pitchbook pe breakdown 2012[1]
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8/2/2019 PitchBook PE Breakdown 2012[1]
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PitchBook
Presented By
Bet ter Data. Bet ter Decisi ons.
itchP ookB
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8/2/2019 PitchBook PE Breakdown 2012[1]
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Table Of Contents
Private Equity Deal Flow ....................................................... 3
Deals by Region & Industry ................................................... 4
Transacons by Amount & Deal Count ................................. 5
Purchase Mulples & Leverage ............................................. 6
Add-On Acvity ..................................................................... 7
Deal Flow By Industry ............................................................ 8
Private Equity Exit Flow ......................................................... 10
Private Equity Fundraising .................................................... 11
Private Equity Fund Size & Average Time to Close ............... 12
Selected 2011 Vintage & Open Funds ................................... 13
Deal-Related League Tables ................................................... 14
About PitchBook..................................................................... 15
COPYRIGHT 2012 by PitchBook Data, Inc. All rights reserved. No part of this publicaon may be reproduced in any form or by any
means graphic, electronic, or mechanical, including photocopying, recording, taping, and informaon storage and retrieval
systems without the express wrien permission of PitchBook Data, Inc. Contents are based on informaon from sources believed
to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or
future recommendaon to buy or sell any security or an offer to sell, or a solicitaon of an offer to buy any security. This material
does not purport to contain all of the informaon that a prospecve investor may wish to consider and is not to be relied upon as
such or used in substuon for the exercise of independent judgment.
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8/2/2019 PitchBook PE Breakdown 2012[1]
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Private Equity in 2011
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Overall, 2011 saw a significant amount of acvity with deal flow, exits and fundraising all ending well above the lows
seen in 2009 as U.S private equity connues along its path towards a full recovery. The light at the end of the tunnelappears to be very close for the U.S. private equity industry, according John Gabbert, Founder and CEO of PitchBook.With $425 billion of dry powder, 4,200 mature porolio companies to sell and 409 PE funds currently fundraising, it ishard not to be opmisc about what 2012 will look like.
Increased overall deal acvity throughout 2011 was a result of improving confidence in the countrys economy, saidRichard Marn, Senior Director for the Merrill DataSite virtual data room business at Merrill Corporaon. As we moveinto 2012, we ancipate that trend to connue and we are opmisc that the volume of financial transacons willrebound from the previous two years lows, despite some of the uncertainty around Europe and the potenal forchange in the U.S. polical climate.
In this quarterly Breakdown Report, PitchBook and Merrill DataSite have partnered to explore U.S. private equityinvestment, exits and fundraising with a focus on the trends emerging during 2011. The data and trends from 2011yield a number of interesng observaons:
Despite a challenging second half of the year, U.S. private equity investment in 2011 managed to holdrelavely steady from 2010 overall with 1,630 completed investments totaling $144 billion ofinvested capital.
2011 also saw the connued reemergence of large deals, such as Kinec Concepts and Del Monte Foods.
The percentage of debt used in deals under $1 billion dropped to a ten-year low of 46% in 2011, asPE firms were forced to cope with the combinaon of a tougher debt financing market and an
increase in company valuaon mulples.
Unlike private equity investment, private equity exit acvity was not hit with a slowdown during the second half. Instead, slightly more exits were completed during the third and fourth quarters than
during the first and second. Overall, exit acvity held steady from 2010 with 415 completed sales or IPOs of PE-backed U.S. companies, totaling $107.5 billion in combined deal sizes.
Private equity investors connued to face a challenging fundraising environment, but they alsomanaged to at least hold fundraising acvity steady from 2010 with 142 funds reaching final closeon a total of $93 billion in commitments in 2011.
These highlights are just a few of the data points and trends presented in this report. We hope that you find theinformaon in the following pages helpful in your 2012 private equity endeavors.
Merrill DataSite is a secure virtual data room (VDR) soluon that opmizes the due diligence process by providing a highlyefficient and secure method for sharing key business informaon between mulple pares. Merrill DataSite provides unlimitedaccess for users worldwide, real-me acvity reports, site-wide search, enhanced communicaons through Q&A and superiorproject management service - all of which reduce transacon me and expense. Merrill DataSite's mullingual support staff isavailable around the world, 24/7, and can have your VDR up and running with thousands of pages loaded within 24 hours orless.
With deep roots in transacon and compliance services, Merrill Corporaon has a cultural, organizaon-wide discipline in themanagement and processing of confidenal content. Merrill DataSite is the first VDR provider to understand customer andindustry needs by earning an ISO/IEC 27001:2005 cerficate of registraon the highest standard for informaon security andis currently the world's only VDR cerfied for operaons in the United States, Europe and Asia.
As the leading provider of VDR soluons, Merrill DataSite has empowered nearly 2 million unique visitors to perform electronicdue diligence on thousands of transacon totaling trillions of dollars in asset value. Learn more by vising www.datasite.comtoday.
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With 526 completed deals, Business Products and
Services (B2B) was the most acve industry in 2011, and
it also proved to be the most resilient, maintaining
strong deal flow even through the second half of the
year, including 115 deals that closed during the fourth
quarter. The B2B industry includes the Commercial
Products, Commercial Services and Transportaon
sectors. Commercial Products and Commercial
Services were the most acve last year with 243 and
242 deals, respecvely. (what about subsectors? Could
be interesng to add)
Deal flow in the Healthcare industry gradually dwindled
throughout 2011 to 39 deals in 4Q. In total, 205 Health-
care deals were closed during the year. The deals that did
close, however, were typically larger in size than 2010swith the median size for 2011s deals at $70 million, up
from $41 million for 2010s. The Healthcare industry
includes the Devices & Supplies, Healthcare Technology
Systems, Pharmaceucals & Biotechnology and Services
sectors, the most acve of which in 2011 was Healthcare
Services with 107 deals.
Private equity investors completed 69 investments in
the Consumer Products and Services (B2C) industry
during 4Q 2011, bringing the industrys final count for the
year to 371. The B2C industry includes the Apparel &
Accessories; Consumer Durables; Consumer Non-
Durables; Media; Restaurants, Hotels & Leisure; Retail;
Services (Non-Financial) and Transportaon sectors. The
most acve B2C sectors in 2011 were Consumer Non-
Durables with 76 deals, Consumer Durables with 59 andMedia with 52.
Healthcare
Consumer Products & Services (B2C)
Business Products & Services (B2B)
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Private Equity Deal Flow
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U.S. private equity investment in 2011 was a tale of two
halves: the first being the best six month stretch since 2008
with 966 deal closings, while the second was noceably
slower with only 772 deals. Overall, there were 1,738
completed U.S. private equity investments, totaling $147
billion of invested capital in 2011, pung the years deal
acvity close to that of 2010s and well above the 2009 lows.
Also holding relavely steady with last years acvity were
exits and fundraising. Deal flow is best looked at by dividing
the year in half. The first half was defined by a stunning
return of available leverage and a recovering economy,
leading to two of the best quarters in terms of PE deal flow,
exits and fundraising since the failure of Lehman Brothers.
The second half was defined by macro uncertaines
generated by discordance in Washington and a spiraling out of control European debt crisis, that combined with other
elements to cause banks to pull back financing for deals and PE investors to slow the pace of new investments.
During the year the middle-market connued to be the most acve area of investment for private equity, with deals under
$500 million accounng for over 80% of deal flow. A large part of this was driven by yet another year of record-breaking add-on
acvity. One of the more interesng trends that occurred during the year was the drop in leverage used by private equity firms
to finance middle-market buyouts. Debt as a percentage of deal size declined from 57% last year to a decade low of 46% this
year, resulng in investors being forced to put in not only a larger share of equity to get deals closed, but larger equity checks
in general as valuaon mulples were also on the rise during the year. As the economy connues to improve and private equity
firms work to invest their $425 billion of dry powder look for deal acvity to pick back up again in 2012.
U.S. Private Equity Deal Flow by Quarter
U.S. Private Equity Deal Flow by Year
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PE Investments by Region
Private equity investment connues to be relavely spreadout across the U.S. The Midwest again led the country as the
most acve region in 2011, accounng for 21% of the yearsacvity. Although the Southeast saw a drop in its share to16% in 2011 from 19% in 2010, it connued to be the secondmost acve. The regions that experienced a relave increasein investment acvity from 2010 to 2011 were the MidAtlanc, Northeast, South and Southwest.
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Business Products and Services (B2B) remained the mostacve industry for private equity investment in 2011 with a22% share of the years acvity, up two percentage pointsfrom its share of 2010s acvity. The next most acveindustry was Consumer Products and Services (B2C) at 23%of deal flow, followed by Informaon Technology (IT) at 13%and Healthcare with 12% of last years acvity. Like B2B, the
B2C and IT industry also saw relave increases in theirinvestment acvity from 2010 to 2011.
PE Investments by Industry
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58%
7%
6%
1%
-7%
-8%
-17%
-22%
Southwest
Mid Atlanc
South
Northeast
Westcoast
Midwest
Southeast
Mountain
Changes are based on numbers of deals compared to 2010
58%
7%
6%
1%
-7%
-8%
-17%
-22%
Business Products and Services (B2B)
Informaon Technology
Consumer Products and Services (B2C)
Healthcare
Materials & Resources
Energy
Financial Services
Changes are based on numbers of deals compared to 2010
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PE Transactions (Count) by Deal Size
PE Transactions ($ Amount) by Deal Size
With increased compeon for target companies, private equity
firms sing on $425 billion of dry powder and leverage for large
deals once again plenful, several large private equity deals closedduring 2011. Accompanying an increase in their share of deal flow,
the percentage of capital invested through large deals increased in
2011, with deals over $500 million accounng for 73% of the capital
invested. Billion dollar deals alone accounted for over half (55%) of
the capital invested during 2011, up from 43% the year before and
35% in 2009.
2011 saw a small increase in the percentage of deal flow
accounted for by billion dollar deals, but for the most part, the
distribuon of deals across the different size buckets mirrored
the distribuon in 2010. Deals of at least $1 billion accounted for
7% of all of the investment deals in 2011, up from 5% in 2010 and2% in 2009. However, small and middle-market deals connued
to dominate deal flow with deals under $500 million accounng
for 85% of the acvity last year.
1-877-2
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The difference between the leverage used in deals under $1 billion versus deals over $1 billion widened in 2011 to 15% of deal size.
This was not a result of increased leverage in deals over $1 billion, which connues to hover around the 60% mark just as it has since
2008, but of a drop in leverage used by buyouts under $1 billion from 57% in 2010 to a ten-year low of 46% in 2011. While smaller
and middle-market deals generally have less access to leverage, this challenge has become exasperated by uncertainty in the debt
markets, and as a result, PE investors have become even more reliant on equity to finance deals. On top of that, as shown above,
mulples are at almost all-me highs, requiring PE firms to put in not just higher percentages of equity but larger equity checks as
well.
Debt Percent Used in PE Buyouts
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Private Equity Buyout Purchase Price Multiples (Deal Size/EBITDA)
Buyout mulples increased for the second straight year with 2011s median total deal size (roughly equivalent to enterprise value)
to EBITDA mulple coming in at 9.05x. The beak out between debt and equity shows the median buyout was financed with debt
equal to 6.2x EBITDA and equity worth 2.8X EBITDA. Mulples differ broadly across company sizes and industries, for example the
mulple for deals under $500 million in 2011 was 8.3x with a debt to EBITDA mulple of only 3.9x. One trend that is consistent
across all deals sizes though is the fact that mulples in 2011 had climbed back up to near all-me highs set in 2008. A number of
factors have combined to create this trend, chief among them is the increased compeon from strategics with bulging balance
sheets and a strong desire for growth, acquisive or organic, in todays low growth economy. Also driving up mulples is
compeon from other buyout firms, which collecvely have $425 billion of equity to invest over the next few years. Considering
these dynamics and the recovering economy, it is hard not believe that mulples will keep rising into 2012.
Source: PitchBook
EBITDAMultple
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Private equity investors have been more aggressively pursuing acquisive growth as a means to increase the value of their exisng
porolio companies by taking advantage of opportunies in todays market for consolidaon and expansion. PE-backed companies
acquired 656 companies last year. These add-on acquisions represented 50% of all private equity buyouts during the year, up from
47% in 2010. This trend of increasing add-on acvity goes all the way back to 2003, when they accounted for just over 35% of buyout
deals. In total, PE firms and their porolio companies spent over $25 billion on add-on acquisions last year, almost double 2010s
total and third highest on record. The median add-on deal size for the year was $80 million, showing most of these deals to be for
smaller and mid-sized companies that will provide a boom line impact but that can be added together in plaorms or to exisng
porolio companies without too much trouble. The most acve sectors for add-ons during 2011 were Commercial Services (106
add-ons), Commercial Products (86), Soware (62) and Healthcare Services (56).
Private Equity Add-on Activity
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With 565 completed deals, Business Products and Services (B2B)
was the most acve industry in 2011. It also proved to be the
most resilient, maintaining strong deal flow even through thesecond half of the year, including 140 deals that closed during the
fourth quarter. The B2B industry includes the Commercial
Products, Commercial Services and Transportaon sectors.
Commercial Products and Commercial Services were the most
acve last year with 259 and 258 deals, respecvely. On a more
granular level, B2B subsectors were led Media & informaon
Services with 62 deals, followed by Industrial Supplies & Parts
(56) and Distributors/Wholesale (41).
Deal flow in the Healthcare industry gradually dwindled
throughout 2011 to just 44 deals in 4Q. In total, 218 Healthcare
deals were closed during the year. The deals that did close,
however, were typically larger in size than 2010s with the median
size for 2011s deals at $61 million, up from $41 million for 2010s.
These larger deals help drive the healthcare industry to its best
year since 2008 in terms of invested capital at a total of $28.43
billion. The Healthcare industry includes the Devices & Supplies,
Healthcare Technology Systems, Pharmaceucals &
Biotechnology and Services sectors, the most acve of which in
2011 was Healthcare Services with 116 deals and $14.23 billion of
capital investment.
Business Products & Services (B2B)
Healthcare
Consumer Products & Services (B2C)
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Private equity investors completed 75 investments in the
Consumer Products and Services (B2C) industry during 4Q
2011, bringing the industrys final count for the year to 381. In
terms of invested capital, it was the B2C industry that led
private equity in 2011, with $33.66 billion worth of PE deals.
This was driven by the resurgence of large deals in the space
such as Del Monte Foods, J. Crew and B.J.s Wholesale Club. The
B2C industry includes the Apparel & Accessories; Consumer
Durables; Consumer Non-Durables; Media; Restaurants, Hotels& Leisure; Retail; Services (Non-Financial) and Transportaon
sectors. The most acve B2C sectors in 2011 were Consumer
Non-Durables with 79 deals, Consumer Durables with 59 and
Media with 52.
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Investment acvity in the Informaon Technology (IT) industry
had a strong start to 2011 before slowing down during the second
half of the year. The IT industry includes the Communicaons &Networking, Hardware, Semiconductors, Services and Soware
sectors. Forty-three IT deals were completed during the fourth
quarter, bringing the total number of deals in the industry to 223
for 2011. The Soware sector accounted for 52% of that total
count, making it 2011s most popular IT sector. Invested capital
was up in 2011, totaling $25.82 billion, making it the best year
since 2007 and beer than 2009 and 2010 combined. With deal
flow flat from 2010 this increase in investment was driven by
larger deals, as shown by the growth in median deal size from $27
million in 2009 to $43 million in 2010 to $110 million in 2011.
The Energy industry experienced solid deal flow during the first
three quarters of 2011, but the acvity drascally slowed down
at the end of the year with only 17 deals being completed during
the fourth quarter. In total, 114 deals were completed in the
industry during 2011, a 17% drop from last year. Capital invest-
ment totaled $24.96 billion during the year, double what it was in
2009 and almost 50% more than last year. The energy industry
includes the Equipment; Exploraon, Producon & Refining;
Services and Ulies sectors. The Exploraon, Producon &
Refining sector led the industrys acvity in 2011 with 48 deals,
followed by the Energy Services sector with 44 deals.
Private equity investors completed 154 deals in the Financial
Services industry last year, 26 of which were closed during the
fourth quarter. The median size for all of last years deals was
$100 million, up from $85 million for deals in 2010. Despite this
increase, the industry turned in its worst year since 2004 in
terms of invested capital with only $6.4 billion. This was largely
the result of there being no mega deals, and only two deals over
$500 million during the year. The Financial Services industry
includes the Capital Markets/Instuons, Commercial Banksand Insurance sectors. The most acve sector in the industry
during 2011 was Insurance with 58 deals.
Information Technology
Energy
Financial Services
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Private Equity Exit Activity
Median Exit ($)Percent of Exits (Count) by Deal Type
The median exit size for company sales (excludes IPOs) was thesecond highest on record at $237 million, just below 2010s recordof $248 million. Corporate acquision exits did set a new recordthough, with a median deal size of $240 million in 2011. This is a signthat PE firms are taking advantage of the same bulging corporatecash balances and of the compeon in the market they face on thedeal side to both sell larger companies and at higher mulples.
The mix of exits between the three common exit strategies heldclose to 2010s and long-term averages at 57% corporateacquisions, 36% secondary buyouts and 7% IPOs. Despite theincreased aenon received by secondary buyouts during theyear, there was no noceable increase in buyout firms sellingcompanies to other buyout firms. There were 30 total IPOs ofPE-backed companies during 2011. In total these companiesraised $16.9 billion in their IPOs.
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Private equity exit acvity held steady throughout 2011 with 420 completed sales or IPOs of PE-backed U.S. companies, totaling $108billion in combined deal size. Exit acvity avoided the second half slowdown seen in private equity investment with slightly more exits
completed in the third and fourth quarters (101 and 112 respecvely) than in the first and second quarters (96 and 111 respecvely).Sales to strategic acquirers (corporate acquisions) connued to be the most common method for PE firms to exit their investments,with 240 such exits in 2011 totaling over $78 billion. Exits, however, connue to trail the number of new private equity investments bya significant margin, in 2011 it was by about a 2-to-1 margin. Look for the connued pressure of aging private equity poroliocompanies to drive a pick-up in exit acvity during 2012.
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8/2/2019 PitchBook PE Breakdown 2012[1]
12/17
Private Equity FundraisingU.S Private Equity Fundraising by Year
U.S Private Equity Fundraising by Quarter
1-877-2
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The U.S. private equity industry connues to face significant
headwinds on the fundraising front, especially with its current
$425 billion capital overhang. In 2011 fundraising managed toat least hold steady with 141 funds reaching final close on a
total of $93 billion in commitments, close to 2010 levels but sll
less than half of what it was in the peak years of 2006 through
2008. Fundraising connues to be led by middle-market
focused funds ($250 million to $5 billion), which raised a
combined $87.04 billion, 90% of PEs total for the year. By fund
type, buyout funds saw the most closings in 2011 with 84,
followed by mezzanine funds (16), growth funds (8) and
Restructuring/Distressed funds (7). There were a few bright
spots in 2011 that might signal beer acvity ahead, such as a
reducon in the average fundraising me from almost 19
months in 2010 to 16 months in 2011, as well as the spike in percentage of fundraising made up by firms raising their first fund
to 30%, the highest since 2004.
2012 looks to be another tough year for fundraising, though, as commitments to the industry are unlikely to rise unl the
capital overhang is reduced further and distribuons increase. However, there are 409 funds currently fundraising or planning
on starng in 2012 that combined are targeng tens of billions of dollars. If even half of these reach a final close in 2012, it
would be a markedly beer year than 2011. Should the private equity industry fundraising market begin to turn around, look
for the number of funds in the market to spike as the pent up demand for funds, which the slow fundraising environment has
created, come to market.
Source: PitchBook
Source: PitchBook
The PitchBook Difference
Beer Data. Beer decisions.
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8/2/2019 PitchBook PE Breakdown 2012[1]
13/17
Average Fund Size ($M) Average Months to Close
1-877-2
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Fund Count by Fund SizeFirst Time Funds
In 2011 the average U.S. private equity fund closed on $776.9
million, an increase of almost $100 million from 2010 and the
fih highest average on record. The increase marks the end of
a two-year slide in average fund size that began with the
financial crisis in 2009. There were no mega-funds that hit a
final close in 2011, but with 25 funds closing over the $1
billion mark during the year, there appears to sll be is sll a
fairly strong interest from limited partners in larger PE funds.
One year and four months was the average me it took for
funds closed in 2011 to reach their final close from when they
first began fundraising, a three month reducon from 2010s
18.8 month fundraising period and only two months longer
than the seven year-average. For the firms that have a history
of outperformance, a clear investment focus, and reasonable
targets were able to raise funds much quicker than the 16
month average, with 17 doing so in less than a year.
The PitchBook Difference
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Source: PitchBook
Source: PitchBookSource: PitchBook
Source: PitchBook
30% of the U.S. private equity funds that held final closes
during 2011 were first-me funds (the first formal fund raised
by a PE firm). These 43 first-me funds represent the highest
total since 2008 and the highest percentage of fund closings
since 2004. It is worth nong, though, that first me funds are
usually modest in size; combined, this years first-me funds
raised just $12.4 billion with a median fund size of $141 million.
NumberofMonths
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8/2/2019 PitchBook PE Breakdown 2012[1]
14/171-877-2
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The PitchBook Difference
Beer Data. Beer decisions.
Selected Open Funds
Fund
American Securies Partners VI
KKR - North American XI Fund
Aurora Equity Partners IV
WLR Recovery Fund V
Providence Equity Partners VII
Incline Equity Partners III
Sigma Opportunity Fund II
High Street Capital IV
Parthenon Investors IV
Spell Capital Partners Fund IV
Investor
American Securies
Kohlberg Kravis Roberts
Aurora Capital Group
W.L. Ross & Co
Providence Equity Partners
Incline Equity Partners
Sigma Capital Partners
High Street Capital
Parthenon Capital Partners
Spell Capital Partners
Target Amount ($M)
3,500
10,000
900
2,400
6,000
300
100
100
600
40
Largest Closed Funds
Fund
Berkshire Fund VIII
Centerbridge Capital Partners II
Golden Gate Capital Opportunity Fund
Trident V
ArcLight Energy Partners Fund V
GTCR Fund X
OCM Opportunies Fund VIIIb
Gores Capital Partners III
Avenue Special Situaons Fund VI
Francisco Partners III
KSL Capital Partners III
ABRY Partners Fund VII
Insight Venture Partners VII
Siguler Guff Distressed Opportunies Fund IV
TSG Consumer Partners VI
Investor
Berkshire Partners
Centerbridge Partners
Golden Gate Capital
Stone Point Capital
ArcLight Capital Partners
GTCR Golder Rauner
Oaktree Capital Management
The Gores Group
Avenue Capital Group
Francisco Partners
KSL Capital Partners
ABRY Partners
Insight Venture Partners
Siguler Guff & Company
TSG Consumer Partners
Amount ($M)
4,500
4,400
3,500
3,500
3,300
3,250
2,667
2,064
2,000
2,000
2,000
1,600
1,500
1,300
1,300
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8/2/2019 PitchBook PE Breakdown 2012[1]
15/17
By Number of Closed Investments
Most Active Private EquityInvestors in 2011
The Blackstone Group
The Carlyle Group
GS Capital Partners
Kohlberg Kravis Roberts
TPG Capital
Apax Partners
Audax Group
The Riverside Company
Genstar Capital
H.I.G. Capital
Planum Equity
Warburg PincusBain Capital
GTCR Golder Rauner
Vista Equity Partners
Morgan Stanley
Parthenon Capital Partners
Stone Point Capital
Hellman & Friedman
Investcorp
Sun Capital Partners
Golden Gate Capital
Oak Hill Capital Partners
Oaktree Capital Management
Ridgemont Equity PartnersThomas H. Lee Partners
Clayton Dubilier & Rice
JMI Equity
The Gores Group
ABRY Partners
Cerberus Capital Management
General Atlanc
Kayne Anderson Capital Advisors
Moelis Capital Partners
Silverhawk Capital Partners
TA Associates
Welsh Carson Anderson & Stowe
Apollo Global ManagementClearview Capital
Great Point Partners
Lightyear Capital
LLR Partners
Pfingsten Partners
Providence Equity Partners
Silver Lake Partners
Spring Capital Partners
Wind Point Partners
Deal Count
24
24
22
21
21
19
19
18
15
15
15
15
14
14
14
13
13
13
12
12
12
11
11
11
1111
10
10
10
9
9
9
9
9
9
9
9
88
8
8
8
8
8
8
8
8
2 by number of advisory roles in closed transacons
3 by number of financings provided
1 by counsel provided on closed transacons
Most Active Private EquityService Providers in 2011By Number of Deals Serviced
Investor Name
1-877-2
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Source: PitchBookSource: PitchBook
The PitchBook Difference
Beer Data. Beer decisions.
Top Law Firms in Private Equity1
Kirkland & Ellis
Jones Day
Latham & Watkins
Weil Gotshal & Manges
Simpson Thacher & Bartle
Skadden Arps Slate Meagher & Flom
Paul Weiss Riind Wharton & Garrison
Davis Polk & Wardwell
Goodwin Procter
Morgan Lewis & Bockius
Ropes & Gray
Wachtell Lipton Rosen & Katz
Top Investment Banks & Advisors2
Morgan Stanley
Barclays Capital
Bank of America Merrill Lynch
Lincoln Internaonal
JP Morgan
William Blair & Company
Goldman Sachs
UBS
Moelis & Company
Houlihan Lokey Howard & Zukin
Credit Suisse
Robert W Baird
Top Lenders in Private Equity3
GE Capital
Madison Capital Funding
Bank of America Merrill Lynch
Wells Fargo
JP Morgan
Fih Street FinanceGoldman Sachs
Barclays Capital
Deutsche Bank
Golub Capital
Morgan Stanley
Credit Suisse
Fih Third Bank
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8/2/2019 PitchBook PE Breakdown 2012[1]
16/17
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The PitchBook Difference
Beer Data. Beer decisions.
Your Single Source for Quality Private Equity DataOnly PitchBook tracks the entire private equity lifecycle and every party
involved: limited partners, inancial sponsors & investors, target companies,
service providers and key professionals. By dynamically linking these parties,
PitchBook makes it easy to identify relationships and networks. Additionally, it
actively researches target companies the entire time they are in an investors
portfolio so youll always be up-to-date on the crucial details of a transaction and
the companys progress.
Broad Private Equity Coverage
The PitchBook Platform contains information on over 25,000 private equity-
backed companies, investors, and service providers, across every industry
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Deep Level of Detail
PitchBooks mission is to provide hard-to-ind information on private equity: the
details you can only ind through direct contact with key players and painstaking
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terms, investor information and service provider contact information. It also tracks deal stakeholders and participants not just
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Deal monitoring and research through the entire lifecycle. Without exception, PitchBook actively researches andreports on companies from announcement to inal exit. PitchBook captures the full inancing story, much more than just a snapshot of
the deals announcement.
Full spectrum coverage.PitchBook covers the full spectrum of private equity deals: all sizes, all industries, and all types.
No cutting corners.It takes meticulous research to produce complete, consistent, timely, and accurate information, and we devotethe manpower and resources necessary to make this happen.
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