PE & VC Exits - PitchBook · PDF fileand are on track to make up 5.8% of PE-backed exits this year, the highest proportion since 2014 and is the only exit route outpacing its volume

PE & VC Exits

2017 Sponsored by

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PE-backed Exits Overview 4-5

PE-backed Exits by Industry & Size 6

PE-backed Exits by Type 7

VC-backed Exits Overview 8

VC- backed Exits by Sector & Size 9

VC-backed Exits by Time & Type 10

Corporate Acquisitions 11

IPOs 12-13

Buyouts 14

League Tables 15

Contents

The PitchBook PlatformThe data in this report comes from the PitchBook Platform–our

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to request a free trial.

3 PITCHBOOK 2017 PE & VC EXITS

SPONSORED BY

Cyclicality comes to bearPE-backed exits overview

PE exit numbers were slightly down

year over year in 2016, and 2017 is

on pace to be down 24% in volume.

Through the first five months of the

year, there have been 791 PE exits

worth $168.3 billion. Median hold

times fell below five years during

2016 for the first time since 2011

and remain unchanged at 4.9 years

through the first half of 2017. Despite

a quicker turnaround of PE-sponsored

companies when compared to just

a few years ago, exits via corporate

acquisitions and secondary buyouts

are off to a slow start in 2017. At the

current pace, exits to strategics would

be down 34% and secondary buyouts

down 30%. Although we expect exits

to pick up through the back half of the

year, the exit market seems to be at

the beginning of a downward trend.

Source: PitchBook. *As of 6/1/2017

Volume has been steadily diminishing for several quarters now

PE-backed exit activity in North America & Europe

Note: The geographic scope of this report covers both North America and Europe.

$59

$111

$96

$86

$52

$78

$75

$136

$68

$171

$134

$137

$155

$116

$132

$177

$131

$172

$159

$200

$146

$169

$132

$109

$96

$73

508

283

0

100

200

300

400

500

600

700

800

$0

$50

$100

$150

$200

$250

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2011 2012 2013 2014 2015 2016 2017*

Exit Value ($B)

# of Exits Closed

Hold times plateau thus far in 2017

Median PE hold time (years)

5.35

4.65

3.35

4.95 4.95

0

1

2

3

4

5

6

7

2010 2011 2012 2013 2014 2015 2016 2017*

Corporate Acquisi�on IPO Secondary Buyout

5.66



SPONSORED BY

Declining averages in Europe have helped drive declining

incidence of mega-deals

Average PE-backed exit size ($M)

This trend is driven by the cyclical

nature of the PE industry and two

figures point to being just past the

peak of the current exit cycle.

One, a greater proportion of PE-

sponsored companies was acquired

over the last three years; many of

these investments are not yet ready

for an exit. Given the time it takes to

implement operational changes it

is reasonable to conclude that exits

will experience a continued drop in

activity. Two, corporate M&A activity

seems to be returning to historical

averages after a record-setting 2016

with $1.9 trillion over 6,695 deals.

This too is influencing the decline in

PE-backed exits; we expect exits to

continue slowing until more recently

acquired PE-sponsored companies are

ready for sale.

Investment-to-exit ratio barely down, cyclicality in

play for both buyers & sellers

PE investments versus exits (#)

2.5x

2.2x

2.2x

2.1x

2.1x

2.0x

2.0x

2.0x

5,097

1,589

2,500

791

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

0

1,000

2,000

3,000

4,000

5,000

6,000

2010 2011 2012 2013 2014 2015 2016 2017*

Investments/Exits# of Investments (excl. add-ons)# of Exits


$218.3

$246.7

$178.4

$148.4

$185.5

$303.4

$262.1$236.7

$223.9

$200.0

$73.4

$115.7 $122.7

$244.4

$211.6

$172.5$174.3

$186.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

US EUR


Multiples are holding somewhat steady

Median PE-backed exit multiples by type


Note: 2017 datasets were insufficiently robust to break out by transaction type, so

they were combined across all types.

9.2x9.0x*

7.7x

9.4x

0x

2x

4x

6x

8x

10x

12x

2010 2011 2012 2013 2014 2015 2016 2017*

Acquisi�on IPO Buyout

Note: Due to the opaque nature of private markets, we are constantly backfilling our database to include the most up-to-date information. Consequently, some data points may change from time to time, particularly for more recent quarters.


SPONSORED BY

After a blockbuster year, B2C set to decline

proportionally

PE-backed exits ($B) by industry

Midsized deals temporarily driving more volume

PE-backed exits (#) by size

By and large, proportional activity remains similar to historical

trends

PE-backed exits (#) by industry

B2C exits fade after a strong yearPE-backed exits by industry & size

0

500

1,000

1,500

2,000

2,500

3,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

B2B B2C

Energy Financial Services

Healthcare IT

Materials & Resources


$0

$100

$200

$300

$400

$500

$600

$700

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

B2B B2C

Energy Financial Services

Healthcare IT

Materials & Resources

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010

2011

2012

2013

2014

2015

2016

2017

*

$2.5B+

$1B-$2.5B

$500M-$1B

$100M-$500M

$25M-$100M

Under$25M

Source: PitchBook. *As of 6/1/2017 Source: PitchBook. *As of 6/1/2017

PE firms exited $149 billion in B2C-

focused companies during 2016, the

highest in our dataset. Contrarily, B2C

exit activity is the weakest we’ve seen

as a percentage of total capital exited

this year, accounting for 14% of all PE-

backed exits and trailing well behind

the 10-year average of 21%. B2C is also

down in terms of volume.

This reflects a trend we are already

seeing around the much-discussed

“death of retail”, which may contribute

to the drop in B2C numbers. If the

retail vertical continues to struggle,

it may pose a growing threat to

successful sponsorships and exits.

Recent examples of struggling PE-

backed retail investments include

Sports Authority and The Limited, both

of which have filed for bankruptcy in

the last 18 months. Payless Shoesource

presents an even more recent example

of the difficulties PE faces in the

retail space, as that company’s case

continues to play out in bankruptcy

proceedings.


SPONSORED BY

PE-backed exits ($) by typeMedian PE-backed exit size ($M) by type

As previously stated, PE exits are

entering a downward trend that is

being driven by the cyclical nature of

the industry and a return to normalcy

by strategic acquirers. Exit value via

corporate acquisitions was down

51% from 1Q 2016 and early 2Q data

suggests M&A activity continues to be

weaker quarter over quarter. Despite

this, sales to strategics remain the

most lucrative and popular exit route,

making up 63% of all capital exited this

year while only 44.6% of exits by count.

Last year saw $142.1 billion dollars

of exit value via secondary buyouts,

down from 2015. Buyout firms drove

49.6% of all PE exits with $51.9 billion

exited from one PE firm to another so

far this year. This is also the first year

secondary buyouts have made up a

greater proportion of exit volume than

corporate acquisitions, thus far. On

another note, IPO exits are stabilizing

and are on track to make up 5.8% of

PE-backed exits this year, the highest

proportion since 2014 and is the

only exit route outpacing its volume

recorded last year.

Relative proportions hold but secondary buyouts remain key in driving value

PE-backed exits (#) by type

Exit avenues intactPE-backed exits by type

0

100

200

300

400

500

600

700

800

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

2011 2012 2013 2014 2015 2016 2017*



$134.0

$156.0$170.6

$180.0

$228.5

$0

$50

$100

$150

$200

$250

$300

2010 2011 2012 2013 2014 2015 2016 2017*


$171.1


$0

$100

$200

$300

$400

$500

$600

$700

2010 2011 2012 2013 2014 2015 2016 2017*




SPONSORED BY

The exit market for VC-backed

companies hasn’t yet been as robust

as the industry had hoped after a

slow 2016. For two straight years,

the number of exits has decreased,

forming a backup of unrealized

value at the late stage. While Snap

initially generated some optimism

concerning unicorns’ exit prospects

with its $3.4 billion IPO in March, the

response from the rest of the mature,

richly valued population of venture-

backed companies was tepid. Just 30

companies have entered the public

markets so far in the US and Europe,

on pace for fewer than last year, which

in turn had been the lowest total since

2012. Acquisitions have also been

slow as corporations work on internal

mechanics and organic growth rather

than overextending themselves in the

current climate. Just 315 VC-backed

companies have been acquired in

2017; last year 990 acquisitions were

completed.

The culprits for this slowdown are

many, but we would be remiss not to

mention this year’s constant political

tension across multiple continents.

While stock markets have performed

well since the year began, the

uncertainty created by the rollback

of old policies—whether sector-

specific or more general—and the

implementation of new ones has likely

made public markets less enticing. In

Europe, multiple elections have caused

the euro and pound to fluctuate,

contributing to more instability in the

region.

2017 was hoped to be a year of

rebound for VC-backed exits.

Unrealized value continues to be

created at the top of the market, yet

the number of exits of these highly

Volume may be considerably down, but value isn’t cratering just yet

VC-backed exit activity


Backup of unrealized valueVC-backed exits overview

$31

$52

$24

$19

$39

$42

$60

$51

$98

$64

$67

$27

763

923

731

688

1,0091,083

1,258 1,300

1,6251,540

1,262

433

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Exit Value ($B)

# of Exits Closed

Strategic buyers’ appetite remains key

VC-backed exit activity (#) by type

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*



valued companies has not kept up with

rising valuations. But even though the

year has followed a path similar to that

of 2016 in terms of slow activity, recent

high levels of fundraising has kept

late-stage capital available, continuing

the trend of longer hold times before

realized exits.


SPONSORED BY

Opportunistic exits have driven exit value significantly

VC-backed exits ($B) by size

Several software unicorns drove disproportionate

value

VC-backed exits ($B) by sector

30.2% of all 2017 VC-backed exits to date were sized

between $100M and $500M

VC-backed exits (#) by size

Software businesses remain most frequently bought

VC-backed exits (#) by sector

68.4% of all 2017 venture-backed exit value to date has come from exits sized $500M or more

Surge of large exits continuesVC-backed exits by sector & size

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010

2011

2012

2013

2014

2015

2016

2017

*

Pharma & Biotech

HC Services & Systems

HC Devices & Supplies

Other

So�ware

Media

IT Hardware

Energy

Consumer Goods &Recrea�onCommercial Services


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010

2011

2012

2013

2014

2015

2016

2017

*

Pharma & Biotech

HC Services & Systems

HC Devices & Supplies

Other

So�ware

Media

IT Hardware

Energy

Consumer Goods &Recrea�onCommercial Services


$0

$20

$40

$60

$80

$100

$120

2010

2011

2012

2013

2014

2015

2016

2017

*

$500M+ $100M-$500M $50M-$100M

$25M-$50M Under $25M


100

200

300

400

500

600

700

2010

2011

2012

2013

2014

2015

2016

2017

*

$500M+ $100M-$500M $50M-$100M

$25M-$50M Under $25M



SPONSORED BY

PE buyouts more popular

Acquisitions continue to be the

most common exit route, but

through May, over 20% of 2017

exits have been buyouts by PE

firms, a large proportion compared

to past years which have observed

that percentage generally hover

between 10% and 12%. We believe

that this trend will continue to

play out moving forward, as it

is an attractive option for many

late-stage companies. PE firms

can provide operating expertise

to companies running inefficiently,

and would likely allow the founder

or current executives of the

company to continue leading

the company without the costly

and highly scrutinized route of

an IPO. PE firms have also been

more actively targeting tech

companies; the proportion of PE

deals involving IT companies has

grown each of the past three years,

hitting a decade high of 20.4% in

2017.

Time to say goodbye

The hold period for VC-backed

companies has risen quite

dramatically in recent years.

Median years to exit from first VC

investment through acquisition or

buyout rose to almost five years

in 2016, with the time until an IPO

exceeding eight years. The longer

these timelines grow, the more

they clash with what is generally

thought of as the traditional

venture fund lifetime of 10 years.

While that may have traditionally

been the case, limited partners may

now need to make commitments

with an assumption that a fund

will not be closed out in 10 years,

but that it will hopefully create

Aging portfolios weigh downVC-backed exits by time & type

VC-backed exit activity ($B) by type

$0

$20

$40

$60

$80

$100

$120

2010 2011 2012 2013 2014 2015 2016 2017*


Median years from first VC round to exit



4.9 5.2

8.3

6.1

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2010 2011 2012 2013 2014 2015 2016 2017*

Acquisi�on/Buyout IPO

decent returns during that time,

with only some liquidity protracted.

Lengthening hold periods look to

be due in part to rising deal sizes

that are providing companies

longer runways before the next

round is necessary. The increase

in available late-stage capital over

past years has also disincentivized

the flow of companies moving

to exit, enabling longer tenure

in private markets. While longer

exit timelines aren’t necessarily

detractive as long as healthy

companies are eventually created

and fund investors’ expectations

are aligned, longer timelines could

put pressure on fund managers to

provide even larger returns to their

investors.


SPONSORED BY

Corporate buys off to a slower pace

PE-backed corporate acquisition activity

Median PE-backed corporate acquisition size ($M)

VC-backed corporate acquisition activity

Median VC-backed corporate acquisition size ($M)

Both PE-backed & VC-backed corporate acquisition sizes tend to remain high

The primary source of exit valueCorporate acquisitions

$128

$209

$195

$333

$344

$418

$386

$105

905

1,0731,137 1,151

1,305

1,517

1,291

353

2010 2011 2012 2013 2014 2015 2016 2017*

Exit Value ($B) # of Exits Closed


$134.0

$171.1

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

$200

2010 2011 2012 2013 2014 2015 2016 2017*


0

200

400

600

800

1000

1200

1400

$31.

1

$33.

3

$34.

9

$37.

0

$76.

8

$47.

3

$56.

2

$16.

2

839 888

1,035 1,039

1,215 1,203

990

315

2010 2011 2012 2013 2014 2015 2016 2017*


$56.0 $55.8

$0

$10

$20

$30

$40

$50

$60

2010 2011 2012 2013 2014 2015 2016 2017*

Source: PitchBook. *As of 6/1/2017Source: PitchBook. *As of 6/1/2017


SPONSORED BY

Will IPOs resurge in 2017?IPOs

A surge in low-pricing debuts

PE-backed IPOs hitting range (#)

PE

Although IPO exits of PE-backed

companies are up slightly over

last year’s numbers, the number

of IPOs exiting below target is at

a 37.5%, the highest figure in our

dataset. On the opposite end of

the spectrum, 12.5% of IPO exits

are hitting above their target

pricing ranges. The largest IPO

was BlackStone’s Invitation Homes

which raised $1.54 billion, the

largest public offering of a REIT.

VC

While IPO volume has been low

through its first five months, 2017

is on pace to see the highest

number of unicorns go public

in any year—six is the current

record—a caveat being the

current population of private

unicorns is much larger than in

the past. Each of the four billion-

dollar companies that has held

an offering this year is currently

trading above its IPO price, and

Blue Apron’s forthcoming IPO

is much anticipated. The only

disappointment has been Snap

(NYSE: SNAP), which has been

dogged by slowing user growth

and similar services being

introduced by Facebook (NASDAQ:

FB).

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2010 2011 2012 2013 2014 2015 2016 2017*High Within Target Low


Past imbalances still hold implications for liquidity

$1B+ VC-backed rounds & exits

22

13

8

79

43

25

0

20

40

60

80

100

2010 2011 2012 2013 2014 2015 2016 2017*

# of Exits Valued at $1B+

# of Rounds Valued at $1B+



SPONSORED BY

Will IPOs resurge in 2017?IPOs, continued

So far in 2017, across North

America and Europe, 30 companies

have entered the public markets,

amassing close to $6 billion in

proceeds—$3.4 billion from Snap’s

offering. That number of IPOs is

still relatively low compared to the

rate that led to over 200 IPOs in

2014, or even the 139 completed

offerings in 2015. This year has had

its fair share of volatility-inducing

events, likely causing the slow start

to IPOs. Knowing companies prefer

stabler environments, uncertainties

over how new US governmental

policies would affect stocks,

coupled with several high-profile

European elections, created an

environment unsuitable for IPOs

by companies with weak financials

overly predicated on potential.

Venture-backed offerings still considerably off historical paces by volume

VC-backed IPO activity

$5.7

$10.

0

$0.8

$1.6 $4

.1

$6.6

$21.

9

$10.

1

$18.

2

$11.

4

$4.5

$5.7

126

152

3521

6685

82

119

202

139

85

30

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

Aggregate Offering Value ($B) # of Exits Closed


Company IPO Date IPO Size (M) Ticker SymbolInitial Share Price

Current Share Price

Growth RateCurrent Market Capitalization ($M)

Box 1/22/2015 $175.00 BOX $14.00 $19.15 37% $2,542.62

Etsy 4/16/2015 $266.67 ETSY $16.00 $13.54 -15% $1,577.63

Shopify 5/21/2015 $150.50 SHOP $17.00 $97.48 473% $9,562.23

Sunrun 8/5/2015 $251.00 RUN $14.00 $5.00 -64% $527.22

Pure Storage 10/7/2015 $488.75 PSTG $17.00 $13.22 -22% $2,748.63

Square 11/19/2015 $243.00 SQ $9.00 $23.39 160% $8,750.29

Twilio 6/23/2016 $150.00 TWLO $15.00 $24.95 66% $2,257.52

Nutanix 9/30/2016 $237.92 NTNX $16.00 $18.67 17% $1,499.07

Snap 3/2/2017 $3,400.00 SNAP $17.00 $20.21 19% $23,830.13

MuleSoft 3/17/2017 $221.00 MULE $17.00 $26.14 54% $3,366.49

Okta 4/7/2017 $187.00 OKTA $17.00 $24.61 45% $270.71

Cloudera 4/28/2017 $225.00 CLDR $15.00 $22.56 50% $2,889.13

Select statistics of most recent unicorn companies that went public



SPONSORED BY

Steady clip of sponsor-sponsor exchangesSecondary buyouts & PE buyouts of venture-backed companies

Volume off pace after two highly active years

SBO activity A decline from recent highs

Median SBO valuation/EBITDA multiple

Aggregate sum spent on VC portfolio companies

soars

VC-backed buyout activity

Thus far in 2017, PEGs are paying less for VC cos.

Median size ($M) of VC-backed buyouts

$77.

2

$102

.0

$128

.9

$129

.7

$169

.9

$199

.2

$142

.1

$51.

9

605

780824

929

1,039

1,166 1,119

392

2010 2011 2012 2013 2014 2015 2016 2017*



9.4x

8.0x*

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

2010 2011 2012 2013 2014 2015 2016 2017*

Source: PitchBook. *As of 6/1/2017. This figure is

not sufficiently robust under a normative basis.

$3.6

$1.9

$3.3

$4.2

$3.1

$5.1

$6.3

$4.9

104110

141 142

208198

187

88

2010 2011 2012 2013 2014 2015 2016 2017*



$70.0

$52.5

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2010 2011 2012 2013 2014 2015 2016 2017*



SPONSORED BY

League TablesSelect largest PE & VC-backed exits in 2017

Company Date Size ($M) Investor(s)/Buyer(s) HQ Sector

Formula One 23-Jan-2017 8,000 Liberty Media GroupLondon, United Kingdom

Other Commercial Services

Clayton Williams Energy 24-Apr-2017 2,442 Noble Energy Midland, TX Energy Exploration

Mauser Group (MSR) 03-Apr-2017 2,300 Stone Canyon Industries Brühl, GermanyPlastic Containers & Packaging

Optiv Security02-Feb-2017

2,000 Kohlberg Kravis Roberts Denver, COSystems & Information Management

Oasis Healthcare09-Feb-2017

1,040 BupaBristol, United Kingdom

Healthcare Services

Select largest PE-backed exits in 2017*

Select largest VC-backed exits in 2017*

Deloitte’s Emerging Growth Company (EGC) PracticeWe understand that one size doesn’t fit all. Each emerging growth company has its unique needs and issues at different stages of growth. As your company grows, we make the necessary changes to grow with you. Quality is our

top priority; our approach to client service focuses on the challenges of high-growth companies, the road to IPO and a commitment to the venture community.

We are committed to delivering a distinctive client experience through service offerings tailored to address the specific circumstances of your company. From startups to billion dollar companies, Deloitte’s collaborative approach brings the full breadth of our technical and industry capabilities, along with access to the global resources of our member firm network, to help you capture opportunities and address challenges. Our extensive IPO experience, along with our experienced professionals, enables us to provide insights that others may miss.

We have helped countless venture-backed companies achieve their goals. As you plan for your next stage of growth, make sure your organization is well equipped. Engage with our team of professionals that understands your challenges as a growing company, with specific industry knowledge and insights to the financial and operational challenges you may face.

www.deloitte.com/us/egc

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Company Date Size ($M) Investor(s) HQ Sector

AppDynamics 22-Mar-2017 3,700 Cisco Systems San Francisco, CAAutomation/Workflow Software

Snap (SNAP) 02-Mar-2017 3,400 N/A Los Angeles, CASocial/Platform Software

Tolero Pharmaceuticals 25-Jan-2017 780 Dainippon Sumitomo Pharma Lehi, UT Drug Discovery

SimpliVity 17-Feb-2017 650 Hewlett Packard Enterprise Westborough, MASystems and Information Management

Veracode 03-Apr-2017 614 CA Technologies Burlington, MANetwork Management Software



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PE & VC Exits - PitchBook · PDF fileand are on track to make up 5.8% of PE-backed exits this year, the highest proportion since 2014 and is the only exit route outpacing its volume