From the end of 2015 through the first quarter of 2016, U.S. private equity activity fell by 23% in terms of completed investments. PE-backed exits were nearly halved on a quarter-over-quarter basis. Yet fundraising remained relatively strong, which hints at how—amid a short-term decline—PE firms are still exhibiting the traits that carried them through the financial crisis and produced sizable enough returns to justify limited partners' confidence.
In short, PE fund managers are displaying considerable flexibility in both investment and fundraising strategies as they adapt to the environment. PitchBook's 1Q 2016 U.S. PE Breakdown delves into the shifting landscape, examining deals by type, sector and more, along with buyout multiples and debt usage. Developed in partnership with Merrill DataSite and co-sponsored by Murray Devine, the report also includes: