DOCSLIB.ORG

Equity Financing Decreased to 50.8% for Large Corporate in 2021-Q2

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Equity Financing Decreased to 50.8% for Large Corporate in 2021-Q2 AMERICAN INVESTMENT COUNCIL 2021-Q2 Private Equity Trends Table of Contents Page Deal Activity 3 Deal Financing and Pricing 6 Fundraising 11 Exits 13 PAGE 2 2021-Q2 Investment volume and number of deals increased by 60% and 61% respectively from 2020-Q2 Deal Value (Bil.) No. of Deals $800 6,000 $700 $753 $745 $684 5,000 $600 $648 $596 $500 4,000 $533 $505 $400 $441 3,000 $300 $380 $345 2,000 $200 $283 1,000 $175 $100 $173 $0 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 2021 2021 PAGE 3 Source: PitchBook The 10 largest U.S. private equity deals in 2021-Q2 accounted for 29% of total deal value Investment Value Rank Company Description Date Financial Sponsor (Bil.) Business/Productivity RealPage 4/22/2021 $10.20 Thoma Bravo 1 Software IT Consulting and Perspecta 5/06/2021 $7.10 Peraton, Veritas Capital 2 Outsourcing Apollo Global Management, Certares, Hertz Road 5/12/2021 $6.50 3 Knighthead Capital Management Insight Partners, Norwest Venture Partners, CoreLogic Other Commercial Services 6/04/2021 $6.00 4 Stone Point Capital BayPine, StepStone Group, TSG Mavis Tire Supply Automotive 5/04/2021 $6.00 5 Consumer 6 Michaels Stores Specialty Retail 4/15/2021 $5.00 Apollo Global Management 7 Pluralsight Educational Software 4/06/2021 $3.50 Vista Equity Partners Elliott Management, Evergreen Coast Cubic Aerospace and Defense 5/25/2021 $3.10 8 Capital, Veritas Capital 9 A Cloud Guru Educational Software 6/02/2021 $2.00 Pluralsight, Vista Equity Partners Network Management ThycoticCentrify 4/13/2021 $1.40 Centrify, TPG 10 Software Note: The list above only reflects completed private equity transactions with disclosed investment values PAGE 4 Source: PitchBook, Web search transactions decreased to decreased transactions The average proportion of equity financing for LBO Sources of Financing of Sources 100% 20% 40% 60% 80% 0% 2003 34.8% 4.7% 54.5% includes bank debt, secured debt, senior unsecured debt, public/high yield debt, bridge loan and mezzanine debt. Other repres Other debt. mezzanine and loan bridge debt, yield public/high debt, unsecured senior debt, secured debt, bank pre includes the in equity is equity Rollover sponsors. LBO by provided equity is equity Contributed Note: 2004 32.6% 2.7% 61.8% 2005 29.8% 2.3% 66.4% 2006 31.0% 2.5% 65.4% 2007 30.8% 2.0% 65.7% 2008 38.8% 3.8% 56.1% 2009 45.5% 5.1% 51.6% 2010 41.4% 2.4% 54.8% 2011 38.3% 3.6% 56.3% 2012 51.1% 51.1% 38.0% 1.6% 59.6% 2013 LBO company that is cashed not is that company LBO 35.7% 1.4% 61.4% Contributed Equity - 2014 37.0% 1.5% 60.2% 2021 in 2015 40.5% 1.9% 56.2% 2016 Source: Standard and Poor’s Capital IQ Leveraged Commentaryand Data 41.1% 2.4% 55.0% out, but ent 2017 Rollover Equity s cash held by the target company. target by held cash the s 42.1% 1.6% 55.6% - Q2 rolled over and reinvested into the post the into reinvested and over rolled 2018 40.4% 1.6% 57.7% 2019 45.5% 1.9% 51.3% Debt 2020 46.8% 2.7% 49.9% Other - LBO company. Debt 2021 Q1 47.2% 0.8% 51.3% 2021 PAGE Q2 50.5% 0.6% 48.2% 5 6 Equity financing decreased to 50.8% for large corporate in 2021-Q2 Equity Financing Middle Market Large Corporate 70% 60% 50% 58.5% 51.4% 50.8% 50.1% 49.3% 40% 48.9% 47.3% 47.2% 45.9% 45.7% 45.5% 45.3% 45.3% 45.0% 42.9% 42.5% 42.1% 42.0% 41.5% 41.4% 41.3% 40.7% 40.3% 30% 39.2% 37.7% 37.0% 35.2% 34.2% 32.3% 31.5% 20% 10% 0.0% 0.0% N/A N/A N/A 0% N/A 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 2021 2021 Note: Large corporate issuers have EBITDAs of more than $50 million. Middle market issuers have EBITDAs of $50 million or less. PAGE 6 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data U.S. LBO loan volume in 2021-Q2 increased 258.2% to $40 billion as compared to 2020-Q2 Loan Volume (Bil.) $150 $113 $100 $97 $85 $78 $78 $76 $73 $67 $59 $51 $47 $50 $46 $40 $31 $5 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 2021 2021 Note: Data above reflect all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded. PAGE 7 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data The 10 largest U.S. LBO loans in 2021-Q2 accounted for 52% of the total LBO loan volume Rank Company Description Launch Date1 Loan Value (Bil.) Financial Sponsor 1 McAfee Enterprise Computers & Electronics 4/16/2021 $2.95 Symphony Technology Group 2 Proofpoint Computers & Electronics 6/1/2021 $2.85 Thoma Bravo LLC 3 First Student /First Transit Transportation 6/28/2021 $2.52 EQT Partners Manufacturing & Culligan Holding 6/7/2021 $2.48 BDT Capital Partners LLC 4 Machinery 5 Cubic Computers & Electronics 4/16/2021 $2.18 Veritas Capital 6 Mavis Tire Express Services Retail 4/19/2021 $2.12 BayPine LP 7 Conair Corporation Home Furnishings 5/6/2021 $1.67 American Securities Capital Partners 8 ACProducts Forest Product 4/26/2021 $1.60 Platinum Equity 9 Wells Fargo Asset Management Services & Leasing 4/13/2021 $1.41 GTCR Golder Rauner 10 Ascensus Services & Leasing 5/12/2021 $1.23 Stone Point Capital Note: The ranked list is based on a sample of all loans syndicated in the U.S. market for the purpose of LBOs. Ex-U.S. companies are excluded. Companies with loans in the table above may be involved in transactions that are still ongoing and therefore, will not appear in the list of top 10 private equity transactions (slide 4). 1 Date of loan syndication. PAGE 8 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data, Web search Average debt multiples for U.S. LBOs increased to 5.9x in 2021-Q2 as compared to 4.9x in 2020-Q2 Debt/EBITDA 7x 6x 6.2x 6.1x 5.9x 5.8x 5.8x 5.7x 5.7x 5.7x 5x 5.6x 5.4x 5.4x 5.3x 5.3x 5.1x 5.0x 4.9x 4x 4.6x 3.8x 3x 2x 1x 0x 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 2021 2021 Note: EBITDA is adjusted for cost savings and synergies. Debt includes senior debt and subordinated debt. PAGE 9 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data The average purchase price multiples for U.S. LBOs decreased to 11.5x in 2021-Q2 from 11.9x in 2021-Q1 Equity/EBITDA Senior Debt/EBITDA Sub Debt/EBITDA Others Purchase Price Multiple 14x 11.9x 11.5x 11.5x 12x 11.4x 10.6x 10.6x 10.3x 10.0x 9.7x 10x 9.7x 9.1x 8.8x 8.8x 8.7x 8.5x 8.4x 8.4x 8x 7.7x 6x 4x 2x NA 0x 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 Q2 2021 2021 2021 M&A 1 Note: EBITDA is adjusted for cost savings and synergies. 1 Average purchase price multiples for six months ending Jun, 2021. PAGE 10 Source: Standard and Poor’s Capital IQ Leveraged Commentary and Data Annual U.S. private equity fundraising volume reached $180 billion in 2021-H1 Capital Raised (Bil.) Capital Raised (Bil.) No. of Funds No. of Funds $350 600 $300 $332 500 $250 $275 400 $252 $200 $223 300 $208 $150 $185 $180 $178 $162 $161 200 $100 $110 $101 100 $50 $72 $56 $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1H 2021 Note: Graph above reflects data from buyout, diversified equity, growth equity, infrastructure and energy funds. PAGE 11 Source: PitchBook U.S. callable capital reserves (“dry powder”) of private equity funds decreased to $736 billion as of December 2020 Dry Powder Dry Powder (Bil.) $800 $700 $760 $736 $714 $600 $614 $500 $530 $400 $471 $411 $407 $396 $392 $300 $376 $363 $354 $347 $342 $200 $100 $0 Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. Dec. 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Note: Dry powder figures are global and not specific to the United States. PAGE 12 Source: Pitchbook Annual U.S. exit volume increased 160% from 2020-Q2 to $141 billion in 2021-Q2 Exit Amount (Bil.) Exit Amount (Bil.) No. of Exits No. of Exits $450 1600 $400 $421 $350 $407 $383 1200 $381 $300 $358 $361 $323 $318 $250 $272 800 $200 $231 $150 $187 400 $100 $149 $141 $129 $50 $93 $0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 Q2 2021 2021 PAGE 13 Source: PitchBook Two of the ten largest U.S. private equity exits during 2021-Q2 were strategic M&As Rank Company Name Exit Type1 Date Exit Size (Bil.) Sellers 1 RealPage Financial M&A 4/22/2021 $10.20 Apax Partners, Serent Capital, Volition Capital 2 Blue Yonder (Arizona) Strategic M&A 4/23/2021 $7.10 New Mountain Capital, The Blackstone Group 3 CoreLogic Financial M&A 6/4/2021 $6.00 Cannae Holdings, Senator Investment Group InTandem Capital Partners, PennantPark Floating Cano Health Strategic M&A 6/4/2021 $4.4 4 Rate Capital, PennantPark Investment Griffin Gaming Partners, John Burbank, Kohlberg Kravis Roberts, Maynard Webb, Nimble Ventures, AppLovin Public Offering 4/15/2021 $2.00 5 Orient Hontai Capital, Streamlined Ventures, Synetro Group, Ullas Naik, Webb Investment Network 4/15/2021 6 Agilon Health Public Offering $1.07 Clayton, Dubilier & Rice 7 LifeStance Health Public Offering 6/10/2021 $0.72 Silversmith Capital Partners, Summit Partners, TPG 8 Mister Car Wash Public Offering 6/25/2021 $0.65 Leonard Green & Partners, Penfund Canada Pension Plan Investment Board, Fidelity Endeavor Public Offering 4/29/2021 $0.51 Mgmt & Research, Fisher Lynch Capital, GIC, Saudi 9 Arabia's Public Investment Fund, Silver Lake, SoftBank 32 Equity, Annox Capital, Bond Capital, Booking Holdings, Delta Air Lines, Durable Capital Partners, General Atlantic, IPD Capital, J Ventures, Jump DC, CLEAR Public Offering 6/29/2021 $0.41 Liberty Media, LionTree Partners, LMM, Partnership 10 Fund for New York City, Revolution, RiverPark Ventures, Sterling Equities, T.
Load more

Recommended publications
  • HW&Co. Landscape Industry Reader Template
    TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 3Q 2016 HARRIS WILLIAMS & CO. OVERVIEW HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM CONTENTS . DEAL SPOTLIGHT . M&A TRANSACTIONS – 2Q 2016 KEY FACTS . SOFTWARE M&A ACTIVITY . 25 year history with over 120 . SOFTWARE SECTOR OVERVIEWS closed transactions in the . SOFTWARE PRIVATE PLACEMENTS last 24 months OVERVIEW . SOFTWARE PUBLIC COMPARABLES . Approximately 250 OVERVIEW professionals across seven . TECHNOLOGY IPO OVERVIEW offices in the U.S. and . DEBT MARKET OVERVIEW Europe . APPENDIX: PUBLIC COMPARABLES DETAIL . Strategic relationships in India and China HW&Co. Office TMT CONTACTS Network Office UNITED STATES . 10 industry groups Jeff Bistrong Managing Director HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS [email protected] Sam Hendler SOFTWARE / SAAS INTERNET & DIGITAL MEDIA Managing Director [email protected] . Enterprise Software . IT and Tech-enabled . AdTech and Marketing . Digital Media and Content Services Solutions Mike Wilkins . Data and Analytics . eCommerce Managing Director . Infrastructure and . Data Center and . Consumer Internet . Mobile [email protected] Managed Services Security Software EUROPE Thierry Monjauze TMT VERTICAL FOCUS AREAS Managing Director [email protected] . Education . Fintech . Manufacturing . Public Sector and Non-Profit . Energy, Power, and . Healthcare IT . Professional Services . Supply Chain, Transportation, TO SUBSCRIBE PLEASE EMAIL: Infrastructure and Logistics *[email protected] SELECT RECENT HW&CO.
    [Show full text]
  • Education Technology & Services Market
    Market Update Education Key Highlights The top subsector stock performer in Q4 2019 Technology was digital educational content & services, up 13.7% year-over-year & Services On average, EBITDA multiples for the subsectors decreased 0.5x from the prior quarter and were Q4 2019 down 0.8x on a year-over-year basis 2020 Forecast…Sustained Robust Deal Activity Focused on High Quality Assets and Strong Outcomes-Driven Business Models For several years now, we have been predicting continued consolidation within the education technology and services market. Merger and acquisition activity of all types within the sector has been robust, with overall transaction volumes repeatedly surpassing year-over-year levels by healthy margins. Even with ongoing strategic consolidation in the space, ever-increasing private equity interest in the education sector has been the primary driver of continued strong transaction levels and increasing valuations. A record amount of available capital, or “dry powder,” and elevated interest in software-as-a-service (“SaaS”) business models were the primary underlying factors driving private equity interest levels in ed tech businesses. Interest in high quality education providers has also been robust, underpinned by strong outcome-driven theses behind businesses built to solve the “achievement gap” and/or “skills gap” problem with a keen focus on value proposition to the consumer. In the early childhood segment, activity levels remain high, driven by continued professionalization and consolidation within an otherwise highly fragmented global market. And in the proprietary postsecondary sector, after a “decade of pain,” M&A has made a comeback with several new investments by private equity investors seeking premium operators in markets with strong supply/ demand imbalances.
    [Show full text]
  • Philadelphia Investment Trends Report
    Venture impact Technology investment in the Greater Philadelphia region Trends and highlights, January 2008 to June 2013 Innovation, investment and opportunity On behalf of EY, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT), we are pleased to present this review 421 companies of technology investment trends and highlights in the Greater Philadelphia region. $4.1 billion The technology investment community in the Greater Philadelphia region includes a wide variety of funding sources supporting a diverse array of companies and industry sectors. In this report, Total investment since we’ve analyzed more than a thousand investment rounds and January 2008 exits that occurred in the Philadelphia region since 2008 – including investments from venture capital fi rms (VCs), angel investors (Angels), corporate/strategic investors, seed funds, accelerators and other sources of funding. As shown in this report, 2012 reversed a post-recession slowdown in venture funding in Greater Philadelphia, and to date, 2013 has brought a welcome increase in the amount of new funds available at regional investment fi rms. These are positive signs for our region’s technology companies, as are the increasing number of exits via IPO and acquisition, which serve as further validation of the investment opportunities created by our region’s growing technology sector. We encourage you to explore this report, and we hope that it will provide useful insights into the current state of
    [Show full text]
  • Enewsletter No. 457 | SECA | Swiss Private Equity & Corporate
    eNewsletter no. 457 Dear Reader 20 May 2016 It was a school project: Start a Business! Taylor Rosenthal of SECA Opelika, Alabama, did just that. He is a baseball player and thought it would be sensible to post First Aid Kits near the diamond or in Venture Capital fact any playground where kids may suffer injuries. He developed Private Equity – Swiss News the box and stocked it with necessities, filed a patent suit and started the company RecMed, and all that before he had his first Private Equity – Int. News shave.Taylor Rosenthal is only 14. The price of the First Aid Box is Corporate Finance a hefty 5 500 dollar, but recreation park chains and investors are Mergers & Acquisitions interested. Already Taylor Rosenthal has turned down an offer of 30 million dollar. You can't pull the wool over a guy's eyes just Management Buyout because he is young. He tends to his business, keeps going to Book of the Week school and persues new projects. Jobs If given a chance, I will invest in RecMed and wait for the First Aid Box in my gym in Zug, Switzerland. On the other hand: why not Agenda wait for his next venture? This guy will go places. Editor Have a nice week! Maurice Pedergnana Toolbox Print Newsletter Send Newsletter to a Friend Download as PDF SECA 15. SECA Private Equity & Corporate Finance Conference The conference will take place on Wednesday, 6 July 2016, in the SIX ConventionPoint in Zurich and is one of the biggest conferences in Switzerland, which brings together the private equity, venture capital and corporate finance industries.
    [Show full text]
  • Stepstone Atlantic Fund, L.P
    StepStone Atlantic Fund, L.P. Private Equity and Infrastructure Investment Plan Proposed: November 2020 Report Prepared For: Important Information This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Invest Holding (Dublin) Ltd, Swiss Capital Alternative Investments AG or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use.
    [Show full text]
  • Advancing the Role of the Finance Executive
    Advancing the role of the finance executive Built on the back of in-depth conversations with private equity CFOs, a 20-year heritage of our CFO community and the annual conference Contents » Connect. Evolve. Advance. » Past attendees list » Testimonials » Product offering » Messaging platform functionality » Unlock your networking opportunities with our virtual platform » Events 2 of 13 Advance your career Get direct access to industry peers and specialists who are tackling the same problems and obstacles you face. Benchmark your strategies and solutions to progress Connect. with confidence. Evolve. Advance your team Successful CFOs have a strong support team. Give Advance. your COO, CIO CCO, Finance Director and Controller The industry defining CFO & COO Forum All Access. Dive into a wide range of operational hot is now just one of the many essential topics from tax and compliance to recruitment, data updates we’ll give you throughout the year security management and cyber risk. with your CFO All Access subscription, designed around you to unlock: » Insider know-how – from CFO leaders at the top firms, to the innovators in the mid and lower market Advance your firm » Sector specific xpertisee – from technology to human capital to ESG The world is changing faster than ever – driven by macro issues such as climate change, a pandemic » Regulatory insight – direct from SEC global recession and political uncertainty. Progressive executives and directors strategies on ESG and diversity are no longer nice to » Authoritative market commentary – haves. LPs are directing capital to firms that take these from our acclaimed editorial team topics seriously and can show it.
    [Show full text]
  • Services & Offerings
    STAG DINING 2020 SERVICES & OFFERINGS Meal Kits - Pantry Provisions - Natural Wine - Gifting - Cocktail Kits & Classes - Event Space - Crenn Farm 1 LETTER FROM STAG 4 STAG DINING GROUP STAG OVERVIEW MEAL KITS & OFFERINGS 8 NATURAL WINES 10 COCKTAIL KITS & CLASSES 12 WINEMAKING PARTNERS 16 CRENN & STAG 18 OUR VENUE 22 CLIENTS 27 TEAM 28 CONTACT 32 STAG DINING GROUP 925 O'Farrell St San Francisco, CA 94109 (415) 944-2065 [email protected] www.stagdining.com DERBY COCKTAIL CO www.derbycocktail.co CERF CLUB www.cerfclub.com © 2020 Stag Dining Group Select Photography by David Dines, dines.co 2 3 WITH A DECADE OF EXPERIENCE IN HOSPITALITY, WE HAVE NEVER SEEN A CHALLENGE THAT FACES US QUITE LIKE THE ONE POSED BY COVID-19. With virtually every restaurant worker out of a job, and traditional supply chains for food, wine and spirits broken, we have been UPDATED OFFERINGS seeking opportunities to mend those bonds in pragmatic ways while continuing to serve our customers. Our revised offerings are an attempt to help our clients engage their stakeholders, employees MEAL KITS and clients in ways that are fitting for this time and address the social, racial, environmental and biological crises that we are PANTRY PROVISIONS facing collectively as a society. NATURAL WINE At Stag Dining Group we believe every plate and every glass GIFTING tells a unique story, and we make every effort to connect guests COCKTAIL KITS & CLASSES to each other, to the environment and to the thought leaders of CRENN FARM this industry in authentic ways. Since our inception, we have witnessed the power that transformative culinary experiences have CERF CLUB EVENT VENUE on our guests and the conversations that can be sparked at the table.
    [Show full text]
  • Stepstone Atlantic Fund, L.P
    StepStone Atlantic Fund, L.P. Private Equity and Infrastructure Quarterly Monitoring Report For the period ending December 31, 2020 Report Prepared For: Important Information This document is meant only to provide a broad overview for discussion purposes. All information provided here is subject to change. This document is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide advisory or other services by StepStone Group LP, StepStone Group Real Assets LP, StepStone Group Real Estate LP, StepStone Conversus LLC, Swiss Capital Alternative Investments AG and StepStone Group Europe Alternative Investments Limited or their subsidiaries or affiliates (collectively, “StepStone”) in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this document should not be construed as financial or investment advice on any subject matter. StepStone expressly disclaims all liability in respect to actions taken based on any or all of the information in this document. This document is confidential and solely for the use of StepStone and the existing and potential clients of StepStone to whom it has been delivered, where permitted. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute this presentation in whole or in part, nor to disclose any of its contents (except to its professional advisors), without the prior written consent of StepStone. While some information used in the presentation has been obtained from various published and unpublished sources considered to be reliable, StepStone does not guarantee its accuracy or completeness and accepts no liability for any direct or consequential losses arising from its use.
    [Show full text]
  • In Eastern Partner Countries
    EU4Digital: supporting digital economy and society in the Eastern Partnership Market Assessment for Digital Innovation and Scale-up Initiative in Eastern partner countries Final report June 2020 1 About this study In early 2020, EU4Digital Facility launched activity ‘Market Assessment for Digital Innovation and Scale-up Initiative (DISC) in Eastern Partner Countries’ (hereinafter – study / research) The goal is to analyse the investment landscape for digital high tech companies in these countries: Armenia, Azerbaijan, Belarus, Georgia, the Republic of Moldova and Ukraine. The activity was inspired by Digital Innovation and Scale-up initiative (DISC) in Central, Eastern and South Eastern Europe region (European Commission Factsheet). Based on the findings of this study, the European Commission will be able to adjust its plans to better serve the needs of the local markets, developing adapted financial support instruments. This research aims to: 1. Understand digital innovation and high-tech start-ups investment landscape and identify existing gaps on investment in Eastern partner countries. 2. Map the main private & corporate equity investors that provide financing to digital start-ups and fast growth companies in Eastern partner countries. 3. Map the main public sector investment programs in start-up / tech-oriented companies at the country-level. 4. Analyse micro-level data on private investments in start-up / tech-oriented companies in the region. 5. Provide recommendations to develop and use financial instruments for digital innovation and the scale-up of high-tech start-ups. The research focuses on start-ups at the creation and scale-up phases, rather than traditional SMEs on their path to digitalisation.
    [Show full text]
  • “We Aren't Doing Our Job If We're Not Having the Awkward Conversations.” “I Am Fortunate to Have Often Been the '
    THEMIDDLEMARKET.COM JANUARY 2020 “We aren’t doing our job if we’re not having the awkward conversations.” THE Ivelisse Simon, Avante 2020 MOST INFLUENTIAL“I am fortunate to have often been the ‘first’ of something.” WOMEN IN Kate Faust, Rockwood Equity MID-MARKET“Women who have achieved success have a responsibility to help other promising females.” M&A MEG Montague, The McLean Group CV1_MAJ_0120.indd 1 12/9/19 10:08 AM Gain revolution. We broke the mold by bringing M&A payments online. Now we are turning things up a notch with a fast, easy, and predictable platform that takes care of all the details of your deal. Join the movement. Take us for a spin on your next deal. Learn more at srsacquiom.com Securities products and Payments services offered through Acquiom Financial LLC, an affiliate broker-dealer of SRS Acquiom Inc. and member FINRA/SIPC. Visit www.finra.org for information about FINRA membership. Acquiom Financial does not make recommendations, provide investment advice, or determine the suitability of any security for any particular person or entity. 0C2_MAJ0120 2 12/9/2019 10:08:25 AM Contents January 2020 | VOL. 55 | NO. 1 Cover Story 20 The Influencers Mergers & Acquisitions has been featuring the Most Influential Women THE in Mid-Market M&A for five years. During that time, the profile of women in the dealmaking world has been raised significantly, and yet women still represent only a small minority of 2020 MOST senior positions at private equity firms throughout the world. The low representation underscores the importance of projects, like this one, that feature successful female INFLUENTIAL dealmakers.
    [Show full text]
  • The Definitive Review of the US Venture Capital Ecosystem Credits & Contact
    Q4 2019 In partnership with Angel & seed deal value remains Value of VC deals with 2019 marks record year for elevated in 2019 at $9.1B nontraditional investor VC exit value despite tepid exit Page 7 participation approaches $100B for activity in Q4 second consecutive year Page 32 Page 27 The definitive review of the US venture capital ecosystem Credits & contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Research & Analysis Content NIZAR TARHUNI Director, Research JAMES GELFER Senior Strategist & Lead Analyst, VC ALEX FREDERICK Senior Analyst, VC CAMERON STANFILL, CFA Analyst II, VC KYLE STANFORD Analyst, VC VAN LE Senior Data Analyst RESEARCH Contents [email protected] Report & cover design by CONOR HAMILL Executive summary 3 National Venture Capital Association (NVCA) BOBBY FRANKLIN President & CEO NVCA policy highlights 4 MARYAM HAQUE Senior Vice President of Industry Advancement Overview 5-6 CASSIE HODGES Director of Communications DEVIN MILLER Manager of Communications & Digital Angel, seed & first financings 7-8 Strategy Early-stage VC 9-10 Contact NVCA nvca.org Late-stage VC 11-12 [email protected] SVB: Resilience is the theme for 2020 14-15 Silicon Valley Bank Deals by region 17 GREG BECKER Chief Executive Officer MICHAEL DESCHENEAUX President Deals by sector 18-21 BEN STASIUK Vice President SVB: Global trade tensions create stress—and opportunity 22-23 Contact Silicon Valley Bank svb.com Female founders 24-25 [email protected] Nontraditional investors 27-28 Carta: How dual-class and single-class companies Carta 29-30 MISCHA VAUGHN Head of Editorial compare JEFF PERRY Vice President of Revenue D’ARCY DOYLE Senior Vice President of Investor Exits 32-33 Services Sales VINCENT TIMONEY Director of Channel Strategy Fundraising 34-35 Contact Carta Methodology 37 carta.com 2 Q4 2019 PITCHBOOK-NVCA VENTURE MONITOR Executive summary The big question mark at the start of 2019 was how VC deal value would fare after a historic showing in the year prior.
    [Show full text]
  • PEI June2020 PEI300.Pdf
    Cover story 20 Private Equity International • June 2020 Cover story Better capitalised than ever Page 22 The Top 10 over the decade Page 24 A decade that changed PE Page 27 LPs share dealmaking burden Page 28 Testing the value creation story Page 30 Investing responsibly Page 32 The state of private credit Page 34 Industry sweet spots Page 36 A liquid asset class Page 38 The PEI 300 by the numbers Page 40 June 2020 • Private Equity International 21 Cover story An industry better capitalised than ever With almost $2trn raised between them in the last five years, this year’s PEI 300 are armed and ready for the post-coronavirus rebuild, writes Isobel Markham nnual fundraising mega-funds ahead of the competition. crisis it’s better to be backed by a pri- figures go some way And Blackstone isn’t the only firm to vate equity firm, particularly and to towards painting a up the ante. The top 10 is around $30 the extent that it is able and prepared picture of just how billion larger than last year’s, the top to support these companies, which of much capital is in the 50 has broken the $1 trillion mark for course we are,” he says. hands of private equi- the first time, and the entire PEI 300 “The businesses that we own at Aty managers, but the ebbs and flows of has amassed $1.988 trillion. That’s the Blackstone that are directly affected the fundraising cycle often leave that same as Italy’s GDP. Firms now need by the pandemic, [such as] Merlin, picture incomplete.
    [Show full text]