Kohlberg Kravis Roberts. The Carlyle Group. Bacchus Capital MGMT. ABRY Partners. Altamont Capital Partners. Audax Group.
PitchBook
Bet ter Data. Bet ter Decisions. 2013
PE & VC GLOBAL
LEAGUE TABLE REPORT
4
Pg.
2013’s most active PE firms worldwide
13
Pg.
A look at the most active VC firms of 2013
27
Pg.
Which law firms came out on top?
CONTENTS 3
Methodology
4
PE Firms
13
VC Firms
21
Lenders
CREDITS & CONTACT PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLE Y BOWDEN Senior Director, Analysis
Content JAMES G ELFER Editor ALLEN WAG NER Senior Writer
Design ALLEN WAG NER Senior Writer JAMES G ELFER Editor J ENNIFER SAM Designer
24
I-Banks, Advisors/Accountants
27
Law Firms
33
Editing & Data Analysis YNNA CARINO Editor PETER FOG EL Senior Data Analyst
Cover Photo Courtesy of Chris MacDonald, Wikimedia Commons
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WANT TO BECOME A SPONSOR? PitchBook reports reach thousands of industry professionals every month. Contact us for the opportunity to advertise or sponsor. Email Lisa Helme Danforth Managing Director, Strategic Business Development
PitchBook
Bet ter Data. Bet ter Decisions.
2013
PE & VC GLOBAL
LEAGUE TABLE REPORT
4
Pg.
2013’s most active PE firms worldwide
13
Pg.
A look at the most active VC firms of 2013
27
Pg.
Which law firms came out on top?
COPYRIGHT © 2014 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any 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.
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2 P I TC H B O O K 2013 G LO B A L P E & VC L E AG U E TA B L E S
METHODOLOGY LEAGUE TABLES
U.S. REGIONS
All league tables are compiled using the count of completed deals for the specified deal type, region and/or other criteria.
West Coast: Alaska, California, Hawaii, Oregon, Washington
PRIVATE EQUITY (PE) DEALS The report includes all PE investments (buyout, growth, PIPE, recapitalization and add-on), excluding real estate investments. Only investments made directly by PE investors or their portfolio companies are counted. Buyout deals are defined as transactions in which the PE investor receives a controlling ownership stake in the target company. Growth deals are defined as minority investments. Add-on deals are defined as acquisitions by companies with private equity backing.
VENTURE CAPITAL (VC) DEALS This report includes all VC investments (including seed/angel). Only investments made directly by VCs, incubators/accelerators and angels are counted.
LENDERS Lender league tables look at completed PE deals the lender provided debt financing for in a given time period or region. The transaction must involve equity provided by a PE firm. In league tables for debt-only financings, the transaction must involve debt financing to a company that is PE- or VC-backed.
SERVICE PROVIDERS Service provider (SP) league tables are compiled using the same criteria for deals as the other league tables. Transactions are not counted twice, meaning if the SP provided the same service to both the investor and company on one deal, it would only receive credit for one deal in the rankings, not two.
EXITS Exit league tables take into account both full and partial exits via corporate acquisition, secondary private equity buyout and IPO. Dividend recapitalizations are not taken into account in the report.
INDUSTRIES & SECTORS Companies tracked by PitchBook have a primary industry, as well as secondary industries. For this report, the primary industry was used to determine rankings by industry and sector.
Mountain: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming Midwest: Iowa, Kansas, Missouri, Nebraska, North Dakota, South Dakota Great Lakes: Illinois, Indiana, Michigan, Minnesota, Ohio, Wisconsin New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont Mid-Atlantic: Delaware, D.C., Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia South: Arkansas, Kentucky, Louisiana, Oklahoma, Tennessee, Texas Southeast: Alabama, Florida, Georgia, Mississippi, North Carolina, Puerto Rico, South Carolina
EUROPEAN REGIONS U.K. & Ireland: United Kingdom, Ireland, Channel Islands GSA: Germany, Switzerland, Austria, Liechtenstein France/Benelux: France, Belgium, Netherlands, Luxembourg Nordic: Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden Southern Europe: Andorra, Cyprus, Gibraltar, Greece, Italy, Malta, Monaco, Portugal, San Marino, Spain Central & Eastern Europe (CEE): Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine
REST OF WORLD Any country besides the United States or European nations.
For more information on our methodology, contact
[email protected] or
[email protected].
3 P I TC H B O O K 2013 G LO B A L P E & VC L E AG U E TA B L E S
PRIVATE EQUITY FIRMS CONTENTS
4
2013’s Most Active PE Investors
5
PE Investors by Deal Location
7
PE Investors by Firm HQ
9
PE Investors by Firm AUM
10 11 12
PE Investors by Deal Type PE Investors by Industry PE Investor Exits by Co. HQ
PitchBook
Bet ter Data. Bet ter Decisions.
INTELLIGENCE IN
ACTION
2013’S MOST ACTIVE PE INVESTORS GLOBAL INVESTOR
DEALS
Kohlberg Kravis Roberts
42
The Carlyle Group
34
Audax Group
32
ABRY Partners
30
The Blackstone Group
26
H.I.G. Capital
24
Oaktree Capital Management
24
Parthenon Capital Partners
22
Apollo Global Management
21
GTCR
21
Lloyds Development Capital
21
Ardian Private Equity
18
Insight Venture Partners
18
TA Associates
18
The Riverside Company
18
International Finance Corporation
17
Riverstone Holdings
17
KRG Capital Partners
16
TPG Capital
16
Babson Capital Management
15
Bain Capital
15
Canada Pension Plan Investment Board
15
Confie Seguros Insurance Services
15
Vista Equity Partners
15
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PITCHBOOK FOR PE FIRMS What will you do with it?
4 P I TC H B O O K 2013 G LO B A L P E & VC L E AG U E TA B L E S
2013 PE Investors by Deal Location MOST ACTIVE U.S.
MOST ACTIVE GREAT LAKES
MOST ACTIVE MID-ATLANTIC
INVESTOR
DEALS
INVESTOR
DEALS
Audax Group
30
Audax Group
6
ABRY Partners
9
ABRY Partners
28
KRG Capital Partners
6
The Blackstone Group
9
Kohlberg Kravis Roberts
26
GTCR
5
Audax Group
8
Parthenon Capital Partners
22
Sentinel Capital Partners
5
Kohlberg Kravis Roberts
8
GTCR
21
TPG Capital
5
Parthenon Capital Partners
6
The Blackstone Group
18
ATI Physical Therapy
4
The Carlyle Group
6
Riverstone Holdings
17
Graham Partners
4
Great Point Partners
5
The Carlyle Group
17
Lazarus Capital Partners
4
GTCR
5
Apollo Global Management
14
Platinum Equity
4
H.I.G. Capital
14
Wind Point Partners
4
LLR Partners
14
Vista Equity Partners
14
Great Point Partners
13
Insight Venture Partners
13
KRG Capital Partners
13
Summit Partners
13
Alarm Security Group
12
AssuredPartners
12
Leonard Green & Partners
12
Thoma Bravo
12
Arsenal Capital Partners
11
Clearlake Capital Group
11
Kinderhook Industries
11
Odyssey Inv. Partners
11
TA Associates
11
MOST ACTIVE SOUTHEAST INVESTOR
MOST ACTIVE NEW ENGLAND INVESTOR
DEALS
MOST ACTIVE SOUTH
DEALS
INVESTOR
DEALS
Insight Venture Partners
4
Riverstone Holdings
Beringer Capital
3
ABRY Partners
6
Great Point Partners
3
Apollo Global Management
6
Spectrum Equity Investors
3
First Reserve
6
Technology Crossover Ventures
3
H.I.G. Capital
6
Intervale Capital
6
Parthenon Capital Partners
6
Quantum Energy Partners
6
Summit Partners
6
MOST ACTIVE WEST COAST
DEALS
INVESTOR
INVESTOR
ABRY Partners
5
Kohlberg Kravis Roberts
Apax Partners
4
GTCR
4
Vista Equity Partners
4
12
MOST ACTIVE MOUNTAIN & MIDWEST
DEALS
INVESTOR
DEALS
8
Denham Capital MGMT
7
The Carlyle Group
7
BelHealth Inv.Partners
6
Bacchus Capital MGMT
6
Sorenson Capital
5
ABRY Partners
5
GTCR
4
Altamont Capital Partners
4
Parthenon Capital Partners
4
Audax Group
4
Technology Crossover Ventures
4
The Gladstone Companies
4
5 P I TC H B O O K 2013 G LO B A L P E & VC L E AG U E TA B L E S
2013 PE Investors by Deal Location MOST ACTIVE EUROPE INVESTOR
MOST ACTIVE CEE
DEALS
INVESTOR
MOST ACTIVE FRANCE & BENELUX DEALS
INVESTOR
DEALS
Lloyds Development Capital
19
Mid Europa Partners
6
FSI Régions
8
Ardian Private Equity
15
Ardian Private Equity
3
Omnes Capital
8
Argos Soditic
13
BaltCap Management
3
Ardian Private Equity
7
Oaktree Capital MGMT
12
Elbrus Capital
3
Finorpa
7
EQT Partners
11
Genesis Capital
3
Siparex Group
7
Omnes Capital
11
Resource Partners
3
RT-Invest
3
Maven Capital Partners
10
The Carlyle Group
10
ISIS Equity Partners
9
Business Growth Fund
8
Equistone Partners Europe
8
FSI Régions
8
PAI Partners
8
Sovereign Capital
8
Cinven
7
CVC Capital Partners
7
Dunedin Capital Partners
7
Finorpa
7
Foresight Group
7
HgCapital
7
Kohlberg Kravis Roberts
7
Lyceum Capital
7
Siparex Group
7
MOST ACTIVE SOUTHERN EUROPE
MOST ACTIVE GSA INVESTOR
MOST ACTIVE NORDIC DEALS
INVESTOR
Deutsche Beteiligungs
6
EQT Partners
7
Cinven
5
Ratos
6
Argos Soditic
4
Herkules Capital
5
Cevian Capital
4
Segulah
5
BayBG
3 3
CapVest Private Capital Partners
4
Climate Change Capital Halder Holdings
3
Nordic Capital
4
SE Blue Equity
3
Valedo Partners
3
MOST ACTIVE U.K. & IRELAND INVESTOR
DEALS
MOST ACTIVE REST OF WORLD
INVESTOR
DEALS
DEALS
INVESTOR
DEALS
Argos Soditic
3
Lloyds Development Capital
19
International Finance Corp.
Dinamia Capital Privado
3
Maven Capital Partners
10
Kohlberg Kravis Roberts
9
Gradiente
3
Oaktree Capital MGMT
10
Lynx Equity
7
N+1
3
ISIS Equity Partners
9
The Carlyle Group
7
Business Growth Fund
8 8
Caisse de Depot et Placement du Quebec
6
Sovereign Capital Dunedin Capital Partners
7 7
Canada Pension Plan Investment Board
5
Foresight Group Lyceum Capital
7
TPG Capital
5
Warburg Pincus
5
13
6 P I TC H B O O K 2013 G LO B A L P E & VC L E AG U E TA B L E S
2013 PE Investors by Firm HQ MOST ACTIVE U.S. INVESTOR
MOST ACTIVE GREAT LAKES DEALS
INVESTOR
MOST ACTIVE MID-ATLANTIC
DEALS
INVESTOR
DEALS
Kohlberg Kravis Roberts
42
GTCR
21
Kohlberg Kravis Roberts
42
The Carlyle Group
34
Thoma Bravo
12
The Carlyle Group
34
Audax Group
32
Baird Capital
10
The Blackstone Group
26
ABRY Partners
30
NewSpring Capital
8
Apollo Global Management
21
The Blackstone Group
26
Sterling Partners
8
Insight Venture Partners
18
H.I.G. Capital
24
The Riverside Company
18
24
Water Street Healthcare Partners
8
Oaktree Capital MGMT
International Finance Corp.
17
Parthenon Capital Partners
22
Riverstone Holdings
17
Apollo Global Management
21
LLR Partners
14
GTCR
21
Warburg Pincus
14
Insight Venture Partners
18
TA Associates
18
The Riverside Company
18
International Finance Corp.
17
Riverstone Holdings
17
KRG Capital Partners
16
TPG Capital
16
Babson Capital Management
15
Bain Capital
15
Vista Equity Partners
15
LLR Partners
14
Providence Equity Partners
14
Summit Partners
14
Sun Capital Partners
14
Warburg Pincus
14
MOST ACTIVE SOUTHEAST
MOST ACTIVE NEW ENGLAND INVESTOR
MOST ACTIVE SOUTH
DEALS
INVESTOR
DEALS
Audax Group
32
TPG Capital
16
ABRY Partners
30
Vista Equity Partners
15
Parthenon Capital Partners
22
Quantum Energy Partners
8
TA Associates
18
The CapStreet Group
7
Bain Capital
15
Brazos PE Partners
6
Providence Equity Partners
14
OFS Energy Fund
6
Summit Partners
14
Great Point Partners
13
Denham Capital MGMT
12
MOST ACTIVE WEST COAST INVESTOR
MOST ACTIVE MOUNTAIN & MIDWEST
INVESTOR
DEALS
DEALS
INVESTOR
DEALS
H.I.G. Capital
24
Oaktree Capital MGMT
24
KRG Capital Partners
Sun Capital Partners
14
Clearlake Capital Group
13
Sorenson Capital
7 5
16
Trivest Partners
6
Leonard Green & Partners
12
CapitalSouth Partners
5
Marlin Equity Partners
11
Thompson Street Capital Partners
MSouth Equity Partners
5
Silver Lake
11
Grey Mountain Partners
4 4 4
Pamlico Capital
5
Platinum Equity
10
Peterson Partners
Ridgemont Equity Partners
5
Technology Crossover Ventures
10
Resource Capital Funds
Accel-KKR
9
Genstar Capital
9
7 P I TC H B O O K 2013 G LO B A L P E & VC L E AG U E TA B L E S
2013 PE Investors by Firm HQ MOST ACTIVE EUROPE INVESTOR
MOST ACTIVE CEE
DEALS
INVESTOR
MOST ACTIVE FRANCE & BENELUX DEALS
INVESTOR
DEALS
Lloyds Development Capital
21
Enterprise Investors
4
Ardian Private Equity
18
Ardian Private Equity
18
BaltCap Management
3
Omnes Capital
11
Argos Soditic
13
Genesis Capital
3
PAI Partners
9
EQT Partners
13
Resource Partners
3
AlpInvest Partners
8
Maven Capital Partners
11
RT-Invest
3
FSI Régions
8
Omnes Capital
11
Blue Sea Capital (Croatia)
2
Finorpa
7
Apax Partners
10
LitCapital
2
Siparex Group
7
Bregal Investments
10
Arkéa Capital Investissement
6
CVC Capital Partners
10
BlackFin Capital Partners
6
Permira
10
ISIS Equity Partners
9
Mobeus Equity Partners
9
PAI Partners
9
AlpInvest Partners
8
Business Growth Fund
8
Cinven
8
Equistone Partners Europe
8
FSI Régions
8
HgCapital
8
Lyceum Capital
8
Partners Group
8
Sovereign Capital
8
MOST ACTIVE SOUTHERN EUROPE INVESTOR
DEALS
MOST ACTIVE GSA
MOST ACTIVE NORDIC
INVESTOR
DEALS
INVESTOR
DEALS
Argos Soditic
13
EQT Partners
13
Partners Group
8
Ratos
6
Deutsche Beteiligungs
6
Cevian Capital
5
MML Capital Partners
5
Herkules Capital
5
Allianz Capital Partners
4
Segulah
5
BayBG
3
HitecVision
4
Deutsche Investitions- und Entwicklungsgesellschaft
3
Nordic Capital
4
Triton Partners
3
MOST ACTIVE U.K. & IRELAND INVESTOR
DEALS
21 Partners
4
Lloyds Development Capital
Dinamia Capital Privado
3
Maven Capital Partners
Gradiente
3
Apax Partners
N+1
3
Portobello Capital
3
Intesa Sanpaolo
21
MOST ACTIVE REST OF WORLD INVESTOR
DEALS
Canada Pension Plan Investment Board
15
10
OMERS Private Equity
10
Bregal Investments
10 10
Ontario Teachers’ Pension Plan
9
CVC Capital Partners
2
Permira
10
7
Miura Private Equity
2
ISIS Equity Partners
9
Caisse de Depot et Placement du Quebec
Nazca Capital
2
Mobeus Equity Partners
9
Lynx Equity
7
Vela Imprese
2
11
8 P I TC H B O O K 2013 G LO B A L P E & VC L E AG U E TA B L E S
2013 PE Investors by Firm AUM MOST ACTIVE $5B+ INVESTOR
MOST ACTIVE $500M-$1B DEALS
INVESTOR
DEALS
Kohlberg Kravis Roberts
42
Argos Soditic
13
The Carlyle Group
34
Great Point Partners
13
Audax Group
32
Maven Capital Partners
11
ABRY Partners
30
Kinderhook Industries
11
The Blackstone Group
26
NewSpring Capital
8
Oaktree Capital Management
24
Sorenson Capital
7
H.I.G. Capital
24
Dunedin Capital Partners
7
Apollo Global Management
21
Foresight Group
7
Lloyds Development Capital
21
Intervale Capital
7
GTCR
21
Ardian Private Equity
18
TA Associates
18
Insight Venture Partners
18
International Finance Corporation
17
Riverstone Holdings
17
MOST ACTIVE $1B-$5B INVESTOR Parthenon Capital Partners
DEALS
MOST ACTIVE $250M-$500M INVESTOR
DEALS
Hammond, Kennedy, Whitney & Co.
8
FSI Régions
8
The CapStreet Group
7
Investec
7
BlackFin Capital Partners
6
Ampersand Capital Partners
6
23
The Riverside Company
18
KRG Capital Partners
16
LLR Partners
14
Arsenal Capital Partners
13
Clearlake Capital Group
13
Marlin Equity Partners
11
INVESTOR
Omnes Capital
11
Mobeus Equity Partners
9
Odyssey Investment Partners
11
BelHealth Investment Partners
8 7
MOST ACTIVE