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Private Equity Investment Trends – 2Q 2010

John Gabbert – CEO & Founder(206) 623-1986 x224 | john@pitchbook.com

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Three Aspects of Private EquityFundraising, Investment & Exits Trends

Private Equity Private Equity FundraisingFundraising

PE Fundraising Tentative in 2010Number of Funds Closed and Total Capital Raised by Year

Fundraising Moving in Right Direction

US Private Equity Fundraising by Quarter

Record Levels of Dry Powder; $400B

Capital Overhang for US-Focused Funds Raised by US Investors

Mid-Sized Funds Make Their Mark

Percentage of US PE Funds (Count) by Size

Upper-Mid Funds Dig into Mega’s Market

Percentage of Capital Raised by Size – US Funds

PE InvestmentPE Investment

Deal Flow Continues Positive Gains in 1Q 2010

Quarterly US Private Equity Deal Activity and Capital Invested (Billions)

Small Deals Dominate VolumePercentage of Deal Volume (count) by Deal Size Range

Median Valuation Continues 2009 Trend

PE Deal Activity (count) and Median Valuations by Year

Median Amount Rebounding in 2010PE Deal Activity (count) and Median Deal Amounts by Year

Financial Services Industry Reemerges

Percentage of Deal Volume by Industry

Healthcare & Financials See Green

Percentage of Capital Invested by Industry

Leverage Returning to PE MarketAverage Percentage of Equity Used in Deal

Leverage Returning to PE MarketPercentage of Club Deals (count) by Deal Size Range

PE ExitsPE Exits

Secondary Deals Return, Strategics Dominant

US PE Exit Activity (Exit Type Percentage)

25%

41%

59%

Exits Up, IPOs Reemerge in 4Q Quarterly PE Exits by Corporate Acquisition, IPO and Secondary

Sale

Percentage of capital invested by industry

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