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US PE Breakdown

Q1 2021

US PE Breakdown

April 9, 2021

Q1 US PE activity points to a strong 2021

As the industry normalizes after the roller coaster of 2020, US private equity deals, exits, and fundraising saw robust activity in Q1. Healthy PE activity will likely endure through 2021 as the vaccine rollout continues, unprecedented fiscal stimulus takes effect, and pent-up demand works its way through the dealmaking process.

Our Q1 US PE Breakdown takes a deep dive into several trends that materialized during the first three months of 2021. The SPAC wave crested in Q1. At the same time, the IPO pipeline has strengthened, which gives GPs more exit options for the months ahead. Other key takeaways include:
  • GPs are acting opportunistically to put dry powder to work as the pandemic fallout continues in sectors such as retail and hospitality.
  • Public companies came out of 2020 with increased buying power after bulking up balance sheet cash during the downturn, and corporate acquisitions drove a significant portion of the total $162 billion in exit activity.
  • The rebound in fundraising saw 97 US PE funds amass $88.5 billion in Q1, with most of that capital coming from a handful of mega-funds.

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