Pitchbook Private Equity Breakdown 4q 2009
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Private Equity: Data | News | Analysis
The Private Equity
Breakdown 4Q 2009 PitchBook Data, a private equity-focused research firm, has published a comprehensive set of statistics analyzing United States private equity investment activity through the first three quarters of 2009. Year to date, there have been 654 private equity deals and $33 billion in disclosed deal amounts, a figure that is roughly 60% less than the 1,532 deals closed in the first three quarters of 2008. The most recent quarter saw not only fewer deals done -- 201 were closed -- but also much smaller deals in size, totaling just $7 billion in disclosed deal amounts. These results continue the downward trend initiated almost 2 years ago. While investment activity continues at a significantly slower pace, the decline appears to be leveling off, indicating that the bottom may have been attained or is near. A number of other factors, including an increase in newly announced deals and a steady rise in the median deal amount over the last year, provide positive indications that a change in direction may be occurring.
Total Private Equity Deal Flow
Source: PitchBook Deal volume is beginning to stabilize as investors search for undervalued opportunities. The number of deals in 3Q 2009 declined 6.1% from 214 in 2Q 2009. The capital invested in 3Q 2009 declined 42% from $12 billion in 2Q 2009.
Contact PitchBook: www.pitchbook.com
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(212) 842-1925
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[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
PE Tr ansactions (Count) by Industry Sector Through 3Q 2009
PE Tr ansactions (Count) by Region Through 3Q 2009
Source: PitchBook Source: PitchBook
Business Products & Services (B2B) represented the largest portion of deal flow (31%) as investors shifted their attention away from Consumer Products & Services (B2C) (25%), which tied B2B through 1H09 with 28%. Energy and Information Technology held steady during the quarter after declining significantly at the end of 2008. Healthcare and Energy were the only industries to see increases in the number of deals closed over last quarter.
Investment activity continued to be fairly evenly dispersed throughout the United States. The South saw the most distinct increase in private equity activity during the third quarter of 2009, rising 38% from 2008 to represent 11% of deal flow.
Percent of PE Investment (Total $ Amount) by Deal Size
Percent of PE Tr ansactions (Count) by Deal Size
Source: PitchBook
Lower middle-market and growth equity deals under $50 million remained the most popular during the third quarter of 2009 (approximately 60% of deal flow). However, in what may be a promising sign, activity in the two classifications above it made significant gains over the second quarter of 2009 (not shown on chart).
Source: PitchBook
Deals over $2.5 billion continue to decline as investors shift their focus to middle and lower middle-market deals where all-equity transactions are more prevalent and financing is slightly easier to obtain. Deals from $500 million to $1 billion and $50 million to $250 million have grown in popularity as investors pursue add-ons to strengthen their current platform companies.
Source: PitchBook
Source: PitchBook
*Through ³Q ²⁰⁰⁹ Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
Distressed Companies Find A place in Private Equity Buyouts of Companies in Chapter 11 and % of Total Deal Flow Distressed investing as a percentage of the total private equity deal flow has been increasing steadily since the beginning of the year. Year to date, PE firms have acquired over 25 bankrupt companies, investing above $3.2 billion. Additionally, there are 16 similar deals announced this year that have yet to close. Distressed companies come with their challenges, but represent an attractive investment opportunity for PE firms because of their relatively low price, and cleaner post-bankruptcy balance sheets. The number of buyouts of bankrupt companies will most likely continue to rise as more companies run into trouble and private equity firms become more comfortable with distressed investing.
Source: PitchBook
Median Deal Amount by Year
Median Deal Amount by Deal Type
Source: PitchBook
Source: PitchBook
Median deal size increased to pre-recession levels as investors shifted their focus back toward the middle and upper-middle markets. This trend will be tested as private equity activity increases in the coming quarters.
The median deal size for both Buyout and All Other categories made significant gains over the same numbers from last quarter. The median Buyout moved from $37 million at the end of the second quarter to $54 million. Similarly, All Other deals moved from $18 million to $35 million over the same period. (1H09 numbers from 3Q 2009 Breakdown)
*Through ³Q ²⁰⁰⁹ Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
The State of Private Equity Fundr aising PitchBook’s aggregated data and statistics for US private equity fundraising in the first three quarters of 2009 show that 61 funds were closed, raising over $98 billion for private equity investment. The third quarter of 2009 saw 11 funds closed for a total of $14.43 billion, versus 19 funds closed for a total of $28 billion during the second quarter of 2009. Funds over $500 million led fundraising activity in the third quarter, representing 90% of funds closed during the quarter and over $14 billion in total. While fundraising has slowed compared to the breakneck pace of the last two years, moves by LPs such as CalPERS, CalSTRS and Pennsylvania SERS to increase their allocations to private equity are a positive sign for fundraisers in the near term. Look for the rate of fundraising to continue its modest pace as investors decide how best to utilize the almost $400 billion in unspent capital amassed over the previous two years (as reported by PitchBook in June 2009).†
Fundr aising Activity
Largest Funds Closed Through 3Q 2009
Source: PitchBook
The number of funds raised year to date declined 57% compared to 143 funds closed through 3Q 2008. Total capital raised year to date declined 60% compared to the $254 billion raised through 3Q 2008.
Firm
Fund
Apollo Investment Management The Carlyle Group First Reserve The Carlyle Group/Riverstone Lindsay Goldberg The Blackstone Group TA Associates Welsh, Carson, Anderson & Stowe TCW/Crescent Mezzanine Quantum Energy Partners Walton Street Capital Charlesbank Capital Partners Odyssey Investment Partners Pine Brook Road Partners The Riverside Company Providence Equity Partners Great Hill Partners Oak Hill Capital Partners Huntsman Gay Global Capital The Carlyle Group
Apollo Investment Fund VII Carlyle Partners V First Reserve Fund XII Carlyle/Riverstone Global En & Pwr Fund IV Lindsay Goldberg III Blackstone Real Estate Partners Europe III TA XI WCAS XI TCW/Crescent Mezzanine Partners V Quantum Energy Partners V Walton Street Real Estate Fund VI Charlesbank Equity Fund VII Odyssey Investment Partners Fund IV Pine Capital Partners Riverside Capital Appreciation Fund V Providence TMT Special Situations Fund Great Hill Equity Partners IV OHA Strategic Credit Fund Huntsman Gay Capital Partners Fund Carlyle Asia Growth Partners IV
Size ($M) 14,000 13,700 9,000 6,000 4,700 4,517 4,000 3,700 2,850 2,500 1,700 1,500 1,500 1,430 1,170 1,140 1,130 1,125 1,100 1,040
Source: PitchBook Platform
Capital R aised by Fund Size
Fund Count by Fund Size
Source: PitchBook
Funds closed above $500 million received over 90% of all capital committed in 3Q 2009. No funds over $5 billion were closed during 3Q 2009. Fewer new commitments for mega-funds are anticipated as limited partners shift their sights toward middle-market funds where deals are still being done.
Source: PitchBook
The majority of new funds fall between $500 million and $5 billion. However, the low number of additions means that there is no appreciable change in the distribution of closed funds year to date in 2009.
Contact PitchBook: www.pitchbook.com
l
*Through ³Q ²⁰⁰⁹ †See PitchBook’s ‘US PE Capital Overhang Report’ in the PitchBook Library: www.pitchbook.com/2Q_2009.html (212) 842-1925
l
[email protected]
The PitchBook Difference Private Equity: Data | News | Analysis
Better Data. Better decisions.
Most Active Private Equity Investors Through 3Q 2009
Most Active Private Equity Service Providers Through 3Q 2009
By Number of Investments
By Number of Deals Serviced
Investor Name
Deal Count
Parthenon Capital Oaktree Capital Management Platinum Equity Thoma Bravo Angelo Gordon & Company Kohlberg Kravis Roberts Marlin Equity Partners Sun Capital Partners The Carlyle Group The Riverside Company Warburg Pincus Bain Capital Golden Gate Capital Hart Capital J.F. Lehman & Company Milestone Partners Stonington Partners Summit Partners The Blackstone Group Welsh, Carson, Anderson & Stowe Advent International American Capital Apollo Investment Management Banc of America Capital Investors Battery Ventures Catalyst Investors Clearview Capital Cortec Group General Atlantic GTCR Golder Rauner H.I.G. Capital Hellman & Friedman KPS Capital Partners Pegasus Capital Advisors Perseus Pfingsten Partners Providence Equity Partners Riverside Partners RoundTable Healthcare Partners Sterling Partners Stockwell Capital Veronis Suhler Stevenson Wayzata Investment Partners
11 7 7 7 6 6 6 6 6 6 6 5 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Top Law Firms in Private Equity1 Jones Day Kirkland & Ellis Latham & Watkins Shearman & Sterling Skadden, Arps, Slate, Meagher & Flom Sullivan & Cromwell Wilson Sonsini Goodrich & Rosati Willkie Farr & Gallagher Morgan, Lewis & Bockius Blank Rome DLA Piper Rudnick Gray Cary 1 by counsel provided on transactions
Top Investment Banks & Advisors2 Houlihan Lokey Howard & Zukin Goldman Sachs William Blair & Company Harris Williams Morgan Stanley Piper Jaffray Lazard Middle Market Alvarez & Marsal Holdings Montgomery & Company 2 by number of advisory roles in transactions
Top Lenders in Private Equity3 Bank of America CIT Group Wells Fargo GE Capital U.S. Bancorp TriState Capital Bank PNC Financial Services Group Babson Capital Partners Wells Fargo Foothill Fifth Third Bank JP Morgan Madison Capital Funding 3 by number of financings provided
Source: PitchBook
Source: PitchBook
Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
Your Single Source for Quality Private Equity Data Only 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 investor’s portfolio so you’ll always be up-to-date on the crucial details of a transaction and the company’s progress.
Broadest Private Equity Coverage
The PitchBook Platform contains information on over 25,000 private equitybacked companies, investors, and service providers, across every industry segment, every deal size and every private equity deal type from announcement to exit.
Deepest Level of Detail
PitchBook’s 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 background research.
PitchBook researches deal amounts and valuations, target company �inancials and price multiples, capitalization structures, deal terms, investor information and service provider contact information. It also tracks deal stakeholders and participants – not just �inancial sponsors and investors, but also the many other �inancial, legal, and advisory �irms associated with taking a deal through to completion.
What Makes PitchBook Different
Deal monitoring and research through the entire lifecycle. Without exception, PitchBook actively researches and reports on companies from announcement to �inal exit. PitchBook captures the full �inancing story, much more than just a snapshot of the deal’s announcement. Full spectrum coverage. PitchBook covers the full spectrum of private equity deals: all sizes, all industries, and all types.
No shortcuts. It takes meticulous research to produce complete, consistent, timely, and accurate information, and we devote the manpower and resources necessary to make this happen.
The Pitchook Platform Places Powerful Intelligence at Your Fingertips:
Request a Demo Detailed Reports
Sortable Results
Customizable Dashboard
Excel Downloads
Advanced Searches*
*Advanced Searches allow selecting criteria from more than 130 search options
Visit us at www.pitchbook.com Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The Private Equity
Breakdown 4Q 2009 PitchBook Data, a private equity-focused research firm, has published a comprehensive set of statistics analyzing United States private equity investment activity through the first three quarters of 2009. Year to date, there have been 654 private equity deals and $33 billion in disclosed deal amounts, a figure that is roughly 60% less than the 1,532 deals closed in the first three quarters of 2008. The most recent quarter saw not only fewer deals done -- 201 were closed -- but also much smaller deals in size, totaling just $7 billion in disclosed deal amounts. These results continue the downward trend initiated almost 2 years ago. While investment activity continues at a significantly slower pace, the decline appears to be leveling off, indicating that the bottom may have been attained or is near. A number of other factors, including an increase in newly announced deals and a steady rise in the median deal amount over the last year, provide positive indications that a change in direction may be occurring.
Total Private Equity Deal Flow
Source: PitchBook Deal volume is beginning to stabilize as investors search for undervalued opportunities. The number of deals in 3Q 2009 declined 6.1% from 214 in 2Q 2009. The capital invested in 3Q 2009 declined 42% from $12 billion in 2Q 2009.
Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
PE Tr ansactions (Count) by Industry Sector Through 3Q 2009
PE Tr ansactions (Count) by Region Through 3Q 2009
Source: PitchBook Source: PitchBook
Business Products & Services (B2B) represented the largest portion of deal flow (31%) as investors shifted their attention away from Consumer Products & Services (B2C) (25%), which tied B2B through 1H09 with 28%. Energy and Information Technology held steady during the quarter after declining significantly at the end of 2008. Healthcare and Energy were the only industries to see increases in the number of deals closed over last quarter.
Investment activity continued to be fairly evenly dispersed throughout the United States. The South saw the most distinct increase in private equity activity during the third quarter of 2009, rising 38% from 2008 to represent 11% of deal flow.
Percent of PE Investment (Total $ Amount) by Deal Size
Percent of PE Tr ansactions (Count) by Deal Size
Source: PitchBook
Lower middle-market and growth equity deals under $50 million remained the most popular during the third quarter of 2009 (approximately 60% of deal flow). However, in what may be a promising sign, activity in the two classifications above it made significant gains over the second quarter of 2009 (not shown on chart).
Source: PitchBook
Deals over $2.5 billion continue to decline as investors shift their focus to middle and lower middle-market deals where all-equity transactions are more prevalent and financing is slightly easier to obtain. Deals from $500 million to $1 billion and $50 million to $250 million have grown in popularity as investors pursue add-ons to strengthen their current platform companies.
Source: PitchBook
Source: PitchBook
*Through ³Q ²⁰⁰⁹ Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
Distressed Companies Find A place in Private Equity Buyouts of Companies in Chapter 11 and % of Total Deal Flow Distressed investing as a percentage of the total private equity deal flow has been increasing steadily since the beginning of the year. Year to date, PE firms have acquired over 25 bankrupt companies, investing above $3.2 billion. Additionally, there are 16 similar deals announced this year that have yet to close. Distressed companies come with their challenges, but represent an attractive investment opportunity for PE firms because of their relatively low price, and cleaner post-bankruptcy balance sheets. The number of buyouts of bankrupt companies will most likely continue to rise as more companies run into trouble and private equity firms become more comfortable with distressed investing.
Source: PitchBook
Median Deal Amount by Year
Median Deal Amount by Deal Type
Source: PitchBook
Source: PitchBook
Median deal size increased to pre-recession levels as investors shifted their focus back toward the middle and upper-middle markets. This trend will be tested as private equity activity increases in the coming quarters.
The median deal size for both Buyout and All Other categories made significant gains over the same numbers from last quarter. The median Buyout moved from $37 million at the end of the second quarter to $54 million. Similarly, All Other deals moved from $18 million to $35 million over the same period. (1H09 numbers from 3Q 2009 Breakdown)
*Through ³Q ²⁰⁰⁹ Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
The State of Private Equity Fundr aising PitchBook’s aggregated data and statistics for US private equity fundraising in the first three quarters of 2009 show that 61 funds were closed, raising over $98 billion for private equity investment. The third quarter of 2009 saw 11 funds closed for a total of $14.43 billion, versus 19 funds closed for a total of $28 billion during the second quarter of 2009. Funds over $500 million led fundraising activity in the third quarter, representing 90% of funds closed during the quarter and over $14 billion in total. While fundraising has slowed compared to the breakneck pace of the last two years, moves by LPs such as CalPERS, CalSTRS and Pennsylvania SERS to increase their allocations to private equity are a positive sign for fundraisers in the near term. Look for the rate of fundraising to continue its modest pace as investors decide how best to utilize the almost $400 billion in unspent capital amassed over the previous two years (as reported by PitchBook in June 2009).†
Fundr aising Activity
Largest Funds Closed Through 3Q 2009
Source: PitchBook
The number of funds raised year to date declined 57% compared to 143 funds closed through 3Q 2008. Total capital raised year to date declined 60% compared to the $254 billion raised through 3Q 2008.
Firm
Fund
Apollo Investment Management The Carlyle Group First Reserve The Carlyle Group/Riverstone Lindsay Goldberg The Blackstone Group TA Associates Welsh, Carson, Anderson & Stowe TCW/Crescent Mezzanine Quantum Energy Partners Walton Street Capital Charlesbank Capital Partners Odyssey Investment Partners Pine Brook Road Partners The Riverside Company Providence Equity Partners Great Hill Partners Oak Hill Capital Partners Huntsman Gay Global Capital The Carlyle Group
Apollo Investment Fund VII Carlyle Partners V First Reserve Fund XII Carlyle/Riverstone Global En & Pwr Fund IV Lindsay Goldberg III Blackstone Real Estate Partners Europe III TA XI WCAS XI TCW/Crescent Mezzanine Partners V Quantum Energy Partners V Walton Street Real Estate Fund VI Charlesbank Equity Fund VII Odyssey Investment Partners Fund IV Pine Capital Partners Riverside Capital Appreciation Fund V Providence TMT Special Situations Fund Great Hill Equity Partners IV OHA Strategic Credit Fund Huntsman Gay Capital Partners Fund Carlyle Asia Growth Partners IV
Size ($M) 14,000 13,700 9,000 6,000 4,700 4,517 4,000 3,700 2,850 2,500 1,700 1,500 1,500 1,430 1,170 1,140 1,130 1,125 1,100 1,040
Source: PitchBook Platform
Capital R aised by Fund Size
Fund Count by Fund Size
Source: PitchBook
Funds closed above $500 million received over 90% of all capital committed in 3Q 2009. No funds over $5 billion were closed during 3Q 2009. Fewer new commitments for mega-funds are anticipated as limited partners shift their sights toward middle-market funds where deals are still being done.
Source: PitchBook
The majority of new funds fall between $500 million and $5 billion. However, the low number of additions means that there is no appreciable change in the distribution of closed funds year to date in 2009.
Contact PitchBook: www.pitchbook.com
l
*Through ³Q ²⁰⁰⁹ †See PitchBook’s ‘US PE Capital Overhang Report’ in the PitchBook Library: www.pitchbook.com/2Q_2009.html (212) 842-1925
l
[email protected]
The PitchBook Difference Private Equity: Data | News | Analysis
Better Data. Better decisions.
Most Active Private Equity Investors Through 3Q 2009
Most Active Private Equity Service Providers Through 3Q 2009
By Number of Investments
By Number of Deals Serviced
Investor Name
Deal Count
Parthenon Capital Oaktree Capital Management Platinum Equity Thoma Bravo Angelo Gordon & Company Kohlberg Kravis Roberts Marlin Equity Partners Sun Capital Partners The Carlyle Group The Riverside Company Warburg Pincus Bain Capital Golden Gate Capital Hart Capital J.F. Lehman & Company Milestone Partners Stonington Partners Summit Partners The Blackstone Group Welsh, Carson, Anderson & Stowe Advent International American Capital Apollo Investment Management Banc of America Capital Investors Battery Ventures Catalyst Investors Clearview Capital Cortec Group General Atlantic GTCR Golder Rauner H.I.G. Capital Hellman & Friedman KPS Capital Partners Pegasus Capital Advisors Perseus Pfingsten Partners Providence Equity Partners Riverside Partners RoundTable Healthcare Partners Sterling Partners Stockwell Capital Veronis Suhler Stevenson Wayzata Investment Partners
11 7 7 7 6 6 6 6 6 6 6 5 5 5 5 5 5 5 5 5 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4
Top Law Firms in Private Equity1 Jones Day Kirkland & Ellis Latham & Watkins Shearman & Sterling Skadden, Arps, Slate, Meagher & Flom Sullivan & Cromwell Wilson Sonsini Goodrich & Rosati Willkie Farr & Gallagher Morgan, Lewis & Bockius Blank Rome DLA Piper Rudnick Gray Cary 1 by counsel provided on transactions
Top Investment Banks & Advisors2 Houlihan Lokey Howard & Zukin Goldman Sachs William Blair & Company Harris Williams Morgan Stanley Piper Jaffray Lazard Middle Market Alvarez & Marsal Holdings Montgomery & Company 2 by number of advisory roles in transactions
Top Lenders in Private Equity3 Bank of America CIT Group Wells Fargo GE Capital U.S. Bancorp TriState Capital Bank PNC Financial Services Group Babson Capital Partners Wells Fargo Foothill Fifth Third Bank JP Morgan Madison Capital Funding 3 by number of financings provided
Source: PitchBook
Source: PitchBook
Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
The PitchBook Difference
Private Equity: Data | News | Analysis
Better Data. Better decisions.
Your Single Source for Quality Private Equity Data Only 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 investor’s portfolio so you’ll always be up-to-date on the crucial details of a transaction and the company’s progress.
Broadest Private Equity Coverage
The PitchBook Platform contains information on over 25,000 private equitybacked companies, investors, and service providers, across every industry segment, every deal size and every private equity deal type from announcement to exit.
Deepest Level of Detail
PitchBook’s 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 background research.
PitchBook researches deal amounts and valuations, target company �inancials and price multiples, capitalization structures, deal terms, investor information and service provider contact information. It also tracks deal stakeholders and participants – not just �inancial sponsors and investors, but also the many other �inancial, legal, and advisory �irms associated with taking a deal through to completion.
What Makes PitchBook Different
Deal monitoring and research through the entire lifecycle. Without exception, PitchBook actively researches and reports on companies from announcement to �inal exit. PitchBook captures the full �inancing story, much more than just a snapshot of the deal’s announcement. Full spectrum coverage. PitchBook covers the full spectrum of private equity deals: all sizes, all industries, and all types.
No shortcuts. It takes meticulous research to produce complete, consistent, timely, and accurate information, and we devote the manpower and resources necessary to make this happen.
The Pitchook Platform Places Powerful Intelligence at Your Fingertips:
Request a Demo Detailed Reports
Sortable Results
Customizable Dashboard
Excel Downloads
Advanced Searches*
*Advanced Searches allow selecting criteria from more than 130 search options
Visit us at www.pitchbook.com Contact PitchBook: www.pitchbook.com
l
(212) 842-1925
l
[email protected]
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