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Frister Haveman heeft dit gedeeldBDCs are getting all the attention in private credit. But you know what, BDCs are only a small part of the private credit market? We mapped data for ~30 BDCs across some of the largest players in private credit. Across the eight managers analysed, combined BDC AUM stands at ~$335bn. Sounds large until you compare it to the broader credit platforms behind them. Combined credit AUM across the same group now exceeds $2.9tn, meaning BDCs account for just 11% of their total credit AUM. Blue Owl stands out as the most BDC-heavy platform in the peer group, with 47% (~$74bn) of its private credit AUM in BDC structures. Blackstone holds the largest dollar amount in BDCs at ~$101bn (mostly BCRED, $85bn), but that's still only 22% of a $458bn credit platform. In contrast, several scaled alternative asset managers rely far less on the structure. Apollo, Brookfield, KKR, and Carlyle each have less than 6% of their private credit AUM in BDCs, with over 94% allocated to other credit vehicles. If we take Apollo as a case study and its $834bn credit book, 96% is non-BDC, driven by Athene's mammoth insurance balance sheet and investments in investment-grade strategies. Methodology: We mapped out public and private BDCs for all the players on the list. Then we pulled the total assets from the filings and summed it up at the sponsor level. Finally, we got the credit AUM for each sponsor from their 10Ks to calculate the portion of credit AUM that sits outside of BDCs. #PrivateCredit #BDCs #Data
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Frister Haveman heeft dit gedeeldSoftware PE deals have fallen to their lowest levels since 2020. We analyzed software PE entries and exits across the US and Europe as a share of all PE deals with ≥$5m EBITDA. US software PE exits, which averaged ~16% of the total market (since 2020) are down to just 10% this year. European software PE exits, which averaged 9% of the market are down to just 4%. Entries tell the same story on both sides of the Atlantic. Overhang from AI is the clearest culprit. Buyers can't yet answer whether AI expands a software company's market or makes it obsolete, and many are sitting out until they can. The bid-ask spread is also a blocker. Good assets exist both in public and private markets; but no one is willing to sell at these levels. This will be an important trend to watch through the second half of 2026. #Software #PEexits #Privateequity
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Frister Haveman heeft dit gedeeldWe mapped the largest PE strategic exits of all time. Here are the top 10 (by EV): 1️⃣ Refinitiv ($37bn) Blackstone, GIC, CPP Investments → LSEG 2️⃣ TK Elevator ($34bn) Advent, Cinven → KONE 3️⃣ Alltel ($28bn) TPG, Goldman Sachs → Verizon Wireless 4️⃣ Calpine ($27bn) CPP Investments, Access Industries, Bridgepoint → Constellation 5️⃣ Worldpay ($24bn) GTCR → Global Payments 6️⃣ Alliance Boots ($22bn) KKR → Walgreens 7️⃣ JDE Peet's ($18bn) JAB → Keurig Dr Pepper 8️⃣ SRS Distribution ($18bn) Leonard Green, Berkshire Partners → Home Depot 9️⃣ AssuredPartners ($13bn) Apax, GTCR → Arthur J. Gallagher 🔟 NFP ($13bn) MDP, HPS → Aon Worth flagging: the TK Elevator deal at 2nd was only announced last month. Broadly, across the top 10 largest strategic exits: • 6 were US PE-backed businesses • 6 were vertical expansion plays • 4 were cross-border • 3 were in Financials (representing almost a third of total top-10 EV) GTCR was the only PE seller to appear twice on the list (Worldpay and AssuredPartners) — both within a span of just 12 months. Are we missing any that should be on the list? #strategicexits #privateequity #top10
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Frister Haveman heeft dit gedeeldWe mapped out the regional allocation for the largest PE investors in Europe. UK&I has the largest region of allocation on average (35% by deal count). This is well ahead of DACH and France (~16% each). Those who allocate most to UK&I include: • TDR: 78% • Macquarie: 59% • CD&R: 55% Those with a strong DACH allocation include: • Hg: 32% • Permira: 31% • Advent: 28% Ardian (51%) and PAI Partners (42%) showcase a higher allocation to France, also consistent with a strong home bias given they are HQ'd there. Finally, with my home bias it's interesting to see how dispersed Benelux allocation is, from nothing at all (CD&R, TDR) all the way to a quarter of the business (3i, and no that's not just action we're taking deal count here). #PrivateEquity #Europe #Regions
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Frister Haveman heeft dit gedeeldUS private equity exits typically follow a predictable curve. By year 4, ~30% of assets are exited. By year 5, that rises to ~40%. Cohorts from 2010 to 2020 have largely tracked this pace. The 2021 vintage is a clear outlier. Just 15% of assets have exited by year 4, well below the range seen historically. Remember, 2021 was the high year with assets bought at peak valuations. For those who are exiting as well, holding periods continue to rise. The median holding period for assets exited so far this year is 5.2 years, up from 4.2 years in 2021. By sector, Consumer and Science & Health assets are among the longest held at 5.7 and 5.6 years, respectively. Consumer is weighed down by slower growth and margin pressure, while Science & Health faces regulatory uncertainty and Medicaid headwinds. #Exits #Deals #PrivateEquity
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Frister Haveman heeft dit gedeeldJoin us in NYC for this breakfast session!Frister Haveman heeft dit gedeeldJoin us for a private breakfast with New York City’s leading dealmakers as we unpack insights from our State of US Private Equity H1 2026 report. Discover how the market is evolving amid lower deal volumes and growing concentration at the top, take a closer look at how strategies are shifting across sectors, and examine the opportunities beginning to surface. Hear directly from Gain Co-Founder & Co-CEO, Nicola Ebmeyer, as she shares key insights and perspectives from the report. Insights include: 🔹 US PE entry count declined 8% in 2025, remaining 41% below the 2021 peak 🔹The number of large deals (>$1bn EV) reached near-record levels on both the entry and exit side in 2025 🔹 PE multiples have settled in the 12–14x range since 2022, well below the 16x peak in 2021 🔹 Holding periods rose for the fourth consecutive year, with the median company spending 5.3 years in the portfolio in 2025 Enjoy the opportunity to network with leading dealmakers, insights on what’s shaping private equity in the US, and breakfast to start your day. Register to save your spot 👉 https://okt.to/lpekgf
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Frister Haveman heeft dit gerepostFrister Haveman heeft dit gerepost🚨 We're on the floor at DealMAX 2026 at Booth 200 🔥 𝗛𝗲𝗿𝗲'𝘀 𝘄𝗵𝗮𝘁'𝘀 𝘄𝗮𝗶𝘁𝗶𝗻𝗴 𝗳𝗼𝗿 𝘆𝗼𝘂: 📖 First look at our 'State of US Private Equity' report — packed with the insights shaping the market right now. This is data you won't want to leave without. 🎁 Giveaways: Grab one of our infamous EBITDADDY caps 👋 Meet the team — Philip De Vusser, Jonathan Lawrence, Nils Swyzen, Brian Yoon, and Beth Mellefont
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Frister Haveman heeft dit gedeeldWe're launching our first US deals report. It's one of the most in-depth on the market, covering entries, exits, multiples, add-ons, holding periods, growth rates, margins, and much more. A few insights from the data: 1️⃣ US PE entry count declined marginally in 2025, down 10% year-over-year. In contrast, deal value was up 30%. This divergence was driven by a surge in large deals (>$1bn EV), which accounted for 81% of all deal value, up from 64% in 2020. 2️⃣ Early 2026 activity points to a stronger start by count. Deal value, however, has been lower, with large public-to-private transactions almost non-existent. 3️⃣ Exit count rose 12% in 2025, and exit deal value jumped 72% year-over-year to $599bn. The share of $1bn+ exits rose from 71% of deal value in 2024 to 82% in 2025. 4️⃣ Exits from the 2021 vintage are running behind prior cohorts at the same stage. Only 15% have been realized by year 4 vs a typical 25–30% range. 5️⃣ Holding periods rose for the fourth consecutive year. The median company spent 5.3 years in the portfolio in 2025, up from 4.2 years in 2021. 6️⃣ PE multiples rebounded in 2025 (13.2x). Although they remain well below the 2021 highs (-18%). Revenue growth is down to 5.6% in 2025, from 22.1% in 2021. _________ A lot more data and insights in the full report (47 charts): https://lnkd.in/eWEe7sur #US #Deals #PrivateEquity
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Frister Haveman heeft dit gedeeldSo proud of this new release. Deal news was broken, and we fixed it. AI-first, but still also deeply human. Paradoxically, that might be exactly the right approach in the age of AI?Frister Haveman heeft dit gedeeldNews is broken for private markets 💔 📰 If it takes you 10 tabs to understand one live deal, it’s already too late. Live Deals on Gain deliver verified proprietary intelligence, structured and connected to the full ecosystem. That means you can walk into pipeline calls knowing what's live in your market, who's running a deal, and who's bidding. You'll get: 🔗 A single connected view of the market, not a feed of disconnected articles with missing linkages ⚡ Insights you can action immediately, not after the fact 🚨 Live and upcoming processes across Europe that most of the market won't see for weeks Every live deal, all in one place ➡️ https://okt.to/kOgMRb
Frister Haveman heeft gereageerd op commentaar
1 w
True, though that'd mostly affect absolute volumes whereas this chart shows the relative percentage
Frister Haveman heeft commentaar gegeven op een bijdrage
1 mnd
Hear hear! Amazing work by you, Josh O'Neill, Helen Westermann and the BIG team of PE intelligence as well as the engineers behind awesome feature
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Frister Haveman vond dit interessantwell done MagiQware! excited for you to take this to the next level! 🚀Frister Haveman vond dit interessant🎊 Simon Groeblacher has received Take-off funding from NWO for his MagiQware project, an AI-assisted pathway to low-cost and fault-tolerant quantum computation. The grant gives researchers in phase 1 the opportunity to test the feasibility of commercialising their idea based on innovative research results. Congratulations! 👏 Quantum computing, being the heart of the quantum industry, is suffering from the noise that exists in the nature of quantum mechanics. Researchers over the years have developed a series of methods known as Quantum Error Correction, QEC, to tackle this problem. However, QEC codes are not universal. And for universality, a further step is required, known as Magic State Distillation or MSD in short. MSD protocols are very expensive and case-specific, mainly for T-gates. MagiQware offers the most general and low-cost MSD with an AI-based approach. The funding was awarded along with 37 other feasibility studies in the 2025 spring round of Take-off phase 1. One of the other granted projects is 'Thermochromic hydrogel for phase-transitioning window applications' by Marie-Eve Aubin-Tam from our Bionanoscience department.
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Frister Haveman vond dit interessantFrister Haveman vond dit interessantJust came off CNBC Europe, talking about our Global Tech Ecosystem Index. We talked about the UK. It now takes close to 𝗵𝗮𝗹𝗳 𝗼𝗳 𝗮𝗹𝗹 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝘃𝗲𝗻𝘁𝘂𝗿𝗲 𝗰𝗮𝗽𝗶𝘁𝗮𝗹, up from about a third. That is the wider trend. Capital is concentrating, and the leading hubs are pulling away. London is now fourth in the world, behind only the Bay Area, New York and Boston. The harder question is what Europe does with that. 𝗘𝘂𝗿𝗼𝗽𝗲 𝗶𝘀 𝘁𝗵𝗲 𝗱𝗲𝗻𝘀𝗲𝘀𝘁 𝗰𝗹𝘂𝘀𝘁𝗲𝗿 𝗼𝗳 𝘁𝗲𝗰𝗵 𝗲𝗰𝗼𝘀𝘆𝘀𝘁𝗲𝗺𝘀 𝗼𝗻 𝗲𝗮𝗿𝘁𝗵, 𝗮𝗹𝗹 𝘄𝗶𝘁𝗵𝗶𝗻 𝗮 𝘀𝗵𝗼𝗿𝘁 𝗳𝗹𝗶𝗴𝗵𝘁 𝗼𝗳 𝗲𝗮𝗰𝗵 𝗼𝘁𝗵𝗲𝗿. London, Paris, Amsterdam, Cambridge, Oxford, Ghent, Munich, Zurich, Lausanne, Berlin, and Stockholm (I could go on) all rank among the world's leading innovation ecosystems, building real depth in AI, deep tech and life sciences. Builders and VCs already treat it as one market. Europe has to act on that and reduce the artificial policy barriers. Another gap is capital. The US and China sit on far deeper pools of long-term risk capital, which lets them fund the future at scale and think in decades. European savings still end up in short-term fixed income and public equities, much of it American. That has to change. More patient capital at the institutional level, and a system built to back builders. The talent is here. The companies are here. The capital and the system both have to catch up.
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Frister Haveman vond dit interessantFrister Haveman vond dit interessantWhich are the largest sectors of advisory for M&A advisors? We mapped out the data based on the deal count for last 5 years (entries, exits, and add-ons). TMT is the largest individual sector for most advisors. Services ranks as the second-largest for most. It even exceeds TMT for a few (e.g., Guggenheim Securities, Houlihan Lokey, Lazard, Jefferies, Macquarie Group, Rothschild & Co). Also one other insight to highlight: Larger deals -> More TMT exposure Mid-market deals -> More Services exposure All in all, if you take a birds eye view, most large M&A advisors are complete across sectors. #PrivateEquity #M&A #PEadvisory #Top20
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Frister Haveman vond dit interessantFrister Haveman vond dit interessant𝗪𝗵𝘆 𝘀𝗲𝗹𝗹 𝘆𝗼𝘂𝗿 𝗯𝗲𝘀𝘁 𝗮𝘀𝘀𝗲𝘁... 𝗶𝗳 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗸𝗲𝗲𝗽 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗶𝘁? 💎 Continuation funds are becoming increasingly popular as sponsors look to hold onto their best-performing assets for longer. We mapped the largest PE continuation funds of all time. Here are the top 5 👇 1️⃣ Vista Equity Partners (Cloud Software Group CF): $5.6bn 2️⃣ Hellman & Friedman (H&F Capital Partners CF I): $5.0bn 3️⃣ Global Infrastructure Partners (GIP) (GIP Gatwick Airport CF): $4.2bn 4️⃣ CD&R (CD&R Value Building Partners I): $4.0bn 5️⃣ CapVest (Curium CV-on-CV): $3.8bn 𝗪𝗵𝗮𝘁’𝘀 𝗱𝗿𝗶𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗿𝗶𝘀𝗲? Private equity firms increasingly want to hold onto their highest-conviction assets longer instead of exiting too early. Continuation funds solve for that. They allow: ✔️ Sponsors to extend ownership of high-performing assets ✔️ Existing LPs to either cash out or roll over ✔️ New investors to gain access to scaled, de-risked businesses And in many cases, these assets continue compounding meaningfully after the transaction. 𝗥𝗲𝗰𝗲𝗻𝘁 𝗲𝘅𝗮𝗺𝗽𝗹𝗲𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗲: • Apex Service Partners (Alpine) announcement of a minority investment from Apollo at a $10bn valuation following a continuation fund in 2023 • Belron®’s (CD&R) planned IPO at ~$38bn, a 58% increase from its last valuation in 2021 • Verisure's (H&F) IPO, which became the largest PE-backed IPO in Europe ever, following its continuation fund deal 𝗔𝗻𝗼𝘁𝗵𝗲𝗿 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗿𝗲𝗻𝗱: Single-asset continuation funds are becoming increasingly common, representing 53% of the top 15 largest vehicles, with volumes rising across the board. #ContinuationFunds #PE #LargestFunds
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Frister Haveman vond dit interessantFrister Haveman vond dit interessantWe ranked the largest private equity investors in the Consumer sector. Roark Capital has emerged as the largest Consumer investor, managing an estimated EV of $41.8bn, followed by 3i Group plc ($39.3bn), and Apollo Global Management, Inc. ($37.6bn). Other investors in the top 10 include Blackstone ($36.8bn), KKR ($29.7bn), PAI Partners ($26.0bn), CVC ($21.4bn), CD&R ($21.1bn), TDR Capital ($17.6bn), and Platinum Equity ($12.2bn). The top 100 investors in Consumer collectively manage an estimated EV of $602bn across 1,225 assets. The top 10 alone account for 47%. 👉We cover a lot more insights in the full report, including the full ranking, subsector trends, deal activity and value creation drivers. Read it here: https://okt.to/vUaMtL #privateequity #consumer #ConsumerPE
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Frister Haveman vond dit interessantFrister Haveman vond dit interessantAfter nearly seven years working in private equity in the Netherlands, it is time for a new chapter in Brazil. I look back on an amazing period in which I have been able to work alongside outstanding colleagues, inspiring entrepreneurs, management teams, and advisors, while being involved in a variety of interesting transactions and growth stories. Beginning of this month my girlfriend and I relocated to São Paulo. Over the coming months, I will be focusing on settling in and exploring new opportunities within private equity and related fields here in Brazil. I look forward to this new chapter and the opportunities it may bring. If anyone within my network has advice, recommendations, or opportunities related to the Brazilian investment landscape, I would be very happy to connect.
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Frister Haveman vond dit interessantFrister Haveman vond dit interessantDear all I am pleased and honoured to take on the role of CEO of KBC Securities as of 1 July and look forward to working with the teams and building on the successes of my predecessors. As a result, after 21 years in London, I will be moving back to Belgium in summer. I am deeply grateful to all the clients, colleagues, team members and all my previous managers at BofA and ING for the trust they placed in me and the opportunities they gave me over this period. This is an exciting time for KBC Securities, strongly embedded within the KBC Group and at the same time building on the cooperation with Oaklins, the announced joint venture with Van Lanschot Kempen and the stepped-up ambition in the Focus Fund. I would like to thank sincerely @Geert Cleuren for his leadership and the strategic path he has helped set. I look forward to working with all the new colleagues at KBC very soon, building further on the successes and taking forward KBC Securities in the fast evolving marketplace as well as reuniting with so many people in Belgium. See you soon! #Team Blue https://lnkd.in/ePsefrGa
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Frister Haveman vond dit interessantFrister Haveman vond dit interessantLast week, the Carlsquare Consumer Conference 2026 brought together some of the best minds across the Consumer industry. Gain's COO, Philip De Vusser, alongside Armin Sieber, Head of Financial Sponsors Coverage at Carlsquare, hosted the panel: 🎤 'A PE Deep Dive into Consumer – What's Really Behind the Numbers?' A special thank you to the panelists who made it such a compelling conversation: Julia Gerken from Verdane, Christian Bailly from Armira, Saskia Hoebée, from Five Seasons Ventures, and Stefan Weimann, from Vendis Capital. The discussion drew on the findings from Gain's latest Consumer report, exploring the largest PE investors, deal activity, and portfolio trends in the Consumer sector. 📖 Read it here: https://okt.to/32CFx4 #ConsumerPE #CarlsquareConsumerConference #PrivateEquity
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