Carveouts inching up
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Carveouts are up slightly as a proportion of US PE activity, according to PitchBook’s latest Breakdown Report. They made up 10% of all deal flow in Q2, which is on the high end of what we’ve seen over the last three years. Carveouts didn’t boom in numbers in Q2 (but nothing else did either)—only 53 were done last quarter compared to 123 in Q4 2019.