A big drop for small funds Download PitchBook’s Report here. Another 193 middle-market funds closed last year, according to PitchBook’s latest US PE Breakdown. Collectively the funds are worth $161.5 billion—both figures being in line with prior years. But fundraising at the smallest end of the market didn’t fare as well. Among funds of $200 million…

The stalled exit environment Download PitchBook’s Report here. PitchBook’s latest US PE Breakdown, the annual version, showed a seismic decline in PE exits last year. Estimated exit volume fell by 28% while exit value fell a much sharper 63%. In all, PitchBook estimates $322.9 billion in exit value, which is the lowest total since 2013…. Subscribe

2022: The year of the smaller deal Download PitchBook’s Report here. A down year, to be sure, but a healthy one by historical standards. PitchBook’s just-released US PE Breakdown, the annual version, estimates $1.01 trillion in capital invested in 2022. That’s down from 2021’s $1.26 trillion reading, but it’s another $1T showing nonetheless. More than half…

Will take-privates move to the middle market? Download PitchBook’s Report here. Take-private transactions tend to be of the cannonball variety. Big, splashy, destined for headline coverage—terms that aren’t really associated with the middle market. But one of our predictions for the year ahead is that take-privates will move downstream in 2023…. Subscribe to Read MoreAlready a

Will middle-market fund performance remain more resilient? Download PitchBook’s Report here. Private market funds are due for a downturn, but there may be nuances. Shielded thus far from public markets’ volatility by sheer dint of their at-minimum quarterly markings, private pools of capital are likely going to begin seeing markdowns in performance let alone portfolio value…

Big names jumping into private debt Download PitchBook’s Report here. Globally, private debt fundraising is poised for a down year, according to PitchBook’s Global Private Market Fundraising Report. Through September, 105 private debt funds have closed, amassing $130 billion altogether. 105 is a strikingly low number, considering at least 300 private debt funds have closed every…

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…