Breakdown. Private Equity 4Q In this report:

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Breakdown

4Q 2013

Private Equity

Page 6:

PE deal flow up in 3Q 2013 over previous quarter

Page 7:

Add-ons as a percentage of all buyouts at 10-year high

Page 8:

Valuation/EBITDA spikes in third quarter, hits 10.7x

Page 11:

Q&A with CIG’s Michael Connor on food & beverage investing

Page 15:

3Q 2013 League Tables

In this report:

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[email protected] | www.pitchbook.com

3 4Q 2013 Private Equity Breakdown

Table of Contents

Introduction

Overview

Deal Multiples and Debt Levels

Investments by Deal Size

Investments by Industry

Investments by Region

Exits Overview

Fundraising Overview

League Tables

Selected 3Q 2013 Deals

Methodology

4

6-7

8

9

10-11

12

13

14

15

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2013 Deal Flow by Month

Source: PitchBook

Overview

For the first time in the last year, both deal flow and capital invested increased in 3Q 2013. The 489 deals closed during the quarter represent a 16% increase from 2Q 2013, while capital invested jumped 6% from $81.7 billion to $87.0 billion. Since the beginning of the year we have predicted that deal-making would improve throughout 2013, and that was the case until late summer, when many

industry professionals traditionally take a few weeks of respite before 4Q arrives. Deal-making improved every month from February to July before reversing course in August and September. Still, quarterly deal activity in 2013 increased to its highest point in 3Q and capital invested was a respectable $87.0 billion—the second highest quarterly total in the last year and a half.

Several factors conducive to deal-making remain in place, but there are headwinds as well, including the recent

U.S. PE Deal Flow by Quarter

government shutdown and a looming fight over the debt ceiling. Without the threat of tax increases in the new year, it is almost certain that we will not see a spike in investment like we did in 4Q 2012, but there is good reason to believe that deal-making will continue to increase in 4Q. First, the general M&A environment is warming as

There is good reason to believe we

will see another uptick in PE

deal-making in 4Q.

$2 8 $2 5 $2 1 $1 7 $2 1 $4 4 $3 6 $2 0 $3 1 233 109 113 125134 161 190 161 138 0 50 100 150 200 250 $0 $10 $20 $30 $40 $50

Jan Feb Mar Apr May Jun Jul Aug Sep Capital Invested ($B) # of Deals Closed

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Source: PitchBook

Investments (#) by Deal Type

Add-ons vs. Non Add-ons

* as of 9/30/2013

investors seek to access debt while rates remain low, as evidenced by several sizable transactions in recent months from major corporations like Microsoft and Verizon. Second, deal sourcing is continuing to improve as we become more displaced from the unprecedented level of investment in 4Q 2012, and PE firms are once again turning to each other to find opportunities, as we will discuss in the Exits section on page 13. Finally, the investment window is beginning to close on funds raised at the height of the financial crisis in 2007 and 2008, which means many firms have a real need to put capital to work.

It is difficult to determine which is the cause and which is the effect, but the general sluggishness in PE deal-making over the last several quarters has coincided with a steep rise in the proportion of add-on transactions. With deal sourcing being difficult in recent quarters, it is likely that PE firms have been looking to put capital to work through add-on acquisitions, which typically involve smaller

companies that can fly under the radar of many PE firms, resulting in less competition and lower prices.

Keep in mind though that add-on activity has been steadily growing as a share of overall buyout activity over the last decade, jumping from 36%

of buyouts in 2004 to 52% through the first three quarters of 2013. The long-term trend toward add-ons has been driven by the evolution of the PE industry from a focus on financial engineering and arbitrage to a newfound concentration on growing the top line while enhancing a company’s operations. That

means spending more time with portfolio companies, which requires significantly more resources and typically means a firm can support fewer portfolio companies. With add-ons, PE firms are able to put capital to work and boost the value of a portfolio company without spending the time or resources on the complexity of another platform deal.

Minority PE investments that also require less time and resources from the PE investor have been growing as a proportion of PE activity over the last decade too, as platform buyouts have shrunk from 51% of PE transactions in 2004 to 33% so far in 2013. 36%39% 41% 44%44%47% 45% 49%48% 49%53%55% 0% 10% 20% 30% 40% 50% 60% 0 500 1,000 1,500 2,000 2,500 3,000 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 1Q '1 3 2Q '1 3 3Q '1 3

Add-on Non Add-on Add-on % of Buyout 0% 20% 40% 60% 80% 100% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

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Deal Multiples and Debt Levels

Source: PitchBook

Buyout Median EBITDA Multiples

As equity markets crashed during the financial crisis, the prices investors were paying for companies in the private market were also in decline. After rising each year from 2004 to 2008, the median valuation-to-EBITDA multiple for buyout deals dropped precipitously from 9.5x in 2008 to 7.7x in 2009. Purchase price multiples slowly rebounded from that point until this year, when the median valuation-to-EBITDA multiple has exploded to a decade high of 10.7x. There is no doubt these high valuations have been a major contributor to the slow deal flow we have seen so far in 2013. In response to the higher prices, many firms are spending more time on due diligence and taking minority stakes instead of executing a full buyout.

The run-up in prices is the result of many factors, including willing lenders providing debt at low interest rates, aging dry powder and

the continued dearth of attractive opportunities. The chart above shows that the recent expansion of purchase price multiples has been fueled by a combination of higher

debt and equity levels. In fact, the median debt- and equity-to-EBITDA multiples are currently at 6.2x and 4.5x, respectively, which are the highest levels in the last decade.

Buyout Median Debt Percentage

Source: PitchBook *as of 9/30/13

Despite spike in purchase price multiples, PE firms using less debt

Despite the fact that many PE firms are reporting easier access to debt, the median amount of leverage used in buyout deals slipped from 63% in 2012 to 58% in the first three quarters of 2013. Small transactions have seen their share of PE deal flow increase throughout the year, and as these deals typically incorporate less debt, this could be one reason for the lower debt levels.

Another possibility is that PE firms simply do not have the need or desire to use more debt. Following the financial downturn, many PE firms reduced the amount of leverage they utilized and revised how they structured deals. But debt percentages rose from a nadir of 50% in 2009 to 63% in 2012, which is nearly equal to the pre-crisis peak, so the slightly lower levels in 2013 seem to be prudent.

4.0x 5.1x 5.6x 5.8x 5.7x 3.9x 4.6x 4.7x 5.3x 6.2x 2.2x 3.0x 3.4x 3.3x 3.8x 3.9x 3.5x 3.8x 3.2x 4.5x 6.2x 8.1x 9.0x 9.1x 9.5x 7.7x 8.1x 8.5x 8.5x 10.7x 0x 2x 4x 6x 8x 10x 12x 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

Debt/EBITDA Equity/EBITDA Valuation/EBITDA

* as of 9/30/2013 64% 63% 62% 64% 60% 50% 57% 56% 63% 58% 40% 45% 50% 55% 60% 65% 70% '04 '05 '06 '07 '08 '09 '10 '11 '12 '13*

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0% 20% 40% 60% 80% 100% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2013 $2.5B+ $1B-$2.5B $500M-$1B $100M-$500M $25M-$100M Under $25M $75 $126 $54 $92 $175 $29 $40 _$25 $43 $60 $23 $30 _$13 _$20 _$20 $0 $50 $100 $150 $200 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*

Median Buyout (excl. add-on) Size Median Add-on Size Median Growth Equity Size

Investments (#) by Deal Size

Median Deal Size ($M)

Source: PitchBook

Investments by Deal Size

The breakdown of PE deals by size has swung in a clear pattern over the last two years. Small transactions grew in popularity throughout 2011, with deals of $25 million and less peaking at 49% of deal flow in 1Q 2012. These deals then contracted over the next year, bottoming out at 35% of deal flow in 4Q 2012, when PE firms were highly focused on completing their

large, high priority transactions. Since then, however, the number of small transactions has once again climbed and represented 47% of total PE activity in 3Q 2013. A major driver of this trend has been the increasing proportion of growth equity deals.

The recent strength of small transactions has not detracted from

mega-deals, as PE firms executed 10 deals of $1 billion or more in 3Q 2013—the second highest quarterly total since the beginning of 2012. And as can be seen from the chart above, the median buyout size now sits at $175 million—a 90% increase from last year and the highest point on record. Despite surging equity

markets and sky-high valuations, PE firms have had a strong appetite for publicly traded companies; of the nine billion-dollar deals in 3Q 2013, four were public-to-private transactions, two were carveouts from publicly traded companies and two were private investments in public entities (PIPEs).

More add-on and

minority deals have led

to a larger proportion

of small transactions.

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Investments ($) by Industry

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2013 B2B B2C Energy Financial Services Healthcare IT Materials & Resources

Investments by Industry

Investments (#) by Industry

The improved pace of PE investment in 3Q 2013 positively impacted deal flow in every industry, with the exception of materials & resources, which is consistently the slowest industry for deal-making. Capital invested was up in virtually every industry as well but fell by more than 50% in the consumer products and services (B2C) industry, which was buoyed by the $23.2 billion Heinz deal in 2Q 2013.

Business products and services (B2B) and B2C, traditionally the cornerstones of PE investing, have been sliding as a proportion of PE deals over the last decade—and that decline has only accelerated in recent quarters. Over the long-term, most of the decline has been concentrated in the B2C industry, but more lately, it has been B2B that is lagging. The industry accounted for 30% of PE deal flow in 3Q 2013, which is still the most of any industry but matches B2B’s smallest share since 1Q 2010.

In the B2C space, investors appear

to have lost faith in the power of the consumer—especially when it comes to disposable income. The sectors that have traditionally driven the industry’s deal flow, such as retail, media, services, durable goods and restaurants, hotels & leisure, are all down significantly from last year

and on track for some of the lowest investment totals in the post-crisis era. On the other hand, investment in businesses from sectors that produce essential everyday items, including non-durables, transportation and apparel, have fared better.

The IT industry has emerged as a new favorite industry for PE investors in recent quarters. Even as deal flow dwindled in recent quarters, IT was one of the few areas that proved resilient. Since 2008, IT has seen its share of PE deal flow expand from 10% to 16% in the first three quarters of 2013. A similar story has emerged with capital invested, with IT attracting at least 15% of the PE dollars invested each year since 2009—and that proportion jumped to 20% in 3Q 2013.

Within the software industry, which accounts for approximately half of IT deals in a given year, financial software has been particularly popular in recent quarters—PE firms have executed 22 deals in the space since the beginning 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2013 B2B B2C Energy Financial Services Healthcare IT Materials & Resources Source: PitchBook

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% Change From 2Q ’13 to 3Q ’13

Deal Count

Total Capital Invested

B2B B2C Energy Healthcare IT of 2012, which compares to 21 total deals in the five years

prior. Automation/workflow, business/productivity and network management software have all been popular as well, as investors have focused on enterprise-related areas in

recent quarters.

After falling to its lowest point in nearly four years in 2Q 2013, the number of healthcare deals rose by 47% in 3Q and the amount of capital invested climbed 48% to $8.1 billion.

PE firms are capitalizing on the consumer shift toward healthier foods and beverages

Median Deal Size

Source: PitchBook

Q&A with Michael Connor, director of investments at CIG

Q: What trends are investors currently

capitalizing on in the consumer/food industry?

A: The trends that are interesting to us are those that have longer term sustainability and appeal to the newer generation of family households. Those households are focused on affordable “better for you” food products that are fresh, less processed and easily prepared at home or eaten on the run. Ethnic food categories are also interesting given the changing demographic in the U.S. and the expansion of the American taste palate.

Do you see the growth of the healthy food category as a fad or a secular trend for investing in the space?

We believe the healthy food category is more a secular trend. For our firm, the challenge is identifying products that have lasting power with the majority of American consumers. Eating habits such as integrating whole grains, high fiber and natural ingredients in daily diets are trends that have started in major metropolitan cities, but have begun to spread across the country. More niche products,

Michael Connor

such as chia seed, may be effective products but have less chance of penetrating a larger market.

In 2013, PE firms have already completed nearly twice as many beverage deals as in 2012. What do you think is driving this?

The big players in the beverage space have been in M&A mode for quite some time. Carbonated soft drink sales have been anemic in the U.S., so the large players are looking toward beverages that are functional, better for you or perceived as healthier. On the alcoholic side, the trends toward craft and micro distilleries are driving innovation as well.

In addition, the cash flows generated by good-sized beverage companies typically provide immediate benefit to the acquirer, especially when operating synergies and immediate access to increased distribution are taken into account. Finally, large deals have set big multiples in the space, and successful exits usually attract other players.

Michael Connor is responsible for overall management, strategy and asset allocation of Consolidated Investment Group’s diversified billion-dollar investment portfolio. You can access the complete Q&A with Michael here.

13% 47% 17% 16% 10% -5% 15% 35% 55% 25% 48% 110% -41% 41% -50% 50% 150% -63% -48% 19% 294% -60% -200% 0% 200% 400%

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2013 West Coast Southeast South Great Lakes New England Mountain Midwest Mid-Atlantic

Investments by Region

Deals (#) by Region

Source: PitchBook Source: PitchBook 3 3 1 1 19 37 3 3 4 5 24 24 0 19 0 0 0 0 0 Alaska: 0 Hawaii: 2 12 7 7 61 6 11 14 9 67 18 16 23 2 2 3 1 ₁ 1 2 2 23 13 7 7 7 0 7 6 6 -50% or less 0% to -50% 0% 0% to 50% 50% or greater This map shows the number of 3Q

2013 deals in each state, along with the % change range (color bar to the right) in deal count

from 2Q 2013 to 3Q 2013.

% Change in Deal Count from 2Q 2013 to 3Q 2013

Deal flow was up in the U.S. in 3Q 2013, but it was largely carried by three regions that have states with large populations—the West Coast (California), South (Texas) and Mid-Atlantic (Pennsylvania and New York). California and Texas saw their PE deal flow increase quarter-over-quarter by 26% and 39%, respectively, while Pennsylvania and New York registered 140% and 68% increases.

The deals by region graph to the right shows how these three regions have increased their share of deals as others remained steady or dropped. One noticeable trend is the decline in the share of PE deal flow in the Great Lakes. The region includes industrial- and manufacturing-heavy states such as Michigan and Ohio, which, while better off than three years ago, still have a long road to recovery. The Great Lakes region made up just 12.3% of private equity deals in the U.S. in 3Q 2013, down from a recent high of 20.3% in the same quarter last year.

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$2 0 $1 7 $3 6 $5 $13 $4 $7 $16 8$1 $24 $25 $42 $18 4$3 $28 $34 $27 $32 $25 $65 $14 $18 $22 126 90 119 61 _{52 55} 46 80 101 108 114 184 107 139 147 161 167 153 139 229 91 124 137 0 50 100 150 200 250 $0 $10 $20 $30 $40 $50 $60 $70 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2008 2009 2010 2011 2012 2013

Capital Exited ($B) # of Exits

Exits Overview

Exits (#) by Type

Source: PitchBook

U.S. PE Exits by Quarter

Exit activity in 3Q 2013 continued to rebound from its abysmal start to the year. The 137 exits executed during the quarter represented a 51% increase from 1Q 2013. Capital exited, while improved over the two most recent quarters, was still fairly weak in 3Q; in fact, the total capital exited through the first three quarters of 2013 is less than the total from 4Q 2012. Several previously announced mega-sized exits could still close by year-end, however, including the

$6 billion secondary buyout of Neiman Marcus and the $1 billion sale of the personal care company philosophy.

One of the interesting exit developments in early 2013 was the shortage of secondary buyouts, especially given the current dynamics of the PE market. Secondary buyouts surged in 3Q, though, increasing to 45% of exit activity from just 32% in 2Q 2013. As the chart on the bottom left shows, secondary buyouts steadily grew as a proportion of exits from 2009 to 2012, and while the trend reversed early in 2013, we anticipate that secondary buyouts will be an essential source of liquidity as the PE industry continues to evolve in the coming years.

There were nine IPOs of PE-backed companies in 3Q 2013, which is down from the previous quarter but still a respectable figure by historical standards. PE firms have completed 31 IPOs through the first three quarters of 2013, with nearly two-thirds of the offerings coming from companies in the B2B and B2C industries. And keep in mind that while the exit sizes tend to be small for IPOs, these companies tend to carry high valuations; more than half (52%) of the PE-backed companies that have gone public so far in 2013 had a valuation of $1 billion or more.

For a more in-depth analysis of recent exit activity, please see our 2H 2013 PE Exits Report.

Source: PitchBook 64% _56% _55% 50% 52% 10% 8% _5% 5% 9% 26% _36% 40% _45% 40% 0% 20% 40% 60% 80% 100% 2009 2010 2011 2012 2013*

Corporate Acquisition IPO Secondary Buyout

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$7 0 $8 7 $7 0 $3 3 $6 2 $3 6 $1 1 $2 9 $1 9 $1 5 $1 5 $1 0 $4 7 $2 6 $2 2 $1 6 $2 8 $4 2 $2 1 $2 6 $2 6 $7 1 $2 9 117 53 49 38 58 32 14 29 48 29 23 30 52 34 31 32 39 41 _{30 32 34} 52 48 0 20 40 60 80 100 120 140 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2008 2009 2010 2011 2012 2013

Capital Raised ($B) # of Funds Closed

Fundraising Overview

U.S. PE Fundraising by Quarter

Source: PitchBook

Source: PitchBook *as of 9/30/2013

Fundraising (#) by Size

After plodding along since the financial crisis, PE fundraising has finally returned in full force. PE firms have raised $126 billion in 2013, which is already the highest yearly total since 2009 with an entire quarter still to go. Furthermore, PE firms have held final closes on eight funds with $5 billion or more in committed capital—nearly triple the number from the three previous years combined. The recent flood of mega-funds does not appear to be abating anytime soon either; the PitchBook Platform currently shows 30 PE funds that are still open but have already attracted more than $1 billion in commitments, including vehicles from Carlyle, KKR, Cerberus, Blackstone, CD&R and Apollo.

The fundraising success hasn’t been confined to large vehicles, though. Thirty-four funds of $100 million or less have closed so far in 2013, which is more than the annual totals from each of 2011 and 2012. It’s also important to note that many of the other metrics besides the high-level statistics show an improving fundraising environment as well. For example, the average size of PE funds has increased every year since 2010, and the average buyout fund size is above $1 billion for the first time since 2009. Over the same period, the average time

to close a fund has declined from a decade high of 18.0 months in 2010 to 9.9 months through the first three quarters of 2013.

For a more in-depth analysis of recent fundraising activity, please see our 2H 2013 PE Fundraising & Capital Overhang Report.

0% 20% 40% 60% 80% 100% 2009 2010 2011 2012 2013* Under $100M $100M-$250M $250M-$500M $500M-$1B $1B-$5B $5B+

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3Q 2013 PE Deal League Tables

Most Active PE Investors

Most Active Advisors

Most Active Law Firms

Most Active Lenders

Source: PitchBook Source: PitchBook

Audax Group

Kohlberg Kravis Roberts LLR Partners

Bregal Investments Insight Venture Partners Kinderhook Industries The Blackstone Group GTCR Golder Rauner Madison Dearborn Partners TA Associates

The Riverside Company Thoma Bravo

Vista Equity Partners ABRY Partners

BelHealth Investment Partners Centerbridge Partners

Genstar Capital

Oak Hill Capital Partners Prospect Capital

Summit Partners Sun Capital Partners The CapStreet Group

9 7 7 6 6 6 6 5 5 5 5 5 5 4 4 4 4 4 4 4 4 4

Investor

Deals

GE Capital

Madison Capital Funding Credit Suisse

PNC Financial Services Group RBC Capital Markets

Deutsche Bank Goldman Sachs JP Morgan Fifth Third Bank Citigroup KeyBank Prospect Capital Morgan Stanley UBS Jefferies Group BNP Paribas Regions Financial GSO Capital Partners Macquarie Bank 12 12 9 6 6 5 5 5 5 4 4 4 4 4 4 3 3 3 3

Lender

Deals

Source: PitchBook Lincoln International Goldman Sachs Houlihan Lokey Bank of America Evercore Partners Jefferies Group Morgan Stanley Deutsche Bank 12 8 7 6 6 5 5 5

Advisor

Deals

Source: PitchBook

Kirkland & Ellis Jones Day

Simpson Thacher & Bartlett Latham & Watkins

Ropes & Gray Dechert

Goodwin Procter Vinson & Elkins

37 10 8 7 6 6 6 6

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Selected 3Q 2013 Deals

Investments

Exits

Source: PitchBook

Company

Investor(s)

Deal Type

Deal Size ($M)

Notes

BMC Software

Bain Capital, Elliott Management, GIC Special Investments, Golden Gate Capital, Insight Venture

Partners

Public-to-Private LBO $6,900 Largest PE deal in 3Q 2013

Smithfield Foods

CDC Group, CDH China Holdings Management, Goldman Sachs, New Horizon Capital, Shineway

Group, Temasek Holdings

Public-to-Private

Add-on $4,700

Second-largest PE deal in 3Q 2013; largest add-on

Gardner Denver Kohlberg Kravis Roberts Public-to-Private LBO $3,740 Largest B2B PE deal in 3Q ₂₀₁₃

Air Products &

Chemicals Pershing Square Capital Management PIPE $2,200 resources deal in 3Q 2013Largest materials &

Digital Insight Thoma Bravo Carveout $1,025

Provider of online and mobile banking

applications The Coffee Bean & Tea

Leaf

Advent International, CDIB Capital, Mirae Asset Private

Equity, Sassoon Family Buyout/LBO $448.1

Retailer of coffee and tea products; operates a chain

of coffee shops Bridger Riverstone Holdings PE Growth/Expansion $300 _{expansion round in 3Q 2013}Largest PE growth/

Company

Seller(s)

Exit Type

Exit Size ($M)

Notes

Longview Timber Brookfield Asset Management Corporate Acquisition $2,650 Largest PE exit in _{3Q 2013} Softlayer Technologies _{GI Partners, Vencore Partners}Clearspring Capital Group, Corporate Acquisition $2,000 Second-largest PE exit _{in 3Q 2013}

Envision Healthcare Clayton Dubilier & Rice IPO $966 Largest PE-backed IPO _{in 3Q 2013}

Sprouts Farmers Market Apollo Global Management IPO $333 Largest PE-backed

LOHAS exit in 3Q 2013 Miller’s Ale House Apax Partners, KarpReilly Secondary Buyout $240 restaurants & bars Largest PE exit in

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Methodology

Private Equity Deals

The report includes all PE investments (buyout, growth, PIPE, recapitalization and add-on), excluding real estate investments, made into target companies headquartered in the United States. Only investments made directly by private equity firms or their portfolio companies are counted.

Buyout deals are defined as transactions in which the PE investor receives a controlling ownership stake in the target company. Growth deals are defined as minority investments in target companies. Add-on deals are defined as acquisitions by companies with private equity backing.

Total Capital Invested

Total amount of equity and debt used in the investment

Ex.$10 million of equity and $20 million of debt = $30 million of total capital invested

PitchBook’s total capital invested figures include deal amounts that were not collected by PitchBook but have been estimated using a multi-dimensional substitution and estimation matrix, which takes into account the year of investment, deal type, platform v. add-on, industry and sector. Some data sets will include these extrapolated numbers while others will be compiled using only data collected directly by PitchBook; this explains any potential discrepancies that may be noticed.

Fundraising

The following fund types are used in PitchBook’s PE fundraising data: buyout, co-investment, mezzanine, restructuring/distressed situations, energy and PE growth/expansion. This report only includes U.S.-based funds that have held their final close.

Exits

The report includes both full and partial exits via corporate acquisition, secondary private equity buyout and IPO. Dividend recapitalizations are not taken into account in the report.

Regions

PitchBook has recently reconfigured the regions used in our reports to better represent the geographical makeup of the country. The regions are:

West Coast: Alaska, California, Hawaii, Oregon, Washington

Mountain: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming

Midwest: Iowa, Kansas, Missouri, Nebraska, North Dakota, South Dakota

Great Lakes: Illinois, Indiana, Michigan, Minnesota, Ohio, Wisconsin

New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont

Mid-Atlantic: Delaware, D.C., Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia

South: Arkansas, Kentucky, Louisiana, Oklahoma, Tennessee, Texas

Southeast: Alabama, Florida, Georgia, Mississippi, North Carolina, Puerto Rico, South Carolina

League Tables

All League Tables are compiled using deal count. For example, the Most Active Advisors League Table shows the number of U.S. deals that a firm advised on during the specified period, regardless of size. Deals in which a firm advised multiple parties will only be counted once for that firm.

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for PE & VC professionals

LP

Helping you

connect the dots

Private Equity & Venture Capital Firms

PE- & VC-Backed Companies

Deal Metrics & Valuations

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Fund Performance/IRRs

LP to GP Commitments

Service Providers

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Industry Professionals

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Executives Deal Multiples Private Deal Comparables Lenders Fund IRR Lead Partners Strategic Acquirers Limited Partners PE Investor Fund of Funds

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