Highlights
- Buyout investment deal flow increased on both sides of the Atlantic. However, US deal volume declined due to a lack of activity in the large-cap space. US buyout managers looked increasingly for investment opportunities in Europe, accounting for four out of the five billion-euro deals in Europe.
- Global private equity and venture capital fundraising remained robust at the start of 2017. In particular, US private equity funds had one of the most successful quarters since the market peak in early 2008.
- Exit activity was mixed. Exits to corporations got off to a slow start as overall M&A market was relatively quiet by recent standards. However, GPs continued to generate liquidity through robust public and credit markets. In the US, dividend recapitalizations hit a four-year high.
- Global IPO markets showed signs of revival. Public debuts of unicorn VC-backed companies were a milestone development in the first quarter, reflecting an awakening IPO market.
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