Private equity investors have invested in 196 U.S. companies primarily involved in the Human Capital Services industry, according to the PitchBook Platform. Eleven deals have been completed so far this year, closing in on 2011's final tally of 13. All in all, 34 states have been home to PE-backed Human Capital Services companies, the most popular state being California, which accounts for 20% of the deal flow. 39 Californian companies in the industry have received PE backing through a total of 45 deals. Texas (11% share), Florida (8%), New York (8%) and Georgia (6%) round out the top five.