Bain & Company this morning released its annual global private equity report. Some takeaways beyond the basic deal volume data:
- Nearly 70% of unrealized deals invested in 2008 or earlier are being held below par.
- There were more mega-buyout funds (>$5b) raised in 2016 than in any other year since 2008.
- Buyout NAV fell in 2016, as rises in valuation and call-downs didn't offset the larger increase in distributions.
- Most U.S. buyouts last year were of privately-held companies, while most buyouts in Europe were sponsor-to-sponsor.
- Dry powder (i.e., committed but uninvested capital) is at a record high: