Private Equity: Top States and Districts in 2014

www.pegcc.org 2

Top 20 states receiving the most private equity investment in 2014

$9

$17 $9 $43 $16 $20 $17 $20 $29 $14 $56 $10 $8 $11 $14 $8 $7

$18 $52

$34

Figures are in billions and rounded to whole numbers. 3 For the third consecutive year, California and Texas are the top two states to receive the most private equity investment

Rank State Number of Companies Capital Invested (Billion)

1 California 385 $56.4 2 Texas 334 $51.9 3 New York 222 $42.8 4 Florida 178 $33.9 5 Illinois 152 $29.4 6 Pennsylvania 125 $20.3 7 Ohio 121 $20.2 8 Georgia 116 $18.1 9 New Jersey 104 $16.7 10 118 $16.5 11 Michigan 86 $16.2 12 Tennessee 76 $14.1 13 Colorado 97 $13.5 14 North Carolina 85 $10.9 15 81 $9.8 16 Wisconsin 50 $8.9 17 Washington 82 $8.7 18 Maryland 62 $8.2 19 Arizona 54 $7.8 20 Oklahoma 44 $7.3 U.S. Total 3,139 $486.4

Source: PitchBook and PEGCC Analysis 4 California, Texas and New York continue to be the home states of the most companies receiving private equity investment

Rank State Number of Companies Capital Invested (Billion)

1 California 385 $56.4 2 Texas 334 $51.9 3 New York 222 $42.8 4 Florida 178 $33.9 5 Illinois 152 $29.4 6 Pennsylvania 125 $20.3 7 Ohio 121 $20.2 8 Massachusetts 118 $16.5 9 Georgia 116 $18.1 10 New Jersey 104 $16.7 11 Colorado 97 $13.5 12 Michigan 86 $16.2 13 North Carolina 85 $10.9 14 Washington 82 $8.7 15 Virginia 81 $9.8 16 Tennessee 76 $14.1 17 Minnesota 64 $7.2 18 Maryland 62 $8.2 19 Arizona 54 $7.8 20 Wisconsin 50 $8.9 U.S. Total 3,139 $486.4

Source: PitchBook and PEGCC Analysis 5 The three congressional districts receiving the most private equity investment are in New York, Illinois and Texas

Rank Congressional District Member of Congress Number of Companies Capital Invested (Billion)

1 NY - 12 Carolyn B. Maloney (D) 86 $18.2 2 IL - 7 Danny K. Davis (D) 43 $8.6 3 TX - 24 Kenny E. Marchant (R) 43 $8.1 4 GA - 6 Tom Price (R) 29 $7.8 5 FL - 4 Ander Crenshaw (R) 9 $6.6 6 IL - 10 Bob Dold (R) 19 $6.5 7 CA - 18 Anna G. Eshoo (D) 14 $6.0 8 PA - 6 Ryan A. Costello (R) 16 $5.9 9 MI - 11 Dave Trott (R) 23 $5.3 10 TX - 18 Sheila Jackson-Lee (D) 21 $5.0 11 CO - 1 Diana DeGette (D) 33 $4.8 12 MI - 14 Brenda L. Lawrence (D) 13 $4.8 13 NY - 25 Louise M. Slaughter (D) 6 $4.6 14 OH - 2 Brad R. Wenstrup (R) 13 $4.4 15 NY - 10 Jerrold Nadler (D) 35 $4.4 16 FL - 13 David Jolly (R) 9 $4.2 17 CA - 33 Ted W. Lieu (D) 30 $3.9 18 AZ - 6 (R) 30 $3.9 19 TN - 8 Stephen Fincher (R) 8 $3.8 20 TN - 5 (D) 22 $3.8 U.S. Total 3,139 $486.4

Source: PitchBook and PEGCC Analysis 6

Five of the top 20 congressional districts based on the number of companies receiving investment are in Texas

Rank Congressional District Member of Congress Number of Companies Capital Invested (Billion)

1 NY - 12 Carolyn B. Maloney (D) 86 $18.2 2 IL - 7 Danny K. Davis (D) 43 $8.6 2 TX - 24 Kenny E. Marchant (R) 43 $8.1 4 NY - 10 Jerrold Nadler (D) 35 $4.4 5 CO - 1 Diana DeGette (D) 33 $4.8 6 AZ - 6 David Schweikert (R) 30 $3.9 6 CA - 33 Ted W. Lieu (D) 30 $3.9 6 VA - 11 Gerry Connolly (D) 30 $2.5 9 GA - 6 Tom Price (R) 29 $7.8 10 CA - 52 Scott Harvey Peters (D) 28 $2.6 11 CA - 12 (D) 27 $2.7 12 MN - 3 Erik Paulsen (R) 26 $2.8 13 TX - 11 Mike Conaway (R) 24 $3.5 14 MI - 11 Dave Trott (R) 23 $5.3 15 NJ - 11 Rodney Frelinghuysen (R) 22 $3.6 15 TN - 5 Jim Cooper (D) 22 $3.8 17 GA - 11 (R) 21 $2.0 17 IL - 8 Tammy Duckworth (D) 21 $2.9 17 TX - 2 Ted Poe (R) 21 $2.9 17 TX - 7 John Culberson (R) 21 $3.3 17 TX - 18 Sheila Jackson-Lee (D) 21 $5.0 U.S. Total 3,139 $486.4

Source: PitchBook and PEGCC Analysis 7 Business service and consumer sectors attract majority of U.S. private equity investment in 2014

5% Materials & Resources 8%Financial Services

Business29% 10% Services Healthcare

11% Energy

15% Information Consumer22% Technology

2014 U.S. Private Equity Investment

Source: PitchBook and PEGCC Analysis 8

Notes on this study:

• This analysis of private equity investment in 2014 is based on data provided by PitchBook. PitchBook collects information on private equity investment from public sources, surveys and primary research. • Not all private equity transactions have publicly disclosed investment values. For these transactions, PitchBook applies an algorithm to extrapolate the investment values. As a result, private equity transactions without publicly disclosed investment values are calculated in the total capital invested for each state and congressional district.