The Q2 2020 edition of the US PE Breakdown delves into how COVID-19 has affected US PE activity, covering dealmaking, exit activity, and fundraising. This report notes how as traditional buyout opportunities dried up in Q2, PE firms turned to add-ons, PIPEs, carveouts, distressed-for-control transactions, and more to deploy capital. PE-backed exits sank to a greater extent as PE firms saw steep markdowns in their portfolios and chose to hold rather than liquidate at sale prices. Fundraising presented more of a mixed bag as total capital raised remained strong because mega-managers closed on mammoth funds, but the number of funds raised began to dwindle as emerging or nascent firms struggled to find traction with LPs. This version of our flagship US PE report also spotlights how growth equity has matured into its own distinct strategy.