3Q 2018
PitchBook Analyst Note: Additive Dealmaking: Part II
September 4, 2018
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.