PitchBook
Take-privates are cheap sometimes
That’s according to Bain & Company, which made a salient point: “Despite the run-up in equity prices, public investors often…
Read MoreReturns healthy, still under pressure
Download PitchBook’s Report here. TVPI multiples—more simply known as investment multiples—remain healthy. Gains from post-vintage buckets (2010-2016) were all boosted by…
Read MoreAcacia funds
Download PitchBook’s Report here. Acacia trees are those huge, canopy-like trees in Africa that giraffes feast on. It helps to be…
Read MoreAre IRRs inflated?
Download PitchBook’s Report here. It’s a slightly different question than asking whether IRRs are trustworthy in general. That debate has been…
Read MoreDownturn opportunities don’t last long
Bain & Company released its annual private equity report this week. It’s required reading for the industry every year. One…
Read MoreAre dry powder levels a concern?
Download PitchBook’s Report here. PE capital overhang levels reached $800 billion last year between North America and Europe. For perspective, the…
Read MoreBigger funds and lower margins
Download PitchBook’s Report here. Over 90% of 2018 vintage PE funds were larger than their predecessors. That’s the first time in…
Read MoreThe institutionalization of M&A
Download PitchBook’s Report here. Last week we highlighted the growing convergence of public and private multiples. For investors who dabble in…
Read MorePublic and private valuations are converging
Download PitchBook’s Report here. Middle-market PE multiples barely budged last year. We didn’t expect them to, and we don’t expect them…
Read MoreAnother record year for the middle market
Download PitchBook’s Report here. The US middle market had quite the year. Both volume and total value easily set records by…
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