Median PE middle-market EV/EBITDA multiples Download PitchBook’s Report here. Both EV/EBITDA and EV/revenue multiples tell a similar story for middle markets: Valuations reached their apex in 2021 and have declined sharply ever since. Middle-market PE deal multiples are now down 25.0% to 40.6% from their peak, and unlike the overall M&A market, there are no signs…
Private equity Download PitchBook’s Report here. With dealmaking flush, PE capital calls as a percentage of dry powder reached 49.7% in 2021, well above the 35.3% historical average for the asset class going back to 2000. PE funds as a whole delivered 33.9% of NAV back to LPs in distributions, also well above the historical average…
Share of PE capital raised by size bucket Download PitchBook’s Report here. By count, middle-market funds (between $100 million and $5 billion) accounted for 62.7% of PE fundraising, the highest percentage since 2008. In particular, we saw growth within the $500 million to $1 billion fund bucket, which grew from 82 new funds in 2022 to…
Gross private credit returns/appreciation by manager* Download PitchBook’s Report here. The top seven US-listed alt managers with credit strategies—including TPG, as its acquisition of Angelo Gordon (AG) closed on November 2, 2023—posted median Q4 and 2023 returns of 4.0% and 16.4%, respectively, which compares favorably to the 9.8% PE gross returns referenced above. Not all of…
Despite the uptick in LBO EBITDA yields, the risk-free rate’s move up makes 2023 valuations particularly unattractive, historically speaking. Download PitchBook’s Report here. Comparing EBITDA yields to the 10-year Treasury allows us to normalize for the interest rate environment when each vintage was beginning to make their leveraged investments. We then net that against buyout fund…
Over the long term, PE growth and buyout have been standout performers. VC was keeping pace but has retrenched since 2021. Download PitchBook’s Report here. This assumes investing in our universe of funds for which we have cash flows and net asset value (NAV) data available each quarter. It is a hypothetical result if one were…
PE still retaining third-highest proportion on record of all M&A Download PitchBook’s Report here. (Past performance is no guarantee of future results.) Contact: Garrett Blackgarrett.black@pitchbook.com… Subscribe to Read MoreAlready a member? Log in here...
PE buying to selling and the net exit gap ($B) Download PitchBook’s Report here. (Past performance is no guarantee of future results.) Contact: Garrett Blackgarrett.black@pitchbook.com… Subscribe to Read MoreAlready a member? Log in here...
Global private debt Download PitchBook’s Report here. (Past performance is no guarantee of future results.) Contact: Garrett Blackgarrett.black@pitchbook.com… Subscribe to Read MoreAlready a member? Log in here...
P.E Deal Activity Download PitchBook’s Report here. US PE dealmaking finished the year similar to how it started: still struggling to find a bottom. Q4 2023 deal value declined 22.6% YoY, although deal count appears to be firming. For the full year, deal value declined by 29.5% to $645.3 billion, its lowest point since 2017 outside…