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Private Equity Outlook: H1 Follow-Up

2021

Private Equity Outlook: H1 Follow-Up

July 20, 2021

Private Equity Outlook: H1 Follow-Up
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Assessing our 2021 predictions for US PE

At the start of 2021, PitchBook PE analyst predictions hinged upon the COVID-19 vaccination rollout and ensuing economic recovery.

As of June 30, with more than 180 million people living in the US having received at least one dose of the vaccine, several of these outcomes have blown away even the most bullish predictions. PE deals, exits and fundraising are all proceeding at a rapid pace. The remaining six months of 2021 will act as a test to see if the industry can continue at such speed.

Takeaways include
 
  • Prediction: PE fundraising will surpass $330 billion, thereby setting an all-time high. H1 2021 update: This prediction is on pace to come true.
 
  • Prediction: 20% of buyouts will be priced above 20x EBITDA. H1 2021 update: This prediction is on pace to come true.
 
  • Prediction: At least 20 PE-backed companies will enter US public markets through a reverse merger with a SPAC. H1 2021 update: This prediction is on pace to come true.
 
  • Prediction: Carveout deal value will hit the highest level on record. H1 2021 update: It is not yet clear whether this prediction will come true.