PitchBook

The Pulse of Private Equity – 2/1/2021

Big slide in fundraising masks a busy year Download PitchBook’s Report here. Fundraising for direct lending vehicles hit a five-year low in 2020, according to PitchBook’s latest Global Private Debt Report. The five-year angle is for dollars raised; in terms of fund closings, the 33 that wrapped up last year were the fewest since 2012, and…

The Pulse of Private Equity – 1/25/2021

-6.2% Q1 performance for private debt Download PitchBook’s Report here. Private debt performance struggled in Q1, according to PitchBook’s just released Global Private Debt Report. Globally, private debt funds recorded a 6.2% drop in IRR in the first quarter. While not surprising, it was the worst quarterly performance since the financial crisis, when reliable performance data…

The Pulse of Private Equity – 1/18/2021

Which way for PE valuations? Download PitchBook’s Report here. US PE buyout multiples went up in 2020, according to the 2020 Annual US PE Breakdown. At 14.1x, 2020 is actually the new high-water mark, increasing almost a turn and a half over 2019’s median of 12.7x. 14.1x certainly isn’t reflective of the entire market. Many of…

The Pulse of Private Equity – 1/11/2021

Growth rounds hit record Download PitchBook’s Report here. US PE growth activity hit a record in 2020 in terms of value, according to the 2020 Annual US PE Breakdown. At $62.5 billion, 2020 just leapfrogged 2018 by the dollar metric, even though volume hit its lowest level since 2013. The 810 transactions had an average deal…

The Pulse of Private Equity – 1/4/2021

2020 buoyed by fourth quarter PitchBook’s latest US PE Breakdown is around the corner. Our numbers suggest a massive jump in Q4 activity, bringing 2020 closer to 2019 numbers than many expected. In all, we’re estimating 5,309 deals were done in 2020 totaling $708.4 billion. Respectively, those totals are -3% and -7% off 2019 numbers….

The Pulse of Private Equity – 12/14/2020

Middle market rebound in Q3 PE activity saw a healthy rebound in Q3, which was expected, according to PitchBook’s just-released Q3 Middle Market Report. An estimated $115.6 billion was invested last quarter, a 66% jump over Q2’s disastrous $69.6 billion tally. Volume also reversed course, with 711 transactions in Q3 and a 50% increase over…

The Pulse of Private Equity – 12/7/2020

2021 prediction: 20% of buyouts over 20x A bold prediction coming from our upcoming PE Outlook note: 20% of buyouts will be priced above 20x EBITDA. Our numbers suggest around 18% of them are trading above the 20x mark through late November, though there are caveats galore when looking at 2020 activity. Many of the…

The Pulse of Private Equity – 11/30/2020

A comeback for first-timers? Now that we’re in December, PitchBook’s annual PE Outlook is around the corner and we’re wading back into prediction mode for the year ahead. One trend we’re keeping a close eye on is first-time fundraising, which, to say the least, hit a snag in 2020. Through late November, 24 first-time funds…

The Pulse of Private Equity – 11/16/2020

PitchBook’s new PE manager framework Download PitchBook’s Report here. PitchBook has developed a new framework to help analyze GP investing styles. Using the Herfindahl-Hirschman Index (HHI)—a metric that measures concentration—we can assign GPs a style score using their past investments as guideposts…. Login to Read More...

The Pulse of Private Equity – 11/2/2020

Public PE is recovering Download PitchBook’s Report here. PitchBook’s latest analyst note brings some good omens for the PE industry. The five biggest publicly traded PE firms—Blackstone, KKR, Apollo, The Carlyle Group and Ares—posted healthy performance metrics last quarter, including double digit gains for Blackstone and KKR. Beyond the top five, most publicly traded PE firms…