Median revenue growth at 150 privately-owned companies in the Golub Capital loan portfolio dipped below 8 percent in the first quarter but remained strong, according to the latest Golub Capital Middle Market Report. Revenue growth in the portfolio beat that for companies in three major stock indices–the S&P 500, the Russell 2000 and the S&P SmallCap 600.
Median year-over-year EBITDA growth rates at 150 portfolio companies financed by Golub Capital have fallen for two straight quarters, according to the Golub Capital Middle Market Report. However, the first-quarter growth rate remained well above 6 percent and beat the comparable growth rates at companies in the S&P 500 and S&P SmallCap 600 but lagged the comparable growth rates at companies in the Russell 2000.
Download the “Buyouts Insider Q2 2015 Highlights” slide show from the “related files” tab to see the latest trends and statistics in private equity fundraising, deals and exits.
U.S.-based buyout and mezzanine fundraising slowed over the past two weeks, after starting the year at a break-neck pace. The 2015 total went up by $4 billion, to $118.2 billion. As it stands, this year’s aggregate sits nearly $15 billion ahead of where it was a year ago.
In a spring survey conducted by Buyouts Insider, 14 placement agents that raised a combined $12.7 billion last year weighed in on where their money came from. Public pension funds was the largest contingent, at 26 percent; the “other investors” category, including sovereign wealth funds, came in second with 18 percent; and endowments/foundations came in third with 12 percent.
Advisory shop Pantheon Ventures last fall released a study of buyout fund returns showing that a “deep J-curve, relative to vintage peers,” signals that a fund is more likely to be bottom-quartile than top-quartile.
The United States accounted for more than half the money raised by 14 placement agents that raised a combined $12.7 billion last year, according to a survey conducted this spring by Buyouts Insider (see accompanying chart). Europe came in second place at 19 percent.
Here are the key statistics in private equity fundraising, deals and exits for the third quarter of 2015.
Twenty companies owned by buyout shops around the world made the mid-May “weakest links” list generated by ratings agency Standard & Poor’s, a low number by post-financial-crisis standards.
U.S.-based buyout and mezzanine fundraising had yet another boisterous two weeks, adding $9.7 billion to its yearly total. As it stands right now, this year’s aggregate sits nearly $30 billion ahead of where it was a year ago.