european - valuewalk€¦ · for 2016, pitchbook's european coverage has undergone ......
TRANSCRIPT
I N P A R T N E R S H I P W I T H
EUROPEAN
20 15 ANNUAL
PE DEAL VALUE HITS¤430B FOR 2015PAGE 5»
E XI T AC T IV I T YPAGES 11-12»
4 Q 20 15L E AGUE TABL E S
PAGE 14»
SPOTLIGHT: U.K.PAGE 8»
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JOHN GABBERT Founder, CEO
ADLEY BOWDEN Vice President,
Market Development & Analysis
ContentGARRETT BLACK Editor
ANDY WHITE Analysis Manager
DANIEL COOK Senior Data Analyst
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JESS CHAIDEZ Graphic Designer
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RESEARCH
EDITORIAL
SALES
COPYRIGHT © 2015 by PitchBook Data, Inc. All rights reserved. No part of this 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 a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.
Introduction 4
Overview 5-6
Deals by Sector and Size 7
Spotlight: U.K. 8-10
Exits 11-12
Fundraising 13
4Q 2015 League Tables 14
Contents
3 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
What comes next for European private equity?Introduction
For 2016, PitchBook's European coverage has undergone quite a few changes.
We have split our flagship European Private Equity Breakdown into two
separate reports, one solely dedicated to examining trends in leveraged
buyouts, growth, recapitalizations and similar private investments, and the
other focused entirely on the European venture capital industry. With these
separate reports, we have expanded the breadth and depth of our analysis,
as well as provided larger, more comprehensive datasets, all the better to
give you as much information as possible. In addition, this report contains
an expanded section focused solely on PE investment, exit and fundraising
trends within the United Kingdom. Our goal, once again, is to delve deeper
into one particular geographic region per report edition, thereby offering
greater insight and more information. One final note: This report is entitled
2015 Annual according to our new report naming convention, wherein the
timeframe in the title reflects the timespan of the datasets.
These changes are suited to the times, as the investment landscape in Europe
has grown increasingly complex, even since the last installment of this
report series. Fears swirl around whether or not even the forecasted tepid
growth rate in Europe can be sustained, with expected growth in domestic
demand and net exports counterbalanced by factors such as the recession
and currency depreciation in Russia. Yet, in counterpoint, the era of austerity
seems to be winding down, with governments such as Spain expected to
loosen fiscal policies even as the European Central Bank continues with its
program of quantitative easing. Furthermore, with the long-awaited liftoff in
interest rates by the U.S. Fed among other factors, relatively more attractively
valued European equities are touted as potential opportunities for the coming
year. Additional complexities such as ongoing competition for quality assets
fueled by an abundance of dry powder face private capital investors. All in all,
this year is shaping up to be an even more complex environment than last year,
so we hope this report helps inform your decision-making in the coming
months.
GARRETT JAMES BLACK
Editor
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4 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
A year marked by big dealsOverview
But taking quarterly activity as a barometer of investor sentiment, caution is rising
European PE activity by quarter
Source: PitchBook
A peak in value and a plateau in activity
European PE activity by year
The overall figures for European
PE activity mask a more complex
investment landscape marked by high
prices for top-tier assets and uneven
to stagnant growth. At just under
¤430 billion in total PE deal value,
2015 as a whole saw a 29.4% increase
over 2014, even as investment count
more or less plateaued. As to be
expected with such an occurrence,
a flurry of blockbuster buyouts was
responsible for such a mammoth
yearly sum of deal value, with 19
transactions at or exceeding ¤2.5
billion in size completed last year
alone. Only two other recent years
approach that level: 2006 and 2007.
Yet the peak of the resurgent buyout
cycle seen last year was unlike the
heady spending spree that occurred
during those years in several ways.
€289
€358
€225
€121
€180
€233
€211
€257
€332
€430
1,672
2,130 2,004
1,345
1,832
2,380 2,2772,3252,575 2,530
0
500
1,000
1,500
2,000
2,500
3,000
€0
€50
€100
€150
€200
€250
€300
€350
€400
€450
€500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Deal value (€B) # of deals closed
€48
€48
€37
€48
€61
€62
€59
€51
€54
€51
€48
€58
€57
€57
€74
€68
€71
€88
€91
€83
€94
€147
€101
€88
538
414
459
421
681623
539537
627558
524
568 577 601558
589655 673 647600
684 646 641559
0
100
200
300
400
500
600
700
800
€0
€20
€40
€60
€80
€100
€120
€140
€160
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010 2011 2012 2013 2014 2015
Deal value (€B) # of deals closed
Source: PitchBook
5 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
Acquisitive growth has never been more popular
European bolt-on % of buyout activity
An unprecedented amount of U.S. investment
European PE deals with U.S.-based investor participation
The U.K. & Ireland remain key areas of focus
European PE deals (#) by region
221 37
0
370
234 37
7 782
808
840
936
1,01
4
956 1,
132
934
567
801
952
836
859 1,
060
970
19%
25%28% 29%
32%
45%49% 49% 47%
51%
0%
10%
20%
30%
40%
50%
60%
0
500
1,000
1,500
2,000
2,500
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Bolt-on Non Bolt-on Bolt-on % of buyouts
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
U.K./Ireland
SouthernEurope
Nordic Region
GSA
France/Benelux
Central &Eastern Europe
€181
€204
€138
€81
€113
€140
€131
€164
€207
€290
1,007
1,302 1,231
832
1,083
1,481 1,4231,495
1,656 1,660
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
€0
€50
€100
€150
€200
€250
€300
€350
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Deal value (€B) # of deals closed
Source: PitchBook
Source: PitchBook
Source: PitchBook
Chief among those factors is the
shift in PE investment strategies.
As the steadily rising percentage
of bolt-ons indicates, PE fund
managers are focused on building
out portfolio platforms like never
before, positioning for growth via
acquisition. Faced with a mix of
contradictory indicators including the
aforementioned stagnant economic
growth, PE investors are opting
to more heavily emphasize the
operational enhancement facet of
typical PE investment theses. Another
key factor that differentiates this
stage of the buyout cycle from the
last is the still-elevated level of U.S.
investor involvement. U.S. PE firms
are laboring under somewhat similar
conditions, so as they in turn diversify
investing strategies, they have looked
across the Atlantic more and more in
search of relatively more attractive
targets. With a superabundance of
capital overhang to put to work, far
more than Europe's largest buyout
firms, U.S. counterparts contributed
in no small part to last year's surge
in value. And, with the U.S. buyout
cycle slowing as competition for the
best assets remains fierce—among
multiple other factors—pursuit for
relatively better-priced European
businesses could well remain in
vogue among U.S. firms, although
U.S. banks have been pulling back
from funding European buyouts as
uncertainty spreads. But it must be
emphasized that the same fierce
competition for quality targets
will remain a stumbling block for
dealmakers in Europe. Furthermore,
with quantitative easing by the ECB
set to help boost asset valuations
through the rest of the year, concerns
around deal pricing may remain,
especially as demand is unlikely to
fall, what with the amount of dry
powder dealmakers are looking to
deploy. In short, PE activity is more
likely to diminish at least somewhat,
but not by much.
6 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
The impact of heightened
valuations can be readily seen
in the breakdown of PE investment
by size below, with the proportion of
deals exceeding ¤25 million in size
Spending on IT investments boomed to a record high
of ¤40.4B, maintaining its proportionate value
European PE deals (¤) by sector
B2C activity surged in volume to an easy high for the
decade
European PE deals (#) by sector
Mega-deals propped up overall PE deal value
considerably last year
European PE deals (¤) by size
High prices are expanding the bounds of larger deal
size segments to levels unseen since the crisis
European PE deals (#) by size
High valuations in a search for qualityDeals by sector & size
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
€2.5B+
€1B-€2.5B
€500M-€1B
€100M-€500M
€25M-€100M
Under €25M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
€2.5B+
€1B-€2.5B
€500M-€1B
€100M-€500M
€25M-€100M
Under €25M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
B2B
B2C
Energy
Financialservices
Healthcare
IT
Materials &resources
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
B2B
B2C
Energy
Financialservices
Healthcare
IT
Materials &resources
Source: PitchBook Source: PitchBook
Source: PitchBook Source: PitchBook
steadily creeping upward over the
past few years back to pre-financial
crisis levels. Deals in the ¤100 million
to ¤500 million range accounted
for 23.2% of overall activity in 2015,
the largest percentage in nearly a
decade—2006 saw 25.1% for that
same segment. In terms of value,
the resurgence of mega-deals
such as Nordic Aviation Capital's
purchase by EQT Partners skewed
the ¤2.5 billion+ segment to nearly
record levels. On a sector basis,
B2C experienced a surge even over
2014 numbers to 654 completed
investments. Many forecast growth
in domestic demand, particularly
given the continued slump in oil
prices, although the effects are
muted somewhat by lower inflation
and continued high unemployment in
many areas. Consequently, if growth
occurs, it will be highly region-
specific.
7 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
PE activity hit new highs, with no sign of slowing through the end of 2015
U.K. PE deals by year
Spotlight: U.K.Overview of PE activity in the U.K.
The most active PE market in
Europe—the U.K.—continued
to expand last year to new highs.
By count, 2015 just barely overtook
the previous record set by 2014,
while value jumped by 17.3% YoY.
Much of what characterized overall
European PE activity in 2015 was
also evidenced in the U.K., from
the massive boom in U.S. investor
participation to a new record
percentage of bolt-ons. Yet the
maturity and depth of the U.K. PE
market, not to mention the region's
economic growth, leaves it better off
than most of the Eurozone. Although
the U.K.'s economic forecasts have
been battered somewhat by the
same concerns troubling investors
worldwide, it still more closely
resembles the U.S. than other
European PE scenes.
£67
£60
£45
£42
£43
£43
£48
£63
£83
£97
429
550 516
341
493
599642
748
843 861
0
100
200
300
400
500
600
700
800
900
1,000
£0
£20
£40
£60
£80
£100
£120
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Deal value (£B)
Deal count
Source: PitchBook
Much like the U.S., PE investors in the U.K. are building out portfolios
more than ever before
U.K. bolt-on % of buyout activity by year
U.S. PE firms have accounted for the lion's share of overall activity,
hitting unprecedented heights in 2015
U.K. PE deals with U.S. investor participation
79 107
137
76 126
264
276
296
323 39
6
257 30
7
231
141
210
206
213 26
0 325 27
2
24% 26%
37% 35%38%
56% 56%53%
50%
59%
0%
10%
20%
30%
40%
50%
60%
70%
0
100
200
300
400
500
600
700
800
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Bolt-on Non bolt-on Bolt-on % of buyout
€50
€43
€35
€35
€31
€29
€29
€42
€49
€75
258
341 319
220
320
405 405
497551
604
0
100
200
300
400
500
600
700
€0
€10
€20
€30
€40
€50
€60
€70
€80
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Deal value (£B)
Deal count
Source: PitchBookSource: PitchBook
8 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
Consumer deals have accounted for a far larger
proportion of pounds invested this year
U.K. PE deals (£) by sector
The tally of investments in the consumer space
reached a high for the decade
U.K. PE deals (#) by sector
The gradual growth in larger size brackets indicates
the swell in valuations over the past few years
U.K. PE deals (£) by size
Investors continue to focus on the core and lower end
of the U.K. mid-market
U.K. PE deals (#) by size
Source: PitchBook Source: PitchBook
Source: PitchBook Source: PitchBook
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
£2.5B+
£1B-£2.5B
£500M-£1B
£100M-£500M
£25M-£100M
Under £25M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
£2.5B+
£1B-£2.5B
£500M-£1B
£100M-£500M
£25M-£100M
Under £25M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%20
06
2007
2008
2009
2010
2011
2012
2013
2014
2015
B2B
B2C
Energy
FinancialServicesHealthcare
IT
Materials &Resources
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
B2B
B2C
Energy
FinancialServicesHealthcare
IT
Materials &Resources
For example, much as in the U.S.,
PE firms are focused on building
out portfolios via bolting on new
companies, which can help mitigate
initial purchase prices, offering an
added incentive in an era marked
by stubbornly high valuations.
In addition, as evidenced by
RBS's agreement with AIG Asset
Management (Europe), Hermes
Investment Management and M&G
Investments to provide a new source
of lending to PE-backed U.K. mid-
market companies, investors across
the private capital spectrum are
scouring the midsized segments
of the U.K. company inventory for
relatively better-valued options to
put capital to work, whether on the
buying or lending side. The same
infiltration of both sides of the middle
market is occurring in the U.S. Even
with valuations remaining on the high
end in the U.K., the vast majority
of deals occurred in the sub-£100
million size bracket. To cap it off, with
consumer spending helping drive the
past three years of U.K. economic
growth and expected to continue
to do so in the short term at least,
the surge in PE investment in B2C
last year signifies how investors are
looking to capitalize on one of the
brighter spots in the overall economic
landscape.
9 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
2014 saw immense sums exited, but last year's numbers are staggering
U.K. PE exits by year
£20
£25
£17
£7 £11
£16
£23
£32
£41
£53
160
208
133
83
145
195188
247
282299
0
50
100
150
200
250
300
350
£0
£10
£20
£30
£40
£50
£60
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Capital exited (£B) # of exits
The year was marked by several flagship raises by notable names
U.K. PE fundraising by year
£26
£35
£21
£27
£9 £14
£18
£36
£20
£22
56
68
45
37 36 38
44 4439
35
0
10
20
30
40
50
60
70
80
£0
£5
£10
£15
£20
£25
£30
£35
£40
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Capital raised (£B)
# of funds closed
Source: PitchBook
Source: PitchBook
When it comes to PE-backed exit
activity, however, much like the
rest of the continent, the U.K. had
a banner year. PE sellers achieved
a staggering £53 billion in total exit
value last year, not only a 29.9%
increase over 2014's already-massive
£40.8 billion, but also a clear high for
the decade.
Although exits were driven primarily
by corporate acquisitions and
sponsor-to-sponsor transactions,
it's worth noting that a handful of
PE-backed portfolio companies
had strong debuts. WorldPay and
AutoTrader stand out, the former
boasting the largest IPO seen in
London in years—also the largest
PE-backed IPO in the U.K. ever—and
the latter debuting to the tune of a
£2.4 billion valuation. These strong
offerings, as well as the sheer growth
in the rate at which PE firms have
been able to sell off holdings at
elevated valuations over the past
few years, helps underpin the large
pools of capital PE firms have been
able to amass over the past few
years. The peak in 2007 fundraising
numbers is a tad deceptive when
looking at the relative success of PE
fundraisers since 2013 alone. During
that timespan U.K. PE investors have
collected over £78 billion in capital
commitments across 118 vehicles,
strong totals by any measure. It
must be noted, however, that these
hefty sums were primarily driven
by a surfeit of large buyout funds:
Bridgepoint Europe V, Montagu V,
Equistone Partners Europe Fund V,
etc. In fact, 80% of all capital raised
in 2015 in the U.K. by PE firms was
parked in buyout vehicles—71%
of all funds that closed last year
were earmarked as buyout, the
loftiest such percentage since
2007. The primary conclusions to
draw from those figures are that
the growing trend of risk-averse
LPs favoring the funds of larger PE
managers is as evident in the U.K.
as it is elsewhere. Consequently, PE
fundraising in the U.K. is subject to
timing to a considerable extent, as
volatile quarterly numbers reflect.
The caution on the part of LPs
makes sense, given that heightened
valuations tend to depress returns
and, in uncertain times, it makes
sense to place money with larger
firms with resources and experience
sufficient to tap a wide pool of
potential prospects. A similar type of
risk aversion is likely to be reflected
in the coming year as U.K. PE firms
scrutinize persistently high valuations
more dubiously, given a handful of
key variables that could detract from
overall growth, such as the pending
referendum on membership in the EU.
U.S. investment could boost numbers
somewhat, however, ameliorating
a fall in activity generated by
uncertainty.
10 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
A record seller's marketExits
In the past four years, the sheer
figures of PE-backed exit activity
in Europe are staggering. From ¤74.1
billion in total value across 701 exits
in 2012, the aggregate sum of PE-
backed sales grew by 144%. Even
a dip in 4Q 2015 activity wasn't
enough to slow the rate of selling,
either, with the number of completed
liquidity events sailing past 1,000
last year alone. In the past two years,
European PE firms have closed 1,883
exits worth an immense ¤327 billion.
That remarkable seller's market was
opportunistically built on strong M&A
activity, renewed appetite for select
PE-backed debuts in public markets
and record sponsor-to-sponsor
transactions, and, by its very success,
is unlikely to be repeated, if perhaps
to be imitated in 2016.
4Q 2015 marked the third consecutive quarter of exit value exceeding ¤45B
European PE exits by quarter
2015 saw a high tide in both value and volume of PE-backed sales
European PE exits by year
€119
€124
€66
€27
€58
€93
€74
€113
€146
€181
589
738
514
338
538
769
701
885 877
1,006
0
200
400
600
800
1,000
1,200
€0
€20
€40
€60
€80
€100
€120
€140
€160
€180
€200
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Exit value (€B) # of exits
€15
€26
€31
€22
€12
€15
€25
€22
€17
€31
€37
€28
€24
€39
€46
€38
€37
€51
€45
€47
194
236
183156
173 167 171190
211224
246
204
191
244211
231247
268 264227
0
50
100
150
200
250
300
€0
€10
€20
€30
€40
€50
€60
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2011 2012 2013 2014 2015
Exit value (€B) # of exits
Source: PitchBook
Source: PitchBook
11 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
SPONSORED BY
A few unexpected bumps in year-end sales shifted regional proportions
European PE exits (#) by region
The volume of secondary buyouts to corporate buys stayed stable
European PE exits (#) by type
Several strong IPOs helped keep capital exited via that route hefty
European PE exits (¤) by type
Source: PitchBook
Source: PitchBook
Source: PitchBook
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2013 2014 2015
U.K./Ireland
SouthernEurope
Nordics
GSA
France/Benelux
CEE
0%
20%
40%
60%
80%
100%
2008 2009 2010 2011 2012 2013 2014 2015Corporate Acquisition IPO Secondary Buyout
0%
20%
40%
60%
80%
100%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Corporate Acquisition IPO Secondary Buyout
But the factors feeding the selling
frenzy that characterized these past
few years could keep 2016 numbers
very strong. By and large, European
M&A is expected to stay substantial
as corporate buyers seek to grow
via acquisitions—almost defensively,
given the current economic climate—
with a focus on expansion into
new sectors. If strong demand for
PE-backed holdings on strategics'
part remains in place, then the level
of pricing and, on a related note,
quality of targets coming to market
could become primary concerns. As
evidenced by the surge in exit value,
PE firms have been enjoying high
valuations for some time, but the
quality of the portfolio companies
put up for sale may come under more
scrutiny as lofty price levels persist.
Secondary buyouts should prop up
exit numbers considerably, given that
PE firms are still hard-pressed to put
capital to work, but in that arena as
well, the fact that many of the prime
targets held by other PE firms have
likely already been purchased could
contribute to a slackening in activity.
For cash-rich corporate buyers, it will
become a matter of which PE-held
targets still offer sufficient synergies
to justify transaction multiples that
could remain elevated given the
potential level of competition. For PE
firms, it will be mainly a question of
which fellow PE investors' portfolios
still hold opportunities for operational
enhancements, often via a greater
niche focus enabled by greater
resources. Hence, even though
there is optimism around the level
of M&A and, accordingly, PE sellers'
prospects, it must be tempered,
with purchasers' caution potentially
decreasing exit activity. But the
degree of diminution is unlikely to
be dramatic, as many of the driving
factors behind the seller's market of
the past couple years are still intact.
12 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
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A risk-averse environmentFundraising
The numbers for fund counts
and total sums raised over the
past several years suggest a more
selective approach on the part of
both investors and fund managers.
Since bottoming out in 2010, annual
totals of capital raised have risen,
while the 72 funds closed last year is
a 23% YoY decrease. It's worth noting
that timing may be a factor here,
with the last couple of years seeing
a fair amount of vehicles close. As
evidenced by the hefty ¤52.6 billion
amassed in 2015, large, experienced
firms such as Montagu Private Equity
and Waterland Private Equity are able
to raise successfully still, however.
LPs are exhibiting significant risk
aversion yet still desire exposure to
the asset class, and consequently are
oversubscribing to flagship pools of
capital.
Quarterly numbers reflect the effect of large closes by flagship names
European PE fundraising by quarter
Since 2010, fund counts and capital raised have diverged somewhat
European PE fundraising by year
€80
€77
€57
€40
€26
€43
€34
€69
€43
€53
195 188
159
113 112
120
101 10894
72
0
50
100
150
200
250
€0
€10
€20
€30
€40
€50
€60
€70
€80
€90
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Capital raised (€B) # of funds closed
Source: PitchBook
€6 €17
€6 €14
€11
€5 €8 €10
€6 €21
€19
€22
€8 €15
€12
€7 €10
€9 €22
€11
41
26
23
30 32
21
25
23
29
23
32
24 24 24
30
16 15 15
27
15
0
5
10
15
20
25
30
35
40
45
€0
€5
€10
€15
€20
€25
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2011 2012 2013 2014 2015
Capital raised (€B) # of funds closed
Source: PitchBook
13 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
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League tables4Q 2015
Business Growth Fund 10
Bpifrance 8
Vaaka Partners 8
Baring Vostok Capital Partners 6
HgCapital 6
Argos Soditic 5
Co-Investor 5
EQT Partners 5
EVP Capital Management 5
Kohlberg Kravis Roberts 5
Main Capital Partners 5
Apollo Global Management 4
Ardian Private Equity 4
BC Partners 4
Cinven 4
Duke Forest Capital 4
Exponent Private Equity 4
Foresight Group 4
Inflexion Private Equity 4
Intermediate Capital Group 4
MML Capital Partners 4
Naxicap Partners 4
Nordic Capital 4
Norvestor Equity 4
Oaktree Capital Management 4
Ouest Croissance 4
Palatine Private Equity 4
Ratos 4
The Blackstone Group 4
TPG Capital 4
Most active investors by deal count
PricewaterhouseCoopers 25
Rothschild Group 17
KPMG 15
Deloitte 15
EY 10
J.P. Morgan 7
Lincoln International 7
BNP Paribas 7
BDO 6
Morgan Stanley 6
Lazard 5
Clearwater International 5
Credit Suisse 4
Mediobanca 4
Numis Securities 4
The Goldman Sachs Group 4
Mazars 3
Lazard Middle Market 3
HSBC Bank 3
Grant Thornton 3
Eight Advisory 3
Dow Schofield Watts 3
CIL Management Consultants 3
Barclays 3
Barclays Investment Bank 3
Armstrong Transaction Services 3
Accuracy 3
RBC Capital Markets 3
Results International 3
William Blair & Company 3
Most active advisors by deal count
Linklaters 14
Squire Patton Boggs 11
Kirkland & Ellis 10
Latham & Watkins 10
Travers Smith 8
Allen & Overy 6
DLA Piper 6
Jones Day 6
FIDAL 6
Addleshaw Goddard 5
Willkie Farr & Gallagher 5
Clifford Chance 5
Lamartine Conseil 5
Weil, Gotshal & Manges 4
Goodwin Procter 4
Mayer Brown 4
Paul Hastings 4
Slaughter & May 4
DWF 4
Cuatrecasas, Gonçalves Pereira 4
Ward Hadaway 4
Gateley 4
Pinsent Masons 3
K&L Gates 3
McDermott Will & Emery 3
Herbert Smith Freehills 3
Hogan Lovells 3
White & Case 3
Osborne Clarke 3
Legance - Avvocati Associati 3
Most active law firms by deal count
14 PITCHBOOK 2015 ANNUAL EUROPEAN PE BREAKDOWN
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EDITORIAL
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