A very slow start for exits Download PitchBook’s Report here. PitchBook’s latest US PE Middle Market Report shows a big drop-off in middle-market exit activity. Only 175 exits were completed in the first quarter, many of which probably started in late 2021. That’s a low number even by pre-COVID standards. When you take out the second

MM fundraising: “Challenging but not impossible” Download PitchBook’s Report here. PitchBook’s latest US PE Middle Market Report is now out. Many of the overall deal trends mirror those of the broader PE market. One standout figure was early 2022 fundraising, which is off to a slow start. Only 33 middle-market funds closed in Q1, a visibly

Buyout loan issuance has slowed Download PitchBook’s Report here. Leveraged loan issuance slowed noticeably in Q2, according to PitchBook’s latest Quantitative Perspectives: US PE enters a new regime. While still north of historical levels, the rolling sum fell to almost $118 billion in the second quarter, down from almost $150 billion just a quarter ago. Prior

Cash flows were positive last year Download PitchBook’s Report here. PE distributions outpaced capital calls in 2021, according to PitchBook’s 2022 Global Fund Performance Report. Not by much: LPs collected $13.5 billion in net cash flow last year, reflecting $572.4 billion in outbound contributions and $585.9 billion transferred back to fund investors. Both datapoints are substantially

Appetite for IT remains Download PitchBook’s Report here. Despite volatility and inflationary pressures, PE remains bullish on the IT sector. That’s according to our latest analyst note, pointing out that PE activity in Q1 2022 outdid itself compared to Q4 2021, which was a blockbuster quarter for the asset class....

Choppy fundraising ahead? Download PitchBook’s Report here. Market turmoil continues. The ripple effects will impact private equity deal flow and exits, and it will certainly impact fundraising. Our latest analyst note sees fundraising “tapering as demand outstrips supply.” PEGs have been returning and re-returning to the fundraising trail over the past few years, inundating LPs with

Software chugging along Download PitchBook’s Report here. One sector that never really slowed is software. PE activity reached new heights last year, with almost $170 billion invested across more than 1,000 transactions. Combined value was 78% higher YoY, while deal flow jumped by 49%, according to PitchBook’s Q1 US PE Breakdown Report....

PE firms are clubbing again Download PitchBook’s Report here. During the buyout boom of 2005-2008, “club” deals were a common sight, especially at the high end. When the music stopped in 2008, many of the biggest portfolio companies were held by three or more PE firms, who had to make “club” decisions about what to do

A lackluster start for exits Download PitchBook’s Report here. PE exits came in lower in Q1 than what we’ve become accustomed to. PitchBook’s Q1 US PE Breakdown Report found about $90 billion worth of sales, the slowest quarter since deal markets revved up in Q4 2020. $90 billion isn’t low on a historical basis; it’s in

A break from buyouts Download PitchBook’s Report here. Last week we covered a decently strong Q1, at least from a dollar perspective. But PitchBook’s Q1 US PE Breakdown Report showed a steep decline in deal flow, falling 30% QoQ to 2,166 transactions. That’s not a low number except in relation to the last few quarters. Except