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Q1 produced 586 closed & announced PE deals, down from 669 a year ago Financial sponsors are more sensitive to rising valuations Greater emphasis on recession-proofing portfolios Bracing for inevitable economic headwinds, financial sponsors are proving a little less willing to stretch on valuations as their sell-side counterparts remain eager to exit under still-favorable conditions. […]

Goldman Sachs launched a dedicated middle-market advisory and financing effort earlier this year, pushing into the market for companies—sponsor and non-sponsor backed—with enterprise values of $500 million to $2 billion. Goldman expects more than 100 bankers to work on the middle-market team, called Cross Markets Group. Three senior bankers, David Friedland, Will Bousquette and Rob […]

Last year, Hg approached TA Associates to acquire Access Group, a U.K.-based business management software provider. TA was not interested in fully exiting the company. But the two firms hit on a novel idea that appears to be gaining popularity in today’s high-priced market. Boston-based TA chose to sell a 50 percent stake in the […]

Lending to a sluggish pace of deal flow in Q3, financial sponsors are illustrating more aversion to risk and taking extra care to pick their spots in what remains an aggressive valuation environment. The fact that there hasn’t been a big shutdown in the financing market for a long time is top of mind, and […]

Deal attribution is a major challenge for new firms Attribution letters can help, but come in many forms MiddleGround sticks to its identity How do you go from a job installing bumpers at a Toyota factory in Kentucky to managing hundreds of millions of dollars for a private equity fund? It’s a compelling story, and […]

Total deal value grew 24 percent in Q2 Less cyclical businesses are more favorable Lenders, GPs push back on heavily adjusted earnings Large private equity firms got more aggressive as deal activity heated up in the second quarter. Some firms are going the extra mile to win deals, whether it’s by getting in front of […]

Large private equity firms got more aggressive as deal activity heated up in the second quarter. Some firms are going the extra mile to win deals, whether it’s by getting in front of the buyer early, preempting a bidding process or by offering full-equity bids to demonstrate commitment, bankers and GPs told Buyouts. So even […]

U.S. buyout funds raised more than $81.5 bln in Q2 Fundraising for first six months totals $160 bln, up from $86 bln in first six months of 2018 More demand for  lower-risk strategies as downturn remains a concern Fundraising remained active in the second quarter, with U.S. buyout funds raising more than $81.5 billion combined. The […]

Venture deals’ share of total market volume creeps up Advent of $5 bln deals a ‘game changer’ VC activity fueled by changing market dynamics Insight Venture Partners, a growth- and early-stage investor, has been working on a restructuring process to move assets out of older funds into a continuation vehicle that will give the GP […]