The California State Teachers’ Retirement System enjoyed a strong year of distributions in the year ending September 2014, realizing almost $6.1 billion from its private equity portfolio.
U.S.-based buyout and mezzanine fundraising had another lively two-week period, with the 2015 total growing by nearly $6 billion, to $102.2 billion. That is almost a full $26 billion ahead of where the tally stood at this time last year.
The percentage of equity used to finance U.S. leveraged buyout deals has plateaued the last two quarters at 41.7 percent. While that is down from the post-crisis highs, the market still hasn’t returned to the low 30 percent range seen from 2005 to 2007.
Between fiscal years 2013 and 2014 ended June 30, U.S. and Canadian institutional endowments grew by 15 percent on average.
U.S.-based buyout and mezzanine fundraising enjoyed a monumental two-week period, seeing its 2015 total skyrocket by over $24 billion. That is a full $27 billion ahead of where it stood at this point last year.
The Texas County & District Retirement System during 2014 enjoyed $531.4 million in distributions from a private equity portfolio that has invested some $3.4 billion to date.
European EBITDA multiples are lower than those in the United States, but the difference isn’t as big as you’d think, according to data from Capital IQ and Robert W. Baird & Co.
EBITDA multiples have generally been on the upswing as the economy continues to rebound from The Great Recession.
From the beginning of the year 57 U.S. LBO and mezzanine funds have so far closed on capital, according to Thomson One, a product of Thomson Reuters. Of the 57, 19 (33%) were sponsored by firms based in New York. This is more than the next three states combined, and more than doubled second-place California.
Of the 57 U.S. buyout and mezzanine funds that have closed on capital since the onset of 2015, about a quarter of them, 14, have so far closed on at least $1 billion. The second tallest pole in the tent is the $100 to $300 million range, with 13 funds, or about 23 percent. While the results are diverse, investors appear to be trending towards the safety of larger funds.