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| What's in store for PE in 2017 |
| What do your peers and competitors in private equity think will happen next year? Based on PitchBook data, where does the industry stand as we head into the new year?
Our analyst team has drawn from surveys of PE professionals and PitchBook datasets to produce the 2017 PE Crystal Ball Report, which is sponsored by Donnelley Financial Solutions. Packed with PE practitioners' takes on issues ranging from the impact of rising interest rates to the fundraising landscape, the report also includes: - Analysis of deal terms such as anticipated equity usage
- Contextual datasets on global PE activity, fundraising & exits
- Sector-specific trends
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| | | | | | | Lightyear the latest PE firm to eye financial services sector |
| Lightyear Capital has completed a $95 million investment in Ygrene Energy Fund, a provider of financing for clean energy projects to residential and commercial clients. The fresh capital comes hot on the heels of a $30 million mezzanine investment from New Energy Capital Partners in November. To date, Ygrene has been approved to provide property-assessed clean energy financing in more than 300 municipalities across California, Florida, Georgia and Missouri.
The rate of PE investment in the financial services space accelerated in recent years, jumping from 435 deals in 2012 to 597 last year, according to the PitchBook Platform, before a sharp decline this year. Some of the industry's biggest names are driving activity, and the three busiest firms in the sector the past three years have combined to account for nearly 15% of all PE deals in the space. |
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| | | | | | | | An examination of how TPG and Silver Lake’s $8 billion acquisition of Avaya went wrong. [The Wall Street Journal]
Why corporate whistle-blowers are a force for good. [The New York Times]
Researchers have found that money managers from wealthier backgrounds tend to deliver worse results than their less affluent peers. [PBS]
When disaster strikes, Robert Jensen is the man governments and companies call to clean up the mess. [GQ] |
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| Since yesterday, the PitchBook Platform added: | | 222 Deals | 1182 People | 498 Companies | 2 Funds |
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| 2010 Vintage Venture Funds with Energy Investments |
| | Median IRR | | | | Top Quartile IRR Hurdle Rate | | | | 1.47x Median TVPI | 1.27x Median RVPI |
| | | | *IRR: net of fees | | 31 Funds in Benchmark » |
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| Advent buys minority ASK stake |
| | Asset Management | Mumbai, India | PE Growth |
| Advent International has purchased an interest in ASK Group, an investment and wealth management firm in India. ASK's founders will retain a majority stake. Advent's investment comes from the firm's eighth flagship fund, which closed on $13 billion in March. |
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| | | | | | | | | Human Capital Services | Chicago, IL | Buyout |
| Halyard Capital has invested in Strategy Execution Partners (dba StratEx), a provider of human resources software and services. StratEx's founders will retain a significant ownership stake and continue in their senior leadership roles. Founded in 2000, the company offers administrative outsourcing, applicant tracking and payroll administration, among other services. |
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| | | | | | | ACP supports Scotia Technology add-on |
| | Aerospace and Defense | Laconia, NH | Add-on |
| | | | | | | PE-backed Coalfire inks Veris acquisition |
| | Network Management Software | Westminster, CO | Add-on |
| Cybersecurity business Coalfire, a portfolio company of The Carlyle Group and The Chertoff Group, has announced the acquisition of Veris Group, a provider of cyber-risk advisory, compliance and testing services. Carlyle and Chertoff teamed to purchase a majority stake in Coalfire in 2015. |
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| V4C exits MedLife via IPO |
| | Medical Supplies | Bucharest, Romania | IPO |
| Value4Capital has sold its entire 36.25% stake in MedLife (BVB: M), a provider of private healthcare services, in the company’s public offering on the Bucharest Stock Exchange. V4C logged a 2x gross return on the exit from an investment made in 2009. |
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| PE-backed Jagged Peak headed for IPO |
| | Energy Exploration | Denver, CO | IPO |
| Jagged Peak Energy has filed for an IPO; the company plans to trade on the NYSE under the JAG ticker symbol. The drilling company, which focuses on extracting oil & natural gas from the Southern Delaware Basin in West Texas, has been backed by Quantum Energy Partners since 2013. |
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| | | | | | | Brentwood exits fast food holding company |
| | Restaurants | Fort Smith, AR | Acquisition |
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| 1315 Capital brings on Edward Chan |
| | Philadelphia, PA | Growth/Expansion |
| 1315 Capital has hired Edward Chan as a principal. Chan most recently served as a vice president at NaviMed Capital, where he specialized in identifying and carrying out investments in the healthcare industry. Prior to that, he spent three years evaluating and sourcing healthcare deals for Siemens Venture Capital. |
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| | | | | | | | | New York, NY | Investment Bank |
| Perella Weinberg Partners has announced the appointment of Cem Koray as partner. Koray has worked as a managing director at PWP since 2013, providing strategic and financial advice to clients in the consumer products and retail industries. He will assume his new role on January 1, 2017. |
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