PE-to-PE activity continued its boom in 2015, according to the PitchBook Platform, with nearly 950 secondary buyouts completed worldwide last year, up over 20% YoY. The upward trend spans all four of the biggest sectors for activity: B2B (+19% over 2014), B2C (+12%), IT (+31%) and healthcare (+24%). It also carries across geography, with new decade highs for completed SBOs both in the U.S. (+20% over 2014) and Europe (+22%).
PitchBook clients can click to explore the data
Continuing a steady rise since 2009, last year's SBO total is a clear signal of what multiple investors have related to us: One of the biggest challenges PE investors currently face is deploying capital, with heated competition for the best targets and elevated valuation levels persisting. And as covered in our latest U.S. PE Breakdown, various GPs have been looking to focus on particular niches, which would ostensibly lead to increasingly targeting assets that have become noncore to the strategy of the GPs holding them.