Pitch book decade_investments_2001_2010

Private Equity: Data | News | Analysis

The PitchBook
Decade Report
Vol. II: Investments
2001 - 2010

The PitchBook Advantage
Better Data. Better Decisions.

Table Of Contents
PitchBook Introduction .......................................................... 3
Private Equity Deals Overview ............................................... 4
Deals by Deal Size ................................................................... 5-8
Lower Middle Market .......................................................... 5
Middle Market ...................................................................... 6
Upper Market ........................................................................ 7
Deal Multiples and Leverage ............................................... 8
Investor Details ....................................................................... 10-11
Deals by Deal Type .................................................................. 12-15
Overview ............................................................................... 12
Leveraged Buyout ................................................................ 13
Add-on ................................................................................... 14
Private Equity Growth ......................................................... 15
Deals by Region ...................................................................... 17-18
Deals by Industry...................................................................... 19-26
Overview ............................................................................... 19
Business Products and Services (B2B) ............................... 20
Consumer Products and Services (B2C) ............................ 21
Energy .................................................................................... 22
Financial Services ................................................................. 23
Healthcare ............................................................................. 24
Information Technology ...................................................... 25
Materials and Resources ..................................................... 26
League Tables ........................................................................ 28-41
COPYRIGHT © 2011 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or
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retrieval systems – without the express written permission of PitchBook Data, Inc. Contents are based on information from
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security. This material does not purport to contain all of the information that a prospective investor may wish to consider and
is not to be relied upon as such or used in substitution for the exercise of independent judgment.
2 Private Equity Decade Report, Vol. II: Investments www.pitchbook.com | demo@pitchbook.com | 1-877-267-5593


When we at PitchBook first contemplated the idea of producing reports about the activities of the U.S. private equity
industry over the past decade (2001 – 2010), we were not sure what we would find. But, we had a number of
questions that we wanted to explore, including the following: How did private equity end up here? Was there really
a bubble in private equity investment, or was it something else? What drove private equity to such lofty heights in
the middle of the decade? What effects did the financial crisis have on private equity? What does the last decade tell
us about the next decade?

What we found was a story of incredible growth in U.S. private equity, followed by a spectacularly sudden end to that
growth as PE firms fought to survive a financial crisis and deep recession that many thought would knock them out
for good. There is no question that during the past decade private equity experienced a level of growth bordering on
and crossing into bubble territory. This will be demonstrated page after page in this report by data on deal flow,
invested capital, valuation multiples, pace of investment, the active number of PE firms and the overall size of private
equity portfolios.

There is also no question that the last few years of the decade were extremely difficult for private equity investors.
However, it may have been a blessing in disguise for the industry by allowing activity to return to a more sustainable
level and some of the frenzy to dissipate. It has hopefully set the foundation for another decade of strong private
equity growth and performance for the industry. If the past decade is any sort of guide for this next one, it certainly
won’t be a boring next ten years.

Below are a few particularly interesting data points from this report that highlight some of the decade’s key private
equity investment themes:

• The decade saw 17,361 private equity deals totaling $1.73 trillion of invested capital
• Lower middle-market companies accounted for 81% of the decade’s deal flow
• The median private equity investment multiple peaked at 11.5x in 2008
• The average time between investments dropped from six months in 2002 to 2½ months in 2007
• Add-on deals accounted for 46% of PE buyouts by the end of the decade
• Texas saw more PE deals and invested capital than any other state
• Business Products and Services was the top industry for PE activity

The purpose of this report and the previously released PitchBook Decade Report, Vol I: Fundraising is to explore
some of the above questions using the unparalleled amount of data that PitchBook has collected on private equity.
Our motto is “Better Data, Better Decisions,” and we hope that you will find at least one or two interesting data
points in the following 38 pages that will help you answer some of your own questions and make better decisions.

Adley Bowden

Director of Research, PitchBook Data

Private Equity: Data | News | Analysis

PitchBook is an independent research rm providing superior intelligence on the private equity and venture capital industry. As a specialty-focused
resource, PitchBook’s core strength is its ability to meticulously collect, organize and analyze hard to nd private deal data. PitchBook’s mission is to
provide the highest quality information on the entire lifecyle, including the LPs, investors, strategic buyers, IRRs/fund returns, private deal valuations,
advisors and people involved – plus fundamental data for public company comps analysis – all in a state of the art online platform that is powerful
and easy to use. The PitchBook Platform has unparalleled information on over 60,000 private equity and venture capital investments, 15,200 funds,
6,800 service providers, 6,600 limited partners and 170,000 industry professionals. Better Data, Better Decisions.



Apr 19, 2007: Largest IPO Exit of the Decade
Spirit Aerosystems held its IPO on the NYSE Oct 10 2007: Largest Deal of the Decade
under SPR raising $1.4B Energy Future Holding was purchased for
$39.8B by KKR, TPG Capital, Stockwell
Nov 17, 2006: First LBO over $20 Billion of the Deacade Capital and Goldman Sachs.
Hospital Corporation of America was acquired by Bain
Capital, Kohlberg Kravis Robers, North Cover Partners,
and co-investors for $21.3B
Sep 15, 2008:
Lehman Brothers le for bankruptcy
Jul 31, 2006: Largest Strategic Acquisition Exit
PE-backed Adelphia was acquired by Time
Warner and Comcast for $17B

Jul 21, 2005: First Deal Over $5 Billion of the Decade
Toys R Us was acquired by Bain Capital Partners,
Kolhberg Kravis Roberts, Vornado Realty Trust and GB Dec 30, 2009: Last Fund Over $5B Closed
Merchant Partners for $6.6B Clayton Dublier & Rice Fund VIII was the
Apr 23, 2007: First Fund Over $20B last $5B+ fund that closed during the
GS Capital VI closed at $20.3B decade
2Q 2004: First Quarter
Over 400 Deals

Nov 15, 2006: First Fund Over $15B
1Q 2003: First Quarter Over TPG Partners V closed at $15.3B
$20 Billion of Deal Flow

Annual 2008:
Sep 9, 2006: First Fund Over $10B
2Q 2002: First Quarter U.S. PE capital overhang
Apollo Investment Fund VI closed at $10.1B
Over 200 Deals peaks at $576B

Annual 2009:
Capital investment of $61B
falls below 2003 level

Feb 28, 2001: First Deal Over $1 Billion of the Decade
Lubrizol Advanced Materials was acquired by AEA
Investors, DLJ Merchant Banking Partners, and
MidOcean Partners for $1.4 B

Better Data. Better Decisions. Deals by Deal Size

Lower Middle-Market Deal Flow

* Deal counts include only transactions for which PitchBook has amounts for.

Lower middle-market deal activity, as defined by deals valued at $250 million and below, accounted for a majority of private equity
deal flow during the decade. Despite the attention given to $1 billion+ deals, these lower middle-market companies have long been
the bread and butter of private equity investment, accounting for 81% of the decade’s deals. Deal flow in this area of the market
experienced a much less dramatic increase and decline in activity over the decade than larger company deal-making, as investors were
not as subject to the massive influx of capital and frothy debt markets as their upmarket counterparts. Companies in this size range
will continue to be of major importance to private equity as they play to PE’s strengths of value investing, leverage and growth
creation.
Lower Middle-Market Deals by Industry Lower Middle-Market Multiple

The Business Products and Services (B2B) and Consumer The median private equity deal multiple (company EV/EBITDA)
Products and Services (B2C) industries were the most active for the lower middle market was lower than the middle
industries for lower middle-market PE deals. The sub-sectors of market’s for nine out of the last ten years, a spread that many
these two industries that saw the most activity were private equity investors over the last decade profited from by
Commercial Services and Media. acquiring these companies at lower multiples and then
growing them organically and acquisitively to a size where they
could command a higher multiple.



Middle-Market Deal Flow

The middle-market (companies valued between $250 million and $1 billion) represented about 15% of private equity deal activity
during the decade. The biggest story in the middle-market was the substantial growth in PE investment from 2001 through 2007, with
deals increasing by 7.5 fold and capital investment by 8 fold. This growth was stopped cold by the financial crisis, which had a more
pronounced impact on mid-market deal-making than was seen in the lower middle market. Even if PE firms found an attractive
middle-market company during the recession, the seized up credit markets made getting financing for mid-market deals all but
impossible. A rebound in middle-market activity did occur in 2010 and will likely continue due to the renewed attractiveness in and the
availability of financing for companies of this size.

Middle-Market Deals by Industry Middle-Market Deal Multiple

Just over half of all middle-market private equity activity during Median middle-market deal multiples were higher than lower
the decade was in the Business Products and Services and middle-market multiples for nine out of the ten years but lower
Consumer Products and Services industries. Mid-market than mega deal multiples for every year of the decade, often
investors showed a particular appetite for Commercial Services times by a significant amount, such as at the peak in 2007 when
sub-sectors. The activity in the remaining industries was very the difference was close to 4x. This shows how the same
similar to overall PE activity. strategy of multiple expansion common to lower
middle-market investors works just as well for middle-market
investors, if the timing is right of course.


Upper-Market Deal Flow


While mega deals ($1+ billion) represented only 4% of the decade’s private equity deal flow, they accounted for over 90% of the PE
capital invested during the decade. Mega deals and the media attention that comes with acquiring household name companies, such as
Toys R Us, Chrysler and Hertz, are what most people will associate with private equity and the last decade. In all of private equity, it is
these deals that show the most pronounced profile of a bubble, with a tripling of deals and a quadrupling of capital investment in just
two years, before crashing down to only ten deals totaling $22 billion in 2009. The frothy debt markets and the massive amount of easy
financing available for $5 - $10 - $20 billion deals was what fueled this dramatic rise in private equity. It also explains how mega deal
activity was brought to a stand still by the drying up of liquidity and deleveraging resulting from the financial crisis.
Upper-Market Deals by Industry Upper-Market Deal Multiple

The breakdown of upper-market deals during the decade by The multiples paid by private equity firms in mega deals during
industry was very different from the rest of private equity the decade also supports the case of a bit of irrational
investment in two main ways. First, Consumer Products and exuberance. From a median of 10x in 2005, multiples climbed
Services dominated deal activity, accounting for 36% of deals up to an all-time high of 15.5x in 2007, before coming back
and 34% of capital investment. Second the rest of the decade’s down to the more reasonable 10-11x range in 2009 and 2010.
deal flow was fairly even split between five of the six remaining Mega deal multiples were also noticeably higher across the
industries. decade than lower- and middle-market multiples.


Median Investment Multiple

One of the more significant trends of the decade in private equity was the steady increase in investment multiples (deal valuation/EBITDA)
from the beginning of the decade up until 2008. Over that time period PE firms were investing at a median multiple five times higher then
when they began the decade. This would not be an issue if it were not for the fact that multiples have dropped a few turns post-financial
crisis. The impact of this on private equity returns could be significant and has resulted in a situation in which private equity investors will
have a hard time realizing any positive return through multiple expansion for all of those 2006 to 2008 investments. Thus, until multiples
recover further (which clearly is not an unreasonable thought), PE firms will have to continue to rely on operational improvements, the
smart use of leverage and growth to generate returns.
Median Debt Percentage Used in Buyouts

Private equity investors have a reputation of using dangerously high amounts of leverage to acquire companies, leaving companies with
highly leveraged balance sheets and little margin for error. Looking at the median amount of debt used in private equity LBOs over the last
decade, one finds a slightly more nuanced picture depending on company size and year. Across all deal sizes, the median debt-to-equity
ratio for U.S. private equity LBOs during the decade was 61% debt and 39% equity. During the peak years and for the transactions over $1
billion especially, PE investors were using significantly more leverage, reaching 72% of the total deal size in both 2004 and 2006. However,
for the majority of private equity deals, leverage was more in the 50% to 65% range. Notably, on the smaller end of the deal range, investors
were consistently using slightly less leverage than in mid-market deals and significantly less than in mega deals.


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Better Data. Better Decisions. Investor Details

Numbers of PE Firms with Deals

Two ways of tracing the growth of private equity during the last decade are the number of active private equity investors and the
number of new private equity investors. The chart above shows the number of private equity firms with at least one deal during any
given year of the past decade. In 2007 the number of investors topped out at 922, almost triple the 362 active at the start of decade.
Despite the 50% drop in private equity deals post-financial crisis, the number of PE firms with a deal in 2009 was only down by about
25% from the 2007 peak, showing that most firms remained active post-crisis and did not just fold up shop. Instead, they greatly
reduced new investment activity and turned their focus towards existing portfolio investments.

The chart below details the number of private equity firms each year making their first investment. It was no secret how much
wealth and investment gains were being created in the private equity industry during the decade, so it was only natural that it would
have attracted a large number of professionals looking to give it a go. In total, 1,259 private equity firms were created during the
decade, many of which made only a few deals, showing both how many people were trying to get a piece of the action and how hard
it is to actually develop a new firm with a deal or two into a more established firm with steady deal flow and institutional backers.

Number of First-Time PE Investors


Better Data. Better Decisions. Investor Details

Average Number of Deals per Year

The average private equity firm made between two and four investments per year during the decade. That might not seem like a lot,
but considering that for each deal completed firms usually will have seriously considered a dozen other opportunities and have done
a fairly extensive review on many more, it is more work than the numbers show. As would be expected by the increase in deal flow
during the middle of the decade, the average number of investments per year per firm also increased. Combined with information
on the previous page, it shows that the 2006 and 2007 peak in deal activity was, at its roots, a record number of active PE firms
making private equity investments at a record pace.

With the ensuing financial crisis and recession, private equity investors reigned in deal activity from a pace of roughly one
investment every four and half months to one every six months. This shows two things: one, PE firms responded to the crisis by
cutting back on investment activity, and two, PE firms are susceptible to buying at the top of the market and cutting back when
values drop.

Average Number of Months Between Deals


Better Data. Better Decisions. Deals by Deal Type

Private Equity Investments by Deal Type

Number of Deals by Deal Type

PE Growth 8,258 buyouts were completed during the decade,
making the buyout the most popular investment strategy
18% of the time period among private equity investors. Those
investors also frequently grew existing portfolio
companies through add-on acquisitions, completing
4,954 add-ons. Private equity growth investments were
signiﬁcantly less common with only 2,925 completed
Buyout during the decade. Buyouts and add-ons are often more
51% appealing to private equity ﬁrms than PE growth
investments, since they involve the transfer of a majority
Add-on stake in a company, thus giving the PE investor more
control over the company’s fate, and consequently, more
31% control over the success of its investment.

Capital Invested by Deal Type

PE Growth
10%
Add-on Just as buyouts accounted for more of the decade’s
completed deals than any other deal type, they also
6%
accounted for more of the total capital invested. In fact,
buyouts were responsible for the overwhelming
majority, about $1.38 trillion or 84%, of the capital
invested during the decade. This was partly due to the
popularity of multi-billion buyouts during the decade’s
boom years. Since add-on acquisitions tend to involve
target companies smaller than the platform companies
Buyout acquired through buyouts and PE growth deals involve
84% minority stakes, it is little surprise that these two deal
types accounted for much smaller shares of the capital
invested.



Leveraged Buyout (LBO)

Private equity’s primary method of investing in U.S. companies during the past decade was through leveraged buyouts. In total, there
were 12,908 completed LBOs from 2001 to 2010, and $1.47 trillion of capital was invested (both equity and debt) through those
LBOs. Not only are the sheer numbers involved staggering but so too is the growth seen in LBO deal flow. From about 2004 until a
peak in 2007, the number of buyouts in a year almost doubled, and the annual sum of capital invested nearly quintupled. At the time,
this was questionably unsustainable and, with the benefit of 20/20 hindsight, it appears that it in fact was. Once the leverage dried
up and the economy fell into recession, PE firms were much less willing and unable to acquire companies at the same rate that they
had in the middle part of the decade. By the end of 2010, the deal-making climate had improved noticeably, but buyout deal flow
was still below even 2004 levels.

The median buyout size traces a path similar to the amount of capital invested during the decade, doubling from 2003’s $50 million
to 2007’s $100 million, before being cut down to just $40 million in 2009. In 2010, though, there was a sudden reversal as private
equity firms with large amounts of dry powder and reasonable access to debt financing began targeting larger companies again. The
majority of companies acquired by PE firms were primarily engaged in the B2B (36%) or the B2C (27%) industries. The rest of the
acquisitions were fairly evenly split between the remaining industries. The most active sectors were Commercial Services with 2,111
buyouts, Commercial Products with 1,948 and Consumer Media with 829.

Median Buyout Deal Size ($M) Buyout (Count) by Industry



Add-on

Private equity firms have long used the platform and add-on (or buy and build) strategy to grow portfolio companies. During the past
decade, the use of add-on acquisitions (the acquisition of a company by a PE-backed company) steadily grew year after year to
account for 46% of all buyouts by the end of the decade. Add-on deal flow experienced a similar growth trajectory to buyout deal
flow, doubling from 408 deals in 2004 to 967 in 2007, but experienced a smaller decline with the financial crisis. In fact, many PE
firms took advantage of the opportunities created by the recession and their supply of dry powder to support acquisitions by their
portfolio companies of competitors and complimentary companies. In the volatile and uncertain economy, opting for investments in
companies and sectors that were already well understood helped mitigate the uncertainty and became justification of the increase
in add-on activity seen in 2008-2010.

The median deal size of add-on transactions during the decade mostly bounced around between $20 million and $30 million, with a
low of $17 million and a high of $35 million. With the median deal size about half that of regular buyouts, add-ons usually involved
smaller businesses in the lower and middle markets being acquired by larger PE-backed platforms and companies. The most targeted
industries for add-ons were B2B and B2C, but there was a steady decrease during the decade of B2C add-ons as Healthcare, IT and
Financial Services add-ons became more popular.

Median Add-on Deal Size ($M) Add-on (Count) by Industry



Private Equity Growth

Private equity growth investments (defined as minority equity investments in later-stage to mature companies made by private
equity funds) played second fiddle to buyouts during the decade, accounting for only 18% of PE deal flow. The capital invested
through growth deals amounted to $105 billion, just 6% of the $1.76 trillion invested by private equity during the decade. Growth
investment activity climbed steadily through the middle part of the decade from 129 deals and $4 billion of investment in 2003 to a
peak of 375 and $20 billion in 2007. With the financial crisis and ensuing recession, there was a dip in growth deals but by the close
of the decade, growth deal activity was not too far from its 2007 peak. This rebound can be explained by growth investors’ reduced
dependency on leverage and the large number of minority growth and recapitalization investment opportunities created by the
recession in companies of all types and sizes.

During the decade, the median growth investment size was about $20 million, with a pretty tight range of between $15 million and
$25 million, illustrating that the sweet spot for most growth investors was in lower- and middle-market companies. Usually, they
were companies in need of the resources and expertise that private equity investors can provide to businesses to help them get to
the next level, or even to just survive. The top industries for growth investments during the decade were the B2B and B2C industries.
However, around the middle of the decade, industries like Energy, Healthcare and Information Technology began to see more growth
activity as investors applied the strategy to a wider set of companies.

Median Growth Size ($M) Private Equity Growth (Count) by Industry


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The Geography of Private Equity Investment 2001 - 2010
This map shows the number of private equity deals and total capital investment during the decade per state. The darker the color, the higher the number of transactions.

310, 26,
$30B 44, $0.2B 52, 100, $2B
$1B $1B
371,
$23B 56,
313, $1B
27,
162, $1B $14B
$9B 53,
$18B 21, 415,
$0.1B $40B 1,221, $144B 615,
73, $42B
78, $2B
$8B 758,
851, 614, $71B
318, $50B
$109B $35B 44, $4B
126, 178, $7B 493,
$45B 283, 354, $54B
$40B 151, 51,
$10B $19B $3B 628, $96B
2,180 147, 434,
$169B $6B $42B 27, $2B
321, $31B
201, 344, $65B 420, $41B
$135B 59,
309, 44, $35B
$2B 176,
$15B
$128B
56, 168, 618,
$3B $7B $70B

1,854,
28, $3B 147,
$249B
$3B

1,002,
$75B

11,
$1B Total Number of Deals,
Total Capital Invested
Number of Deals

11 450 2,180

Better Data. Better Decisions. Deals by Deal Region

International PE Investment by U.S. Investors

Consumer Products and Services (B2C)

This chart displays where U.S.-based private equity funds (note, this does not include non-U.S. funds raised by global PE firms with
U.S. headquarters) have been investing internationally during the past decade. Unsurprisingly, Western Europe, Northern Europe,
Canada and Mexico are the top areas for investment. What is interesting is the shift that begins to occur around 2006 as emerging
markets like Asia, China and East Asia and South America began to attract more private equity investment. Noticeably absent are the
Middle East and Africa, with less than 1% of the international private equity investment combined.
U.S. PE Investment by International Investors

This chart displays the breakdown by location of international private equity firms that invested in U.S.-based companies. The
majority of non-U.S. investors during the decade were based in either Canada or Northern Europe, as each region accounted for 29%
of the deal flow. Western Europe was a close third, accounting for 23% of the non-U.S. investors in U.S. deals. By the end of the
decade, investors from across the globe began to become more active in the U.S. market, a trend that will certainly be interesting to
watch during the next ten years.


Private Equity Industry Investment 2001 - 2010 Industry
# of Deals, $ Invested Billions
How to read this chart: The seven different industries are labeled and bordered in black. Each industry is then broken down into its different sectors,
which are bordered in white. The size of each sector’s box is based on the number of transactions within the sector. The more transactions there are, the
larger the box. The color of the box is based on the amount of capital invested in the sector. Darker colors represent larger amounts of capital invested. $11B $80B $141B

Business Products and Services Consumer Products and Services Information Technology Healthcare

Software
845, $65 Healthcare Services
975, $96
Consumer
Media
Non-Durables
1,038, $124 761, $50
Commercial Services
2,775, $141 IT Services
297, $11
Pharmaceuticals &
Biotechnology
Communications Device & Supplies 287, $24
452, $39

Semiconductors
& Networking
567, $80 Hardware
225, $7 Healthcare
Technology
Systems
159, $7
Consumer Durables Restaurants,
662, $30
Hotels & Leisure Materials &
Energy Financial Services
49
$23 Resources
582, $126
Containers &
Transportation Other
Packaging
518, $51 Exploration Financial Services
272, $21
Production & Refining 375, $67
576, $80
Commercial Products Retail
2,339, $113 Transportation Chemicals & Gases
494, $93 Insurance
336, $58 242, $59
306, $23

Equipment Forestry
Services Metals,
215, $13 64, $14
Minerals
B2C Services Apparel & 367, $53 Capital Commercial
& Mining
Markets / Banks
Other B2B (Non-Financial) Accessories 150, $15 Agriculture
Other

Institutions 166, $41 53, $2
185, $13.34 412, $32 242, $11 210, $41
Utilities Textiles
Other

56, $54 67, $3 Other

* Area of Box Indicates Number of Deals Completed
* Color of Box Indicates Amount of Capital Invested

Better Data. Better Decisions. Deals by Industry

Business Products and Services

Business Products and Services (B2B) was the most active industry of the decade. It experienced a steady increase in PE investment
during the first seven years, before peaking in 2007, when 1,091 B2B deals were closed representing a total of $100 billion of
invested capital. Four of the decade’s five largest B2B deals closed in 2007, including the $7.1 billion buyout of U.S. Foodservice.
Following the financial crisis, investment activity tumbled, and 2009 saw investment levels that closely resembled the earlier part of
the decade. 2010, however, showed signs of a rebound with 531 closed deals, representing $30 billion of invested capital.

The median deal multiple for B2B climbed fairly consistently by about 1x each year until it reached a decade high of 11.1x in 2008, a
year after the industry’s deal flow peaked. From there, it fell, closing out the decade at 8.0x, still well above the 5.1x at which it
started the decade. With a 47% share, the Commercial Services sector accounted for more of the industry’s activity than any other
sector. Throughout the decade, the sector’s share of the activity increased, gradually climbing from 38% in 2001 to 53% in 2010. This
growth occurred at the expense of the Commercial Products sector, which was the second most active B2B sector for the entire
decade.

B2B Deal Multiple B2B Activity by Sector



Consumer Products and Services

Private equity investment in the Consumer Products and Services (B2C) industry grew significantly during the decade. Until 2008,
deal flow was doubling every four years, and capital investment every two. At its highest point, the B2C industry saw 767 deals
totaling $155 billion in a single year. During the following two years, both the number of deals closed and total capital invested
declined, the latter more so as PE investors shied away from larger deals and opted for smaller transactions. 2010, however, saw a
returning interest in larger consumer deals, and although the number of deals closed during 2010 represented only a slight
improvement over 2009, the total capital invested was more than double.

The median deal multiple in the B2C industry rose all the way from a decade low of 5.4x in 2002 to a high of 11.4x in 2007. After
peaking, the multiple dropped to 8.3x in 2009. Activity in the B2C industry was relatively spread out across the different sectors. With
a 23% share of the activity, Media was the most active sector in the industry. Media’s popularity relative to other sectors, however,
slipped during the second half of the decade. Meanwhile, Consumer Non-Durables gained momentum through the second half,
making it the decade’s second most active B2C sector with 17% of the deal flow.

B2C Deal Multiple B2C Activity by Sector



Energy

The pace of private equity deal flow increased in the Energy industry during the first half of the decade. It then plateaued from 2006
to 2008 before slowing back down with the recession and fall in energy prices. Meanwhile, the yearly total for capital invested
increased gradually from year to year until 2007, when it spiked to $84 million, more than 3x the amount invested during 2006. The
following year, it returned to pre-2007 levels. The hefty amount of capital invested during 2007 was primarily due to the closing of
two of the decade’s largest Energy deals: the public-to-private buyouts of Energy Future Holdings ($39.8 billion) and Kinder Morgan
($14.4 billion).

The median deal multiple for Energy investments was relatively erratic throughout the decade, and unlike most other industries, the
multiple did not rise and fall in a manner resembling trends in the amount of deals closed and capital invested in the industry. This
indicates that it is probably closer tied to energy prices and other factors in the market. The median energy deal multiple hit a decade
high of 11.2x in 2003 and a low of 6.3x in 2006. With a 47% share, the Exploration, Production & Refining sector was responsible for
more of the activity in the Energy industry than any other sector. However, the Services sector, which ranked second overall, gained
momentum throughout the decade and hit a 10-year high of 36% in 2009.

Energy Deal Multiple Energy Activity by Sector



Financial Services

In the Financial Services industry, deal activity ramped up during the middle of the decade with capital invested almost tripling each
year from 2004 to 2007, peaking at 204 closed deals totaling $119 billion in 2007. Three of the decade’s largest Financial Services
deals, including the take-private buyout of First Data, closed during 2007. Each of those deals involved over $20 billion and
contributed to the year’s sharp spike in capital invested. Like other industries, Financial Services experienced a decrease in deal flow
after 2007, but it quickly made a strong recovery as private equity firms found a number of compelling investment opportunities in
the battered sector. 2010 saw 177 deals close, well above pre-2007 levels and the second highest total for the decade.

Coinciding with the peaks in deal count and capital invested, the median deal size for Financial Services hit a decade high in 2007 at
$287 million. 2010 had a median deal size of $165 million, the second highest for the decade. The Insurance sector of the Financial
Services industry accounted for almost a third of the activity during the decade. Although the Commercial Banks sector was
responsible for the fewest deals during the decade as a whole, the sector saw its share of activity steadily climb throughout the ten
years, so that in 2010, it posted its highest share of yearly deal flow, 32%.

Financial Services Median Buyout Size ($M) Financial Services Activity by Sector



Healthcare

The number of Healthcare deals closed each year increased gradually before peaking in 2007 at 295. Total capital invested per year,
however, jumped drastically to a decade high in 2006 of $51 billion, more than 3x the amount invested during 2005. Contributing to
the boost in capital invested was the $21.3 billion public-to-private buyout of Hospital Corporation of America. Although Healthcare
investment activity slipped towards the end of the decade, it held up much better than other industries as private equity firms
invested in more defensive sectors and were attracted to its long-term potential. Signs of a strong recovery emerged in 2010 with
deal count and capital invested at 227 and $12 billion, respectively. This was due in part to particularly strong deal flow during the
fourth quarter of 2010, which saw 75 deals close, the fourth highest quarterly total for the entire decade.

The median deal size was somewhat erratic over the ten-year period but generally displayed an upward trend. It also nicely
illustrates how most of the healthcare companies private equity firms invested in were lower middle-market sized businesses. During
the decade, the Services sector dominated the industry’s investment activity, accounting for about half of all of the completed
Healthcare deals. The second most active sector was Devices & Supplies with a 24% share, followed by Pharmaceuticals &
Biotechnology with 15%.

Healthcare Buyout Size ($M) Healthcare Activity by Sector



Information Technology

PE investors poured about $187 billion of capital into Information Technology (IT) companies during the decade. 70% of that
capital was invested from 2005 through 2007. The jump in capital invested during the three-year period reﬂects the increased
number of large deals more than anything else. In 2006, Freescale Semiconductor was acquired for $17.6 billion, and the following
year, a $24.7 billion take-private buyout of Alltel was completed. 2007 had the highest total of capital invested for a single year
with $53 billion, about two-thirds of which was invested during the fourth quarter. After 2007, capital invested returned to a level
similar to that seen during 2004, with a slight uptick in 2010. The number of deals closed per year followed a similar trend as
capital invested, rising during the earlier part of the decade before peaking and falling during the later part.

The median deal multiple for the IT industry climbed from a decade low in 2002 of 6.5x to a decade high of 16.0x in 2008. How-
ever, following the ﬁnancial crisis, investors grew more cautious about IT investments, causing the multiple to dive to 7.7x immedi-
ately after hitting its peak. Software and Communications & Networking were the dominant sectors in the IT industry, accounting
for 43% and 29% of the activity, respectively. Software’s share of the activity increased throughout the decade.

Information Technology Deal Multiple Information Technology Activity by Sector



Materials and Resources

In terms of deal count, activity in the Materials & Resources industry climbed to a peak in 2007 at 152 completed deals. From there,
it plummeted to levels reminiscent of the start of the decade, before showing signs of recovery in 2010. Looking at capital invested,
however, activity in the industry appears to have been a little more erratic. There was a spike in total capital invested during 2004,
thanks in part to two multi-billion dollar deals: the buyouts of Celanese and Boise Cascade. The industry saw similar levels of capital
invested during 2006 and 2007, but they corresponded with higher deal counts. In terms of capital invested, 2010 also showed signs
of recovery. $12 billion was invested during the year, the fourth highest yearly total during the decade. Overall though, the Materials
& Resource industry, which consists of companies engaged in the discovery, extraction and early processing of raw materials, did not
attract a lot of private equity investment during the decade.

Right out of the gate, the median size of Materials & Resources deals experienced a dramatic jump, rocketing from $10 million in
2001 to $83 million in 2002. It remained relatively close to this level for the rest of the decade with the exceptions of 2006 and 2007,
when it was $170 million and $173 million, respectively. Accounting for 31% of the industry’s activity during the decade, Containers
& Packaging was the most popular Materials & Resources sector, followed closely by Chemicals & Gases, which had a 27% share.

Materials and Resources Median Buyout Size ($M) Materials and Resources Activity by Sector



Private Equity Company Inventory

At the end of the decade, private equity firms owned a total of 5,836 U.S. companies (excluding add-on companies). That is 5.5x
more companies then were owned by PE firms at the beginning of the decade and almost double the number owned in 2005. This
incredible portfolio of companies steadily built up over the decade as the pace of private equity investment outstripped the pace of
exits by almost four to one. The above chart also shows just how much private equity firms cut back on making new control
investments after the financial crisis. For the two years before the financial crisis, the number of PE-owned companies grew by 40%,
after the crisis, just 10%.
Investors’ Decade End Portfolio by Year of Investment

Lower Middle-Market Multiple

The chart above splits out the inventory of PE-owned companies at the end of the decade by year of original investment. It shows
how the record level of portfolio company inventory was built up over the course of the decade, including the boom years of 2005
to 2008. The path that private equity was on pre-financial crisis, in hindsight, was probably unsustainable, since PE firms focused
more on doing deals than realizing exits. As a result, the last decade’s deal-making will have a lasting impact on PE firms during the
next decade as they work to grow and then profitably exit their legacy investments while at the same time raise new funds to support
future investments.


72 Firms
6,200 Deals
Top 1% of Investors Represent 32% of PE Deal Flow

6,000 = 1 Firm

# of Firms with Activity Level
# of Total Deals by These Firms
145 Firms
5,100 Deals

5,000

225 Firms
4,200 Deals 1,340 Firms
Total Number of Deals Closed

3,900 Deals
4,000

3,000

2,000

1,000

0
Firms with Firms with Firms with Firms with
Over 51 Deals 26 - 51 Deals 11-25 Deals Under 11 Deals
28 Private Equity Decade Report, Vol. II: Investments www.grantthornton.com | demo@pitchbook.com | 1-877-267-5593


All Private Equity

Most Active Private Equity Most Active Private Equity Service
Investors 2001 - 2010 Providers 2001 - 2010
By Number of Investments By Number of Deals Serviced
Investor Name Deal Count
The Carlyle Group 237 Top Law Firms in Private Equity1
GS Capital Partners 193 Kirkland & Ellis
American Capital 191 Jones Day
Warburg Pincus 181
Sun Capital Partners 171
Latham & Watkins
The Riverside Company 165 Weil Gotshal & Manges
The Blackstone Group 158 Skadden Arps Slate Meagher & Flom
GTCR Golder Rauner 139 Simpson Thacher & Bartlett
Welsh Carson Anderson & Stowe 129 Dechert
DLJ Merchant Banking Partners 127
Golden Gate Capital 119
Paul Weiss Rifkind Wharton & Garrison
Bain Capital 118 Gibson Dunn & Crutcher
H.I.G. Capital 118 O'Melveny & Myers
Kohlberg Kravis Roberts 114 Ropes & Gray
ABRY Partners 108 Goodwin Procter
Veronis Suhler Stevenson 104
Audax Group 103 1 by counsel provided on transactions

Providence Equity Partners 103
Parthenon Capital Partners 102
TPG Capital 101 Top Investment Banks & Advisors2
Allied Capital 98 Houlihan Lokey Howard & Zukin
Apax Partners 97
Apollo Global Management 96
Goldman Sachs
Oaktree Capital Management 89 Credit Suisse
Alta Communications 87 JP Morgan
Housatonic Partners 84 UBS
Investcorp 82 Harris Williams & Co.
Riverstone Holdings 82
Nautic Partners 80
Morgan Stanley
Wind Point Partners 77 Lehman Brothers
CCMP Capital Advisors 75 Citigroup
General Atlantic 75 Merrill Lynch
ArcLight Capital Partners 74 Bank of America
Court Square Capital Partners 74
Pamlico Capital 74
Jeﬀeries & Company
Ridgemont Equity Partners 74 2 by number of advisory roles in transactions

TA Associates 74
Kelso & Co. 73
Sterling Partners 71 Top Lenders in Private Equity3
Cerberus Capital Management 70
Thomas H. Lee Partners 70
GE Capital
Weston Presidio 69 JP Morgan
Wicks Group of Companies 69 Merrill Lynch
Francisco Partners 67 Credit Suisse
Thoma Bravo 67 Bank of America
KRG Capital Partners 66
Platinum Equity 65
American Capital
Spectrum Equity Investors 64 CIT Group
HarbourVest Partners 63 Goldman Sachs
Odyssey Investment Partners 59 UBS
CHS Capital 58 PNC Financial Services Group
Frontenac Company 58
Madison Dearborn Partners 58
Deutsche Bank
Waud Capital Partners 58 Wells Fargo



Lower Middle-Market
Deals Under $250M

Investor Name
American Capital Top Law Firms in Private Equity1
Warburg Pincus Kirkland & Ellis
The Carlyle Group Weil Gotshal & Manges
GS Capital Partners
LRG Capital
Latham & Watkins
Allied Capital Jones Day
Golden Gate Capital Skadden Arps Slate Meagher & Flom
Sun Capital Partners Goodwin Procter
TA Associates Dechert
Alta Communications
General Atlantic
Welsh Carson Anderson & Stowe Gibson Dunn & Crutcher
GTCR Golder Rauner Vinson & Elkins
DLJ Merchant Banking Partners Akin Gump Strauss Hauer & Feld
Oaktree Capital Management O'Melveny & Myers
Apollo Global Management
Francisco Partners 1 by counsel provided on transactions

GCP Capital Partners
Nautic Partners
The CapStreet Group Top Investment Banks & Advisors2
HM Capital Partners Houlihan Lokey Howard & Zukin
ABRY Partners
Kayne Anderson Capital Advisors
UBS
Citigroup Alternative Investments Harris Williams & Co.
GSC Group Credit Suisse
Mercury Capital Partners Goldman Sachs
Providence Equity Partners Jeﬀeries & Company
Court Square Capital Partners
H.I.G. Capital
William Blair & Company
Shamrock Capital Advisors Bank of America
The Gores Group Piper Jaﬀray
Thoma Bravo JP Morgan
Investcorp Lehman Brothers
Pamlico Capital
LLR Partners
Lazard Middle Market
Spectrum Equity Investors 2 by number of advisory roles in transactions

Weston Presidio
Behrman Capital
Platinum Equity Top Lenders in Private Equity3
The Blackstone Group
Veronis Suhler Stevenson
GE Antares Capital
Arlington Capital Partners American Capital
Bain Capital Bank of America Merrill Lynch
Fortress Investment Group Wells Fargo
Kelso & Co. CIT Group
Kohlberg & Company
Ridgemont Equity Partners
LaSalle Bank
Capital Z Partners CapitalSource
EnCap Investments Madison Capital Management
First Reserve PNC Financial Services Group
Great Hill Partners Bank of America
Kohlberg Kravis Roberts
Riverstone Holdings
Allied Capital
TPG Capital BNP Paribas



Middle Market
Deals Between $250M - $1 Billion

Investor Name
The Carlyle Group Top Law Firms in Private Equity1
The Blackstone Group Latham & Watkins
Warburg Pincus Kirkland & Ellis
GS Capital Partners
Apollo Global Management
Weil Gotshal & Manges
Welsh Carson Anderson & Stowe Skadden Arps Slate Meagher & Flom
Bain Capital Simpson Thacher & Bartlett
GTCR Golder Rauner Paul Weiss Rifkind Wharton & Garrison
TPG Capital Gibson Dunn & Crutcher
HarbourVest Partners
Madison Dearborn Partners
Dechert
CCMP Capital Advisors Sullivan & Cromwell
Kohlberg Kravis Roberts Davis Polk & Wardwell
Lehman Brothers Debevoise & Plimpton
Riverstone Holdings Jones Day
Cerberus Capital Management
Oaktree Capital Management 1 by counsel provided on transactions

Avista Capital Partners
DLJ Merchant Banking Partners Top Investment Banks & Advisors2
Providence Equity Partners Goldman Sachs
Teachers' Private Capital
American Capital
Credit Suisse
Apax Partners JP Morgan
First Reserve UBS
Fortress Investment Group Morgan Stanley
Kelso & Co. Lehman Brothers
Leonard Green & Partners
TCW/Crescent Mezzanine
Merrill Lynch
Vestar Capital Partners Citigroup
Berkshire Partners Bank of America
Hellman & Friedman Houlihan Lokey Howard & Zukin
Arcapita Bank Deutsche Bank
Investcorp
Lindsay Goldberg
Bear Stearns
One Equity Partners 2 by number of advisory roles in transactions

Thomas H. Lee Partners
Trimaran Capital Partners
MatlinPatterson Global Top Lenders in Private Equity3
Metalmark Capital
Onex Partners
Credit Suisse
Stockwell Capital JP Morgan
Sun Capital Partners UBS
Weston Presidio Bank of America
Ares Private Equity Group Deutsche Bank
Castle Harlan
Clayton Dubilier & Rice
GE Capital
EnCap Investments Goldman Sachs
General Atlantic Bank of America Merrill Lynch
Golden Gate Capital Lehman Brothers
Irving Place Capital Bear Stearns
Oak Hill Capital Partners
Ridgemont Equity Partners
Citigroup
Silver Lake Partners Wachovia Bank
Spectrum Equity Investors
Tenaska Capital Management



Upper Market
Deals Over $1 Billion

Investor Name
The Blackstone Group Top Law Firms in Private Equity1
TPG Capital Simpson Thacher & Bartlett
Bain Capital Latham & Watkins
GS Capital Partners
The Carlyle Group
Skadden Arps Slate Meagher & Flom
Kohlberg Kravis Roberts Weil Gotshal & Manges
Thomas H. Lee Partners Kirkland & Ellis
Apollo Global Management Sullivan & Cromwell
HarbourVest Partners Wachtell Lipton Rosen & Katz
Hellman & Friedman
Providence Equity Partners
Cleary Gottlieb Steen & Hamilton
Madison Dearborn Partners Ropes & Gray
Warburg Pincus Fried Frank Harris Shriver & Jacobson
Stockwell Capital Debevoise & Plimpton
Ridgemont Equity Partners Jones Day
Apax Partners
Cerberus Capital Management 1 by counsel provided on transactions

DLJ Merchant Banking Partners
Silver Lake Partners
Welsh Carson Anderson & Stowe Top Investment Banks & Advisors2
Clayton Dubilier & Rice Goldman Sachs
Lehman Brothers
First Reserve
JP Morgan
Fortress Investment Group Credit Suisse
North Cove Partners Morgan Stanley
AlpInvest Partners Citigroup
CCMP Capital Advisors Lehman Brothers
General Atlantic
Leonard Green & Partners
Deutsche Bank
Macquarie Group Merrill Lynch
Morgan Stanley UBS
Onex Partners Bank of America
Riverstone Holdings Lazard
W.L. Ross & Co
Bear Stearns
CVC Capital Partners 2 by number of advisory roles in transactions

Forstmann Little & Company
Golden Gate Capital
GTCR Golder Rauner Top Lenders in Private Equity3
Istithmar
JMI Equity
JP Morgan
LS Power Group Credit Suisse
Oaktree Capital Management Deutsche Bank
Quadrangle Group Goldman Sachs
TCW/Crescent Mezzanine Lehman Brothers
The Cypress Group
Vestar Capital Partners
UBS
Bank of America
Citigroup
Merrill Lynch
Barclays Capital
Morgan Stanley
Apollo Investment Corporation



Business Products and Services

The Carlyle Group 107 Top Law Firms in Private Equity1
American Capital 83 Kirkland & Ellis
The Riverside Company 81 Jones Day
H.I.G. Capital 68
Latham & Watkins
Warburg Pincus 55 Weil Gotshal & Manges
Audax Group 54 Dechert
Housatonic Partners 50 Skadden Arps Slate Meagher & Flom
GS Capital Partners 48 Gibson Dunn & Crutcher
ABRY Partners 47
Allied Capital 47
GTCR Golder Rauner 46 Simpson Thacher & Bartlett
Veronis Suhler Stevenson 46 DLA Piper
CHS Capital 45 O'Melveny & Myers
Sun Capital Partners 44 Ropes & Gray
Odyssey Investment Partners 41
The Blackstone Group 40 1 by counsel provided on transactions

Welsh Carson Anderson & Stowe 40
Graham Partners 38
Nautic Partners 38 Top Investment Banks & Advisors2
CI Capital Partners 37 Houlihan Lokey Howard & Zukin
General Atlantic 37
Argosy Capital 36
Harris Williams & Co.
Huron Capital Partners 36 Goldman Sachs
Fidelity Equity Partners 34 Credit Suisse
Apollo Global Management 33 Lincoln International
Bain Capital 32 West Monroe Partners
Wind Point Partners 31
Chicago Growth Partners 30
UBS
Frontenac Company 30 Jeﬀeries & Company
KRG Capital Partners 30 JP Morgan
Prospect Partners 30 Lazard Middle Market
Court Square Capital Partners 29 Lehman Brothers
Investcorp 29
Lake Capital 29
Morgan Stanley
Parthenon Capital Partners 29 2 by number of advisory roles in transactions

Kohlberg Kravis Roberts 28
Blue Point Capital Partners 27
Fenway Partners 27 Top Lenders in Private Equity3
Thomas H. Lee Partners 27
Great Hill Partners 26
GE Capital
Kelso & Co. 26 Bank of America Merrill Lynch
Norwest Equity Partners 26 JP Morgan
Berkshire Partners 25 PNC Financial Services Group
Cerberus Capital Management 25 CIT Group
The Jordan Company 25
Golden Gate Capital 24
American Capital
Hammond, Kennedy, Whitney & Company 24 Credit Suisse
Lindsay Goldberg 24 Bank of America
New Mountain Capital 24 UBS
Platinum Equity 24 LaSalle Bank
Prairie Capital 24
Veritas Capital 24
Madison Capital Management
Fifth Third Bank



Consumer Products and Services

Sun Capital Partners 98 Top Law Firms in Private Equity1
GS Capital Partners 71 Kirkland & Ellis
Providence Equity Partners 68 Jones Day
Alta Communications 58
Wicks Group of Companies 57
Latham & Watkins
The Carlyle Group 55 Weil Gotshal & Manges
Veronis Suhler Stevenson 54 Skadden Arps Slate Meagher & Flom
Weston Presidio 52 Simpson Thacher & Bartlett
American Capital 50 Paul Weiss Rifkind Wharton & Garrison
The Riverside Company 50
Bain Capital 46
Dechert
DLJ Merchant Banking Partners 46 O'Melveny & Myers
GTCR Golder Rauner 46 Gibson Dunn & Crutcher
ABRY Partners 45 Ropes & Gray
Kohlberg Kravis Roberts 44 DLA Piper
The Blackstone Group 44
Golden Gate Capital 43 1 by counsel provided on transactions

Sterling Partners 42
Apollo Global Management 39 Top Investment Banks & Advisors2
Catterton Partners 38 Goldman Sachs
Spectrum Equity Investors 38
HM Capital Partners 35
Houlihan Lokey Howard & Zukin
Thomas H. Lee Partners 34 JP Morgan
HEI Hospitality 32 Credit Suisse
Mercury Capital Partners 31 UBS
Citigroup Alternative Investments 30 Citigroup
H.I.G. Capital 30
Kelso & Co. 30
Audax Group 29 Merrill Lynch
Berkshire Partners 29 Lehman Brothers
Investcorp 28 Deutsche Bank
Oaktree Capital Management 28 Bank of America
Arlington Capital Partners 28
CCMP Capital Advisors 28
Piper Jaﬀray
Halyard Capital 28 2 by number of advisory roles in transactions

Linsalata Capital Partners 27
Nautic Partners 27
Wellspring Capital Management 26 Top Lenders in Private Equity3
Bruckmann Rosser Sherrill & Company 26
GE Capital
The CapStreet Group 25 JP Morgan
Warburg Pincus 25 Bank of America
Allied Capital 25 Bank of America Merrill Lynch
Apax Partners 25 Credit Suisse
GSC Group 25
Leonard Green & Partners 25
CIT Group
Prospect Partners 24 Goldman Sachs
Swander Pace Capital 24 American Capital
Centre Partners Management 24 UBS
Court Square Capital Partners 24 Wells Fargo
Irving Place Capital 24
TSG Consumer Partners 24
Deutsche Bank
TPG Capital 23 Wachovia Bank



Energy

Riverstone Holdings 69 Top Law Firms in Private Equity1
ArcLight Capital Partners 62 Vinson & Elkins
The Carlyle Group 58 Latham & Watkins
EnCap Investments 50
Kayne Anderson Capital Advisors 46
Akin Gump Strauss Hauer & Feld
First Reserve 37 Baker Botts
Quantum Energy Partners 37 Weil Gotshal & Manges
Energy Investors Funds 36 Skadden Arps Slate Meagher & Flom
SCF Partners 33 Jones Day
Warburg Pincus 31
Energy Spectrum Capital 30
Davis Polk & Wardwell
Natural Gas Partners 28 Chadbourne & Parke
GCP Capital Partners 26 Kirkland & Ellis
Sterling Partners 23 Simpson Thacher & Bartlett
Denham Capital Management 20 Sullivan & Cromwell
GFI Energy Ventures 20
Lehman Brothers 20 1 by counsel provided on transactions

Metalmark Capital 20
Yorktown Partners 20
Tenaska Capital Management 18 Top Investment Banks & Advisors2
DLJ Merchant Banking Partners 17 Credit Suisse
Quintana Capital Group 17
Energy Capital Partners 16
Lehman Brothers
GS Capital Partners 16 Goldman Sachs
Oaktree Capital Management 16 Morgan Stanley
The Blackstone Group 15 Harris Williams & Co.
Cadent Energy Partners 14 GulfStar Group
Highstar Capital 13
JP Morgan
Avista Capital Partners 12 Dillard Anderson Group
Credit Suisse 12 Merrill Lynch
Kohlberg Kravis Roberts 12 Citigroup
Pine Brook Road Partners 11 Bank of America
Ridgemont Equity Partners 11
Energy Trust Partners 9
Jeﬀeries & Company
Lindsay Goldberg 9 2 by number of advisory roles in transactions

Pamlico Capital 9
Tortoise Capital Resources 9
TPG Capital 9 Top Lenders in Private Equity3
Jeﬀeries Capital Partners 8
Madison Dearborn Partners 8
JP Morgan
Ontario Teachers' Pension Plan 8 Credit Suisse
The CapStreet Group 8 BNP Paribas
Vulcan Capital 8 PNC Financial Services Group
Wexford Capital 8 Wells Fargo
GE Capital
Goldman Sachs
Union Bank
CIT Group
AIG Investments
CIBC World Markets
Barclays Capital



Financial Services

Apax Partners 43 Top Law Firms in Private Equity1
Morgan Stanley 42 Skadden Arps Slate Meagher & Flom
Stone Point Capital 40 Simpson Thacher & Bartlett
GS Capital Partners 33
GTCR Golder Rauner 28
Kirkland & Ellis
Parthenon Capital Partners 27 Weil Gotshal & Manges
TA Associates 24 Sullivan & Cromwell
Allied Capital 22 Latham & Watkins
Lightyear Capital 22 Wachtell Lipton Rosen & Katz
J.C. Flowers & Co. 20
Warburg Pincus 20
Jones Day
TPG Capital 19 Goodwin Procter
Castle Creek Capital 18 Dewey & LeBoeuf
Lovell Minnick Partners 18 Debevoise & Plimpton
The Blackstone Group 18 Cleary Gottlieb Steen & Hamilton
American Capital 16
Hellman & Friedman 16 1 by counsel provided on transactions

Century Capital Partners 15
Spectrum Equity Investors 13
The Carlyle Group 13 Top Investment Banks & Advisors2
Aquiline Capital Partners 12 Goldman Sachs
GCP Capital Partners 12
Patriot Financial Partners 12
Credit Suisse
Capital Z Partners 11 Merrill Lynch
Fortress Investment Group 10 Morgan Stanley
Kohlberg Kravis Roberts 10 JP Morgan
Lindsay Goldberg 10 UBS
Rosemont Investment Partners 10
Technology Crossover Ventures 10
Bear Stearns
Corsair Capital 9 Bank of America
General Atlantic 9 Houlihan Lokey Howard & Zukin
Irving Place Capital 9 Lazard
Madison Dearborn Partners 9 Lehman Brothers
Northern Lights Ventures 9
Oaktree Capital Management 9
Keefe Bruyette & Woods
Odyssey Investment Partners 9 2 by number of advisory roles in transactions

Silver Lake Partners 9
Stockwell Capital 9
Welsh Carson Anderson & Stowe 9 Top Lenders in Private Equity3
Belvedere Capital Partners 8
Cincinnatus Partners 8
Goldman Sachs
CIVC Partners 8 Deutsche Bank
Friedman Fleischer & Lowe 8 Merrill Lynch
Genstar Capital 8 American Capital
Golden Gate Capital 8 Credit Suisse
LLR Partners 8
McCarthy Capital 8
Bank of America
Norwest Equity Partners 8 JP Morgan
W.L. Ross & Co 8 Bear Stearns
Cerberus Capital Management 7 Lehman Brothers
CI Capital Partners 7 Morgan Stanley
HarbourVest Partners 7
Madison Capital Management
New Mountain Capital 7 Citigroup
Olympus Partners 7
Palladium Equity Partners 7
Sun Capital Partners 7



Healthcare

Welsh Carson Anderson & Stowe 76 Top Law Firms in Private Equity1
Warburg Pincus 42 Kirkland & Ellis
The Riverside Company 38 Jones Day
Ferrer Freeman & Company 36
Parthenon Capital Partners 34
Latham & Watkins
RoundTable Healthcare Partners 32 Weil Gotshal & Manges
GTCR Golder Rauner 30 Goodwin Procter
KRG Capital Partners 30 Ropes & Gray
LRG Capital 30 Simpson Thacher & Bartlett
American Capital 24
Cressey & Company 24
The Blackstone Group 24 Dechert
Arcapita Bank 21 McDermott Will & Emery
Waud Capital Partners 21 Willkie Farr & Gallagher
Altaris Capital Partners 20 Paul Weiss Rifkind Wharton & Garrison
J.H. Whitney 20
DLJ Merchant Banking Partners 19 1 by counsel provided on transactions

Galen Partners 19
MTS Health Investors 19
General Atlantic 18 Top Investment Banks & Advisors2
GS Capital Partners 18 Houlihan Lokey Howard & Zukin
Nautic Partners 18
Water Street Healthcare Partners 18
JP Morgan
Bain Capital 17 UBS
Capital Z Partners 17 Goldman Sachs
CCMP Capital Advisors 17 Citigroup
Onex Partners 17 William Blair & Company
Beecken Petty O'Keefe & Company 16
Brazos Private Equity Partners 16
Riverside Partners 16 Piper Jaﬀray
DW Healthcare Partners 15 Bank of America
Gryphon Investors 15 Cain Brothers
TA Associates 15 Jeﬀeries & Company
The Carlyle Group 15
TPG Capital 15
Morgan Stanley
Audax Group 14 2 by number of advisory roles in transactions

Cortec Group 14
Fortress Investment Group 14
LLR Partners 14 Top Lenders in Private Equity3
Olympus Partners 14
RFE Investment Partners 14
GE Capital
Churchill Equity 13 Bank of America Merrill Lynch
HealthEdge Investment Partners 13 JP Morgan
Ridgemont Equity Partners 13 CapitalSource
Transition Capital Partners 13 Credit Suisse
Vestar Capital Partners 13
Charterhouse Group 12
American Capital
Francisco Partners 12 CIT Group
H.I.G. Capital 12 Bank of America
JP Morgan 11 Goldman Sachs
Metalmark Capital 11 National City
Oaktree Capital Management 11
Primus Capital Funds 11
LaSalle Bank
The Comvest Group 11 UBS
TowerBrook Capital Partners 11



Information Technology

Golden Gate Capital 54 Top Law Firms in Private Equity1
Thoma Bravo 54 Kirkland & Ellis
Francisco Partners 46 Latham & Watkins
American Capital 44
Warburg Pincus 41
Jones Day
Bain Capital 37 Simpson Thacher & Bartlett
Silver Lake Partners 35 Weil Gotshal & Manges
TPG Capital 34 Wilson Sonsini Goodrich & Rosati
GS Capital Partners 33 O'Melveny & Myers
The Carlyle Group 33
ABRY Partners 29 Gibson Dunn & Crutcher
GTCR Golder Rauner 29 Dorsey & Whitney
Kohlberg Kravis Roberts 29 Dechert
The Gores Group 28 Goodwin Procter
Catalyst Investors 26
Platinum Equity 26 1 by counsel provided on transactions

Insight Venture Partners 25
HarbourVest Partners 24
Investcorp 24 Top Investment Banks & Advisors2
Vista Equity Partners 24 Houlihan Lokey Howard & Zukin
General Atlantic 23
Hellman & Friedman 23
Morgan Stanley
JMI Equity 23 Credit Suisse
Providence Equity Partners 22 Jeﬀeries & Company
Accel-KKR 20 UBS
Court Square Capital Partners 20 Daniels & Associates
TA Associates 20
Welsh Carson Anderson & Stowe 20
JP Morgan
Apax Partners 18 Goldman Sachs
LRG Capital 18 Lehman Brothers
One Equity Partners 18 DH Capital
Pamlico Capital 18 Harris Williams & Co.
Marlin Equity Partners 17
Parallax Capital Partners 17
Merrill Lynch
Quadrangle Group 17 2 by number of advisory roles in transactions

Ridgemont Equity Partners 17
Audax Group 16
LLR Partners 16 Top Lenders in Private Equity3
Vector Capital 16
Great Hill Partners 15
Credit Suisse
The Riverside Company 15 GE Capital
ABS Capital Partners 14 JP Morgan
Nautic Partners 14 American Capital
Alta Communications 13 Goldman Sachs
Apollo Global Management 13
Wells Fargo Foothill
Frontenac Company 13 CapitalSource
Housatonic Partners 13 CIT Group
New Mountain Capital 13 Bank of America
Veritas Capital 13 Apollo Investment Corporation
WestView Capital Partners 13
Bank of America Merrill Lynch
Deutsche Bank



Materials and Resources

Apollo Global Management 24 Top Law Firms in Private Equity1
Sun Capital Partners 24 Kirkland & Ellis
H.I.G. Capital 16 Jones Day
First Reserve 12 Latham & Watkins
GS Capital Partners 12 Weil Gotshal & Manges
The Riverside Company 12 Morgan Lewis & Bockius
W.L. Ross & Co 12 Fried Frank Harris Shriver & Jacobson
AEA Investors 11
Audax Group 11
Fidelity Equity Partners 11 Debevoise & Plimpton
Kelso & Co. 11 Dechert
American Capital 10 Simpson Thacher & Bartlett
Blue Point Capital Partners 10 O'Melveny & Myers
Cyprium Investment Partners 10
Graham Partners 10 1 by counsel provided on transactions

Platinum Equity 10
CHS Capital 9
CI Capital Partners 9 Top Investment Banks & Advisors2
Irving Place Capital 9 Mesirow Financial
Kohlberg & Company 9
Merit Capital Partners 9
Goldman Sachs
Royal Palm Capital Partners 9 UBS
Vestar Capital Partners 9 JP Morgan
Aequitas Capital Management 8 Lincoln International
American Securities 8 Harris Williams & Co.
Atlas Holdings 8
Olympus Partners 8
Credit Suisse
Spell Capital Partners 8 Deutsche Bank
Stonebridge Partners 8 Lazard Middle Market
The Sterling Group 8 William Blair & Company
Arsenal Capital Partners 7 Houlihan Lokey Howard & Zukin
Bain Capital 7
Century Park Capital Partners 7
McGladrey Capital Markets
Falcon Investment Advisors 7 2 by number of advisory roles in transactions

Norwest Equity Partners 7
Pegasus Capital Advisors 7
Red Diamond Capital 7 Top Lenders in Private Equity3
Silverhawk Capital Partners 7
The Carlyle Group 7
Credit Suisse
TPG Capital 7 GE Capital
Allied Capital 6 UBS
Calvert Street Capital Partners 6 Bank of America
Charlesbank Capital Partners 6 JP Morgan
First Atlantic Capital 6
Freestone Partners 6
PNC Financial Services Group
Insight Equity 6 Allied Capital
Metalmark Capital 6 American Capital
Mid Oaks Investments 6 Wells Fargo Foothill
Monomoy Capital Partners 6 Goldman Sachs
Odyssey Investment Partners 6
Peninsula Capital Partners 6
Deutsche Bank
Pouschine Cook Capital Management 6 CIT Group
Prairie Capital 6
Stonehenge Partners 6
Tricor Paciﬁc Capital 6
Weston Presidio 6



International PE Investment by U.S. Investor

GS Capital Partners 113 Top Law Firms in Private Equity1
The Carlyle Group 110 Cliﬀord Chance
Kohlberg Kravis Roberts 78 Linklaters
Warburg Pincus 75
Allen & Overy
Advent International 53 Ashurst
General Atlantic 51 Kirkland & Ellis
TPG Capital 44 Weil Gotshal & Manges
Bain Capital 36 Latham & Watkins
The Riverside Company 36
Sovereign Investment Company 33
Freshﬁelds Bruckhaus Deringer
HarbourVest Partners 29 Jones Day
Lone Star Funds 29 DLA Piper
Sun Capital Partners 27 Stikeman Elliott
Apollo Global Management 26 Shearman & Sterling
Providence Equity Partners 23 1 by counsel provided on transactions

Resource Capital Funds 22
North Cove Partners 21
Cerberus Capital Management 20 Top Investment Banks & Advisors2
TA Associates 20 UBS
Morgan Stanley 18
Goldman Sachs
First Reserve 17 Deloitte & Touche
H.I.G. Capital 16 Morgan Stanley
MidOcean Partners 16 Ernst & Young
Stockwell Capital 16 PricewaterhouseCoopers
Equity International 15
Francisco Partners 15
Citigroup
Lombard Investments 15 Credit Suisse
One Equity Partners 15 JP Morgan
Silver Lake Partners 15 Deutsche Bank
Golden Gate Capital 13 N M Rothschild & Sons
HM Capital Partners 13
Paine & Partners 13
KPMG Corporate Finance
Shamrock Capital Advisors 13 2 by number of advisory roles in transactions

SCF Partners 12
Thomas H. Lee Partners 12 Top Lenders in Private Equity3
Citigroup Alternative Investments 11
Cornerstone Capital Partners Inc. 11
Royal Bank of Scotland
Oaktree Capital Management 11 Bank of Scotland
Stone Point Capital 11 JP Morgan
The Jordan Company 11 Barclays Bank
AIG Investments 10 BNP Paribas
Clayton Dubilier & Rice 10
Cyprium Investment Partners 10
Lloyds TSB Group
Global Infrastructure Partners 10 Credit Suisse
Corsair Capital 9 Goldman Sachs
Denham Capital Management 9 Citigroup
GI Partners 9 HSBC Bank
Hellman & Friedman 9
HSBC Capital 9
Barclays Capital
Madison Dearborn Partners 9 Deutsche Bank
TowerBrook Capital Partners 9



U.S. PE Investment by International Investors

Apax Partners 98 Top Law Firms in Private Equity1
Investcorp 81 Jones Day
Onex Partners 31 Kirkland & Ellis
Credit Suisse 26
AlpInvest Partners 24
Latham & Watkins
Macquarie Group 22 Skadden Arps Slate Meagher & Flom
3i Group 21 Simpson Thacher & Bartlett
Ripplewood Holdings 21 Weil Gotshal & Manges
Teachers' Private Capital 21 Gibson Dunn & Crutcher
Ontario Teachers' Pension Plan 20
JZ Capital Partners 19
Sullivan & Cromwell
Quilvest Private Equity 18 Clifford Chance
Partners Group Global Opportunities 16 Paul Weiss Rifkind Wharton & Garrison
Clairvest Group 15 Ropes & Gray
Tricor Pacific Capital 13 O'Melveny & Myers
Hilco Consumer Capital 12
AXA Private Equity 11 1 by counsel provided on transactions

Istithmar 11
BMO Capital Markets 10
CVC Capital Partners 10 Top Investment Banks & Advisors2
Permira 9 Goldman Sachs
Birch Hill Equity Partners 8
BNP Paribas 8
Credit Suisse
CAI Private Equity 8 UBS
Candover 8 Morgan Stanley
Kingsbridge Capital 8 Lehman Brothers
MML Capital Partners 8 Citigroup
Northleaf Capital Partners 8
BC Partners 7
Bank of America
Caisse de Depot et Placement du Quebec 7 JP Morgan
CIBC Capital Partners 7 Houlihan Lokey Howard & Zukin
EQT Partners 7 Lazard
Kensington Capital Partners 7 Jefferies & Company
ONCAP 7
The Sentient Group 7
Novacap Investments 6 2 by number of advisory roles in transactions

Partners Group 6
Rhone Capital 6
Azimuth Opportunity 5 Top Lenders in Private Equity3
Barclays Private Equity 5
Bridgepoint Capital 5
Credit Suisse
China International Trust & Investment Company 5 JP Morgan
CIBC World Markets 5 Deutsche Bank
JO Hambro Capital Management 5 Goldman Sachs
Knight Paton Media 5 Royal Bank of Scotland
Knight's Bridge Capital Partners 5
LMS Capital 5
Citigroup
Wendel Investissement 5 Bank of America
Actis Capital 4 GE Capital
Barclays Capital 4 UBS
CDP Capital-Technology Ventures 4 Apollo Investment Corporation
Crimson 4
Exor 4
Bank of America Merrill Lynch
Good Energies 4 Lehman Brothers



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