PE investors still have heaps of dry powder available amid the current seller's market, and with public equity markets declining dramatically last week, we decided to look at how private investments in public equities have unfolded globally over the past few years. According to the PitchBook Platform, PIPE transactions are on pace to hit roughly 110 in count this year, representing a decline of about 55% since 2009, when PIPE deals hit a record high driven by public entities looking for alternative funding during the financial crisis. Interestingly, PIPE deals haven't seemed to favor any particular industry, with transactions occurring relatively even among most sectors. Dating to 2005, heavyweights such as Warburg Pincus and Blackstone have dominated the environment for these investments, however we've highlighted more recent top investors below.
Top PE investors in PIPE rounds over the past two years: