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    • 2Q 2018

    • 1Q 2018

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Report center

featured report

1Q 2018European PE Breakdown
European PE Breakdown
Following three consecutive years of strong activity, European PE deal flow declined substantially in the first quarter of 2018. However, that could be a temporal anomaly—a flurry of announced deals have yet to close. In our 1Q 2018 European PE Breakdown, our analysts delve into what is behind the decline in dealmaking on the continent, analyzing activity by region, size, sector and more, including a spotlight on the Nordics.
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PitchBook Analyst Note: New Horizons for PE

1Q 2018

PitchBook Analyst Note: New Horizons for PE

The latest analyst note from PitchBook's research team compares corporate structures' particular advantages and disadvantages for private equity firms. Highlights include: • Spurred by new US tax laws, Ares has become the first public PE firm to convert from a partnership to a C-Corp, potentially opening the door for other firms to make similar moves. • By switching to a C-Corp, the shares of PE firms could become eligible for indices and gain exposure to new investors by being included in retail products, potentially leading to higher valuations. Other firms will be closely watching developments with Ares’ stock to see how investors respond to the switch. • However, changing to a corporate structure means that performance-related income will be taxed at the corporate rate before being distributed to shareholders. As such, firms that make the switch are likely to resemble Ares, with a relatively higher proportion of management fees compared to performance fee.

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PitchBook PE & VC Fundraising Report

2017 Annual

PitchBook PE & VC Fundraising Report

PitchBook's 2017 Annual PE & VC Fundraising Report analyzes the exceptional success PE firms had last year on the fundraising trail, raising more capital than in any other full year since 2007. Not only was a massive amount of capital raked in, but general partners also had an easier time closing commitments. The median time to close dropped to just 11.2 months, while over three-quarters of PE funds were larger than their predecessors. Venture firms were no slouches either, raking in over $40 billion in commitments in the fourth consecutive year to eclipse that amount. In this report, our analysts delve into the drivers of such success, exploring datasets ranging from fundraising by size to fund size metrics.

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US PE Lending League Tables

2017 Annual

US PE Lending League Tables

PitchBook's lender-specific league tables offers rankings of lending to US PE-backed companies.

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PitchBook Analyst Note: AI's Health Exam

1Q 2018

PitchBook Analyst Note: AI's Health Exam

Key Takeaways • Artificial intelligence and machine learning (AI/ML) is beginning to resonate with venture investors particularly in the healthcare sector, which recorded 48 deals in 2017 raising $718 million, representing 65% and 126% growth YoY, respectively. • Within healthcare, we expect AI to be used mainly to augment workers’ skills, as opposed to displacing them. Personal AI assistants for physicians/nurses can recall relevant medical research, compile population patient data, provide initial possible diagnoses, and optimize workflow. Time saved by these innovations represent countless hours that can be used more efficiently by industry professionals. • Deep learning algorithms that leverage image recognition are already more accurate than panels of specialists in detecting and diagnosing pneumonia, TB, certain early stage cancers, and other diseases.

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AR/VR Market Map

1Q 2018

AR/VR Market Map

Virtual and augmented reality (VR and AR) may seem like new phenomena, but these technologies have been around since the 80s, when government organizations like NASA harnessed them to simulate real-life experiences, while tech enthusiasts applied them to gaming and entertainment. Mainstream interest fizzled for some time as researchers developed the technology, but a resurgence in the last decade brought a wave of innovations and venture funding. PitchBook's latest market map surveys the VR/AR and mixed reality (MR) global startups that have received the most venture funding, categorized into hardware and software segments, and then by end-user. For startups that span multiple segments or have multiple end-users, categorizations are based on our understanding of their primary use case or end-user.

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European PE Breakdown

2017 Annual

European PE Breakdown

European PE had a banner year, seeing the second-highest tally of deal value yet recorded. PitchBook's 2017 Annual European PE Breakdown reviews all the key factors impacting PE fund managers across the continent, assessing the impact of macro factors ranging from economic growth to policy shifts.

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VC Liquidity Report

2017 Annual

VC Liquidity Report

VC-backed exits recorded another strong year of activity with the $67.3 billion exited across 1,265 deals. Although the this is the third straight year of falling exit counts, this activity represents a slight increase of value over the two previous years. The maturing venture environment across North America and Europe, combined with consistently generous valuations in the market, have contributed to the proliferation of larger exits.

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Global League Tables

2017 Annual

Global League Tables

PitchBook's 2017 Annual Global League Tables is the comprehensive ranking of private equity and venture capital activity worldwide for the full year.

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PitchBook Analyst Note: Foundational Framework for Analyzing Crypto Assets

1Q 2018

PitchBook Analyst Note: Foundational Framework for Analyzing Crypto Assets

2017 was a breakout year for the crypto asset class, with retail and institutional investors alike trying to take part in the potentially transformative technology. With the stampede of investors entering the space and massive price swings, virtually everyone is trying to be the short-to-medium term price guru, but few people are delivering deep, long-term value research. Due to wide-ranging potential, we find it necessary to explore a framework to assess the long-term value of a blockchain protocol and its impact on the investment ecosystem. In this note, we outline the primary variables and inputs that together comprise the framework for evaluating crypto assets.

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European Venture Report

2017 Annual

European Venture Report

2017 was a record year for Europe’s venture ecosystem, with €16.9 billion in capital invested—the highest number PitchBook has recorded. Deal count, however, trended downward for the third consecutive year. The final number of closed deals came in at just 3,306, a 24% decrease from 2016 and the lowest number of financings since 2012. The 2017 Annual European Venture Report details the data and analysis behind the growing European venture industry, looking through deals, exits and fundraising figures to illuminate the market's path forward. Also included are special breakdowns of investment in artificial intelligence and the continued strength of the UK and Ireland.

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