Research

Chart of the Week: Which sectors take the longest/shortest to exit from?

So far in 2014, of the 194 buyout M&A exits by U.S.-based financial sponsors that Thomson One identified, portfolio companies in the utilities sector are the quickest to reach an exit, in 3.7 years on average.

LP Scorecard: GTCR, CVC and Onex top Nevada IRRs

GTCR, CVC Capital Partners and Onex Partners are the fund managers at the top of the IRR chart for the Public Employees’ Retirement System of Nevada for the period to Dec. 31, 2013.

Chart of the Week: Where have you listed your IPO in 2014?

In the first half of 2014, 77 portfolio companies backed by U.S.-based buyout shops have gone public, according to Thomson One. Of these, almost half (47 percent) have made their public debuts on the New York Stock Exchange.

LP Scorecard: Odyssey, Davidson Kempner and EnCap top Texas County IRRs

Distressed, energy and mid-market buyout opportunities are boosting IRRs for Texas County & District Retirement System, as of Dec. 31, 2013.

Debt of portfolio companies on ‘weakest links’ list at lowest levels since before the financial crisis

The number of private equity-backed companies listed in Standard & Poor’s ”weakest links” report published in May fell to 19 from 24 when the list was last reviewed by Buyouts. Simultaneously, the number of portfolio companies defaulting or filing for bankruptcy protection has risen to four.

Chart of the Week: Where do buyout firm partners get their MBAs?

A study of 79 global buyout firms conducted from 2011 to 2013 found that more than half of those in partner-level positions (57 percent) have MBAs, while 7 percent have a law degree, according to a draft academic paper.

Chart of the Week: How did your closed deals get sourced?

Overall, global buyout firms in a recent survey said that more than a third of their closed deals (36 percent) were proactively self generated on average, followed closely by investment bank-generated with 33 percent.

LP Scorecard: Blackstone, Warburg Pincus, Macquarie top District of Columbia IRRs

Mega buyouts, growth equity and infrastructure funds are among the top three IRRs for the $5.8 billion District of Columbia Retirement Board. The Blackstone Group’s 2001 vintage Blackstone Capital Partners IV fund is top of the IRR performers for the district’s pension fund. That vehicle posted an IRR of 37.2 percent and 2.35x multiple for the period to Dec. 31, 2013.

Chart of the Week: Equity contributions fall in U.S. leveraged buyouts

The proportion of equity used to finance U.S. leveraged buyouts fell by 6 percentage points, from the 44 percent recorded in the last quarter of 2013 to 38 percent in the first quarter of 2014.

Chart of the Week: Harvard continues to lead the endowment pack

Harvard University continues to have the largest endowment for fiscal year 2013 (ended June 30) with more than $32 billion.