Garrett James Black
PitchBook Data
Seattle, WA, United States
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Past articles by Garrett:
The evolution of liquidity: Shifting exit strategies for private market investors
As market dynamics change, investors within private equity and venture capital are finding new and diverse ways to exit their investments. → Read More
The current US private equity scene in 11 charts
Here are 11 key charts from our 2Q 2017 US PE Breakdown, including the latest data on EBITDA multiples, exit value and fundraising success. → Read More
PE exit multiples have stayed steady at elevated level
Slowly but surely, exit multiples for secondary buyouts and corporate acquisitions have risen over the past two years, with figures for the former topping off at 9.4x last year. Thus far in 2017... → Read More
PE increasingly targeting companies with strong revenue growth
Is there a new norm in PE dealmaking? One of the more telling data points is the type of company buyers are targeting, and since 3Q 2015, there has been a distinct increase in... → Read More
Older PE fund vintages looking to finish strong
PE fund vintages from 2007 to 2009 still have median RVPI multiples exceeding at least 0.50x, even though it has been just shy of a decade since the eldest of those funds closed. → Read More
Cyclicality of PE industry coming to bear?
As more youthful PE funds weren’t able to snag favorably priced assets, their momentum and time taken to post DPI figures similar to those of 2009 look set to be slower and longer. → Read More
Middle-market vehicles hit new high in proportion of all US PE fundraising
Middle-market-dedicated funds made up 70% of overall US PE raises in the first quarter of 2017, the highest tally of the decade. The portion of capital committed is a hefty 63%. → Read More
PE moves further into IT, software
Thoma Bravo, Vista and Silver Lake used to be the few notable PE firms making primarily tech and/or software plays. However, overall investment within the IT industry has grown significantly over... → Read More
LPs still keen on co-investment
In 2016, LPs participated in no fewer than 76 US private equity transactions, the cumulative value of which hit no less than $33.8 billion, more than any other year in the past decade excepting 2007. → Read More
Is the PE industry on pace for lower net cash flows?
Since 2012, net cash flows of private equity funds worldwide have been positive—the last three years with full returns each handily exceeding $130 billion. With returns through the middle of 2016... → Read More
Eventual liquidation of unicorn companies will provide needed realization for venture funds
If the IPO window opens wider in 2017, it could provide a better exit avenue for many venture-backed unicorns, leading to much needed liquidity for plenty of VC funds. → Read More
Eventual liquidation of unicorn companies will provide needed realization for venture funds
If the IPO window opens wider in 2017, it could provide a better exit avenue for many venture-backed unicorns, leading to much needed liquidity for plenty of VC funds. → Read More
Plenty of value yet to be realized in older PE vintages
In the world of private equity, the long-persisting effects of the financial crisis are still evident. This is clear particularly when examining fund returns from certain, most affected vintages... → Read More
On a long horizon, returns converge for PE funds of all sizes
Given the impact of the financial crisis, it makes sense that no matter the size of the fund, at the longest time horizon—10 years—IRRs have by and large converged. But in the shorter term... → Read More
Recent PE vintages still outpacing public indices
Private equity funds of pre-2006 vintages exhibit significant outperformance of public indices, when employing the Russell 3000 Index for public market equivalents calculations. Since then, however... → Read More
Demand for PE exposure to slacken eventually?
In 2016, 87.6% of private equity funds that closed in North America and Europe hit or exceeded their targets. Even compared to the heights of 2014 and 2015, that figure represents a clear high of... → Read More
After raking it in for some time, PE & VC fundraising set to slide
In our most recent PE & VC Fundraising Report, several key trends stood out, chief among them continued success across both private equity and venture capital and immense dry powder levels. → Read More
Demand for PE exposure to slacken eventually?
In 2016, 87.6% of private equity funds that closed in North America and Europe hit or exceeded their targets. Even compared to the heights of 2014 and 2015, that figure represents a clear high of... → Read More
Median EV/EBITDA buyout multiples surge for sub-$25M enterprises
A median EV-to-EBITDA multiple of 6.13x at the sub-$25 million EV range in 2Q 2016 is nearly a turn higher than what was recorded in the first quarter of the year. → Read More
Recent consumer-focused PE vintages have a ways to go
Consumer spending has been on the rise, but private equity managers of younger consumer-focused funds still have a ways to go when it comes to either increasing overall value or realizing gains. → Read More