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US PE Breakdown

Q2 2021

US PE Breakdown

July 9, 2021

US PE on pace to set records across the board

Last year during the height of the COVID-19 pandemic, the US private equity industry was in full crisis mode as investors tried to keep portfolio companies in battered industries afloat. But just a year later, the asset class has arguably never been healthier, according to PitchBook’s Q2 2021 US PE Breakdown.
  • US PE dealmaking was on a record-setting pace through Q2, with mega-deals of $1 billion or more and middle-market transactions surging thanks to the speedy economic recovery, demand for high-yield debt, an abundance of dry powder and the looming threat of a capital gains tax hike. 
  • US PE exits were also on pace to set records, as investors took advantage of buoyant public markets, an oversaturation of SPACs looking to acquire targets and corporate strategic acquirers that have become more aggressive.
  • For a short time, the pandemic nearly brought PE fundraising to a halt, but it appears to have almost recovered entirely as LPs continue to pour money into alternative assets in search of lofty return numbers. 

This report was sponsored by Twin Brook Capital Partners, West Monroe, Liberty GTS, and Baker Tilly. Interested in sponsoring future editions of this report? Visit our media partnerships page to learn more.