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PitchBook Analyst Note: Additive Dealmaking: Part II

3Q 2018

PitchBook Analyst Note: Additive Dealmaking: Part II

September 4, 2018

PitchBook Analyst Note: Additive Dealmaking: Part II
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In this analyst note, we follow up on trends in add-on acquisitions, particularly regarding their impact on PE fund performance. We find that PE funds that complete more add-on transactions generate better cash-on-cash returns across most vintages. While some may assume this is due to longer hold periods associated with add-on transactions, these funds also outperform on an IRR basis.