Global League
2017 Tables 2Q Credits & Contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Market Development & Analysis
Content GARRETT JAMES BLACK Manager, Custom Research & Publishing BRYAN HANSON Data Analyst JENNIFER SAM Senior Graphic Designer
Contact PitchBook pitchbook.com
RESEARCH Contents [email protected] EDITORIAL [email protected]
SALES [email protected]
Introduction 3 Methodology 4 PE Firms 5-11 VC Firms 12-17 Advisors/Accountants & Investment 18-23 Banks Law Firms 24-31 COPYRIGHT © 2017 by PitchBook Data, Inc. All rights reserved. No part of this Acquirers 32-34 publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or The PitchBook Platform a solicitation of an offer to buy any security. This material does not purport to contain The data in this report comes from the PitchBook Platform–our data all of the information that a prospective software for VC, PE and M&A. Contact [email protected] to request investor may wish to consider and is not to be relied upon as such or used in substitution a free trial. for the exercise of independent judgment.
2 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES INTRODUCTION
This is the second-ever quarterly edition of the PitchBook Global League Tables. At the beginning of 2017, we decided to make this publication quarterly, not only to save space in our flagship report series such as the Venture Monitor, the US PE Breakdown, etc. by cutting down on the length of tables overall, but also to provide a timelier reference for firms. This way we can house all the essential rankings from the most active law firms by regions to investment banks by deal type in one central document for easier reference. Look up a company. An important note to make regarding this edition of the Global League And its cap table. Tables is that later this quarter we will be releasing a lenders-only League Tables, the better to accommodate business development And its investors. company reporting cycles as well as showcase expanded lender And its EBITDA datasets. Accordingly, rather than release potentially shifting rankings, we are excluding lenders from this edition. That will be due to the multiples. necessity of the survey collection process as well as the fact that any set And its board of data pulled at different times may modify slightly as additional details are discovered and added to the PitchBook Platform. members.
Of course, given that only one quarter has elapsed, the quarterly editions shall likely be somewhat shorter than the full annual edition, simply as In seconds. there shan’t have been much activity of some types and in some regions. As the release of the Global League Tables shall typically fall at the end of the first month in a given quarter, there is ample time allowed for all firms to get in touch with us to ensure that their placement is accurately The PitchBook Platform represented. has the data you need To that end, if you wish to contact us regarding this specific report, to close your next deal. please contact us at [email protected], but if you wish instead to inquire as to our general survey process, please send your questions to Learn more at [email protected]. pitchbook.com
GARRETT JAMES BLACK
Manager, Custom Research & Publishing
3 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES METHODOLOGY
LEAGUE TABLES IPO. Dividend recapitalizations are not taken into account in All league tables are compiled using the count of completed the report. deals for the specified deal type, region and/or other INDUSTRIES & SECTORS criteria. Companies tracked by PitchBook have a primary industry, PRIVATE EQUITY DEALS as well as secondary industries. For this report, the primary The report includes all PE investments (buyout, growth, industry was used to determine rankings by industry and recapitalization and add-on), excluding real estate sector. investments. Only investments made directly by PE US REGIONS investors or their portfolio companies are counted. Buyout West Coast: Alaska, California, Hawaii, Oregon, deals are defined as transactions in which the PE investor Washington receives a controlling ownership stake in the target company. Growth deals are defined as minority investments. Mountain: Arizona, Colorado, Idaho, Montana, Nevada, Add-on deals are defined as acquisitions by companies with New Mexico, Utah, Wyoming PE backing. Midwest: Iowa, Kansas, Missouri, Nebraska, North VENTURE CAPITAL DEALS Dakota, South Dakota This report includes all VC investments (including angel/ Great Lakes: Illinois, Indiana, Michigan, Minnesota, seed). Only investments made directly by VCs, incubators/ Ohio, Wisconsin accelerators and angels are counted. Venture rounds tracked as accelerator/incubator are not included. As our New England: Connecticut, Maine, Massachusetts, New league tables are based on round classifications, financings Hampshire, Rhode Island, Vermont by investors such as corporate VC arms are included. Mid-Atlantic: Delaware, DC, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia M&A TRANSACTIONS Eligible transaction types include control acquisitions, South: Arkansas, Kentucky, Louisiana, Oklahoma, leveraged buyouts (including asset acquisitions solely for Tennessee, Texas LBOs), reverse mergers and spin-offs. Transactions must Southeast: Alabama, Florida, Georgia, Mississippi, involve SMEs or corporations, and must be a substantive North Carolina, Puerto Rico, South Carolina transfer of control or ownership. Debt restructurings or other liquidity, self-tenders or internal reorganizations are EUROPEAN REGIONS not included. UK & Ireland: United Kingdom, Ireland, Channel Islands
LENDERS DACH: Germany, Switzerland, Austria, Liechtenstein Lender league tables look at completed PE deals the lender France/Benelux: France, Belgium, Netherlands, provided debt financing for in a given time period or region. Luxembourg The transaction must involve equity provided by a PE firm. In league tables for debt-only financings, the transaction Nordic: Denmark, Faroe Islands, Finland, Greenland, must involve debt financing to a company that is PE-backed Iceland, Norway, Sweden or VC-backed. Southern Europe: Andorra, Cyprus, Gibraltar, Greece, Italy, Malta, Monaco, Portugal, San Marino, Spain SERVICE PROVIDERS Service provider (SP) league tables are compiled using Central & Eastern Europe (CEE): Albania, Belarus, the same criteria for deals as the other league tables. Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Transactions are not counted twice, meaning if the SP Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, provided the same service to both the investor and Moldova, Montenegro, Poland, Romania, Russia, Serbia, company on one deal, it would only receive credit for one Slovakia, Slovenia, Ukraine deal in the rankings, not two. REST OF WORLD EXITS Any country besides the United States or European nations. Exit league tables take into account both full and partial For more information on our methodology, contact exits via corporate acquisition, secondary PE buyout and [email protected] or [email protected].
4 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES PRIVATE EQUITY FIRMS
2Q’17 most active global PE investors PRIVATE Firm name Deal count Kohlberg Kravis Roberts 20 EQUITY FIRMS Audax Group 20 HarbourVest Partners 19
BC Partners 16 Contents Warburg Pincus 14 The Blackstone Group 12 2Q 2017’s Most Active PE Investors 5 Providence Equity Partners 12 The Carlyle Group 11 PE Investors by Deal Location 6-7 Genstar Capital 11
PE Investors by Firm AUM 8 Ardian Holding 11 PE Investors by Deal Type 9 Vista Equity Partners 10 AlpInvest Partners 10
PE Investors by Industry 10 ABRY Partners 10 PE Investor Exits by Company HQ 11 Stone Point Capital 9 GTCR 9
H.I.G. Capital 9
Business Growth Fund 9
Bain Capital 9
Source: PitchBook
5 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 PE INVESTORS BY DEAL LOCATION, US
Most active in US Most active in Southeast Most active in New England
Firm name Deal count Firm name Deal count Firm name Deal count
Audax Group 18 Audax Group 5 Summit Partners 2
HarbourVest Partners 17 Warburg Pincus 3 HarbourVest Partners 2
Kohlberg Kravis Roberts 10 Source: PitchBook BC Partners 2
Stone Point Capital 9 Level Equity 2
Providence Equity Partners 9 Source: PitchBook
Genstar Capital 9 Most active in South Most active in West Coast
BC Partners 9 Firm name Deal count Firm name Deal count Warburg Pincus 8 Audax Group 4 HarbourVest Partners 4 AlpInvest Partners 8 Blue Sage Capital 3 Kohlberg Kravis Roberts 3 Vista Equity Partners 7 Trailcreek Capital Group 3 AlpInvest Partners 3 Summit Partners 7 ABRY Partners 3 Audax Group 3 GTCR 7 Source: PitchBook Lindsay Goldberg 3
American Securities 7 Source: PitchBook
New Mountain Capital 7 Most active in Great Lakes Most active in Mountain & Midwest Source: PitchBook Firm name Deal count Firm name Deal count Most active in Mid-Atlantic Canada Pension Plan PNC Erieview Capital 3 3 Firm name Deal count Investment Board PNC Riverarch Capital 2 L Catterton 3 HarbourVest Partners 5 Kinderhook Industries 2 Maranon Capital 2 L2 Capital Partners 4 Ridgemont Equity Partners 2 AEA Investors 2 Providence Equity Partners 4 Babson Capital Management 2 Inverness Graham 2 Audax Group 4 Investments Apollo Global Management 2 Genstar Capital 4 CI Capital Partners 2 The Jordan Company 2 New Mountain Capital 3 Madison Dearborn Partners 2 Great Hill Partners 2 Aquiline Capital Partners 3 H.I.G. Capital 2 Providence Equity Partners 2 Stone Point Capital 3 HPS Investment Partners 2 GTCR 2 Kohlberg Kravis Roberts 3 Warren Equity Partners 2 Spell Capital Partners 2 Source: PitchBook GPB Capital Holdings 3 HarbourVest Partners 2 Warburg Pincus 3 The Riverside Company 2 Source: PitchBook Source: PitchBook
6 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 PE INVESTORS BY DEAL LOCATION, EUROPE & ROW
Most active in Europe Most active in France & Benelux Most active in Nordics
Firm name Deal count Firm name Deal count Firm name Deal count
Business Growth Fund 9 Bpifrance 7 Verdane Capital 5
Edmond de Rothschild Ardian Holding 8 5 Summa Equity 3 Investment Partners Kohlberg Kravis Roberts 8 Agilitas Private Equity 2 Ardian Holding 5 Bpifrance 8 Juuri Partners 2 BC Partners 4 Waterland Private Equity IdInvest Partners 7 2 IdInvest Partners 4 Investments BC Partners 6 CVC Capital Partners 3 Equistone Partners Europe 2 Advent International 6 SWEN Capital Partners 3 H.I.G. Capital 2 Verdane Capital 6 MCapital Partners 3 Procuritas Partners 2 The Blackstone Group 5 Advent International 3 Source: PitchBook Equistone Partners Europe 5 Most active in Southern Europe Abenex Capital 3 Edmond de Rothschild 5 Firm name Deal count Investment Partners Main Capital Partners 3 Source: PitchBook ABRY Partners 5 Finint & Partners 3
Waterland Private Equity 5 HAT Sicaf 3 Investments Unigrains 3 Finance Wales 5
Source: PitchBook Most active in DACH Black Toro Capital 2
Alto Partners 2 Most active in UK & Ireland Firm name Deal count Waterland Private Equity Palladio Holding 2 3 Firm name Deal count Investments Charme Capital Partners 2 Business Growth Fund 9 Bregal Unternehmerkapital 3 BlueGem Capital Partners 2 Finance Wales 5 EQT Partners 2 IDeA Capital Funds 2 Kohlberg Kravis Roberts 5 Deutsche Beteiligungs 2 Source: PitchBook Steadfast Capital 2 The Blackstone Group 4 Most active in rest of world Bayerische Endless 4 2 Beteiligungsgesellschaft Firm name Deal count
Beechbrook Capital 4 Castik Capital Partners 2 Warburg Pincus 5 LDC 4 NORD Holding 2 The Carlyle Group 3 Source: PitchBook Source: PitchBook The Blackstone Group 3
Most active in Central & Eastern Europe Caisse de dépôt et placement 3 du Québec Firm name Deal count Vista Equity Partners 3
Zubr Capital 2 Mill Street & Company 3
Source: PitchBook Ontario Teachers' Pension 3 Plan Source: PitchBook 7 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 GLOBAL PE INVESTORS BY FIRM AUM
Most active $5B+ Most active $1B-$5B, continued Most active $500M-$1B
Firm name Deal count Firm name Deal count Firm name Deal count
Kohlberg Kravis Roberts 20 CI Capital Partners 6 Trivest Partners 5
Audax Group 20 NewSpring Capital 6 Plexus Capital 4
HarbourVest Partners 19 Verdane Capital 6 Beechbrook Capital 4
BC Partners 16 Accel-KKR 5 Level Equity 4
Warburg Pincus 14 Kinderhook Industries 5 Unigrains 3
Edmond de Rothschild The Blackstone Group 12 5 Serent Capital 3 Investment Partners Providence Equity Partners 12 Maven Capital Partners 3 HGGC 5
Ardian Holding 11 Waterland Private Equity Abenex Capital 3 5 Investments The Carlyle Group 11 The CapStreet Group 3 Gryphon Investors 4 Genstar Capital 11 BlueGem Capital Partners 3 Exponent Private Equity 4 ABRY Partners 10 Investec Bank 3 Endless 4 AlpInvest Partners 10 Nexxus Capital 3 Harvest Partners 4 Vista Equity Partners 10 Source: PitchBook Bregal Sagemount 4 Stone Point Capital 9 Castik Capital Partners 4 Most active $250M-$500M Bain Capital 9 Highlander Partners 4 Firm name Deal count GTCR 9 GPB Capital Holdings 4 Spell Capital Partners 5 H.I.G. Capital 9 KRG Capital Partners 4 Medina Capital 5 Summit Partners 8 Source: PitchBook Finance Wales 5 Apax Partners 8 Most active <$250M LaSalle Capital 4 TA Associates Management 8 Firm name Deal count Auctus Capital Partners 4 IdInvest Partners 8 Speyside Equity 4 Main Capital Partners 4 Advent International 8 L2 Capital Partners 4 The Stagwell Group 4 HPS Investment Partners 8 Finint & Partners 3 Spring Capital Partners 3 Bpifrance 8
Source: PitchBook Beech Tree Private Equity 3 Salem Investment Partners 3
Pine Street Capital Partners 3 Steadfast Capital 3 Most active $1B-$5B Blue Sage Capital 3 Penta Capital 3
Firm name Deal count Capital Southwest 3 New Water Capital 3
Business Growth Fund 9 MCapital Partners 3 Source: PitchBook
Aquiline Capital Partners 7 Source: PitchBook
LLR Partners 7
8 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 PE INVESTORS BY DEAL TYPE
Most active in platform buyouts Most active add-on sponsors Most active add-on sponsors, cont.
Firm name Deal count Firm name Deal count Firm name Deal count
Kohlberg Kravis Roberts 6 Audax Group 17 Madison Dearborn Partners 5
Waterland Private Equity The Blackstone Group 4 HarbourVest Partners 16 5 Investments BC Partners 15 Speyside Equity 4 TA Associates Management 5 Providence Equity Partners 12 Bain Capital 4 Bain Capital 5 Genstar Capital 11 H.I.G. Capital 4 AEA Investors 5 AlpInvest Partners 10 Bregal Unternehmerkapital 3 CI Capital Partners 5 Kohlberg Kravis Roberts 10 Golden Gate Capital 3 Kinderhook Industries 5 ABRY Partners 9 REL Capital 3 Apollo Investment 5
Main Capital Partners 3 The Carlyle Group 8 Canada Pension Plan 5 Investment Board Audax Group 3 Apax Partners 8 American Securities 5 Beechbrook Capital 3 Vista Equity Partners 7 LLR Partners 5 Brookfield Asset Management 3 Warburg Pincus 7 Source: PitchBook
NewSpring Capital 3 GTCR 7
Deutsche Beteiligungs 3 Hellman & Friedman 7 Most active in growth/expansion
Summa Equity 3 Advent International 7 Firm name Deal count Endless 3 The Riverside Company 6 Warburg Pincus 6 Thoma Bravo 3 The Blackstone Group 6 Business Growth Fund 5 Exponent Private Equity 3 Stone Point Capital 6 L Catterton 4 Mill Street & Company 3 Ardian Holding 6 Ardian Holding 4 Finance Wales 3 Aquiline Capital Partners 6 Summit Partners 3 L2 Capital Partners 3 IdInvest Partners 6 Kohlberg Kravis Roberts 3 Source: PitchBook HPS Investment Partners 6 TPG Capital 3
Source: PitchBook
9 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 PE INVESTORS BY INDUSTRY
Most active in B2B Most active in IT Most active in B2C
Firm name Deal count Firm name Deal count Firm name Deal count
Audax Group 13 Vista Equity Partners 9 L Catterton 5
Kohlberg Kravis Roberts 7 Providence Equity Partners 7 Ares Management 4
IdInvest Partners 6 Kohlberg Kravis Roberts 5 BlueGem Capital Partners 3
The Carlyle Group 5 Medina Capital 5 Unigrains 3
NewSpring Capital 5 BC Partners 5 PNC Erieview Capital 3
The Stagwell Group 4 Francisco Partners 5 Ardian Holding 3
Advent International 4 TA Associates Management 5 Ares Capital 3
AEA Investors 4 Bain Capital 4 MCapital Partners 3
Ardian Holding 4 Level Equity 4 Audax Group 3
Edmond de Rothschild 4 Ardian Holding 4 Providence Equity Partners 3 Investment Partners Source: PitchBook ESW Capital 4 Speyside Equity 4
Genstar Capital 4 Bpifrance 4 Most active in energy Thoma Bravo 4 The Riverside Company 4 Source: PitchBook Firm name Deal count Business Growth Fund 4 Warburg Pincus 3 HarbourVest Partners 4 Most active in healthcare EnCap Investments 2 iXO Private Equity 4
Source: PitchBook Firm name Deal count EIV Capital 2 BlackRock Private Equity 2 Most active in financial services Audax Group 4 Partners
Gryphon Investors 3 The Blackstone Group 2 Firm name Deal count ABRY Partners 3 Brookfield Asset Management 2 HarbourVest Partners 13 Linden Capital Partners 3 Macquarie Group 2 AlpInvest Partners 7 Summit Partners 3 Source: PitchBook Hellman & Friedman 6 Thomas H. Lee Partners 3 Stone Point Capital 6 CI Capital Partners 3 Madison Dearborn Partners 5 LLR Partners 3 HPS Investment Partners 5 Source: PitchBook Apax Partners 5
Kohlberg Kravis Roberts 4
Canada Pension Plan 4 Investment Board
GTCR 4
Source: PitchBook
10 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 PE INVESTOR EXITS BY COMPANY HQ
Most active global Most active global, continued Most active in Europe
Firm name Deal count Firm name Deal count Firm name Deal count
Pamplona Capital LDC 8 3 LDC 8 Management Ares Capital 6 Ardian Holding 5 H.I.G. Capital 3 ABRY Partners 6 PAI Partners 4 TA Associates Management 3
The Carlyle Group 5 IdInvest Partners 3 Apollo Global Management 3
Oaktree Capital Management 5 Invesco 3 IdInvest Partners 3 BlackRock Private Equity PNC Erieview Capital 5 3 Marlin Equity Partners 3 Partners Ardian Holding 5 Source: PitchBook Siparex Group 3
Capitala Group 5 CM-CIC Private Debt 3 Most active in US Wexford Capital 4 Lone Star Funds 3 Firm name Deal count PAI Partners 4 Source: PitchBook Ares Capital 6 HarbourVest Partners 4 ABRY Partners 5 AlpInvest Partners 4 PNC Erieview Capital 5 Lone Star Funds 4 Capitala Group 5 Summit Partners 4 Summit Partners 4 Epiris 4 Oaktree Capital Management 4 Kohlberg Kravis Roberts 4 TA Associates Management 3 Castle Creek Capital 3 Castle Creek Capital 3 PNC Mezzanine Capital 3 Triangle Capital (Raleigh) 3 Gulfport Energy 3 Audax Group 3 Ares Management 3 Merit Capital Partners 3 Merit Capital Partners 3 Cerberus Capital Management 3 Triangle Capital (Raleigh) 3
BlackRock Private Equity The Carlyle Group 3 3 Partners GTCR 3 Siparex Group 3 Wexford Capital 3 Cerberus Capital Management 3 Kohlberg Kravis Roberts 3 Invesco 3 PNC Mezzanine Capital 3 CM-CIC Private Debt 3 Marlin Equity Partners 3 Audax Group 3 Gulfport Energy 3 GTCR 3 Source: PitchBook
11 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES VENTURE CAPITAL FIRMS
Contents 2Q’17’s most active global VC investors Firm name Deal count
2Q 2017’s Most Active VC Investors 12 Keiretsu Forum 55 New Enterprise Associates 40 VC Investors by Deal Stage 13 Accel 35
VC Investors by Deal Location 14-15 500 Startups 32 VC Investors by Sector 16 GV 26 Kleiner Perkins Caufield & 24 VC Investor Exits by Company HQ 17 Byers Sequoia Capital 21
FundersClub 20
Y Combinator 18
General Catalyst Partners 18
Bessemer Venture Partners 17
Greylock Partners 16
Innovation Works 16
GGV Capital 15
Keiretsu Capital 15
Source: PitchBook
12 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 VC INVESTORS BY DEAL STAGE
Most active at angel/seed Most active at early stage Most active at late stage
Firm name Deal count Firm name Deal count Firm name Deal count
500 Startups 17 Keiretsu Forum 27 New Enterprise Associates 17
Innovation Works 15 New Enterprise Associates 18 Accel 17
Keiretsu Forum 14 500 Startups 13 Keiretsu Forum 14
Y Combinator 11 Accel 13 Sequoia Capital 12
Keiretsu Capital 10 FundersClub 12 GV 12
Kleiner Perkins Caufield & SOSV 10 GV 12 12 Byers Techstars 10 Service Provider Capital 10 Lightspeed Venture Partners 9 Social Capital 8 Sequoia Capital 9 Norwest Venture Partners 8 Kleiner Perkins Caufield & SV Angel 8 8 Byers OrbiMed 8 Alliance of Angels 7 Index Ventures (UK) 7 Sapphire Ventures 8 General Catalyst Partners 6 OurCrowd 7 Bessemer Venture Partners 8 High-Tech Gründerfonds 6 GE Ventures 7 GGV Capital 8 Deepbridge Capital 6 GGV Capital 7 General Catalyst Partners 8 FundersClub 6 Bessemer Venture Partners 7 Salesforce Ventures 7 IrishAngels 6 Eclipse Ventures 6 Greylock Partners 7 Wavemaker Partners 5 Dell Technologies Capital 6 Khosla Ventures 6
Abstract Ventures 5 Johnson & Johnson 6 GE Ventures 6 Innovation - JJDC New Enterprise Associates 5 SharesPost 5 Lux Capital 6 Kima Ventures 5 Qiming Venture Partners 5 Shasta Ventures 6 Founders Fund 5 Trinity Ventures 5 Microsoft Ventures 6 Accel 5 True Ventures 5 Omidyar Network 6 Mark Cuban 5 Octopus Ventures 5 Greycroft Partners 6 Founder Collective 5 Sequoia Capital India 5 Canaan Partners 6 Right Side Capital 5 Microsoft Ventures 5 Management Intel Capital 6
Accomplice VC 5 Source: PitchBook Legend Capital 5
Correlation Ventures 5 Insight Venture Partners 5
Source: PitchBook Industrifonden 5
Andreessen Horowitz 5
Menlo Ventures 5
Source: PitchBook 13 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 VC INVESTORS BY DEAL LOCATION, US
Most active in US Most active in Mid-Atlantic Most active in West Coast
Firm name Deal count Firm name Deal count Firm name Deal count
Keiretsu Forum 42 Keiretsu Forum 15 New Enterprise Associates 24
New Enterprise Associates 37 Innovation Works 15 Keiretsu Forum 17
GV 25 Lerer Hippeau Ventures 8 Sequoia Capital 14
Kleiner Perkins Caufield & 24 Robin Hood Ventures 8 GV 14 Byers Kleiner Perkins Caufield & Collaborative Fund 6 14 Accel 22 Byers Kleiner Perkins Caufield & 6 General Catalyst Partners 18 Byers Accel 12
Y Combinator 16 New Enterprise Associates 6 Khosla Ventures 12
Sequoia Capital 16 Source: PitchBook Greylock Partners 11
Innovation Works 16 Most active in South Madrona Venture Group 10 Greylock Partners 15 Y Combinator 9 Firm name Deal count Khosla Ventures 13 Lightspeed Venture Partners 9 Wild Basin Investments 5 Andreessen Horowitz 13 Correlation Ventures 9 LiveOak Venture Partners 3 GGV Capital 13 Andreessen Horowitz 9 Silverton Partners 3 GE Ventures 13 Alliance of Angels 9 ATX Seed Ventures 3
Keiretsu Capital 12 Mercury Fund 3 Battery Ventures 8
SV Angel 12 Capital Factory 3 Dell Technologies Capital 8
Service Provider Capital 12 Draper Associates 3 Shasta Ventures 8
Source: PitchBook Collaborative Fund 12 Social Capital 8
Correlation Ventures 12 Most active in Southeast Foundation Capital 8
Source: PitchBook Firm name Deal count Lux Capital 8 Most active in New England Keiretsu Capital 8 Service Provider Capital 4 Firm name Deal count Source: PitchBook IDEA Fund Partners 3 Most active in Great Lakes General Catalyst Partners 6 Source: PitchBook
OrbiMed 6 Firm name Deal count Most active in Mountain & Midwest Launchpad Venture Group 5 M25 Group 5 Firm name Deal count Accomplice VC 5 Rev1 Ventures 5
Connecticut Innovations 4 Service Provider Capital 4 Hyde Park Venture Partners 5
GV 4 Kickstart Seed Fund 3 Elevate Ventures 4
Source: PitchBook Source: PitchBook Pritzker Group Venture 4 Capital Source: PitchBook
14 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 VC INVESTORS BY DEAL LOCATION, EUROPE
Most active in Europe Most active in UK & Ireland, cont. Most active in DACH
Firm name Deal count Firm name Deal count Firm name Deal count
High-Tech Gründerfonds 11 LocalGlobe 3 High-Tech Gründerfonds 9
Deepbridge Capital 8 Seedcamp 3 Holtzbrinck Ventures 4
Almi Invest 8 Balderton Capital 3 Bayern Kapital 4
Mercia Technologies 7 Cambridge Innovation Capital 3 btov Partners 3
Kima Ventures 6 Parkwalk Advisors 3 IBB Beteiligungsgesellschaft 3
Octopus Ventures 6 Episode 1 Ventures 3 Source: PitchBook Most active in Nordics Scottish Enterprise 6 Amadeus Capital Partners 3 Firm name Deal count Lifeline Ventures 6 Source: PitchBook Almi Invest 8 Northzone Ventures 5 Most active in France & Benelux Lifeline Ventures 6 Tekes 5 Firm name Deal count Tekes 5 Alven Capital Partners 5 Alven Capital Partners 5 Industrifonden 4 Inveready Technology 5 Investment Group Breega Capital 4 SEED Capital Denmark 3 Industrifonden 5 Korelya Capital 3 Source: PitchBook Source: PitchBook KPN Ventures 3 Most active in Central & Eastern Europe
Most active in UK & Ireland Elaia Partners 3 Firm name Deal count
Kurma Partners 3 Target Global 2 Firm name Deal count Source: PitchBook Credo Ventures 2 Deepbridge Capital 8 Source: PitchBook Mercia Technologies 7 Most active in Southern Europe Most active in rest of world Octopus Ventures 6 Firm name Deal count Firm name Deal count Scottish Enterprise 6 Inveready Technology 4 500 Startups 18 Oxford Capital Partners 4 Investment Group Keiretsu Forum 10 Bessemer Venture Partners 4 Samaipata Ventures 3 Accel 9 London Co-Investment Fund 4 LVenture Group 2 FundersClub 9 Accelerated Digital Ventures 4 Invitalia Ventures 2 Sequoia Capital India 8 BGF Ventures 3 ESADE BAN 2 OurCrowd 7 Albion Capital 3 Innogest 2 Blume Venture Advisors 6 500 Startups 3 JME Venture Capital 2 Source: PitchBook Sequoia Capital China 6 Felix Capital 3 Wavemaker Partners 6 Rainbow Seedfund 3 Real Ventures 6
Source: PitchBook 15 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 VC INVESTORS BY SECTOR
Most active in software Most active in pharma & biotech Most active in IT hardware
Firm name Deal count Firm name Deal count Firm name Deal count
New Enterprise Associates 22 OrbiMed 10 Lux Capital 4
Accel 21 Keiretsu Forum 8 Sequoia Capital 3
500 Startups 18 High-Tech Gründerfonds 5 Eclipse Ventures 3
Alexandria Venture Keiretsu Forum 14 5 Vintage Investment Partners 2 Investments Bessemer Venture Partners 14 Keiretsu Forum 2 Vivo Capital 4 Kleiner Perkins Caufield & 13 GV 2 Byers Pontifax Venture Capital 4 Bloomberg Beta 2 Greylock Partners 12 SV Health Investors 4 Samsung Strategy and 2 General Catalyst Partners 12 GV 4 Innovation Center
GV 12 Arix Bioscience 4 Cisco Investments 2
Source: PitchBook Andreessen Horowitz 11 Collaborative Fund 2
Battery Ventures 10 Most active in healthcare services & Gemini Israel Ventures 2 systems Y Combinator 10 Source: PitchBook
Firm name Deal count FundersClub 10 Most active in healthcare devices & Source: PitchBook Norwest Venture Partners 4 supplies
F-Prime Capital Partners 3 Firm name Deal count Most active in consumer goods Keiretsu Forum 3 Keiretsu Forum 6 Firm name Deal count Flare Capital Partners 3 Canaan Partners 4
Keiretsu Forum 3 GE Ventures 3 500 Startups 3 Lerer Hippeau Ventures 2 Source: PitchBook MVM Life Science Partners 3 RB Investments (Singapore) 2 Most active in media OrbiMed 3 Mountain Partners 2 ChinaRock Capital Firm name Deal count 3 Management Forerunner Ventures 2 Kima Ventures 3 Innovation Works 3 Accel 2 Legend Capital 2 Johnson & Johnson 3 500 Startups 2 Innovation - JJDC Social Capital 2 Source: PitchBook Sequoia Capital India 2 Lightspeed Venture Partners 2 Source: PitchBook Comcast Ventures 2
Balderton Capital 2
SOSV 2
Accel 2
Source: PitchBook
16 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 VC INVESTOR EXITS BY COMPANY HQ
Most active global Most active in Europe Most active in US
Firm name Deal count Firm name Deal count Firm name Deal count
500 Startups 8 High-Tech Gründerfonds 5 New Enterprise Associates 8
New Enterprise Associates 8 Kima Ventures 4 GV 6
Western Technology Andreessen Horowitz 6 IdInvest Partners 3 6 Investment Intel Capital 6 IT-Translation 2 Andreessen Horowitz 6 Western Technology 6 Point Nine Capital 2 Investment 500 Startups 6 Endeavour Vision 2 GV 6 Sequoia Capital 5
European Union 2 Kleiner Perkins Caufield & Insight Venture Partners 6 5 Byers Insight Venture Partners 2 High-Tech Gründerfonds 5 In-Q-Tel 4 Project A Ventures 2 Sequoia Capital 5 SharesPost 4 Kleiner Perkins Caufield & Agoranov 2 5 Byers Bessemer Venture Partners 4 Enterprise Ireland 2 Kima Ventures 5 SV Angel 4 Life Sciences Partners 2 In-Q-Tel 4 Insight Venture Partners 4 Stage Capital 2 Bessemer Venture Partners 4 Intel Capital 4 Kreos Capital 2 SV Angel 4 Salesforce Ventures 4 Holtzbrinck Ventures 2 SharesPost 4 Intel Capital 4 Accel 2 Esther Dyson 4 Source: PitchBook Investiere 2 Accel 4 Balderton Capital 2 Y Combinator 4 Vesalius Biocapital Partners 2 Source: PitchBook Albion Capital 2
Televenture Management 2
Capricorn Venture Partners 2
German Startups Group 2
DN Capital 2
FJ Labs 2
GrandBanks Capital 2
CM-CIC Capital Privé 2
Source: PitchBook
17 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES ADVISORS, I-BANKS & PLACEMENT AGENTS
2Q 2017’s most active global I-banks ADVISORS/ Firm name Deal count Houlihan Lokey 30 ACCOUNTANTS William Blair & Company 21 KPMG Corporate Finance 18 Contents Credit Suisse 15 Morgan Stanley 14 2Q 2017’s Most Active I-banks 18 Lazard 14 The Goldman Sachs Group 13 I-banks by PE Deal Location 19 GCA 13
I-banks by Deal Type 20 Robert W. Baird & Co. 10 2Q 2017’s Most Active Advisors/ Lincoln International 10 21 Accountants by PE Deal Location SunTrust Banks 9 Advisors/Accountants by Deal Type 22 Jefferies Group 9 Harris Williams & Co. 9
M&A Advisors by Deal Location 23 Piper Jaffray 9
Raymond James Financial 8
Rothschild & Co 8
RBC Capital Markets 8
Stifel 7
Source: PitchBook
18 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 I-BANKS BY PE DEAL LOCATION
Most active in US Most active in US, ctd. Most active in rest of world
Firm name Deal count Firm name Deal count Firm name Deal count
Houlihan Lokey 22 KeyBanc Capital Markets 3 National Bank Financial 2
William Blair & Company 17 SSG Capital Advisors 3 KPMG Corporate Finance 2
Credit Suisse 12 Peter J. Solomon 3 Houlihan Lokey 2
SunTrust Banks 9 Atlas Technology Group 3 Morgan Stanley 2
Robert W. Baird & Co. 9 Source: PitchBook William Blair & Company 1
Jefferies Group 9 Credit Suisse 1 Most active in Europe Harris Williams & Co. 8 Barclays Capital 1
Firm name Deal count Lazard 8 Evercore Group 1
Raymond James Financial 7 KPMG Corporate Finance 13 The Goldman Sachs Group 1
Lincoln International 7 GCA 12 Lincoln International 1
Morgan Stanley 6 Rothschild & Co 7 Fairmount Partners 1
The Goldman Sachs Group 6 Houlihan Lokey 6 BMO Harris Bank 1
Piper Jaffray 6 Lazard 6 Liberum Capital 1
BMO Harris Bank 5 The Goldman Sachs Group 5 Raymond James Financial 1
Stifel 5 Morgan Stanley 5 RBC Capital Markets 1
Evercore Group 5 Canaccord Genuity 4 Source: PitchBook
Wells Fargo Securities 4 Livingstone Partners 4
Stephens 4 William Blair & Company 3
BB&T Capital Markets 4 J.P. Morgan 3
RBC Capital Markets 4 Piper Jaffray 3
America's Growth Capital 4 RBC Capital Markets 3
Moelis & Company 4 Credit Suisse 2
MHT Partners 4 Lincoln International 2 Simmons & Company Allen & Company 3 2 International
Berkery, Noyes & Co. 3 GBS Finanzas 2
KPMG Corporate Finance 3 Moelis & Company 2
Generational Equity 3 Network Corporate Finance 2
Cascadia Capital 3 Mooreland Partners 2
Stifel 2
Source: PitchBook
19 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 I-BANKS BY DEAL TYPE
Buyouts PE & VC-backed IPOs PE & VC-backed acquisitions
Firm name Deal count Firm name Deal count Firm name Deal count
Houlihan Lokey 27 Morgan Stanley 16 J.P. Morgan 11
William Blair & Company 19 The Goldman Sachs Group 13 Lazard 9
Morgan Stanley 14 Raymond James Financial 12 Sandler O'Neill + Partners 8
KPMG Corporate Finance 14 Credit Suisse 11 Morgan Stanley 8
Lazard 13 Jefferies Group 10 Houlihan Lokey 8
Credit Suisse 13 RBC Capital Markets 9 Stifel 7
The Goldman Sachs Group 12 Canaccord Genuity 7 William Blair & Company 7
GCA 12 William Blair & Company 7 Moelis & Company 7
Lincoln International 10 Piper Jaffray 7 Piper Jaffray 7
Robert W. Baird & Co. 9 J.P. Morgan 6 Robert W. Baird & Co. 6
Harris Williams & Co. 9 Stifel 6 The Goldman Sachs Group 5
SunTrust Banks 8 Barclays Capital 6 Lincoln International 5
Piper Jaffray 8 Citigroup 5 Evercore Group 4
RBC Capital Markets 8 Cowen and Company 5 Credit Suisse 4
Jefferies Group 7 Wells Fargo Securities 5 Jefferies Group 4
Rothschild & Co 7 Carnegie Investment Bank 5 Harris Williams & Co. 3
Raymond James Financial 6 Deutsche Bank 5 Deutsche Bank 3
Stifel 6 Needham & Company 5 Signal Hill Capital Group 3
Moelis & Company 6 Pacific Crest Securities 4 Centerview Partners 3
America's Growth Capital 5 Credit Suisse Securities (USA) 4 KPMG Corporate Finance 3
BMO Harris Bank 5 Lazard 4 Stephens 3
Simmons & Company J.P. Morgan 4 4 America's Growth Capital 3 International Wells Fargo Securities 4 TM Capital 3 SunTrust Banks 3 BB&T Capital Markets 4 Barclays Capital 3 ABG Sundal Collier 3 Livingstone Partners 4 RBC Capital Markets 3 Berenberg Bank 3 Canaccord Genuity 4 Needham & Company 3 Leerink Partners 3 Stephens 4 Source: PitchBook Robert W. Baird & Co. 3 Source: PitchBook Allen & Company 3
BMO Harris Bank 3
Evercore Group 3
Oppenheimer and Company 3
JMP Securities 3
Source: PitchBook
20 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q’17 ADVISORS/ACCOUNTANTS BY PE DEAL LOCATION
Most active global Most active in US Most active in Europe
Firm name Deal count Firm name Deal count Firm name Deal count
KPMG 33 Houlihan Lokey 22 KPMG 22
PwC 31 William Blair & Company 17 PwC 20
Houlihan Lokey 30 Credit Suisse 10 Deloitte 19
Deloitte 25 Robert W. Baird & Co. 9 GCA 12
William Blair & Company 21 Jefferies Group 9 EY 11
BDO 17 Lazard 8 BDO 9
EY 16 SunTrust Banks 8 Mazars 8
Morgan Stanley 14 Barclays Capital 8 DC Advisory Partners 7
Lazard 14 Duff & Phelps 7 Rothschild & Co 7
Credit Suisse 13 Harris Williams & Co. 7 RSM UK 6
The Goldman Sachs Group 13 KPMG 7 Houlihan Lokey 6
GCA 13 BDO 7 Lazard 6
Barclays Capital 13 PwC 7 KBS Corporate 5
Robert W. Baird & Co. 10 Raymond James Financial 7 The Goldman Sachs Group 5
Duff & Phelps 10 Lincoln International 7 CIL Management Consultants 5
Lincoln International 10 Morgan Stanley 6 Dow Schofield Watts 5
Jefferies Group 9 The Goldman Sachs Group 6 Grant Thornton 5
Piper Jaffray 9 Piper Jaffray 6 Morgan Stanley 5
Raymond James Financial 8 Evercore Group 5 Bain & Company 4
SunTrust Banks 8 Bank of America 5 Canaccord Genuity 4
RBC Capital Markets 8 Stifel 5 BNP Paribas 4
Mazars 8 BMO Harris Bank 5 Livingstone Partners 4
DC Advisory Partners 8 Deloitte 5 Source: PitchBook
Harris Williams & Co. 8 RBC Capital Markets 4
Rothschild & Co 8 UBS 4
Stifel 7 LionTree Advisors 4
UBS 7 BB&T Capital Markets 4
Bank of America 7 MHT Partners 4
Source: PitchBook RSM US 4
Moelis & Company 4
Source: PitchBook
21 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 ADVISORS/ ACCOUNTANTS BY DEAL TYPE
Buyouts Buyouts, continued PE & VC-backed acquisitions, cont.
Firm name Deal count Firm name Deal count Firm name Deal count
PwC 31 Moelis & Company 6 J.P. Morgan 8
KPMG 28 BMO Harris Bank 5 William Blair & Company 7
Houlihan Lokey 27 Livingstone Partners 4 Piper Jaffray 7
Deloitte 22 Canaccord Genuity 4 Stifel 7
William Blair & Company 19 Deutsche Bank 4 Sandler O'Neill + Partners 7
BDO 16 Barclays Capital 4 Moelis & Company 7
EY 15 Bain & Company 4 Robert W. Baird & Co. 6
Morgan Stanley 14 RSM UK 4 Deutsche Bank 6
Lazard 13 J.P. Morgan 4 KPMG 6
The Goldman Sachs Group 12 America's Growth Capital 4 Bank of America 5
GCA 12 BB&T Capital Markets 4 Lincoln International 5
Credit Suisse 11 Clairfield International 4 The Goldman Sachs Group 5
Source: PitchBook Lincoln International 10 EY 5
Robert W. Baird & Co. 9 PE & VC-backed IPOs PwC 5
Harris Williams & Co. 8 Firm name Deal count Deloitte 4
Duff & Phelps 8 Citigroup 4 EY 14
RBC Capital Markets 8 Guggenheim Partners 4 PwC 12
Piper Jaffray 8 Jefferies Group 4 KPMG 11
Jefferies Group 7 Credit Suisse 4 Deloitte 7
Rothschild & Co 7 Evercore Group 4 BDO 4
Bank of America 7 Harris Williams & Co. 3 Lazard 4
SunTrust Banks 7 Stephens 3 Marcum 2
DC Advisory Partners 7 TM Capital 3 Renaissance Capital 2
UBS 7 BDO 3 Grant Thornton 2
Grant Thornton 6 Source: PitchBook Centerview Partners 3
Raymond James Financial 6 PE & VC-backed acquisitions America's Growth Capital 3
Mazars 6 Barclays Capital 3 Firm name Deal count CIL Management Consultants 6 Needham & Company 3 Lazard 9 Stifel 6 Source: PitchBook Houlihan Lokey 8 Citigroup 6 Morgan Stanley 8
22 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 M&A ADVISORS BY DEAL LOCATION
Most active global Most active in US Most active in Europe, cont.
Firm name Deal count Firm name Deal count Firm name Deal count
KPMG 68 Houlihan Lokey 28 EY 16
PwC 44 The Goldman Sachs Group 23 GCA 16
Houlihan Lokey 40 Bank of America 21 Lazard 15
The Goldman Sachs Group 37 William Blair & Company 20 BDO 14
Lazard 32 Morgan Stanley 18 Rothschild & Co 11
Morgan Stanley 31 Robert W. Baird & Co. 16 The Goldman Sachs Group 10
Deloitte 31 Lincoln International 15 Mazars 10
Bank of America 29 Lazard 15 Numis Securities 9
EY 29 KPMG 15 Cenkos Securities 9
BDO 27 Sandler O'Neill + Partners 14 FTI Consulting 9
William Blair & Company 26 Piper Jaffray 14 Houlihan Lokey 9
J.P. Morgan 22 J.P. Morgan 14 Grant Thornton 8
RBC Capital Markets 21 Stifel 13 Clairfield International 8
Lincoln International 20 Barclays Capital 13 Morgan Stanley 8
Citigroup 20 Raymond James Financial 12 KBS Corporate 8
Barclays Capital 19 Keefe Bruyette & Woods 12 Livingstone Partners 7
Robert W. Baird & Co. 19 RBC Capital Markets 12 Liberum Capital 7
Moelis & Company 19 Moelis & Company 12 DC Advisory Partners 7
GCA 18 Jefferies Group 11 FinnCap 7
Credit Suisse 18 Credit Suisse 10 Citigroup 7
Stifel 18 Citigroup 10 Source: PitchBook
Deutsche Bank 18 BDO 10 Most active in rest of world
Piper Jaffray 18 Deutsche Bank 10 Firm name Deal count UBS 15 Harris Williams & Co. 10 KPMG 12 Keefe Bruyette & Woods 15 Source: PitchBook PwC 7 Raymond James Financial 14 Most active in Europe EY 7
Sandler O'Neill + Partners 14 Firm name Deal count Morgan Stanley 5 Source: PitchBook KPMG 41 MNP Corporate Finance 5
PwC 27 Canadian Imperial Bank of 5 Commerce Deloitte 26 Canaccord Genuity 5
Source: PitchBook 23 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES LAW FIRMS
Contents 2Q’17’s most active VC law firms global Firm name Deal count
2Q 2017’s Most Active VC Law Firms 24 Gunderson Dettmer 119 Cooley 116 Law Firms by VC Deal Location 25 Wilson Sonsini Goodrich & 101 Rosati Law Firms by VC Sector 26 Fenwick & West 75
Law Firms by VC Deal Type 27 Goodwin 65
Orrick Herrington & Sutcliffe 53 Law Firms by PE Deal Location 28 DLA Piper 45
Law Firms by PE Industry 29 Latham & Watkins 37 Law Firms by PE Deal Type 30 McCarter & English 19 Morrison & Foerster 17
Law Firms in M&A by Deal Location 31 Sheppard Mullin Richter & 16 Hampton
Jones Day 15
WilmerHale 14
Perkins Coie 13
Bryan Cave 13
Rousaud Costas Duran 12
Andrews Kurth Kenyon 10
Source: PitchBook
24 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 LAW FIRMS BY VC DEAL LOCATION
Most active in US Most active in Europe Most active in rest of world
Firm name Deal count Firm name Deal count Firm name Deal count
Cooley 111 Orrick Herrington & Sutcliffe 17 Gunderson Dettmer 11
Gunderson Dettmer 105 Rousaud Costas Duran 12 Orrick Herrington & Sutcliffe 5
Wilson Sonsini Goodrich & 92 Jones Day 10 Morrison & Foerster 4 Rosati Wilson Sonsini Goodrich & Cuatrecasas 5 4 Fenwick & West 73 Rosati Wilson Sonsini Goodrich & 4 Goodwin 60 Rosati DLA Piper 3
DLA Piper 39 Latham & Watkins 3 Goodwin 3
Latham & Watkins 33 Cooley 3 Cooley 2
Orrick Herrington & Sutcliffe 31 Gunderson Dettmer 3 Simpson Thacher & Bartlett 2
McCarter & English 17 DLA Piper 3 Source: PitchBook
Sheppard Mullin Richter & Source: PitchBook 16 Hampton Most active in Mid-Atlantic WilmerHale 14 Most active in New England
Firm name Deal count Perkins Coie 12 Firm name Deal count
Bryan Cave 11 Gunderson Dettmer 25 Goodwin 14
Morrison & Foerster 11 Cooley 24 Cooley 11
Source: PitchBook Fenwick & West 11 Gunderson Dettmer 10
Most active in West Coast Latham & Watkins 9 WilmerHale 6 McCarter & English 9 McCarter & English 4 Firm name Deal count DLA Piper 9 Foley Hoag 4 Wilson Sonsini Goodrich & 70 Rosati Wilson Sonsini Goodrich & Goodwin 9 4 Rosati Gunderson Dettmer 59 Source: PitchBook Latham & Watkins 4 Cooley 59 Source: PitchBook Most active in South Fenwick & West 55 Firm name Deal count Most active in Great Lakes Goodwin 31
Orrick Herrington & Sutcliffe 30 Andrews Kurth Kenyon 7 Firm name Deal count Wilson Sonsini Goodrich & DLA Piper 19 6 Cooley 5 Rosati
Latham & Watkins 19 Cooley 6 Gunderson Dettmer 3
Sheppard Mullin Richter & Goodwin 2 11 DLA Piper 5 Hampton Source: PitchBook Andrews Kurth Kenyon 2 Perkins Coie 8 Source: PitchBook Source: PitchBook
25 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 LAW FIRMS BY VC SECTOR
Most active in software Most active in consumer goods Most active in pharma & biotech
Firm name Deal count Firm name Deal count Firm name Deal count
Gunderson Dettmer 63 Gunderson Dettmer 5 Cooley 13
Cooley 52 Cooley 3 Goodwin 8
Wilson Sonsini Goodrich & Wilson Sonsini Goodrich & Wilson Sonsini Goodrich & 46 2 8 Rosati Rosati Rosati
Fenwick & West 41 Orrick Herrington & Sutcliffe 2 Latham & Watkins 6
Source: PitchBook Goodwin 37 Fenwick & West 4
Orrick Herrington & Sutcliffe 35 Most active in healthcare services & Morrison & Foerster 4
DLA Piper 27 systems WilmerHale 3
Latham & Watkins 20 Firm name Deal count Gunderson Dettmer 3
McCarter & English 13 Fenwick & West 5 Andrews Kurth Kenyon 2
Sheppard Mullin Richter & 7 Cooley 5 Foley Hoag 2 Hampton Gunderson Dettmer 3 Source: PitchBook WilmerHale 7 Sheppard Mullin Richter & 3 Perkins Coie 7 Hampton Nelson Mullins Riley & Most active in IT hardware Morrison & Foerster 7 2 Scarborough Rousaud Costas Duran 6 Firm name Deal count Orrick Herrington & Sutcliffe 2 Nelson Mullins Riley & Gunderson Dettmer 5 5 Source: PitchBook Scarborough Cooley 3 Bryan Cave 5 Most active in healthcare devices & Fenwick & West 3 Source: PitchBook supplies Wilson Sonsini Goodrich & 3 Most active in commercial services Firm name Deal count Rosati Source: PitchBook Firm name Deal count Wilson Sonsini Goodrich & 15 Rosati Gunderson Dettmer 10 Cooley 5 Wilson Sonsini Goodrich & 8 Most active in media Rosati Goodwin 3 Firm name Deal count Cooley 7 Gunderson Dettmer 3
Goodwin 7 DLA Piper 3 Gunderson Dettmer 5 Wilson Sonsini Goodrich & Jones Day 5 Latham & Watkins 3 2 Rosati Fenwick & West 5 Jones Day 2 Orrick Herrington & Sutcliffe 2 Source: PitchBook Rousaud Costas Duran 2 Source: PitchBook
Dorsey & Whitney 2
Source: PitchBook
26 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 LAW FIRMS BY VC DEAL TYPE
Most active at early stage Most active at late stage Most active exits (acq., buyout, IPO)
Firm name Deal count Firm name Deal count Firm name Deal count
Gunderson Dettmer 53 Gunderson Dettmer 55 Cooley 19
Cooley 44 Cooley 50 Goodwin 13
Wilson Sonsini Goodrich & Wilson Sonsini Goodrich & 43 42 DLA Piper 12 Rosati Rosati Wilson Sonsini Goodrich & 11 Goodwin 27 Fenwick & West 36 Rosati
Fenwick & West 26 Goodwin 31 Orrick Herrington & Sutcliffe 9
Orrick Herrington & Sutcliffe 26 DLA Piper 19 Gunderson Dettmer 9
Latham & Watkins 19 Latham & Watkins 16 Latham & Watkins 7
DLA Piper 18 Orrick Herrington & Sutcliffe 11 Jones Day 6
Morrison & Foerster 9 Jones Day 7 Fenwick & West 6
Sheppard Mullin Richter & 9 WilmerHale 6 Kirkland & Ellis 5 Hampton Morrison & Foerster 5 Pepper Hamilton 5 Perkins Coie 8 Andrews Kurth Kenyon 4 Simpson Thacher & Bartlett 5 McCarter & English 7 Bryan Cave 4 Morgan, Lewis & Bockius 5 Jones Day 7 Nelson Mullins Riley & 4 Andrews Kurth Kenyon 4 WilmerHale 6 Scarborough Ropes & Gray 4 Rousaud Costas Duran 5 Simpson Thacher & Bartlett 3 Cleary Gottlieb Steen & 3 Andrews Kurth Kenyon 5 Foley Hoag 3 Hamilton
O'Melveny & Myers 4 O'Melveny & Myers 3 Paul Hastings 3
Paul, Weiss, Rifkind, Wharton Bryan Cave 4 3 Weil, Gotshal & Manges 3 & Garrison K&L Gates 4 Fried Frank Harris Shriver & WilmerHale 3 2 Jacobson Nelson Mullins Riley & 3 O'Melveny & Myers 3 Scarborough ROUSAUD COSTAS DURAN 2 Davis Polk & Wardwell 3 Mills & Reeve 2 Cuatrecasas 2 Source: PitchBook Vinson & Elkins 2 Perkins Coie 2
Dechert 2 Sheppard Mullin Richter & 2 Hampton Stradling Yocca Carlson & 2 Rauth Weil, Gotshal & Manges 2 Sidley Austin 2 Sidley Austin 2
Cuatrecasas 2 Source: PitchBook
Source: PitchBook
27 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 LAW FIRMS BY PE DEAL LOCATION
Most active global Most active in US Most active in Europe
Firm name Deal count Firm name Deal count Firm name Deal count
Kirkland & Ellis 71 Kirkland & Ellis 59 Orrick Herrington & Sutcliffe 15
Latham & Watkins 37 Latham & Watkins 28 CMS 15
Jones Day 31 Jones Day 24 Allen & Overy 13
DLA Piper 30 Morgan, Lewis & Bockius 20 Weil, Gotshal & Manges 11
Paul, Weiss, Rifkind, Wharton Weil, Gotshal & Manges 29 20 DLA Piper 10 & Garrison Paul, Weiss, Rifkind, Wharton 24 Pinsent Masons 8 & Garrison DLA Piper 19 Source: PitchBook Goodwin 24 Goodwin 19 Most active in South Morgan, Lewis & Bockius 23 Weil, Gotshal & Manges 17
Source: PitchBook Source: PitchBook Firm name Deal count
Kirkland & Ellis 10 Most active in rest of world Most active in Mid-Atlantic Latham & Watkins 6
Firm name Deal count Firm name Deal count Morgan, Lewis & Bockius 5
Stikeman Elliott 12 Kirkland & Ellis 12 Choate Hall & Stewart 5
Davies Ward Phillips and Paul, Weiss, Rifkind, Wharton Honigman Miller Schwartz 6 6 5 Vineberg & Garrison and Cohn
McCarthy Tétrault 5 Morgan, Lewis & Bockius 6 Greenberg Traurig 3
Kirkland & Ellis 5 Latham & Watkins 5 Weil, Gotshal & Manges 3
Orrick Herrington & Sutcliffe 5 Jones Day 5 Vinson & Elkins 3 Source: PitchBook Goodwin 4 Willkie Farr & Gallagher 3
DLA Piper 4 Jones Day 3 Most active in West Coast Source: PitchBook Locke Lord 3 Firm name Deal count Most active in New England Source: PitchBook
Kirkland & Ellis 8 Firm name Deal count Wilson Sonsini Goodrich & Most active in Great Lakes 5 Rosati Kirkland & Ellis 10 Firm name Deal count Cooley 5 Goodwin 4
Kirkland & Ellis 6 Morrison & Foerster 5 DLA Piper 3
Jones Day 6 Goodwin 4 Weil, Gotshal & Manges 2
Source: PitchBook Goodwin 5 WilmerHale 2 Honigman Miller Schwartz 4 Akerman 2 and Cohn
Choate Hall & Stewart 2 Paul Hastings 4
McDermott Will & Emery 2 Source: PitchBook
Source: PitchBook
28 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 LAW FIRMS BY PE INDUSTRY
Most active in B2B Most active in B2C Most active in IT
Firm name Deal count Firm name Deal count Firm name Deal count
Kirkland & Ellis 27 Weil, Gotshal & Manges 9 Kirkland & Ellis 18
Jones Day 14 Kirkland & Ellis 8 Latham & Watkins 11
Paul, Weiss, Rifkind, Wharton Paul, Weiss, Rifkind, Wharton 12 6 DLA Piper 9 & Garrison & Garrison Goodwin 8 Latham & Watkins 11 CMS 6 Willkie Farr & Gallagher 7 DLA Piper 11 Latham & Watkins 6
Honigman Miller Schwartz Paul Hastings 6 9 Goodwin 5 and Cohn Greenberg Traurig 6 Orrick Herrington & Sutcliffe 5 Orrick Herrington & Sutcliffe 9 Shearman & Sterling 5 Ropes & Gray 5 Paul Hastings 8 Morgan, Lewis & Bockius 5 Morgan, Lewis & Bockius 5 Stikeman Elliott 8 Fried Frank Harris Shriver & Orrick Herrington & Sutcliffe 4 4 McDermott Will & Emery 8 Jacobson Stikeman Elliott 4 Shearman & Sterling 7 Allen & Overy 4 Paul, Weiss, Rifkind, Wharton 4 Allen & Overy 7 Jones Day 4 & Garrison Akerman 4 Source: PitchBook Cuatrecasas 4 Jones Day 4 Most active in materials & resources DLA Piper 4
Gianni, Origoni, Grippo & Cooley 4 Firm name Deal count 4 Partners Source: PitchBook Houthoff Buruma 7 Most active in healthcare King & Spalding 4 Firm name Deal count Morrison & Foerster 3 Most active in energy Kirkland & Ellis 8 Weil, Gotshal & Manges 3 Firm name Deal count McDermott Will & Emery 8 Source: PitchBook Latham & Watkins 4 Choate Hall & Stewart 5 Most active in financial services Kirkland & Ellis 3 Goodwin 5 Firm name Deal count Sidley Austin 2 Jones Day 4 Kirkland & Ellis 5 Vinson & Elkins 2 Weil, Gotshal & Manges 4 Jones Day 4 Weil, Gotshal & Manges 2 Ropes & Gray 4 Latham & Watkins 3 Thompson & Knight 2 Morgan, Lewis & Bockius 3 Simpson Thacher & Bartlett 3 Linklaters 2 Sidley Austin 3 Source: PitchBook Source: PitchBook Hengeler Mueller 3
Blake Cassels & Graydon 3
Source: PitchBook
29 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 LAW FIRMS BY PE DEAL TYPE
Most active in buyouts Most active in other deals Most active in exits (IPO & acq.)
Firm name Deal count Firm name Deal count Firm name Deal count
Kirkland & Ellis 60 Kirkland & Ellis 11 Kirkland & Ellis 49
Latham & Watkins 32 DLA Piper 8 Latham & Watkins 30
Jones Day 30 Choate Hall & Stewart 7 Weil, Gotshal & Manges 19
Nelson Mullins Riley & Weil, Gotshal & Manges 27 5 Jones Day 19 Scarborough Paul, Weiss, Rifkind, Wharton 23 Goodwin 15 & Garrison Latham & Watkins 5 DLA Piper 14 DLA Piper 22 Cooley 3 Sullivan & Cromwell 12 Goodwin 22 Simpson Thacher & Bartlett 3 Paul, Weiss, Rifkind, Wharton Sheppard Mullin Richter & 12 Morgan, Lewis & Bockius 21 3 & Garrison Hampton Orrick Herrington & Sutcliffe 20 Morgan, Lewis & Bockius 12 Locke Lord 3 McDermott Will & Emery 20 Allen & Overy 12 Uría Menéndez 3 Paul Hastings 18 White & Case 12 Paul Hastings 3 Stikeman Elliott 18 Stikeman Elliott 11 Perkins Coie 3 Willkie Farr & Gallagher 15 Simpson Thacher & Bartlett 11 Sidley Austin 3
Ropes & Gray 15 Source: PitchBook Paul Hastings 11
CMS 15 Shearman & Sterling 11
Shearman & Sterling 14 Sidley Austin 10
Allen & Overy 14 Gibson, Dunn & Crutcher 9
Honigman Miller Schwartz Fried Frank Harris Shriver & 12 9 and Cohn Jacobson
Greenberg Traurig 12 Davis Polk & Wardwell 9
Akerman 10 CMS 9
King & Spalding 10 Linklaters 9
Sidley Austin 10 Blake Cassels & Graydon 8
Simpson Thacher & Bartlett 8 Willkie Farr & Gallagher 8
Houthoff Buruma 8 Orrick Herrington & Sutcliffe 8
Sullivan & Cromwell 8 Ropes & Gray 8
Gibson, Dunn & Crutcher 8 Vinson & Elkins 7
Skadden, Arps, Slate, McCarthy Tétrault 8 7 Meagher & Flom Source: PitchBook Honigman Miller Schwartz 7 and Cohn Source: PitchBook
30 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 M&A LAW FIRMS BY DEAL LOCATION
Most active global Most active in US Most active in Europe, continued
Firm name Deal count Firm name Deal count Firm name Deal count
Kirkland & Ellis 85 Kirkland & Ellis 70 Linklaters 11
Jones Day 72 Jones Day 54 Pinsent Masons 11
DLA Piper 58 Latham & Watkins 37 Houthoff Buruma 11
Latham & Watkins 50 DLA Piper 36 Shearman & Sterling 10
Weil, Gotshal & Manges 42 Morgan, Lewis & Bockius 32 Addleshaw Goddard 10
Orrick Herrington & Sutcliffe 40 Goodwin 31 Squire Patton Boggs 10
Stikeman Elliott 39 Weil, Gotshal & Manges 27 Cuatrecasas 10
Paul, Weiss, Rifkind, Wharton Goodwin 36 24 Latham & Watkins 10 & Garrison Allen & Overy 36 Macfarlanes 9 Paul Hastings 22 Morgan, Lewis & Bockius 36 Schoenherr 8 Sullivan & Cromwell 20 Paul, Weiss, Rifkind, Wharton 32 Kirkland & Ellis 8 & Garrison Honigman Miller Schwartz 19 and Cohn White & Case 7 CMS 30 McDermott Will & Emery 19 Travers Smith 7 Paul Hastings 28 Akerman 18 Gateley 7 Sullivan & Cromwell 27 Skadden, Arps, Slate, 17 Freshfields Bruckhaus Meagher & Flom 7 Shearman & Sterling 26 Deringer Cooley 17 McDermott Will & Emery 25 Source: PitchBook Ropes & Gray 16 Most active in rest of world Ropes & Gray 20
Honigman Miller Schwartz Andrews Kurth Kenyon 16 Firm name Deal count 20 and Cohn Wachtell, Lipton, Rosen & 15 Stikeman Elliott 24 Skadden, Arps, Slate, Katz 19 Meagher & Flom King & Spalding 15 McCarthy Tétrault 11 Cooley 19 Source: PitchBook Blake Cassels & Graydon 11 Willkie Farr & Gallagher 19 Davies Ward Phillips and 10 Vineberg Akerman 18 Most active in Europe Borden Ladner Gervais 9 Simpson Thacher & Bartlett 18 Firm name Deal count Kirkland & Ellis 7 Gibson, Dunn & Crutcher 18 CMS 29 Fasken Martineau 7 McCarthy Tétrault 18 Allen & Overy 29 Allen & Overy 6 King & Spalding 18 Orrick Herrington & Sutcliffe 20 Paul, Weiss, Rifkind, Wharton Source: PitchBook 6 & Garrison DLA Piper 20 King & Wood Mallesons 6 Weil, Gotshal & Manges 14 Orrick Herrington & Sutcliffe 6 Jones Day 13 Source: PitchBook
31 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES ACQUIRERS
Contents 2Q 2017’s most active acquirers of global PE-backed companies
2Q 2017’s Most Active Acquirers of PE- Firm name Deal count 32 backed Companies Audax Group 7
Acquirers of PE-backed Companies by Kohlberg Kravis Roberts 5 33 Deal Location & Type CVC Capital Partners 5 Acquirers of VC-backed Companies by 34 Mammoth Energy Services 4 Deal Location & Type Stone Point Capital 3
Bregal Unternehmerkapital 3
BC Partners 3
TA Associates Management 3
Partners Group 3
New Mountain Capital 3
Source: PitchBook
32 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 ACQUIRERS OF PE- BACKED COMPANIES BY DEAL LOCATION & TYPE
Most active in US Most active in Europe Most active in rest of world
Firm name Deal count Firm name Deal count Firm name Deal count
Audax Group 6 CVC Capital Partners 4 United American 2
Mammoth Energy Services 4 Bregal Unternehmerkapital 3 Source: PitchBook
Stone Point Capital 3 Souter Investments 2
Kohlberg Kravis Roberts 3 JP Morgan Asset Management 2
New Mountain Capital 3 Steadfast Capital 2
Woodford Investment Most active in mergers/acquisitions Thoma Bravo 2 2 Management Insight Venture Partners 2 Firm name Deal count Bain Capital 2 Francisco Partners 2 Mammoth Energy Services 4 Ardian Holding 2 OMERS Private Equity 2 Hitachi Chemical Company 2 Accel-KKR 2 Ares Management 2 United American 2 IdInvest Partners 2 Searchlight Capital Partners 2 REV Group 2 APG Groep 2 Kohlberg & Company 2 McKesson 2 Kohlberg Kravis Roberts 2 Capital Southwest 2 DXC Technology 2 ATP Private Equity Partners 2 Source: PitchBook AE Industrial Partners 2 Partners Group 2 REV Group 2 Groupe Elsan 2 BC Partners 2 Beechbrook Capital 2 Spell Capital Partners 2 NorthEdge Capital 2
Medley Capital 2 Ontario Teachers' Pension 2 Plan Harvest Partners 2 LBO France 2 American Securities 2 TA Associates Management 2 DXC Technology 2 3i Group 2 Source: PitchBook Source: PitchBook
33 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES 2Q 2017 ACQUIRERS OF VC-BACKED COMPANIES BY DEAL LOCATION & TYPE
Most active global Most active in rest of world Most active in mergers/acquisitions
Firm name Deal count Firm name Deal count Firm name Deal count
Vista Equity Partners 4 Quikr India 2 Snap 3
Source: PitchBook Snap 3 Spotify 2
Providence Equity Partners 3 Apple 2 Most active in buyouts Genstar Capital 3 Quikr India 2
Bain Capital 2 Firm name Deal count VMware 2
BC Partners 2 Vista Equity Partners 4 Source: PitchBook
Spotify 2 Genstar Capital 3
Francisco Partners 2 Providence Equity Partners 3
Apple 2 BC Partners 2
Relias Learning 2 Blue Star Sports 2
Market Track 2 Francisco Partners 2
Quikr India 2 Bain Capital 2
Source: PitchBook VMware 2
Blue Star Sports 2
Source: PitchBook
Most active in US
Firm name Deal count
Vista Equity Partners 3
Snap 2
VMware 2
Providence Equity Partners 2
BC Partners 2
Genstar Capital 2
Blue Star Sports 2
Relias Learning 2
Bain Capital 2
Source: PitchBook
34 PITCHBOOK 2Q 2017 GLOBAL LEAGUE TABLES We do contact information, LP investment preferences, custom benchmarking, mandates, fund performance data.
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