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Download 2017 Q1 Industry Investment Report - Private Equity Growth Capital
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AMERICAN INVESTMENT COUNCIL 2017-Q1 Private Equity Industry Investment Report 2 Table of Contents Page Executive Summary 3 Business Products & Services 5 Consumer Products & Services 7 Information Technology 9 Financial Services 11 Healthcare 13 Materials & Resources 15 Energy 17 PAGE 2 3 Executive Summary In 2017-Q1 Business Products & Services (B2B), Healthcare, and Information Technology received over two thirds of US private equity investment, with $35 billion, $29 billion, and $26 billion in investment, respectively. During this quarter investment in five sectors fell (Consumer Products and Services (B2C), Information Technology, Financial Services, Materials & Resources, Energy) while investment in Healthcare increased and investment in Business Products & Services (B2B) held steady. The largest deal of Q1 was Team Health Holdings, a $6.1 billion public to private healthcare deal. Healthcare investment sharply increased rising from $17 billion in Q4 2016 to $29 billion in Q1 2017. In fact, investments in the Healthcare sector were the largest since Q4 2011, when volumes reached $29 billion. Other Sectors saw continued declines in investment volumes. Information Technology investment fell from $28 billion in Q4 to $26 billion in Q1, despite a slight uptick in the number of deals this quarter. Investment in Consumer Products and Services (B2C) continued to fall for the second consecutive quarter, and Business Products & Services (B2B) experienced a small decline in the number of deals while the amount of capital invested remained the same. These results contrast increases in consumer and business confidence about future economic growth. Investment in Materials & Resources fell $3 billion from last quarter falling to levels seen in 2015-Q1. Lastly, investment in Energy declined in Q1 after a modest increase in investment in 2016-Q4. The number of Energy deals continued to declined for the third consecutive quarter. Fundraising for the Energy sector was only $300 million, much lower than previous quarters. Less fundraising could be a reflection of the uncertainty about the energy sector particularly as oil prices continue to fluctuate. PAGE 3 4 2017 Q1 Industry Investment Totals PAGE 4 5 Business Products & Services (B2B) Deals Company Date Top Deals 2017-Q1 Investment Value (Bil) Financial Sponsor Alecta 02/22/2017 $1.70 The Blackstone Group Ballantyne Corporate Park 03/01/2017 $1.20 Northwood Investors ModSpace 03/06/2017 $0.73 Undisclosed Investors PAGE 5 Source: PitchBook 6 Business Products & Services Performance TVPI by year of Investment Note: TVPI is calculated from portfolio company cash flows. TVPI is the total value of assets as a multiple of the amount paid in to the investment. TVPI includes distributed capital and the net asset value of unrealized investments. Median TVPI is based on companies with the same investment year. The 2016 and 2017 medians are derived from samples with less than 20 deals. TVPI is as of March 2017. PAGE 6 7 Consumer Products & Services (B2C) Deals Company Date Top Deals 2017-Q1 Investment Value (Bil) Financial Sponsor Apollo Global Mangement, Najafi Companies, Vistria Group Apollo Education Group 02/01/2017 $1.14 Affinity Gaming 01/31/2017 $0.58 Z Capital Group Blue Nile 02/17/2017 $0.50 Adama Partners, Bain Capital, Bow Street PAGE 7 Source: PitchBook 8 Consumer Products & Services Performance TVPI by year of Investment Note: TVPI is calculated from portfolio company cash flows. TVPI is the total value of assets as a multiple of the amount paid in to the investment. TVPI includes distributed capital and the net asset value of unrealized investments. Median TVPI is based on companies with the same investment year. The 2017 median is derived from samples with less than 20 deals. TVPI is as of March 2017. PAGE 8 9 Information Technology Deals Company Date Top Deals 2017-Q1 Investment Value (Bil) Financial Sponsor Infor 02/21/2017 $2.50 Koch Equity Development Optiv Security 02/01/2017 $2.00 Kohlberg Kravis & Roberts LANDESK Software 01/03/2017 $1.10 Clearlake Capital Group, Heat Software PAGE 9 Source: PitchBook 10 Information Technology Performance TVPI by year of Investment Note: TVPI is calculated from portfolio company cash flows. TVPI is the total value of assets as a multiple of the amount paid in to the investment. TVPI includes distributed capital and the net asset value of unrealized investments. Median TVPI is based on companies with the same investment year. The 2017 median is derived from samples with less than 20 deals. TVPI is as of March 2017. PAGE 10 11 Financial Services Deals Company Date Top Deals 2017-Q1 Investment Value (Bil) Financial Sponsor NFP 02/17/2017 $0.75 HPS Investment Partners Alarm Funding Associates 03/07/2017 $0.20 Riverside Partners Sunlight Financial 02/22/2017 $0.13 Route 66 Ventures PAGE 11 Source: PitchBook 12 Financial Services Performance TVPI by year of Investment Note: TVPI is calculated from portfolio company cash flows. TVPI is the total value of assets as a multiple of the amount paid in to the investment. TVPI includes distributed capital and the net asset value of unrealized investments. Median TVPI is based on companies with the same investment year. 2009, 2011, 2012, 2013, 2015, 2016 and 2017 medians are based on samples with less than 20 deals. TVPI is as of March 2017. PAGE 12 13 Healthcare Deals Company Date Top Deals 2017-Q1 Investment Value (Bil) Financial Sponsor Public Sector Pension Investment Board, The Blackstone Group, et al* Team Health Holdings 02/06/2017 $6.10 DeVilbiss Healthcare 01/03/2017 $0.80 Clayton, Dubilier & Rice Mallinckrodt (Nuclear imaging unit) 01/27/2017 $0.69 CapVest Partners, Curium *Caisse de dépôt et placement du Québec, National Pension Service PAGE 13 Source: PitchBook 14 Healthcare Performance TVPI by year of Investment Note: TVPI is calculated from portfolio company cash flows. TVPI is the total value of assets as a multiple of the amount paid in to the investment. TVPI includes distributed capital and the net asset value of unrealized investments. Median TVPI is based on companies with the same investment year. The 2017 median is based on samples with less than 20 deals. TVPI is as of March 2017. PAGE 14 15 Materials & Resources Deals Company Date Top Deals 2017-Q1 Investment Value (Bil) Financial Sponsor Fortis Minerals 03/31/2017 $0.30 EnCap Investments Essentra Porous Technologies 03/06/2017 $0.27 Babson Capital Management, Filtration Group, Madison Industries American Gilsonite Company 01/03/2017 $0.27 Undisclosed Investors PAGE 15 Source: PitchBook 16 Materials & Resources Performance TVPI by year of Investment Note: TVPI is calculated from portfolio company cash flows. TVPI is the total value of assets as a multiple of the amount paid in to the investment. TVPI includes distributed capital and the net asset value of unrealized investments. Median TVPI is based on companies with the same investment year. 2002, 2003, 2008, 2010, 2011, 2012, 2014, 2015, 2016 and 2017 medians are based on samples with less than 20 deals. TVPI is as of March 2017. PAGE 16 17 Energy Deals Top Deals 2017-Q1 Company Date Investment Value (Bil) Financial Sponsor Anadarko Petroleum 03/01/2017 $2.30 The Blackstone Group, Sanchez Energy Corporation Cricket Valley Energy Center 01/24/2017 $1.60 Advanced Power, Bechtel, BlackRock, et al* SM Energy (Non-Operated Eagle Ford Assets 03/13/2017 $0.80 EnCap Investments, Kohlberg Kravis & Roberts, Riverstone Holdings, Venado Oil & Gas *Development Bank of Japan, Jera Co., Marubeni Power, Nonghyup Financial Group, Teachers Insurance and Annuity Association of America PAGE 17 Source: PitchBook 18 Energy Performance TVPI by year of Investment Note: TVPI is calculated from portfolio company cash flows. TVPI is the total value of assets as a multiple of the amount paid in to the investment. TVPI includes distributed capital and the net asset value of unrealized investments. Median TVPI is based on companies with the same investment year. The 2017 median is based on samples with less than 20 deals. TVPI is as of March 2017. PAGE 18 19 Energy Fundraising PAGE 19 Source: PitchBook 799 9th Street NW, Suite 200 Washington, DC 20001 Investmentcouncil.org 202.465.7700 @Americalnvests