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Private Equity Capital Briefing Monthly Insights and Intelligence on PE Trends

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Private Equity Capital Briefing Monthly Insights and Intelligence on PE Trends April 2018 Private Equity Capital Briefing Monthly insights and intelligence on PE trends Analyzing the exits PE firms get more programmatic in their sales processes The Private Equity Capital Briefing has been designed to help you remain current on capital market trends. It captures key insights from subject-matter professionals across EY and distills this intelligence into a succinct and user-friendly publication. Private Equity Capital Briefing provides perspectives on both recent developments and the longer-term outlook for private equity (PE) fundraising, acquisitions and exits, as well as trends in global M&A, cross- border deal flows, IPOs and the debt and bond markets. Please feel free to reach out to any of the subject-matter contacts listed on the back page of this document if you wish to discuss any of the topics covered. Contents Section 1 Private equity: fundraising 4 Private equity: acquisitions 5 Private equity: exits 6 Section 2 Infrastructure 7 Section 3 Private credit 8 Section 4 M&A 9 Section 5 IPOs 11 Section 6 Loans 12 Section 7 Bonds 13 Appendices Appendix A PE activity by geography 15 Appendix B M&A activity monthly flash 24 Appendix C M&A multiples and bid premium 25 1.i. Private equity: fundraising Executive summary • Fundraising activity remained strong in Q1, though off the lofty levels of last year. PE firms closed funds valued at US$117b, down 33% from Q1 2017. • Buyout funds continue to be heavily represented, accounting for nearly 40% of aggregate fundraising so far this year. • Buyout firms now have US$637b in capital available for investment that is growing at a rate of 10.5% annually. Current state PE fundraising by quarter (US$b) Source: Preqin While down from last year, fundraising environment remains strong • Fundraising activity remained strong in the first quarter of 2018, $250 450 with 157 funds closing on US$117b in commitments. While this 400 represented a 33% decline from the first quarter of 2017 (a $200 350 record year for PE fundraising), it was roughly in line with the 300 $150 first quarter of 2016, when US$114b was raised. Buyout funds 250 200 continue to be heavily represented in the totals, accounting for $100 39% of Q1 2018 fundraising, versus 30% over the same period 150 last year. $50 100 50 • Buyout firms now have US$637b in capital available for $0 0 investment. Dry powder is currently growing at a three-year compounded growth rate of 10.5%, significantly lower than the 36% rate at which dry powder grew between 2005-2007, when the industry experienced its fastest growth spurt. Commitments Number of funds closed PE fundraising by region Source: Preqin Top funds raised so far this year Source: Preqin Value Fund Type (US$b) Americas: Asia-Pacific: Q1 2017 – US$110b Q1 2017 – US$28b EQT VIII Buyout $13.2 Q1 2018 – US$11b Q1 2018– US$62b BC European Cap X Buyout $8.5 Starwood Global Opportunity Fund XI Real estate $7.6 EMEA: American Securities Partners VIII Buyout $7.0 Q1 2017 – US$80b Blackstone Real Estate Partners Asia II Real estate $7.0 Q1 2018 – US$44b Broad Street Real Estate Credit Partners III Real estate $4.2 Special Clearlake Capital Partners V situations $3.6 Environment and horizon Equistone Partners Europe Fund VI Buyout $3.4 Firms continue to seek stakes in PE GPs • Magnetar Capital, based in Evanston, IL., joined the ranks of Natural firms seeking to acquire minority stakes in PE GPs when it EnCap Flatrock Midstream Fund IV resources $3.3 announced that it was raising US$1b for such investments. Similar vehicles have been raised by other firms, including Partners Group Direct Infrastructure 2016 Infra $2.7 Blackstone, Goldman Sachs’ Petershill, Carlyle’s AlpInvest Partners and Neuberger Berman Group’s Dyal Capital Partners. • Blackstone co-founder Pete Peterson, one of the founders of the PE industry, died March 20 at the age of 91. Peterson co- Buyout dry powder – three-year compounded growth rates founded Blackstone with Steven Schwarzman in 1985. In 2008, Source: Preqin. Peterson stepped back from Blackstone in order to focus on the Peter G. Peterson Foundation, which is active on a number of 40% policy issues around US federal entitlements and budget deficits. 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% 4 Private Equity Capital Briefing 1.ii. Private equity: acquisitions Executive summary • PE deal activity is up 60% by value versus a year ago. It was the most active first quarter for PE since 2007. • Activity remains strong in both EMEA and the Americas, while Asia-Pacific has seen declines. • PE firms expect to add to their headcount in the coming months, particularly for deal-related professionals, as they seek to deploy some US$640b in dry powder. Current state PE acquisition values and volumes by quarter PE deal activity up 60% from Q1 2017 Source: Dealogic • PE firms announced 423 acquisitions valued at US$101b in the $140 600 first quarter of 2018, up 60% by value from the same period a year ago, and up 10% by volume. It was the busiest first quarter $120 500 $100 for PE since 2007, when firms announced deals valued at 400 US$192b. $80 300 • On a regional basis, PE firms saw strong activity in both the $60 200 Americas and EMEA, while Asia-Pacific deals saw a modest $40 decline from last year. $20 100 • In the Americas, PE firms announced deals valued at $0 0 US$51b, up 68% from last year. • In EMEA, firms announced deals valued at US$40b, up 97% from last year. • In Asia-Pacific, firms announced deals valued at Deal value (US$b) Number of deals US$10b, down 18% from last year. Top deals so far this year PE deal activity by value, Q1 2017 vs. Q1 2018 Source: Dealogic Source: Dealogic Value Target Industry Sponsor (US$b) $60 Canada Pension Plan $50 Investment Board (CPPIB); $40 GIC Special Investments $30 Thomson Reuters Financial & Pte Ltd.; Blackstone Group $20 Risk (F&R) Business Technology LP $17.5 $10 Akzo Nobel NV (specialty GIC Special Investments $0 chemicals business) Chemicals Pte Ltd.; Carlyle Group LP $12.5 Americas EMEA Asia-Pacific Macquarie Infrastructure TDC A/S Telecom & Real Assets Pty Ltd. $10.7 Q1 2017 Q1 2018 Gas Natural SDG SA Utilities CVC Capital Partners Ltd. $4.7 Blackhawk Network Holdings Inc. Technology Silver Lake Group LLC $3.3 Environment and horizon Pure Industrial Real Estate Trust Real estate Blackstone Group LP $2.9 PE firms looking to add headcount EnerVest Ltd (South Texas • A new report from Preqin and FPL Associates found that the division) Oil and gas TPG Capital LP $2.8 industry expects to continue adding headcount, especially for Clayton, Dubilier & Rice deal-related professionals, as it seeks to deploy record levels of Ply Gem Holdings Inc. Construction LLC $2.3 dry powder. The 2018 Preqin Private Capital Compensation and Leonard Green & Partners Employment Review found that 65% of firms surveyed expect to Pro Mach Inc. Machinery LP $2.2 increase the size of their workforce over the near term. Nearly LifeScan Inc. Health care Platinum Equity LLC $2.1 half expect their workforce to increase by more than 5%. By far, the function in the highest demand was deal professionals, with 72% of survey respondents stating it was their top priority. Percentage of PE firms that expect to add headcount by function Source: 2018 Preqin Private Capital Compensation and Employment Review • An analysis conducted by CEPRES published in Private Equity International challenged the view that first-time PE funds tend to Executive Fundrasing, Reporting 4% and be the riskiest and best-performing, instead finding that it’s a management, 3% marketing firm’s second fund that typically posts the highest gross returns Portfolio support, 2% and comes with the highest levels of risk. CEPRES’ analysis of operations, 4.700 investments made between 2009 and 2016 showed that 9% first–time funds returned an average of 26.1%, while second Firm funds returned an average of 27.8% on a gross pooled IRR basis. operations, 10% Deal teams, 72% 5 Private Equity Capital Briefing 1.iii. Private equity: exits Executive summary • PE exit activity declined in the first quarter, as firms continue to focus on deployment. Firms announced exit deals valued at US$57b, down 26% from Q1 2017. • Declines in exit activity were evident in both M&A and IPOs. • According to the 2018 EY Global Private Equity Divestment Study, firms are getting more programmatic in the exit planning. Sixty-one percent now determine the right time to sell 12 months before exiting, up from 35% in the 2017 study. Current state PE M&A exits by quarter (US$b) Exits continue to see declines as firms focus on deployment Source: Dealogic • PE exit activity declined in the first quarter, as firms continue to $120 350 focus on deployments and the PE exit supercycle, which peaked 300 in 2014, continues to wind down. Firms announced 226 PE exits $100 250 valued at US$57b, down 26% from the same period a year ago. $80 200 $60 • Exits by M&A fell 28% to 49.6b, with declines evident across all 150 major regions; activity by value was down 31% in the Americas, $40 100 down 56% in Asia-Pac, and off 6% in EMEA. $20 50 • IPOs continued to struggle, with proceeds down 17% from the $0 0 first quarter of 2017. The number of PE-backed deals declined 8%, from 26 deals in Q1 2017, to 24 deals in Q1 2018.
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