AMERICAN INVESTMENT COUNCIL

Top States and Districts in 2016 2

Top 20 states receiving private equity investment in 2016

$12 $16

$9 $77 $40 $13 $29 $15 $23 $10 $17 $16 $15 $77 $10 $14 $9 $22

$80

$42

Figures are in billions and rounded to whole numbers. PAGE 2 3 Texas tops the list of states receiving the most private equity investment

Rank State Number of Companies Capital Invested (Billion) 1 Texas 413 $79.89 2 California 522 $77.16 3 152 $76.69 4 Florida 219 $41.80 5 New York 246 $39.74 6 Pennsylvania 158 $29.36 7 Illinois 164 $22.62 8 Georgia 143 $21.78 9 Ohio 107 $16.95 10 Colorado 125 $16.08 11 Vermont 11 $15.66 12 102 $14.70 13 New Jersey 130 $14.55 14 North Carolina 77 $14.12 15 Michigan 96 $13.33 16 Washington 86 $12.20 17 Indiana 46 $9.84 18 Tennessee 71 $9.61 19 Arizona 64 $8.99 20 Minnesota 79 $8.74 U.S. Total 3,765 $644.66

PAGE 3 Source: PitchBook and AIC Analysis 4 California, Texas, and New York continue to have the most companies receiving private equity investment

Rank State Number of Companies Capital Invested (Billion) 1 California 522 $77.16 2 Texas 413 $79.89 3 New York 246 $39.74 4 Florida 219 $41.80 5 Illinois 164 $22.62 6 Pennsylvania 158 $29.36 7 Massachusetts 152 $76.69 8 Georgia 143 $21.78 9 New Jersey 130 $14.55 10 Colorado 125 $16.08 11 Ohio 107 $16.95 12 Virginia 102 $14.70 13 Michigan 96 $13.33 14 Washington 86 $12.20 15 Minnesota 79 $8.74 15 Maryland 79 $7.75 17 North Carolina 77 $14.12 18 Connecticut 74 $8.12 19 Tennessee 71 $9.61 20 Arizona 64 $8.99 U.S. Total 3,765 $644.66

PAGE 4 Source: PitchBook and AIC Analysis 5 The congressional district receiving the most private equity investment is in Massachusetts, and California has four districts in the top 20 Congressional Rank Member of Congress Number of Companies Capital Invested (Billion) District 1 MA-4 Joe Kennedy III (D) 14 $61.15 2 NY-12 Carolyn B. Maloney (D) 88 $20.24 3 FL-22 (D) 18 $17.22 4 VT-at Large (D) 11 $15.66 5 CA-18 Anna G. Eshoo (D) 14 $10.32 6 TX-21 Lamar Smith (R) 19 $9.94 7 GA-6 Vacant 35 $9.05 8 CA-52 Scott Peters (D) 35 $7.82 9 CA-17 (D) 24 $7.47 10 TX-26 Michael C. Burgess (R) 7 $7.07 11 CO-1 Diana DeGette (D) 41 $6.68 12 CA-48 Dana Rohrabacher (R) 27 $6.56 13 TX-7 John Culberson (R) 27 $6.47 14 IL-7 Danny K. Davis (D) 44 $5.99 15 PA-15 Charlie Dent (R) 5 $5.68 16 LA-5 Ralph Abraham (R) 1 $4.90 17 OH-3 (D) 7 $4.86 18 PA-7 Patrick Meehan (R) 13 $4.81 19 NV-1 (D) 6 $4.74 20 FL-14 (D) 17 $4.67 U.S. Total 3,765 $644.66

PAGE 5 Source: PitchBook and AIC Analysis 6 Half of the Top 20 congressional districts with the most companies receiving investment are in California and Texas

Rank Congressional District Member of Congress Number of Companies Capital Invested (Billion) 1 NY-12 Carolyn B. Maloney (D) 88 $20.24 2 IL-7 Danny K. Davis (D) 44 $5.99 3 CO-1 Diana DeGette (D) 41 $6.68 4 CA-12 (D) 38 $3.41 5 GA-6 Vacant 35 $9.05 5 CA-52 Scott Peters (D) 35 $7.82 7 CA-45 Mimi Walters (R) 32 $3.14 7 MA-8 Stephen Lynch (D) 32 $2.23 9 TX-24 Kenny Marchant (R) 30 $3.09 10 NY-10 Jerrold Nadler (D) 28 $3.34 10 CA-33 (D) 28 $3.19 10 VA-11 Gerry Connolly (D) 28 $4.52 13 CA-48 Dana Rohrabacher (R) 27 $6.56 13 TX-7 John Culberson (R) 27 $6.47 13 MN-3 Erik Paulsen (R) 27 $2.71 16 CT-4 (D) 25 $3.18 17 CA-17 Ro Khanna (D) 24 $7.47 17 TN-5 (D) 24 $3.30 19 TX-32 (R) 20 $3.76 19 WA-7 (D) 20 $2.52 20 TX-21 Lamar Smith (R) 19 $9.94 U.S. Total 3,765 $644.66

PAGE 6 Source: PitchBook and AIC Analysis 7 Information Technology and Business services attracted over half of U.S. private equity investment in 2016

2% 5% Materials & Financial Resources 8% Services Healthcare

36Information% Technology 11%Energy

14% Consumer

24%Business Services 2016 U.S. Private Equity Investment PAGE 7 Source: PitchBook and AIC Analysis 8

Notes on this study:

• This analysis of private equity investment in 2016 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.

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