severely fragmented, which gives PE investors an opportunity to put the buy-and-build model…

Familiarity a plus Download PitchBook’s Report here. PitchBook’s Q3 2022 US PE Breakdown, available for free, crystallizes a trend we’ve been hearing about in recent months. Even by historical standards, fundraising is lopsided in favor of existing GP managers. So far this year, almost half (48%) of fundraising dollars have gone to established firms—in this case,…

Q3 numbers: interest rates starting to bite Download PitchBook’s Report here. PitchBook has just released the Q3 2022 US PE Breakdown, available for free here. Both deal volume and total value are now in silver medal territory, eclipsing annual numbers seen in pre-COVID years. Deal momentum has been strong enough to carry 2022 to historically impressive…

$50B in new capital Download PitchBook’s Report here. PitchBook’s Quantitative Research team has released a new Quantitative Perspectives Report, which is available for free. One of the most interesting findings is charted above. In 2021, a common refrain was that LPs were piling into PE funds, as long as they were staying within range of their…

Direct lending keeps replenishing Download PitchBook’s Report here. PitchBook’s latest Private Debt Report is now available. Direct lending is “the standout strategy” among private lenders, now accounting for more than a third of all capital raised in the private debt market. The ratio was actually higher last year, 46.5%. Direct lending is joined at the hip…

More add-ons in the MM Download PitchBook’s Report here. The ratio of add-ons in the middle market is increasing, according to PitchBook’s Q2 2022 US PE Middle Market Report. That’s been an evergreen trend for the past decade, but it appeared to go into overdrive in 2022. Add-ons now account for 73% of all middle market…

Dealmaking steady, fundraising slows Download PitchBook’s Report here. PitchBook’s Q2 2022 US PE Middle Market Report is now available. All things considered, dealmaking was stout in H1. Over 1,600 transactions were finished, with $228.2 billion invested in the process. Both figures are strong relative to prior years, except 2021. At this pace, the middle market is…