Very few exits in Q1 Download PitchBook’s Report here. PE exits were historically slow in Q1, according to PitchBook’s Q1 2023 US PE Breakdown. All exit ramps—corporate acquisitions, IPOs and secondary buyouts—were down significantly. SBO activity has been in a teeter totter pattern since Covid. Q4 2021 saw 318 SBOs—the most ever recorded—but was bookended by…
Q1: A mixed verdict Download PitchBook’s Report here. 2023 started with mixed results. According to PitchBook’s just-released Q1 2023 US PE Breakdown, deal flow slid 9% while deal value rose about 11%. Both figures are ahead of pre-Covid levels, but post-Covid trends continue to decline…. Subscribe to Read MoreAlready a member? Log in here...
“Newcomers” to private debt Download PitchBook’s Report here. The private debt market is attracting a lot of new players. New, but not “new” new: If Apollo raises a debut fund in a new strategy, should that fund count as a “first-time fund”? They might be considered newcomers to private debt, for example, but LPs know who…
Looking ahead to Q2 Download PitchBook’s Report here. Q1 is drawing to a close. PitchBook’s updated US PE Breakdown will be released in about two weeks (our 2022 Annual Breakdown is available here), but in the meantime, there’s building sentiment for another down quarter. In his email this morning, Dan Primack was dripping with anticipation about…
Middle-market valuations down in 2022 Download PitchBook’s Report here. Middle-market multiples peaked much earlier than the overall market, which saw its highest price tags in 2021. That said, middle-market EV/EBITDA multiples continue to subside, according to PitchBook’s US PE Middle Market Report. After peaking at 16.0x in 2019, the headline number came down about a turn…
Middle-market above pre-Covid levels Download PitchBook’s Report here. Middle-market activity came in at $443.8 billion in 2023, according to PitchBook’s just-released US PE Middle Market Report. That represents a 26% decline from 2021 levels, while deal flow declined by a smaller 21% to 3,314…. Subscribe to Read MoreAlready a member? Log in here...
Q4 recovery in private debt fundraising Download PitchBook’s Report here. A quarter ago, private debt fundraising numbers were “poised for a down year,” according to the guy typing this sentence. At the time, about $130 billion had closed in new private debt funds, compared to $228 billion in the 2021 vintage. The other decline, which remains…
Only 13% of LP dollars went to new PE firms Download PitchBook’s Report here. Only 13% of PE fundraising dollars went to inexperienced managers in 2022, according to PitchBook’s 2022 Annual Global Private Market Fundraising Report. That’s the smallest ratio we’ve recorded, though the 2020 ratio was similarly small (15%). The 2021 ratio was 17%. Before…
Corrections strongest in growth, VC strategies Download PitchBook’s Report here. PitchBook’s latest Quantitative Perspectives Report, available for free here, found a strong run-up in five strategies since 2019. The strongest surge was among PE growth funds, where hypothetical growth more than doubled between Q1 2020 and Q4 2021. $100 invested in 2007 would have equated to…
A decent year in Europe Download PitchBook’s Report here. European PE activity was stalwart in 2022, at least judging by year-end numbers. PitchBook’s European PE Breakdown paints a resilient picture, estimating small jumps in both deal flow and overall value. Our analysts are estimating a 13% bump in transactions and a 1% bump in value over…