8th icis world surfactants conference –innovation...

8th ICIS World Surfactants Conference – Innovation SeminarHyatt Regency Jersey City, USAMay 10, 2018

Mergers and Acquisitions: Megatrends Shaping the Future

M A Y 2 0 1 8 | P R O P R I E T A R Y

Global M&A

3

The global M&A market witnessed 38,957 deals in 2017,

corresponding to a deal value of US$3,458 BN and a median

EV/EBITDA multiple of 9.5x; the Asia Pacific (APAC) region accounted for the largest share geographically

4Source: William Blair Merger Tracker Q4 2017

APAC accounted for the largest share of the global M&A volume at 39.5% and 30.2% of the deal value, followed by Europe and the U.S.

MedianEV/EBITDA DealVolume DealValue(US$BN)

1,453 1,485 1,399 1,054 1,019

136 140

88 90112

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

200.0

-

200

400

600

800

1,000

1,200

1,400

1,600

2013 2014 2015 2016 2017

• Chile, Brazil, and Mexico are predicted to emerge as the top investment destinations

• The U.S. is expected to continue being the largest foreign investor

12,198

12,905 12,854

11,621 11,935

1,2231,707

2,198 2,014 1,7060.0

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

3,500.0

4,000.0

4,500.0

5,000.0

10,500

11,000

11,500

12,000

12,500

13,000

13,500

2013 2014 2015 2016 2017

10.0x 11.3x11.2x 10.8x 10.5x

• The recently enacted tax legislation is slated to boost deal activity

13,106 13,393 13,337

13,076

13,799

956 1,174 1,295 1,109 1,1550.0

500.0

1,000.0

1,500.0

2,000.0

2,500.0

3,000.0

3,500.0

4,000.0

12,600

12,800

13,000

13,200

13,400

13,600

13,800

14,000

2013 2014 2015 2016 2017

8.8x 9.0x10.2x 9.2x 8.9x

• European deal-making is slated to continue outpacing the U.S. on the back of a stronger economy and greater cooperation

• APAC’s market will be driven by China and Japan

• Easing of macroeconomic restrictions and OBOR project will boost deal activity

13,119 13,496

14,692 14,723 15,376

680 660

1,348 1,174 1,043

0.0

200.0

400.0

600.0

800.0

1,000.0

1,200.0

1,400.0

1,600.0

1,800.0

2,000.0

11,500

12,000

12,500

13,000

13,500

14,000

14,500

15,000

15,500

16,000

2013 2014 2015 2016 2017

U.S.

Latin America

EuropeAsia

Pacific

5

As global equity markets reached a new high, the median EV/EBITDA multiple remained relatively stable, nearing pre-financial crisis days

Source: William Blair Merger Tracker Q4 2017

• Companies have become more cautious in pursuing large strategic deals as they struggle to find additional synergies to justify significant takeover premiums

• Owing to easy availability of cheap financing and doubts over equity market valuations, all-share deals dropped to a low in 2017, especially in the U.S.

9.7x

10.0x

7.6x

6.7x

8.6x

8.8x

8.2x

9.0x

9.6x

9.9x

9.5x

9.5x

6.0x

6.5x

7.0x

7.5x

8.0x

8.5x

9.0x

9.5x

10.0x

10.5x

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

Global M&A – Median EV/EBITDA

6

Private Equity (PE) sponsors globally contributed 20.8% to the

deal volume and 36.7% to the deal value in 2017, with U.S.-based PE being responsible for 41.1% of the total global PE deal

value and 47.7% of the deal volume

2,8403,568

2,7701,893

2,774 3,1393,525 3,406

4,228 4,348 4,2543,864

457

821

316142

289 338 370 436 520 555 591 522

0

200

400

600

800

1000

1200

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

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

Deal Volume Deal Value (US$ BN)

U.S. PE – By Deal Volume and Value

7

2017 witnessed global PE deal volume decline in U.S., dampened by high valuations and a relative lack of quality assets

Source: McKinsey Global Private Markets Review 2018; Pitchbook

5,5007,300

6,100

4,1005,800

6,700 7,000 7,0008,400 9,000 8,800 8,100

910

1,400

710300

570 700 710 8201,040 1,170 1,110

1,270

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

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


Global PE – By Deal Volume and Value

• With entry prices for assets remaining high and a significant quantum of capital competing for deals, capital deployment is to likely to continue posing a challenge in 2018

• ~89.0% deal volume in the U.S. happened with deal values ≤US$500 MN

9.0x8.5x

6.8x

5.6x

7.0x7.4x

7.9x 7.9x

9.3x

8.2x

9.2x

10.7x9.5x

8.9x

8.3x

7.4x

8.1x

9.0x

8.3x 8.4x

9.6x10.0x

10.5x 10.5x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175.0x

6.0x

7.0x

8.0x

9.0x

10.0x

Global U.S.

8

Median EV/EBITDA multiples rose to their highest in the past decade, owing to multiple funds competing for the same transaction

• The primary reason behind the 14.4% y-o-y increase in global deal size is attributable to growing multiples

• Consequently, GPs are making fewer investment choices, zeroing in on targets where they can still earn an attractive IRR; however, what constitutes attractive is undergoing revision amid the current environment

PE – Median EV/EBITDA

Source: McKinsey Global Private Markets Review 2018; Pitchbook

9

372 PE funds closed in 2017, with the aggregate capital being raised

totaling US$325.9 BN globally; while in the U.S., 247 PE funds

were closed, with US$233 BN being raised

513 600

652 640

531 521 565

629 624 677 693

848 5.8

4.8

3.7 3.0 2.8

3.1 3.7 3.6 3.7 3.9 3.9 4.2

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

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

100

200

300

400

500

600

700

800

900

Dry Powder (US$ BN) Years of Dry Powder

10

Global PE dry powder was worth US$848.3 BN in 2017 – quantum of dry powder indicates a significant opportunity for the M&A industry

Global PE Dry Powder – By Value and Tenure • PE dry powder has been

increasing at an average annual rate of 8.5% since 2011

• Net addition to dry powder was 47.5% of the total fundraising for 2017

• A continuation of this trend over the coming years is likely to be troubling and has the potential to force many GPs to further reduce their hurdle rates and deploy capital in situations they otherwise would not

Source: Pitchbook

In the near term, global M&A is also expected to be defined by the U.S. tax reform, increase in cross-border M&A activities

(especially the revival of China’s outbound M&A), and

emergence of cross-sector convergence (especially

technology convergence)

11

12

Enactment of the Tax Cuts and Jobs Act of 2017, which calls for a 21.0% U.S. corporate tax rate and the mandated repatriation of ~US$1.5–2.0 TN of

overseas cash, is expected to have a significant impact on global M&A

• Increased power, quality, and liquidity of corporate earnings = More stimulating investment and M&A environment

• High earnings = Partially offset impact of continuous high valuations

• Lower taxes = Increase the number of non-core asset sales and corporate divestitures, and add to the supply of available targets

Impact on Corporate M&A Impact on Financial Sponsor M&A

• Increased cost of capital for acquisitions reliant on debt financing

• This will make PE firms less competitive, with cash-rich strategic players, especially if interest rates rise significantly

• Factors likely to mitigate the impact of reduced deductibility include the unlimited ability to carry forward disallowed interest expenses

• Improved bottom lines for planned targets due to lower tax rates

• Step up and immediately expense some costs under certain transaction structures, driving up deal volume

Chemical M&A

14

The global chemical market witnessed 1,127 M&A deals in 2017,

corresponding to a deal value of US$100 BN and a median

EV/EBITDA multiple of 10.2x; PE-backed M&As accounted for

4.9% of the total deal volume

934 947

733

870 883 872776 829 806 774

1,127

7660

40 46 58 54 42

104

215233

100

0

200

400

600

800

1,000

1,200

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


15

In 2017, chemical M&A deals grew 45.6% y-o-y, corresponding to a 57.1% decrease in deal value, from the record high of US$233 BN in 2016

Source: KPMG Deal Capsule Transactions in Chemicals 2018

Global Chemical M&A – By Deal Volume and Value• Owing to a slowdown in

organic sales growth, many companies consider M&A a necessity to secure higher growth

• Strong outlook for 2018:• Higher valuations continue

to be mitigated by improving economic conditions

• Continued inexpensive financing

• Acquisition of assets to drive earnings gains

• Rising deal appetite

16

Strong deal appetite and relative scarcity of quality assets have pushed median deal multiples for the industry to trade at an all-time high

Source: William Blair Chemicals 2016; Avendus Analysis

8.7x

7.3x 7.2x

7.9x 7.9x

7.5x

9.2x

10.3x

9.8x10.2x

10.5x

6.5x

7.0x

7.5x

8.0x

8.5x

9.0x

9.5x

10.0x

10.5x

11.0x

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Global Chemical M&A – Median EV/EBITDA & EV/Revenue• The chemical industry’s deal

valuation has been rising since 2012 owing to a demand–supply imbalance amid low deal flow and high capital availability

• Sectors of coatings, adhesives, sealants, and elastomers (CASE); intermediates; and polymers are expected to witness an average deal multiple of ~12.5x going into 2018

44

60

71

58 59

71

6155

5

1213

5

13

6

4

7

0

10

20

30

40

50

60

70

80

2010 2011 2012 2013 2014 2015 2016 2017


17

Even with record levels of available capital, PE-backed chemical M&A activity in 2017 was the lowest since 2010 owing to high valuations

Source: Deloitte 2018 Global Chemical Industry Mergers and Acquisitions Outlook

Global PE-backed Chemical M&A – By Deal Volume and Value

• PE deal activity has been decreasing since 2015 as funds are refraining from overpaying for assets

• The commodity chemical sub-sector is specifically being avoided by PEs, which are choosing to compete in the specialties sub-sector

7.0x

6.7x

6.0x5.8x 5.7x

6.2x 6.2x 6.3x 6.2x 6.3x 6.2x

6.9x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20175.5x

5.7x

5.9x

6.1x

6.3x

6.5x

6.7x

6.9x

7.1x

North American PE-backed Chemical M&A – Median EV/EBITDA

18

In the North American market, PE-backed chemical M&A declined 11.1% y-o-y in 2017, while deal value rose 55.6% owing to megadeals

Source: GF Data

4 4 45

11

5

11

8 89 9

8

63

36 18 2458 116 42 47 47 30 45

70

0

50

100

150

200

250

0

2

4

6

8

10

12

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


North American PE-backed Chemical M&A – By Deal Volume and Value

• North American PE-backed chemical M&A formed 14.5% of the global M&A

• For 2018, as valuations of specialty chemical companies are expected to stay high and PEs continue to remain reluctant to acquire Asian and commodity chemical companies, PE activity in chemicals is expected to remain lukewarm

19

In recent times, global chemical M&A has come to be defined by increased investment in the commodities and fertilizers & agricultural sectors, expected increase in megadeals, and

emergence of novel dynamics

61% 58% 57% 63% 60% 61% 59% 61%

25% 27% 28% 25% 25% 24% 28% 27%

11% 11% 11% 8% 11% 12% 9% 10%

2010 2011 2012 2013 2014 2015 2016 20170%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Commodities Specialty Fertilizers & Agricultural Industrial Gases Diversified

20

Commodities and fertilizers & agricultural chemicals witnessed the largest increase in M&A volumes over 2016–17, including some of the largest

announced deals


Global Chemical M&A – By Target Sector• Continued interest from

state-owned enterprises and traditional oil & gas companies going downstream, in order to capture more of the chemical value chain

• 2018 is slated to witness strong deal activity in the specialty chemicals segment – coatings in particular –from both strategic and financial investors

1011 11

8

13

16

1213

39 3724 14

53

126206

29

0

2

4

6

8

10

12

14

16

18

2010 2011 2012 2013 2014 2015 2016 2017


21

While the pace of megadeals in 2017 slowed back to pre-2015 levels as deal activity in many sectors was challenged by regulatory constraints, the same

is expected to feature relatively more strongly in 2018


Global Chemical M&A – Over US$1 BN

• Specialty chemicals, especially, is slated to witness more megadeals in 2018

• In 2017, several large transactions were explored within the coatings sector, but no deals were announced

• See Appendix for listing of announced Megadeals

22

A variety of new dynamics involving larger transactions with more ‘merger-of-equals’ deals, greater number of activist investor campaigns,

and greater average deal size are helping drive M&A

Source: McKinsey

6.0x

10.2x

2012 20160.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

Median EV/EBITDA

• Rising multiples suggest that it is a seller’s market –particularly the case for small and midsized acquisitions

-

62

2012 2016-

10

20

30

40

50

60

70

MOE Deal Value (US$ BN)

• The number and size of ‘merger-of-equals’ deals is increasing significantly in the industrial gases, crop protection, fertilizers, and coatings segments

11

30

2012 2016-

5

10

15

20

25

30

35

# of Activist Campaigns

• Activist investors have become increasingly important in the chemical industry and are taking up a significant role in restructuring initiatives

23

M&A in surfactants is witnessing similar dynamics affecting the M&A trend in the overall chemical industry . . .

24

Target Acquirer Deal Value Deal Description

US$200 MN• Enhances Personal & Home Care, and

Oilfield Services businesses in Europe• Expands presence to new markets

European Differentiated

Surfactants Business

US$65.2 MN

• Samyang acquired 44.2% stake in KCI • Manufactures chemicals used to make

cosmetics • Strengthens existing operations and new

businesses

US$45.9 MN

• Kolb Distribution, a subsidiary of KLK Berhad, acquired Elementis Specialties Netherlands

• Grows its downstream chemical specialties business

–

• Stepan acquired BASF Mexicana’s surfactant facility and a portion of its Associated Surfactants business

• Part of growth strategy for Latin America

Some key surfactant-focused transactions include the following:

Apart from expanding to new markets and strengthening current business, M&A in the surfactant sub-sector is also motivated by portfolio optimization decision, activist shareholders, and PE investment

Portfolio Optimization

• Example: Elementis’ divestiture from its surfactants business • Did not fit with its wider strategy due to a “lack of scale and material capital”

requirements• The divestiture allowed it to focus on higher margin growth opportunities

PE Investment

• PE firms would rather invest money in established complex operations than to build new grassroot facilities

• Example: Huntsman’s lookout for bolt-on acquisitions in the epoxy resins, amines, and surfactants domains

Activist Shareholder

• Results in difficulty in closing of large transformational deals• Cancelling of Huntsman’s merger of equals with Clariant

• Example: Akzo Nobel selling its Performance Chemicals business to PE firms on the insistence of Elliott Management

Conclusion

27

Global M&A volume is anticipated to be consistent with previous years while value will become a larger concern with nervous equity markets


36,938

42,876 41,537 36,642

41,311 44,392 42,747

37,171 40,412 39,494 37,795 38,957

3,612

4,247

2,683

1,919

2,444 2,419 2,309 2,401

3,403

4,119

3,510 3,458

1,500.0

2,000.0

2,500.0

3,000.0

3,500.0

4,000.0

4,500.0

5,000.0

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

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

Undisclosed <100 MN MidCap >1 BN Deal Value (US$ BN)

Global M&A – By Deal Volume and Value• Underlying strategic drivers

expected to boost M&A in 2018

• Search for growth and yield

• Use of consolidation to achieve synergies

• Deployment of unspent capital

• Drive business model changes

• Deal activity 2019 onwards expected to relatively cool down, dampened by:

• Higher interest rates• Cyclical easing in global

trade and investment growth

• Correction in equity prices back toward fundamentals

28

For More Information Contact:

Chris CerimeleManaging Director+1-312-371-3527 (m)+1-312-474-6008 (o)

[email protected]

10 S. Riverside Plaza, Suite 875Chicago, IL 60606

www.balmoraladvisors.com

Securities Offered Through Bridge Capital Securities, Inc. member FINRA/SIPC.

Appendix

30

Announcement Date Target Name Target

Nation Acquirer Target Business Description Deal Size (US$ BN) Deal Status Sub-Sector

EV Multiple

Revenue EBITDA

13-Oct-17 Bayer – Crop Science Business

Germany BASF Provides crop science services in the areas of seeds, crop protection, and non-agricultural pest control

7.0 Pending Fertilizers & Agricultural

– –

19-Sep-17Solvay –Polyamides Business

France BASF Manufactures nylon plastics 1.9 Pending Specialty – –

27-Apr-17 Shanghai SECCO Petrochemical

ChinaSinopec Shanghai Gaoqiao Petrochemical

Manufactures petrochemical products 1.7 Pending Commodity – –

05-Mar-17Shanghai EnjieNew Material Technology

China Yunnan ChuangxinNew Material

Manufactures lithium battery isolation membrane

1.6 Pending Specialty – –

24-Feb-17 Daesung Industrial Gases

South Korea

Korea Industrial Gas

Produces and sells various gases and related products in South Korea

1.8 Completed Industrial Gases

– –

21-Feb-17National Titanium Dioxide – Titanium Dioxide Business

Saudi Arabia

Tronox Manufactures and supplies titanium dioxide products

2.2 Pending Specialty – –

20-Dec-16 Linde Germany Praxair Produces and supplies industrial and medical gases

35.2 Pending Industrial – –

07-Oct-16 Atotech Germany Investor Group Manufactures plating solutions 3.2 Completed Specialty – –

30-Aug-16 Agrium Canada Potash Corp. of Saskatchewan

Produces and sells crop nutrients 13.1 Completed Fertilizers & Agricultural

1.3x 9.5x

17-Jul-16Adama Agricultural Solutions

Israel CNAC International

Manufactures agricultural chemicals and crop protection products

1.4 Completed Fertilizers & Agricultural

– –

17-Jun-16Chemetall –Surface Treatment Business

Germany BASFDevelops and implements customized technology and system solutions for surface treatment needs

3.2 Completed Specialty – –

03-Feb-16 Syngenta Switzerland China National Chemical

Discovers, develops, manufactures, and markets crop protection products


3.7x 17.5x

Announcement Date Target Name Target

Nation Acquirer Target Business Description Deal Size (US$ BN) Deal Status Sub-Sector

EV Multiple

Revenue EBITDA

17-Apr-17 Williams Olefins United States

Nova Chemicals Corp

Produces, distributes, and stores polymer-grade ethylene and propylene

2.1 Completed Industrial Gases

– –

31-Mar-17 DuPont Crop Protection

United States

FMC CorpOffers additives, composites, construction materials, crop protection, and dietary supplement ingredients


– –

27-Mar-17Sealed Air – Care & Related Hygiene Business

United States

Bain Capital Private Equity

Provides food safety and security, and product protection solutions


25-Sep-16 Chemtura United States

Lanxess Manufactures specialty chemical and polymer products

2.1 Completed Specialty 1.4x 8.1x

18-May-16 Monsanto United States

Bayer Provides agricultural products for farmers worldwide

56.6 Pending Fertilizers & Agricultural

– –

06-May-16

Air Products & Chemicals –Performance-Materials

United States

Evonik Industries Provides atmospheric gases, process and specialty gases, electronics and performance materials, and equipment


20-Mar-16 Valspar United States

Sherwin-Williams Manufactures pains and coatings 11.3 Completed Specialty – –

29-Jan-16 Axiall United States

Westlake Chemical Manufactures and markets chemicals and building products

2.3 Completed Specialty 1.1x 10.8x

Some key strategic chemical transactions of 2017 are:

U.S. Chemical M&A

Global Chemical M&A

31

Cross-border M&As accounted for more ~16.0% of the deal volume in 2017, driven by strategic acquisitions undertaken by companies branching into

different continents to expand their revenue base


Americas EMEA APAC

US$92.7 BN (-30.7%)

US$25.9 BN (-37.0%)

US$151.2 BN (-39.0%) US$35.4 BN (+78.5%)

US$99.8 BN (-29.2%)US$146.6 BN (-29.2%)

• China, the U.S., and the UK are slated to emerge as the forerunners of cross-border M&As in 2018• While Chinese companies are expected to increase levels of cross-border activity within APAC, the U.S., and Europe, the newly

established U.S. tax regime is slated to encourage overseas acquisitions by U.S. companies• In the UK, outbound acquisitions are likely to rise, more so in the presence of an attractive private equity market

32

The U.S., China, the UK, Germany, the Netherlands, and Japan are expected to lead deal activity in 2018


New Tax Legislation • Expected to increase

domestic corporates’ investment pool

• Make them more attractive for external investors

Continued M&A Activity• Continued economic growth,

strong capital markets, and continued interest from PE, in addition to portfolio optimization steps

Continued M&A Activity• Agricultural chemicals and

petrochemicals segments, with the Belt & Road initiative

Chemical Focused • Look for attractive margins• Most activity likely to be by

way of divestitures• Driven by portfolio

optimization

Continued M&A Activity • Fueled by the availability of

cash and cheap debt• High earnings to drive

growing demand in many end markets

Active Chemical M&A• M&A being the key tactic for

achieving growth and enhancing corporate value in mid-term business plans

31

50 36

49 54 57 66 71

98

217

148

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

50

100

150

200

250

33

Following the November 2016 rule to curb irrational outbound investments amid accelerated capital outflows, China’s outbound M&A volume

declined 31.8% over 2016–17; this trend, however, is expected to improve

Source: JP Morgan 2018 Global Outlook

China’s Outbound M&A Deal Value (US$ BN)• A stabilized Yuan and the

successful completion of China’s 19th Party Congress are expected to drive M&A activities in 2018

• Under the OBOR initiative, the infrastructure, power, and utilities industries, especially, will likely benefit

• Chinese investors have increasingly started seeking the mitigation of funding risks within their economy by using offshore vehicles, or teaming up with one or more PE investors with offshore funds

34

In a bid to undertake consumer-centric innovations and adopt technology, cross-sector M&As are becoming a prominent driver across sectors; this is

resulting in increased investment by companies to remain competitive

Source: BCG – The 2017 M&A Report

624 692

777

1,131

1,234

961

2012 2013 2014 2015 2016 2017-

200

400

600

800

1,000

1,200

Cross Sector Deal Value (US$ BN) • 2017 witnessed US$961 BN worth of M&A volume across sectors, ~21.0% above the 10-year historical average of US$794 BN

• Technology has become one of the prominent targets of cross-sector M&As

• As more devices become smart and connected, and processes become automated, non-tech companies are investing in tech – not to disrupt the industry but to remain competitive

• As of 2016, non-tech companies acquired US$128 BN worth of technology firms vs. US$13 BN worth of acquisitions in 2013

275316

271

167 163198 220

297342

312 290247

185

268

188

12172 93 114

200 205 201 215 233

0

50

100

150

200

250

300

350

0

50

100

150

200

250

300

350

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

# of Funds Closed Aggregate Capital Raised (US$ BN)

U.S. PE – By Aggregate Capital Raised and Funds Closed

35

With record capital being raised by PE firms, relatively larger funds are emerging, increasing dry powder reserves and, thus, competition

• The significant amount of capital raised by PE firms underlines the growing trend of large investors placing an increasing portion of their money with PEs that promise returns exceeding the stock market

• In the U.S., uptrend in PE fundraising is attributed to LPs consolidating around fewer and more established GPs to negotiate a better fee structure, gain access to co-investment opportunities, and reduce costs

490 530 450

294 288 329 338 431 459

410 411 372

291 376

261 182

106 150 158

285 281 255 312 326

-

50

100

150

200

250

300

350

400

450

500

-

100

200

300

400

500

600

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

# of Funds Closed Aggregate Capital Raised (US$ BN)

Global PE – By Aggregate Capital Raised and Funds Closed

Source: Pitchbook

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