MM fundraising is having its moment Download PitchBook’s Report here. Middle-market fundraising is having a moment in the sun. PitchBook’s latest US PE Middle Market Report recorded $49.9 billion raised in MM strategies in Q1, up 70% from Q1 2022. A historical look at fundraising seasonality bodes well for the middle market. Over the past decade,…
A decent start in the middle market Download PitchBook’s Report here. The middle market got off to a decent start in 2023, though quarterly activity has mostly stalled since the 2021 boom. PitchBook’s just-released US PE Middle Market Report registered $107 billion in Q1 investments, continuing a smooth trend of about ~$110B per quarter since Q4…
Strong fundraising among secondaries Download PitchBook’s Report here. Secondaries fundraising is off to a strong start in 2023, according to PitchBook’s Q1 2023 Global Private Market Fundraising Report. With $30.7 billion raised through Q1, secondaries fundraising is already two-thirds as high as all of 2022, which was a strong year itself…. Subscribe to Read MoreAlready a
Slowdown hits alt managers Download PitchBook’s Report here. Deal activity out of alternative asset managers is down—now, so is deal activity for alternative asset managers, according to PitchBook’s latest analyst note, Public PE and GP Deal Roundup. GPs investing in other GPs, whether they’re GP stake sales, industry acquisitions or public listings, is subdued this year….
Seeking Fund VII or greater Download PitchBook’s Report here. Yet another piece of evidence about today’s fundraising challenges—more than half of 2023 dollars have been committed to funds VII or greater. According to PitchBook’s Global Private Markets Fundraising Report, 56% of PE fund closings this year have gone to the seventh, eighth, ninth or tenth funds…
Founder-backed M&A is doing better Download PitchBook’s Report here. Founder-owned businesses are more motivated to sell in the current environment. PitchBook’s latest Analyst Note, Founder-Owned Businesses are Attractive M&A Targets, found a sharp uptick for “nonbacked sellers”—companies with no private backing or corporate ownership. Companies backed by PE firms are, for the most part, on the…
US PE dry powder down Download PitchBook’s Report here. As much dry powder is floating around the PE market, the mountain is shrinking at the moment. According to PitchBook’s Q1 2023 US PE Breakdown, unspent capital accounts for less than 30% of total PE AUM. It’s the first time in two decades where that metric has…
A shift away from mega funds? Download PitchBook’s Report here. Most PE metrics got off to a slow start in Q1, but middle market fundraising stayed strong. According to PitchBook’s Q1 2023 US PE Breakdown, 41 MM funds closed in Q1, worth a combined $55 billion. The past four years have all seen at least 200…
Corporate M&A multiples have eased Download PitchBook’s Report here. Corporate M&A multiples have eased to decade lows, according to PitchBook’s Q1 2023 Global M&A Report. Last year’s multiple settled at 8.5x, down from 10x in 2021. A quarter into 2023, multiples continue to drop, now down to 7.7x. It’s only three months’ worth of data, but…
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…