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July 2014 Private Equity Digest
July 18, 2014 download PDF
Attached is the latest edition of the Paul, Weiss "Private Equity Digest." In this issue, we include the first of a two-part series on working capital adjustments and the considerations encountered when executing these provisions.
In other news, after a particularly robust April 2014 for sponsor-related M&A, May and June 2014 saw more mixed results. U.S. and global sponsor-related M&A activity dollar volumes both experienced significant declines, falling by approximately half (from $44.2 billion in April to $20 billion in June for U.S. deals and $86.2 billion in April to $48.9 billion in June for deals globally). Sponsor-related M&A activity as measured by the number of deals also declined over the past two months although less significantly (from 213 U.S. deals in April to 183 such deals in June and from 472 deals globally in April to 451 such deals in June). U.S. private equity fund raising saw a strong May (with 31 funds raising $23.2 billion), but has declined to the lowest number of funds closed and capital raised since August 2013 and January 2014, respectively. U.S. sponsor-backed exits by number are holding relatively steady, but the dollar volume of such transactions has declined since April 2014 as well.