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…. Subscribe to Read MoreAlready

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…

First quarter numbers Download PitchBook’s Report here. PitchBook’s Q1 US PE Breakdown Report is out. The first quarter saw an estimated $330.8 billion invested, a strong showing and the third highest quarter we’ve calculated. It’s not quite as high as the back half of last year, which saw $372.3 billion invested in Q3 and a record…

The middle market ratio dropped in 2020 Download PitchBook’s Report here. Another tidbit in PitchBook’s 2021 Annual Middle Market Report is the chart above. It reflects the proportion of all US PE deal flow being done in the middle market. For most of the decade, the middle market’s share of overall deal flow hovered just above…

The middle market is buying more startups Download PitchBook’s Report here. Tucked away in PitchBook’s 2021 Annual Middle Market Report is an interesting trend: more middle-market transactions involve venture-backed startups. Last year, 189 middle market deals were struck for startups, up from 36 a decade ago. The 189 deals were worth a collective $27.6 billion, another…

Middle market multiples eased in 2021 Download PitchBook’s Report here. Middle market buyout multiples are returning to normalcy, according to PitchBook’s 2021 Annual Middle Market Report. The rolling three-year median settled at 12.5x in 2021, not much higher than the 12.3x median in 2019. The anomaly was 2020, which shot up to 14.0x. Most of that…

A big year for the middle market Download PitchBook’s Report here. Like the broader PE landscape, the US middle market was well into record territory in 2021. According to PitchBook’s just-released 2021 Annual Middle Market Report, more than 4,000 deals were struck for the first time. It was also the first time deal flow eclipsed 3,000…

Private debt overhang drops Download PitchBook’s Report here. The cumulative capital overhang for the private debt industry dropped for the first time in more than a decade, according to PitchBook’s Annual Global Private Debt Report. It’s another indication of how accelerant today’s PE market is, considering almost $1 trillion of private debt capital has been raised…