M&A Report 2Q 2018 by PitchBook

M&A activity has remained stable at elevated levels across North America and Europe in 2Q 2018. The quarter saw 4,735 deals completed totaling $987.8 billion across these regions. In the 2Q 2018 M&A Report, our analysts forecast that activity will sustain its steady pace with multiple mega-deals set to close in the back half of the year. The full report deliberates on 1H performance, touching on factors such as rising US interest rates, negative Brexit pressures and their effect on dealmaking in the UK, and how shifts in the lending and asset management sectors are driving dealmaking within financial services.
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
deal billion Source PitchBook Financial services mega deal North America
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
deal billion Source PitchBook Financial services mega deal North America
M&A
Report
2Q 2018
Contents
Key takeaways
2
Overview
3-6
Deals by size & sector
7
Spotlight: Financial services
8-9
Spotlight: European M&A
10-11
Credits & Contact
PitchBook Data, Inc.
John Gabbert Founder, CEO
Adley Bowden Vice President, 
Market Development & Analysis
Content
Wylie Fernyhough Analyst, PE
Bryan Hanson Senior Data Analyst 
Darren Klees Data Analyst 
Contact PitchBook
Research  
reports@pitchbook.com 
Editorial  
editorial@pitchbook.com 
Sales  
sales@pitchbook.com
Cover design by Caroline Suttie 
 
Click here for PitchBook’s report 
methodologies.
32 
mega-deals completed 
in 1H 2018
3,848 
deals completed in 
Europe in 1H 2018
$140.3B 
in financial services 
deals completed in 1H 
2018
Key takeaways from the analysts
2Q 2018 saw 5,472 deals completed 
totaling $939.1 billion across North 
America and Europe—a 3% and 33% 
increase, respectively, over the 5,322 
deals worth $704.8 billion reported 
in 1Q 2018. The 32 mega-deals ($5 
billion+) completed in 1H lifted total 
deal value while the number of 
transactions remained level. 
M&A activity has been steady 
across Europe in 1H 2018, with 3,848 
transactions completed totaling $512.6 
billion. North American activity was 
stable as well with 5,881 completed 
deals worth $955.6 billion. The number 
of announced mega-deals across both 
regions ought to ensure M&A activity 
continues to boom.
 
The financial services sector 
experienced an uptick in activity while 
value fell as fewer large deals closed. 
In 1H, the sector saw 910 deals with 
a total value of $140.3 billion close, 
compared to the 973 transactions 
worth $215.7 billion in 1H 2017. The 
industry is undergoing a substantial 
shift that has led M&A to be viewed as 
a tool to position firms for the future.
Note: This report was updated on September 21, 2018 to account for a previous 
error in underlying methodology.
PITCHBOOK 2Q 2018 M&A REPORT
2 
Overview
Source: PitchBook 
*As of June 30, 2018
M&A investment experienced an 
uptick in the second quarter due to 
several completed mega-deals. 5,472 
deals were completed totaling $939.1 
billion across North America and 
Europe—a 3% and 33% increase over 
1Q, respectively. Four deals above $10 
billion closed in the quarter—including 
Bayer’s $63 billion acquisition of 
Monsanto and Vodafone’s $21.8 billion 
(¤18.4 billion) acquisition of UPC 
Czech—leading to the sizable rise in 
deal value on roughly flat transaction 
volume. Deals of this nature are likely 
to persist in the coming quarters, with a 
number of gargantuan transactions also 
being announced, including the $67 
billion acquisition of Express Scripts 
by Cigna as well as The Walt Disney 
Company’s $71.3 billion bid for 21st 
Century Fox assets. The M&A market 
is inexorably linked with business 
sentiment, corporate fundamentals and 
macroeconomic forces that can impact 
factors like access to financing. With 
all these indicators continuing to trend 
Deal value ($B)
Es�mated deal value ($B)
# of deals closed
Es�mated # of deals closed
$1,985$1,093$1,687$2,031$2,153$2,246$2,976$3,412$3,426$3,218$1,64416,302
12,840
16,776
20,148 20,72220,523
24,192
26,727 24,456
22,564
10,794
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
Transaction value on pace to match recent figures
North American and European M&A activity
3 
PITCHBOOK 2Q 2018 M&A REPORT
Source: PitchBook 
*As of June 30, 2018
positively, the global M&A boom shows 
no signs of stopping. Altogether, 2018 
is unlikely to eclipse the record-setting 
numbers achieved in 2015, but it is on 
pace for another $3 trillion+ year.
The subtle shifts and divergences in 
interest rates may also be influencing 
the dealmaking atmosphere. Today 
markets are awash in cash, providing 
cheap and easy access to acquisition 
financing; however, interest rates are 
rising in North America while Europe 
looks to hold rates at historically 
low levels for at least another year. 
Looking forward to the medium-to-
long term, interest rates across the 
globe will almost certainly be higher, 
meaning companies—especially ones 
hoping to finance an acquisition with 
tens of billions of dollars in debt—are 
incentivized to act now on planned 
deals to save on the financing costs.
In this increasingly competitive global 
environment, CEOs are becoming 
more active, disposing of non-
core assets and bolstering current 
operations through M&A. According 
to a recent Ernst & Young report, 
“Nearly a third of executives have 
increased the frequency of portfolio 
reviews in the past three years.”1 Even 
though the rate of closed deals has 
slowed, the outlook remains bright for 
European M&A in the coming quarters. 
Similarly, the positive outlook for 
North American M&A persists with US 
GDP growth in 1Q coming in above 
4%, adding to business executives’ 
sanguine view of the economic future.
Since falling to their respective nadirs 
in 2009, deal sizes have rebounded to 
unprecedented levels. The growth has 
been most pronounced for platform 
buyouts, where the median deal size 
has grown at a compound annual 
growth rate (CAGR) of 18.4%, outpacing 
both add-on buyouts (15.3%) and 
corporate acquisitions (11.6%).  
OVERVIEW
Rates finally on the rise in US; Europe to hold steady
ECB and Fed funds rates (%)
Frequency and price diverge as average carveout size 
comes off decade high
Carveout frequency and average size
2,9863,1163,8764,7974,7554,7055,5566,1785,2564,1091,599$213.6
$127.2
$254.1
$180.3
$194.4
$260.7
$337.7
$299.0
$300.1
$400.5
$316.1
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
# of deals closed
Average carveout ($M)
0%
1%
2%
3%
4%
5%
6%
7%
20002001201020112012201320142015201620172018*Key ECB rate
Fed funds rate
20022003200420052006200720082009Source: CentralBankRates.com 
*As of June 30, 2018
1: “Global Capital Confidence Barometer, 18th edition,” Ernst & Young, April 2018
PITCHBOOK 2Q 2018 M&A REPORT
4 
Institutional investors continue 
increasing allocation targets to PE 
as the industry continues to mature 
and escalate its prominence; the PE 
industry manages $1.9 trillion in North 
America and Europe (as of December 
31, 2017). PE firms have been raising 
increasingly large funds—such as the 
$20 billion buyout fund Blackstone 
announced in 2Q—and are buying 
larger companies to properly allocate 
that capital. This trend should continue 
to push median buyout sizes higher. 
Corporations, flush with cash from 
a near decade-long recovery and 
a penchant for acquisitions, should 
pursue larger targets as well.
While every deal that closed above $10 
billion in 2Q involved a publicly traded 
acquirer, corporates are prolific buyers 
on the low-end as well. Small businesses 
account for an outsized portion of 
acquirers compared to the more 
substantially sized PE-backed companies, 
causing corporate acquisition deal size 
medians to come in well under PE-
backed platform buyout medians. 
Deal sizes in North America and 
Europe have steadily marched 
higher since 2009, when the median 
transaction value was $15.2 million 
in North America and $14.0 million 
in Europe. Since that time, median 
North American deals have expanded 
at a CAGR of 15.6% to $52.1 million, 
whereas European medians have 
experienced a CAGR of 11.8% to reach 
the current $36.0 million median 
value. M&A activity in North America, 
especially add-on buyouts, is gaining 
popularity as a way to augment top-
line expansion in this lower-growth 
environment. Over the past five years, 
S&P 500 companies have advanced 
their top-line at just 3.6% on average. 
And, with access to financing so 
cheap—although rates are beginning 
to creep up—buying growth can 
appear more attractive than doing it 
organically through R&D.
OVERVIEW
Deal sizes remain elevated
Median deal size ($M) by type
Median North American and European deal sizes grow to 
decade high 
Median deal size ($M) by region
Corporate acquisi�on
Add-on buyout
Pla�orm buyout
$27.9
$31.0
$55.9 $50.0
$130.2
$150.0
$0
$20
$40
$60
$80
$100
$120
$140
$160
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
Source: PitchBook 
*As of June 30, 2018
$50.0
$52.1
$33.0
$36.0
$0
$10
$20
$30
$40
$50
$60
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017 2018*
North America
Europe
Source: PitchBook 
*As of June 30, 2018
PITCHBOOK 2Q 2018 M&A REPORT
5 
Across the board, M&A deal count 
has been plateauing since its climax in 
2015 as corporations remain confident 
about the global economy—post-
global financial crisis—to put significant 
capital to work. At the same time, 
many PE-backed companies acquired 
pre-crisis had weathered the storm and 
were ready to be sold. By virtually any 
historical measure, our current M&A 
environment is healthy; while the trend 
in deal count is slightly down, total deal 
value is faring better because average 
deal size is larger. 
This is in a similar vein to what we 
are seeing across public markets. 
The number of public companies 
has continued to dwindle since the 
tech-bubble peak in 2000, when 
companies were listing daily. In today’s 
market, large, cash-rich incumbents 
are gaining scale and now represent 
unprecedented levels of value. The rate 
of new business creation has slowed 
at a time when the rate of business 
closures is up. This trend will pressure 
deal count, as there are fewer potential 
target companies in the M&A market. 
Over the longer term, certain sectors, 
especially healthcare and IT, have 
grown deal count at an above-average 
rate. These sectors have also grown at 
faster rates than the global economy, 
but most other sectors are falling 
behind in terms of M&A activity. 
Overall, a few sectors may grow deal 
count, but the longer-term structural 
changes happening in North America 
and Europe ensure deal count will 
remain flat-to-down going forward. 
OVERVIEW
Deal count slowly trends lower
M&A deals (#)
IT and healthcare increase M&A activity at the fastest rates
CAGR in deals (#) by sector (2009-2017)
6,9896,4266,6566,6566,9946,1715,8855,4066,2275,4875,3855,4655,3225,4720
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2015
2016
2017
2018
Deal count
Es�mated # of deals closed
Source: PitchBook 
*As of June 30, 2018
7.6%
6.3%
2.5%
7.4%
9.3%
8.3%
6.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
B2B
B2C
Energy
Financial
services
Healthcare
IT
Materials &
resources
Source: PitchBook 
PITCHBOOK 2Q 2018 M&A REPORT
6 
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 2016 2017 2018*
Materials &
resources
IT
Healthcare
Financial
services
Energy
B2C
B2B
Deals by size & sector
Core middle market ($100M-$500M) and 
mega-deals increase portion of deal value
North American and European M&A ($) by size
As overall activity falls, larger deals 
continue to gain share
North American and European M&A (#) by size
Energy sees lowest proportion of deal 
value in a decade
North American M&A ($) by sector
IT sees banner year as B2C continues to 
slump
European M&A ($) by sector
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20082009201020112012201320142015201620172018*$5B+
$1B-$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
Under
$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20082009201020112012201320142015201620172018*$5B+
$1B-$5B
$500M-
$1B
$250M-
$500M
$100M-
$250M
Under
$100M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 2016 2017 2018*
Materials &
resources
IT
Healthcare
Financial
services
Energy
B2C
B2B
Source: PitchBook 
*As of June 30, 2018
Source: PitchBook 
*As of June 30, 2018
Source: PitchBook 
*As of June 30, 2018
Source: PitchBook 
*As of June 30, 2018
PITCHBOOK 2Q 2018 M&A REPORT
7 
Through 1H 2018, 910 deals were 
completed in the financial services 
sector with a total value of $140.3 
billion. Although dealmaking is slightly 
off pace compared to last year, 1H 
2017’s total deal value was $215.7 
billion—a full 53.7% higher on the back 
of eight mega-deals closing. Lately, 
the sector has been devoid of mega-
deals—without any closing in the past 
three quarters, compared to 12 in the 
preceding three quarters. Prior to 4Q 
2017, the last quarter to pass without 
a financial services mega-deal closing 
was 3Q 2013. Though no mega-
deals closed in the sector in 1H, the 
sector saw a few sizable transactions 
close, such as Pure Industrial’s $3.0 
billion (C$3.8 billion) acquisition by 
Blackstone and Ivanhoé Cambridge.
Changes in the sector are afoot; 
from banks to lenders and asset 
managers, the old guard of companies 
is being upended by changing 
consumer preferences, a new breed of 
competitors and increasingly onerous 
regulations. Basel III and Dodd-Frank—
responses to the excessive risk banks 
took that exacerbated the global 
financial crisis—have hampered the 
lending abilities of banks across North 
America and Europe. In North America, 
the lending restrictions included an 
implicit limitation on bank lending on 
deals with debt/EBITDA ratios over 6x. 
The regulators later walked this figure 
back, allowing banks to lend on higher-
levered deals; by this point, however, 
the lending market had erupted with 
alternative lenders, such as direct 
Spotlight: Financial 
services
Activity slows through the first half of the year
Financial services M&A activity
Financial services shrinking proportion of M&A value
Financial services as % of total M&A activity
Deal value ($B)
# of deals closed
$354.0$219.4$160.1$217.3$212.8$303.9$374.0$481.7$426.6$416.2$140.31,366
1,115
1,414
1,661
1,657
1,706
2,016
2,283
2,112
1,975
910
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
Source: PitchBook 
*As of June 30, 2018
13.3%
10.4%
9.0%
9.4%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017 2018*
% of value
% of count
Source: PitchBook 
*As of June 30, 2018
PITCHBOOK 2Q 2018 M&A REPORT
8 
SPOTLIGHT: FINANCIAL SERVICES
Source: PitchBook 
*As of June 30, 2018
lending funds, that were eager to 
finance deals levered well beyond 6x 
and expanded their lending capacity 
accordingly. Alternative lenders like 
Ares, FS Investment Corporation and 
others have kept capital flowing in 
North America and Europe, allowing 
the M&A market to continue booming.
All financial services subsectors are 
in flux; however, the rate of change 
may be the most pronounced in 
asset management. Over the last 15 
years, two shifts have permanently 
altered the investment landscape—
the move from active to passive 
management and the maturation of 
the private markets. To illustrate the 
first point, Morningstar reports that 
in 2017, passive US mutual funds 
and ETFs saw net inflows of $692 
billion while active funds suffered 
net outflows of $7 billion.2 Indeed, 
large active managers have had a 
more difficult time increasing assets 
under management than Vanguard 
or BlackRock, the two largest passive 
managers. Asset managers on both 
sides are not standing still. Invesco, 
for example, in 2Q 2018, completed a 
$1.2 billion acquisition of Guggenheim 
Investment’s ETF business in an effort 
to strengthen its passive investment 
options. Passive managers are using 
M&A to add to their strengths as well, 
with WisdomTree spending $1.4 billion 
on ETF Securities along with their 
exchange-traded commodity, currency 
and short-and-leveraged business in 
April 2018. 
Private markets—from PE to VC—are 
increasingly viewed as an integral 
piece of a well-diversified portfolio, 
which has led institutional investors 
to increase their target allocations. 
The growing importance of private 
markets is evidenced by ODDO BHF’s 
$2.1 billion (¤1.8 billion) acquisition of 
ACG Capital, a PE firm, which closed in 
Top 5 financial services deals closed in 1H 2018
Financial services transaction size falls below the overall 
M&A average 
Average transaction size ($M)
2Q. CVC and other PE firms have been 
increasing assets and the number of 
companies owned while the number of 
publicly listed companies diminishes. The 
amount of capital in the industry, as well 
as the number of PE-backed companies, 
has more than doubled since 2000. 
During this tectonic shift, many of the 
traditional asset managers have needed 
to bulk up by merging or acquiring 
similar and/or complementary businesses 
to avoid fee compression from slowly 
destroying what used to be a higher-
margin business. 
Acquired company
Date
Deal size ($B)
Subsector
Pro bAV Pensionskasse
April 4, 2018
$3.7
Pension plan services
ETF Securities (Canvas 
Platform)
March 16, 2018
$3.3
Capital markets/
institutions
Liberty Life Assurance 
Company of Boston
May 1, 2018
$3.3
Life and health 
insurance
Canadian Real Estate 
Investment Trust
May 4, 2018
$3.0
Real estate investment 
trusts (REITs)
ACG Capital
April 6, 2018
$2.2
Private equity
Source: PitchBook 
*As of June 30, 2018
$353.8
$426.3
$473.7
$325.2
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
2010
2011
2012
2013
2014
2015
2016
2017
2018*
All industries
Financial services
2: “Morningstar Direct Asset Flows Commentary: United States,” Alina Lamy, January 18, 2018
PITCHBOOK 2Q 2018 M&A REPORT
9 
Aggregate transaction volume and value 
is off to a slow pace in 2018 relative to 
recent years. 3,848 transactions were 
completed totaling $512.6 billion, a 
clear abatement from the 5,412 deals 
valued at $633.5 billion achieved in 1H 
2017. While European M&A activity is 
putting up lofty numbers, 2018 marks 
the largest decline in M&A share since 
2014. North America has been riding 
an M&A boom of epic proportion, 
consistently outpacing the activity in 
European M&A. Even though European 
M&A has been shrinking in proportion 
to North American M&A, many of the 
larger acquisitions of North American 
companies are by Europe-based 
companies. Interestingly, two of the four 
largest acquisitions of North American 
companies to close in 1H 2018 had 
European buyers, including Bayer’s 
$63 billion acquisition of Monsanto 
and Sanofi’s $11.6 billion acquisition of 
Bioverativ Therapeutics. European M&A 
activity continues to be robust, with 
European firms being active on both 
sides of the equation. One reason for 
the decline is currency-related; our M&A 
figures are priced in USD, and since the 
dollar has been strengthening recently, 
the USD-denominated M&A value in 
Europe has declined in comparison.
The pipeline of announced mega-deals 
has swollen as the largest companies 
have become especially acquisitive—a 
divergence from count and value of 
closed deals. The proliferation spans 
industries—from infrastructure, such as 
Atlantia’s $21.3 billion (¤18.2 billion) bid 
for Spanish toll-road owner Abertis, to 
traditional retail, with Sainsbury agreeing 
to buy Asda for $10 billion (£7.3 billion). 
Spotlight: European 
M&A
Weaker 1H, but robust back half is expected
European M&A activity
European M&A value cedes ground to North America 
European & North American M&A as a proportion of total M&A ($)
This has led to many pundits proclaiming 
“the return on the mega-deal,” with the 
largest public companies around the 
world flexing their financial muscles 
and buying up prominent European 
companies.3
$822.2$400.4$650.0$887.0$859.9$970.2$1,154.0$1,283.6$1,252.8$1,197.1$512.67,413
5,865
7,933
10,031
9,564 9,817
10,811
12,350 11,457
10,163
3,848
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
Deal value ($B)
# of deals closed
30%
35%
40%
45%
50%
55%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
North
America
Europe
Source: PitchBook 
*As of June 30, 2018
Source: PitchBook 
*As of June 30, 2018
3: “Return of mega-deals helps European M&A double,” Reuters, Ben Martin, June 28, 2018
PITCHBOOK 2Q 2018 M&A REPORT
10 
SPOTLIGHT: EUROPEAN M&A
On the dealmaking front, the forecasted 
negative effects of Brexit are not 
appearing in corporate acquisition data. 
In fact, we have seen an acceleration of 
mega-deals in recent quarters. The current 
Fox and Comcast bidding war for Sky has 
recently hit the $34 billion (£26 billion) 
mark and Takeda’s soon-to-close bid for 
Shire is worth $62 billion (£45.3 billion). 
Companies around the world understand 
that the UK offers deep capital markets 
and talent pool, and those competitive 
advantages will not disappear overnight. 
This strategic M&A activity lies in contrast 
to our findings in PE data—lower deal 
count and fundraising figures and higher 
exit activity—which seemed to suggest 
that dealmakers are becoming more 
cautious about doing business in the UK 
with Brexit approaching. It will be worth 
watching both sets of data to see whether 
this divergence continues.
To be sure, some areas are already feeling 
the effect. The negative currency impact 
and surrounding stigma from Brexit 
suppressing UK asset values caused 
many investors to now see them as 
undervalued. Of the 14 mega-deals closed 
in 2018, five were UK-based companies, 
an increase over 2017 where six of the 
23 closed mega-deals were UK-based 
companies. Those two aforementioned 
mega-deals are in sectors—media and 
pharmaceuticals—that ought to be able 
to thrive no matter their headquarters’ 
location, because multinational 
conglomerates in these sectors will need 
to navigate a variety of jurisdictions 
regardless of the parent’s HQ. 
Brexit’s negative impact on the GBP may 
be incentivizing global companies to 
bid on these “crown-jewel” type assets 
when there may be only a few such 
opportunities globally, due to their high 
quality and value but lower price in local 
currency. While this data is on the shorter-
term and variability is prone to happen, 
this seems like a solid indication that 
post-Brexit UK may not be as bad as the 
original headlines led many to believe. 
European M&A trending downward as USD rises
European M&A deal count and EUR/USD
Proportion of $500M+ deals reaches a decade high
European M&A ($) by size
Top five European deals closed in 1H 2018
Acquired company
Date
Deal size ($B)
Industry
UPC Czech
May 9, 2018
$21.8
IT
WorldPay
January 16,2018
$12.9
IT
GKN Group
May 21, 2018
$11.3
B2B
Zodiac Aerospace
February 13, 2018
$8.2
B2B
Bayer seed and herbicide 
business
March 31, 2018
$7.3
Materials & resources
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q
2008
2009
2010
2011
2012
2013
2014
2015
2016
20172018
European deal count
EUR/USD
Source: PitchBook 
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 2016 2017 2018*
$5B+
$1B-$5B
$500M-$1B
$250M-
$500M
$100M-
$250M
Under
$100M
Source: PitchBook 
*As of June 30, 2018
Source: PitchBook 
*As of June 30, 2018
PITCHBOOK 2Q 2018 M&A REPORT
11 
COPYRIGHT © 2018 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.