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…

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…

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...

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…

Cross-border acquisitions have slowed dramatically Download PitchBook’s Report here. M&A activity is expected to increase in the quarters ahead, but one trend that may need more time to recover is cross-border M&A. PitchBook’s latest M&A numbers show a steep decline in in-bound M&A deals for North American companies. Thus far, only 526 in-bound M&A deals have…

Not everyone is buying Download PitchBook’s Report here. Private equity enjoys some advantages over corporate acquirers right now. PitchBook’s latest North American M&A Report, now available, visualizes this trend in the chart above. Third quarter numbers show a small uptick in PE deals and a small slowdown in corporate M&A, resulting in a sharp spike in…

Carveouts – up but not booming Download PitchBook’s Report here. One of the earliest predictions back in March was that PE-led carveout activity would go up. PEGs had dry powder to spend and corporate sellers had liquidity concerns—they were also going to need to concentrate on their core businesses, so it made intuitive sense than ancillary…

Small bounce back in Q3 PitchBook’s latest US PE Breakdown Report will be in tomorrow morning’s newsletter (sign up here for a free subscription and a copy of the report). Q3 numbers show moderate rebounds in both estimated count and value, clearing a very low bar set in Q2. Estimated deal volume was about 48%…

Big firms hardly ever fail Download PitchBook’s Report here. PitchBook’s latest analyst note, “Risks and Returns in GP Stakes Investing,” takes a granular look at the burgeoning market for GP stakes. While there are many reasons to invest in smaller PE funds as a limited partner, the research shows that buying stakes in the GPs themselves…

Healthcare investment outpaces overall PE market PE activity in the healthcare space has outpaced the broader PE market since 2009. A new PitchBook analyst note, to be released tomorrow morning, chronicles the trend: tailwinds include an aging population, an uptick in global per capita healthcare spending, strong growth rates and attractive margin profiles, and a…