The Pulse of Private Equity – 9/21/2020

Healthcare investment outpaces overall PE market PE activity in the healthcare space has outpaced the broader PE market since 2009. A new PitchBook analyst note, to be released tomorrow morning, chronicles the trend: tailwinds include an aging population, an uptick in global per capita healthcare spending, strong growth rates and attractive margin profiles, and a

The Pulse of Private Equity – 9/14/2020

PE middle market update Download PitchBook’s Report here. PitchBook’s Q2 US PE Middle Market Report releases today – download your copy here – and the headline numbers largely mirror the broader PE market. Deal volume cratered in Q2, as expected, falling from an estimated 789 deals in Q1 to 504 in Q2, a 36% drop. Combined

The Pulse of Private Equity – 9/7/2020

Will distressed deals see an early comeback? One big, near-term question for private equity will be around distressed companies. Rescues have been made already, while other deals have been done to provide liquidity and strengthen balance sheets. Below the radar, deals have been made with hair salon chains, collegiate study abroad programs and summer sports

The Pulse of Private Equity – 8/17/2020

Big funds are more visible in 2020 Download PitchBook’s Report here. Fundraising has been more difficult in 2020, more so for smaller funds but less difficult for larger ones. The funds that have closed this year have tended to be on the larger side, according to PitchBook’s just released Private Fund Strategies Report, causing a spike

The Pulse of Private Equity – 8/10/2020

Midyear grading Download PitchBook’s Report here. Late last year we released our Private Equity Outlook, which boiled down to seven predictions for the year ahead. The maelstrom of 2020 has laid waste to many market predictions, including some of ours, but one is worth mentioning midway through the year....

The Pulse of Private Equity – 8/3/2020

Distressed investors gearing up Download PitchBook’s Report here. We’re starting to see a spate of distress-focused vehicles hitting the market. Distressed debt and special situations funds accounted for a combined 29.9% of debt capital raised in H1, a leap above the 19.7% they accounted for last year, according to PitchBook’s latest Global Private Debt Report....

The Pulse of Private Equity – 7/27/2020

Europe slows down considerably Download PitchBook’s Report here. European PE activity hit a skid in Q2, as expected. According to PitchBook’s recently released Q2 European PE Breakdown, deal volume plunged to its lowest quarterly totals since Q3 2013. 650 transactions closed in Q2 for €79.8 billion, YoY declines of 31.5% and 18.7%, respectively....

The Pulse of Private Equity – 7/20/2020

Venture-backed > PE-backed Private equity is losing its oomph as an M&A driver this year. PitchBook’s new North American M&A Report found that PE-backed M&A is now less common than venture-backed M&A, at least by volume. It’s the first switch between the two asset classes since 2009, which isn’t a coincidence. PE exits come to

The Pulse of Private Equity – 7/13/2020

Carveouts inching up Download PitchBook’s Report here. Carveouts are up slightly as a proportion of US PE activity, according to PitchBook’s latest Breakdown Report. They made up 10% of all deal flow in Q2, which is on the high end of what we’ve seen over the last three years. Carveouts didn’t boom in numbers in Q2

The Pulse of Private Equity – 7/6/2020

Q2 was as bad as expected PitchBook’s latest US PE Breakdown is out this Friday, and newsletter subscribers will have access to it that morning. The first full quarter of COVID-impacted data is in and it isn’t pretty. Overall US PE deal flow was down 54% from the first quarter, from 1,147 transactions to only