AND COMPANY INVENTORY

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1 AND COMPANY INVENTORY 1H 215 CAPITAL EXITED INCREASES BY 58% FROM 213 PAGE 3» IPOS ACCOUNTED FOR 9% OF ALL EXITS IN 214 PAGE 5» U.S. MEDIAN SIZE OF SECONDARY BUYOUTS REACHES $4M PAGE 13»

2 PAGE 3» PAGE 5» PAGE 13» CONTENTS Overview Exits by Type Corporate Acquisitions Secondary Buyouts IPOs Exits by Industry Exit Activity in Europe Exit Activity in the U.S. Company Inventory CREDITS & CONTACT PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Senior Director, Analysis Content ALEX LYKKEN Editor ANDY WHITE Lead Data Analyst DANIEL COOK Senior Data Analyst GARRETT BLACK Senior Financial Writer BRIAN LEE Data Analyst Contact PitchBook pitchbook.com RESEARCH research@pitchbook.com EDITORIAL editorial@pitchbook.com SALES sales@pitchbook.com WANT TO BECOME A SPONSOR? PitchBook reports reach thousands of industry professionals every month. Contact us for the opportunity to advertise or sponsor. Lisa Helme Danforth Managing Director, Strategic Business Development lisa.helmedanforth@pitchbook.com AND COMPANY INVENTORY 215 ANNUAL EXIT VOLUME AND CAPITAL EXITED INCREASE FOR A THIRD CONSECUTIVE YEAR SECONDARY BUYOUTS NOW REPRESENT 46% OF ALL EXITS LEAGUE TABLES COPYRIGHT 215 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment. 2 PITCHBOOK 1H 215

3 Overview GLOBAL PE EXIT FLOW BY QUARTER $16 6 $14 $12 $1 $8 $6 $4 $2 $ $48 $5 $6 $38 $7 $19 $38 $33 $45 $55 $7 $5 $89 $58 $62 $52 $74 $73 $128 $57 $57 $88 $114 $ $13 $131 $144 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Capital Exited ($B) # of Exits GLOBAL EXIT FLOW BY YEAR $6 $5 $4 $3 $2 $1 $ 1,372 1,545 1,738 1,8 $259 $327 $316 $ Capital Exited ($B) # of Exits 2, 1,5 1, 5 Rarely are all three customary exit routes available to private equity firms as wide open as they were in 214. Last year, no fewer than 1,8 exits were completed by PE backers, reaping them a staggering $5 billion. The number of exits has steadily grown over the past five years, yet the most capital exited in that timespan, up until 214, was $327 billion in 212. The $173 billion increase from the tally in 212 to the total exited in 214 is startling to say the least, yet all the factors that drove this record activity across the primaryexit routes of secondary buyouts (SBOs), corporate acquisitions and initial public offerings (IPOs) have been slowly developing for years, and their evolution last year portends what 215 may hold. The buyout boom prior to the financial crisis produced a huge global PE-backed company inventory. As the crisis evolved, exit activity dropped, only to begin growing once more from 29 to INTELLIGENCE IN ACTION PITCHBOOK FOR PE FIRMS: No one offers more insight on the private equity landscape Monitor peer activity Identify LPs for your fund Benchmark your performance and more! Find out more by ing demo@pitchbook.com or visiting pitchbook.com

4 21. In need of returns and facing aging portfolios, PE firms eagerly sold more and more each year, dropping the investment to exit ratio to a decade low. Recovering public markets and mounting hunger for M&A from corporates spawned everincreasing appetites for PE portfolio companies. As firms sought to put substantial capital overhang to work, dealmaking grew increasingly competitive. Accordingly, SBOs also surged by count and value, setting a decade high by count in 214. That, and years of consistently low interest rates and quantitative easing, produced burgeoning asset prices. Purchase multiples grew, with corporate acquirers and PE investors alike utilizing relatively cheap debt to fuel acquisitions in the upper end. Consequently, the total capital exited through SBOs, which were subject to particularly high multiples, didn t exhibit quite as much growth as corporate acquisitions or IPOs. Looking forward as 215 starts off, many of the factors that drove the historic levels of exit activity in 214 should still encourage plenty GLOBAL EXITS (#) BY REGION 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q 1Q 2Q 3Q4Q of PE selling. PE portfolios still bulge with companies acquired at the height of the buyout era, with median holding times inching ever higher, dampening IRR returns and LP distributions. And despite indications of interest rates ticking upward, lending markets remain Central/South America Asia Europe Africa Oceania Middle East North America amenable; even with unease regarding growth prospects in China and Europe, M&A and public markets may remain strong throughout the year. As for sponsorto-sponsor transactions, it remains to be seen just how competitive deal-making will prove. INVESTMENTS VS. EXITS BY YEAR x 3.3x 3.4x 3.4x 4.2x 4.5x 3.3x 2.8x 2.6x 2.4x 2.3x x 4.5x 4.x 3.5x 3.x 2.5x 2.x 1.5x 1.x.5x.x Investments/Exits # of Investments (excl. add-ons) # of Exits 4 PITCHBOOK 1H 215

5 Exits by Type Reviewing the final tallies for 214, it is striking how consistently high numbers were across the board for all exit routes. Record numbers in capital exited for corporate acquisitions, as well as lofty contributions from IPOs and SBOs, produced an immense half a trillion dollars for PE sellers worldwide last year. By count alone, secondary buyouts and IPOs set records, while corporate acquisitions fell just short of claiming a decade high. Although frothy public markets encouraged a flurry of IPO activity, corporate acquisitions were once more the most popular exit route, accounting for 52% of all exits worldwide in 214. However, many headlines last year were preoccupied with how PE sellers were taking advantage of historic market highs, and it s easy to see why. The share of overall exits via public offerings reached 9%, the most since 21, while the share of SBOs remained steady at 39%, the same level observed in 212 and 213. The extent to which the strength of public markets proved a boon to PE-backed flotations can be seen by median exit sizes: EXITS ($) BY TYPE $6 $5 $4 $3 $2 $1 $ Corporate Acquisition IPO Secondary Buyout Despite the hefty number of IPOs, their median size was a lofty $231 million. Only 213 reached a higher level, with considerably fewer offerings. The continued strength in SBO activity, meanwhile, speaks to their growing popularity as dealmaking grew more competitive last year and median hold times crept upward. Selling portfolio companies to a fellow sponsor can expedite the more prolonged IPO and strategic purchase processes and solve the twin problems of dispensing with an overhang of dry powder and returning capital to LPs. As the graph below depicts, median hold times have rendered those returns to LPs ever timelier, even justifying the swelling cost of SBOs. At $295 million, the median size of SBOs surged no less than 23% over even the lofty total recorded in 213, in yet another sizable increase. EXITS (%) BY TYPE 7% 6% 5% 4% 3% 2% 1% % MEDIAN HOLD TIME (YEARS) MEDIAN EXIT SIZE ($M) Corporate Acquisition IPO Secondary Buyout 5 PITCHBOOK 1H 215

6 Corporate Acquisitions In 214, 928 corporate acquisitions accounted for an immense $292 billion in capital exited globally, the latter figure easily eclipsing the total of any other year of the past decade, while only 213 barely beat last year by count. Much as was the case with public flotations, those elevated statistics can be attributed to strong public markets. Buoyant stock prices enriched corporate balance sheets, renewing their appetite for acquisitions; in addition, cash reserves still remain quite high, providing another fiscal incentive. Consequently, strategic acquirers were happy to dole out large sums, with median valuationto-ebitda multiples climbing to the second-highest tally in years. Despite their expense at $193 million, the median size of corporate acquisitions last year was close to double the $12 million in 213 corporate buyers were able to justify their lofty spending by utilizing some debt, reducing outright expenses. With many economies still sputtering along, M&A is also one of corporations GLOBAL CORPORATE ACQUISITIONS BY YEAR $35 $3 $25 $2 $15 $1 $5 $ 298 $ $ $ $ $125 better options to expand product lines and geographic footprints. 215 accordingly doesn t seem to hold many changes in store. All of the factors that drove the record activity last year are still in place. From a seller s perspective, a corporate buyer with deep pockets is more than welcome, especially as PE firms seek to empty their portfolios of remaining pre-crisis $ $ $ $ Capital Exited ($B) $156 # of Exits $292 1, investments. And on the buy side, PE portfolios contain plenty of targets enticing corporates seeking to expand. Many don t expect M&A to be overly affected by any changes in monetary policy in the coming year, while even more point to hefty corporate cash stockpiles and forecast continued healthy activity, if not an outright spurt in M&A volume. MEDIAN CORPORATE ACQ. EBITDA MULTIPLES 9.x 8.5x 8.4x 8.3x 8.7x 8.5x 8.6x 8.5x MEDIAN CORPORATE ACQUISITION SIZE ($M) $25 $2 $196 $193 8.x 7.5x 7.x 7.7x 7.2x $15 $1 $16 $16 $96 $124 $157 $12 6.5x $5 6.x $ PITCHBOOK 1H 215

7 Secondary Buyouts The global total of secondary buyouts last year reached 77, capping five years of steady growth in the transaction type s count. PE sellers cleared a sizable $117 billion of capital exited, a tally on par with the $117 billion in 212. The continued popularity of SBOs is driven by a range of factors, with three in particular coming to forefront in the past few years: Increasing difficulty in quality deal sourcing, portfolios packed with long-held companies, and capital overhang. The PE industry, after a strong 214, is now cautious as 215 gets underway, as those three factors combined to drive price multiples higher and reduce the number of suitable targets. Yet PE firms still need to refurbish their portfolios, and SBOs are a convenient answer. PE investors can exit long-held companies, generating returns to LPs, while purchasers can employ capital in need of spending. Even if this means that some target companies aren t as attractive of acquisition prospects as could be hoped, the GLOBAL SECONDARY BUYOUTS BY YEAR $18 $16 $14 $12 $1 $8 $6 $4 $2 $ 239 $ $ $ $ $61 speed with which SBOs can be concluded is a solid incentive. In addition, as the lending climate remains hospitable, PE firms can access debt at fairly low rates to finance much of the cost. The 12.2x median purchase multiple recorded in 214 will probably shrink as final data sets are processed, but regardless, it $ $69 69 $ $ Capital Exited ($B) # of Exits $ points to how PE investors are willing to pay lofty prices. Hesitation regarding changing monetary policy in 215 has been cited as possibly subduing deal flow. Sellers remain optimistic, but if interest rates hike up, the current multiples and price tags seen in SBOs could be harder to justify. MEDIAN SECONDARY BUYOUT EBITDA MULTIPLES MEDIAN SECONDARY BUYOUT SIZE ($M) 1.x $35 9.5x 9.x 8.5x 8.x 7.5x 7.x 6.5x 7.4x 9.4x 8.3x 9.3x 8.1x 7.5x 9.1x 9.2x $3 $25 $2 $15 $1 $5 $222 $156 $52 $185 $146 $24 $189 $295 6.x $ PITCHBOOK 1H 215

8 IPOs 165 IPOs were sponsored by PE backers in 214 worldwide, a level only approached previously by the totals achieved in the three-year stretch from 25 to 27. Those 165 public offerings brought in $92 billion, a massive surge from the $64.3 billion 26 amassed of course, last year saw the largest IPO in history, with Alibaba s mammoth $25 billion offering boosting PE s exited capital total considerably. But overall, 214 was a historic year for PE-backed public offerings in terms of both value and count. PE sellers across the globe saw stock markets climb to frothy levels and quickly capitalized on the opportunity, in many cases exiting large investments made before the crisis at justifiably high enterprise values. Median valuation-to-ebitda multiples grew for the second straight year to hit a lucrative 8.1x. Although the median IPO size was $231 million, some $3 million down from the height of 213, that figure is still considerably larger than that seen in any other year, GLOBAL IPOs BY YEAR $1 $9 $8 $7 $6 $5 $4 $3 $2 $1 $ 111 $25 15 $ $ $54 39 $1 despite the number of IPOs. In addition, the sizable quantity of biotech companies taken public by PE firms could have skewed the median down somewhat, as their offering sizes are typically smaller. Median IPO valuations remained high, as well, hitting $877 million, the second-highest yearly total of the decade. These rich rewards didn t come 51 $ $ $29 $ $ Capital Exited ($B) # of Exits $ without some blowback. The heated public market activity in 214 generated a fair amount of volatility toward the second half of the year. Plus, some PE-backed companies were taken public a little prematurely; so many PE sponsors were seduced by the soaring market caps of peers that 44% of all IPOs in 214 were PEbacked, which inevitably led to MEDIAN IPO EBITDA MULTIPLES MEDIAN IPO SIZE ($M) 8.5x 8.x 7.5x 7.x 6.5x 6.x 5.5x 5.x 6.7x 5.9x 6.9x 7.3x 6.x 5.2x 6.8x 8.1x $3 $25 $2 $15 $1 $144 $179 $197 $151 $171 $138 $261 $ x $5 4.x $ PITCHBOOK 1H 215

9 IPOs some disappointing debuts. The percentage of IPOs that came in below target jumped to just over 27%, a roughly 6% increase from 213. Not many beat their pricing target; at 19.3%, the percentage of PE-backed offerings that exceeded mid-range expectations fell for the third year in a row. Yet that may reflect more accurate pricing and overall market appetite than anything else, as over half of all PE-sponsored IPOs were within their targets. That accuracy contributed to PE returns considerably: 39% of all 214 IPOs were for PE-backed issuances. Looking ahead to 215, some predict increased volatility in public markets as the effects of a possible change in U.S. monetary policy remain undetermined. That, and the renewed sense of concern over the Eurozone s economic woes would have been enough to make the markets jittery, but investors must also contend with slumping oil prices. However, as PE firms on the whole sell off their stakes in companies at intervals after an initial offering, they can take advantage of a longer timeline to reap profits in secondary sales. With that flexibility, and as markets seem to be staying relatively high as 215 gets underway, this year may see PE sellers flock to IPOs as an exit route in numbers equal to 214, although there is some skepticism about matching last year s level of success. PE % OF TOTAL IPOS 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % 31% 28% 2% 28% 31% 11% 28% 15% 25% 24% 12% 38% 21% 23% 4% 37% % OF PE-BACKED IPOS TO HIT OFFERING RANGE 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 44% 39% PE % of Total IPO Proceeds PE % of Total IPOs Low Within Target High 9 PITCHBOOK 1H 215

10 Exits by Industry The B2B sector had a banner year across the globe, with a decade high of 63 exits giving it roughly 35% of all exits completed by PE sellers. The amount exited through B2B sales skyrocketed, doubling from $64.7 billion in 213 to $128.3 billion worldwide. B2C also reached a high for the decade by count, although its increase in activity over the last three years has not been nearly as dramatic as B2B s. Boosted by Alibaba s historic debut, B2C managed to surpass the total capital exited by B2B by some $9 billion. That gap is not as large as that seen in 213; in fact, 213 had one of the largest disparities favoring B2C. Unsurprisingly, together those two sectors accounted for just about 6% of all 214 PE-backed exits, as well as over half of all capital exited. The more intense selling-off in the B2B space can be attributed to synergistic opportunities and strong sector performance post-recession. Those two phenomena also help explain the doubling of capital exited through the space, as M&A-hungry strategic acquirers and public markets looked favorably on B2B PE portfolio companies. Healthcare and information technology (IT), the next two most active sectors, retained levels quite similar to those seen in 213. Both IT and healthcare managed to reach exit highs for the decade, yet their growth in exit tallies was minor, with IT recording a 6.5% increase from 213 to 214 and healthcare even less. The sums of capital exited told a different story, however, with IT companies reaping $62.4 billion through their sales and healthcare just exceeding $5 billion, both hefty step-ups from their respective totals in 213. IT s capital exited statistic is hardly unexpected, however, GLOBAL EXITS (#) BY INDUSTRY 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % GLOBAL EXITS ($) BY INDUSTRY 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % as many software companies can command huge multiples based on recurring revenues and easy scaling. Although it was the only sector to see its number of successful exits shrink, energy cleared a respectable B2B B2C Energy Financial Services Healthcare IT Materials & Resources B2B B2C Energy Financial Services Healthcare IT Materials & Resources $42.4 billion in capital exited. That $42.4 billion total also nearly matched the previous high of $42.8 billion in 26, with several multibillion-dollar sales of oil & gas assets completed. 1 PITCHBOOK 1H 215

11 Exit Activity in Europe As 214 drew to a close, Europe s economic outlook became pessimistic as growth remained feeble and ramifications of the ongoing debt crisis reared once again. However discouraging that may have been to PE investment prospects on the whole, sellers still managed to achieve a lofty 44.6 billion in capital exited in 4Q 214, with the year as a whole reaching the second-highest exit count in years. Part of that was due to the boom in Europe-based IPOs last year. Despite a slowdown toward the second half, 1H 214 saw enough PE-backed flotations to bolster the year as a whole to 56 IPOs, vastly exceeding the 31 in 213 and approaching the decade high of 64 in 27. PE sellers raked in 21 billion through those 56 offerings, making for a median offering size of close to 289 million, the highest sum in quite some time. Median IPO valuations were also quite high, albeit down from the 854 million in 213 to hit 792 million last year. With that surge in the number of public offerings, it s unsurprising the percentage of other exit types dwindled minutely in 214, with corporate acquisitions accounting for 49% of all exits and SBOs 43%. As opposed to IPOs, both corporate acquisitions and SBOs decreased in activity considerably, although their totals were still fairly high compared to the past several years. The decline wasn t particularly pronounced, which implies that exit activity may have been subdued compared to 213 as Eurozone growth faltered more and more toward the end of 214, but with the same drivers of aging portfolios and dry powder, PE sellers will still cut deals opportunistically. It s difficult to say exactly, however, which exit EUROPEAN EXITS (#) BY TYPE 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % EUROPEAN IPOS BY YEAR Corporate Acquisition IPO Secondary Buyout routes firms will take, as M&A and markets remain subdued and the effects of the European Central Bank s expansionary monetary policy undetermined so far. It is likely that the most profitable regions for sellers will include the U.K. and Capital Exited ( B) # of Exits Ireland, the traditional driver of PE activity in the area. Unfortunately, with political turmoil still roiling, Eastern Europe is unlikely to see potential buyers come looking for local PE holdings, among other European regions PITCHBOOK 1H 215

12 Exit Activity in the U.S. U.S. PE EXIT FLOW BY QUARTER $12 $1 $8 $6 $4 $2 $ 145 $19 19 $ $37 $ $64 56 $9 $19 Boasting an increase in exits each quarter of 214, the U.S. recorded a staggering 976 PEbacked exits for an immense $252 billion. The final quarter of 214 managed to just about match the record activity in 4Q 213 and just exceeded that same quarter to reach $76 billion in capital exited. Corporate acquirers paid out the lion s share of that $252 billion total, doling out $155.7 billion for PE portfolio companies through 512 acquisitions. Riding heated activity in the public markets, PE sponsors completed 7 IPOs, six more than 213 and snatching second place by count to only be exceeded by 25. After a blockbuster 2Q, the capital amassed through PE-backed IPOs slumped, otherwise that exit route may well have accounted for more capital exited than even 213. As it stands, at $24 billion, the total amount PE-backed companies raised in public offerings is still $19 $35 $ $45 $ $41 $31 $38 $32 $43 $39 U.S. EXITS (#) BY REGION one of the more lucrative years on record. Secondary buyouts were hardly left behind in achieving highs in count and value: 394 SBOs were completed in 214, worth a total 297 $ $ $28 $ $ $ Q 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 3Q 4Q Capital Exited ($B) 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % # of Exits $51 $52 $ of $72.2 billion. Although both 27 and 212 saw greater sums of capital exited through SBOs, that 394 exceeds any other yearly total easily. Looking at size buckets, last West Coast Southeast South Great Lakes New England Mountain Midwest Mid-Atlantic 12 PITCHBOOK 1H 215

13 Exit Activity in the U.S. year saw the most deals worth $1 million or more over 7% of all PE exits in 214 in a decade. The number of exits worth between $1 million and $1 billion surged by 35% from 213, with last year recording 71 exits between $5 million and $1 billion alone. Just over 6% of all capital exited was in the $1 billion+ range, with several huge, precrisis investments such as Neiman Marcus and The Brickman Group finally being realized. All of these stats speak to the elevated valuations that persisted throughout all of 214 in the U.S., as well as the overall appetite of public markets and strategic acquirers. Driven in part by corporate acquirers flush with cash but also by public markets and PE buyers seeking to put dry powder to work, median purchase multiples across all transactions stayed fairly high. PE buyers were particularly willing to pay top dollar, boosting SBO median valuation-to-ebitda multiples to 11.1x, a figure that will most likely decline once final data has been taken into account but still reflects the increasingly expensive landscape. The median size of SBOs reached a startling $4 million, further signifying a competitive deal-making environment for PE investors. Corporate acquirers weren t much different, with the median strategic acquisition reaching about $23 million in size. That these numbers managed to reach such high levels is also attributable to the PE industry s successful handling and sale of many pre-crisis investments. Having held a surplus inventory in their portfolios for years, PE firms U.S. EXITS ($) BY SIZE 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % U.S. EXITS (#) BY TYPE 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % seized their moment as all exit routes opened wide in 214, and reaped a windfall as a result. Going into 215, with U.S. corporations still sitting on heaps of cash, M&A may still remain high, yet with $2.5B+ $1B-$2.5B $5M-$1B $1M-$5M $25M-$1M Under $25M Corporate Acquisition IPO Secondary Buyout stock markets seeing resurging uncertainty regarding Europe s economic health and the oil prices shock, IPOs may not recapture the giddy heights seen last year. 13 PITCHBOOK 1H 215

14 Company Inventory GLOBAL INVENTORY OF CURRENTLY PE-BACKED COMPANIES 16, 14, 12, 1, 8, 6, 4, 2, 7,268 6,7 4,983 4,11 3,311 2,77 2,323 1,12 1,62811,419 8,757 12,116 12,8713,34113,728 ' '1 '2 '3 '4 '5 '6 '7 '8 '9 '1 '11 '12 '13 '14 Year of Investment Pre-2 Private equity firms currently back 13,728 companies worldwide. That inventory has grown steadily throughout the past decade, although its rate of increase has slackened in the past few years. In fact, the rate of increase has slowed to a crawl, with 214 seeing the fewest companies added to the global PE portfolio since the turn of the millennium. The investment to exit ratio has dropped to 2.3x, largely due to the steady growth in the number of exits over the past four years. Looking at the current inventory by investment year reveals why: The increases in inventory yearon-year from 24 to 28 dwarf any others in the timeframe. From 25 to 28 alone, PE backers added over 1, companies to their inventories, with the number of companies added in 27 alone approaching 1,5. The U.S. portion of the global inventory stands at about 7,779. Similar to CURRENT INVENTORY BY INVESTMENT YEAR Pre-' ' '1 '2 '3 '4 '5 the worldwide trend, the rate of inventory increase in the U.S. has noticeably inclined in the past few years, with 214 not even reaching an additional 1 companies added. '6 '7 '8 '9 '1 '11 '12 '13 '14 Current Inventory by Investment Year Increase in Inventory PE firms rapid acquisitional clip in those years has produced a surplus of aging portfolio companies, which has been one of the stronger drivers of the high exit levels as of late. 14 PITCHBOOK 1H 215

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