Global League Q. Tables

Transcription

1 Global League 017 Q Tables

2 Credits & Contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Market Development & Analysis Content GARRETT JAMES BLACK Manager, Custom Research & Publishing BRYAN HANSON Data Analyst II KORY HOANG Data Analyst JENNIFER SAM Senior Graphic Designer Contents Contact PitchBook pitchbook.com RESEARCH EDITORIAL Introduction SALES Methodology PE Firms 5-11 VC Firms 1-17 Advisors/Accountants & Investment Banks 18- Law Firms -1 Acquirers - The PitchBook Platform The data in this report comes from the PitchBook Platform our data software for VC, PE and M&A. Contact sales@pitchbook.com to request a free trial. COPYRIGHT 017 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.

3 INTRODUCTION This is the third quarterly edition of the PitchBook Global League Tables. At the beginning of 017, we decided to make this publication quarterly, not only to save space in our flagship report series such as the Venture Monitor, the US PE Breakdown, etc. by cutting down on the length of tables overall, but also to provide a timelier reference for firms. This way we can house all the essential rankings from the most active law firms by regions to investment banks by deal type in one central document for easier reference. An important note to make regarding this edition of the Global League Tables is that later this quarter we will be releasing the second edition of a lenders-only League Tables, the better to accommodate business development company reporting cycles as well as showcase expanded lender datasets. Accordingly, rather than release potentially shifting rankings, we are excluding lenders from this edition. That will be due to the necessity of the survey collection process as well as the fact that any set of data pulled at different times may modify slightly as additional details are discovered and added to the PitchBook Platform. To that end, if you wish to contact us regarding this specific report, please contact us at reports@pitchbook.com, but if you wish instead to inquire as to our general survey process, please send your questions to survey@pitchbook.com. Look up a company. And its cap table. And its investors. And its EBITDA multiples. And its board members. In seconds. The PitchBook Platform has the data you need to close your next deal. GARRETT JAMES BLACK Manager, Custom Research & Publishing Learn more at pitchbook.com

4 METHODOLOGY LEAGUE TABLES All league tables are compiled using the count of completed deals for the specified deal type, region and/or other criteria. Only publicly disclosed transactions are included. PRIVATE EQUITY DEALS The report includes all PE investments (buyout, growth, recapitalization and add-on), excluding real estate investments. Only investments made directly by PE investors or their portfolio companies are counted. Buyout deals are defined as transactions in which the PE investor receives a controlling ownership stake in the target company. Growth deals are defined as minority investments. Add-on deals are defined as acquisitions by companies with PE backing. VENTURE CAPITAL DEALS This report includes all VC investments (including angel/ seed). Only investments made directly by VCs, incubators/ accelerators and angels are counted. Venture rounds tracked as accelerator/incubator are not included. As our league tables are based on round classifications, financings by investors such as corporate VC arms are included. M&A TRANSACTIONS Eligible transaction types include control acquisitions, leveraged buyouts (including asset acquisitions solely for LBOs), reverse mergers and spin-offs. Transactions must involve SMEs or corporations, and must be a substantive transfer of control or ownership. Debt restructurings or other liquidity, self-tenders or internal reorganizations are not included. SERVICE PROVIDERS Service provider (SP) league tables are compiled using the same criteria for deals as the other league tables. Transactions are not counted twice, meaning if the SP provided the same service to both the investor and company on one deal, it would only receive credit for one deal in the rankings, not two. EXITS Exit league tables take into account both full and partial exits via corporate acquisition, secondary PE buyout and IPO. Dividend recapitalizations are not taken into account in the report. INDUSTRIES & SECTORS Companies tracked by PitchBook have a primary industry, as well as secondary industries. For this report, the primary industry was used to determine rankings by industry and sector. US REGIONS West Coast: Alaska, California, Hawaii, Oregon, Washington Mountain: Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, Wyoming Midwest: Iowa, Kansas, Missouri, Nebraska, North Dakota, South Dakota Great Lakes: Illinois, Indiana, Michigan, Minnesota, Ohio, Wisconsin New England: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont Mid-Atlantic: Delaware, DC, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia South: Arkansas, Kentucky, Louisiana, Oklahoma, Tennessee, Texas Southeast: Alabama, Florida, Georgia, Mississippi, North Carolina, Puerto Rico, South Carolina EUROPEAN REGIONS UK & Ireland: United Kingdom, Ireland, Channel Islands DACH: Germany, Switzerland, Austria, Liechtenstein France/Benelux: France, Belgium, Netherlands, Luxembourg Nordic: Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden Southern Europe: Andorra, Cyprus, Gibraltar, Greece, Italy, Malta, Monaco, Portugal, San Marino, Spain Central & Eastern Europe (CEE): Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine REST OF WORLD Any country besides the United States or European nations. For more information on our methodology, contact reports@pitchbook.com or research@pitchbook.com.

5 PRIVATE EQUITY FIRMS PRIVATE EQUITY FIRMS Contents Q 017 s Most Active PE Investors 5 PE Investors by Deal Location 6-7 PE Investors by Firm AUM 8 PE Investors by Deal Type 9 PE Investors by Industry 10 PE Investor Exits by Company HQ 11 Q 17 most active global PE investors HarbourVest Partners Kohlberg Kravis Roberts The Carlyle Group 17 Ardian 17 AlpInvest Partners 16 Audax Group 16 EQT Partners 15 Hellman & Friedman 1 The Blackstone Group 1 Bpifrance 1 Vista Equity Partners 1 Genstar Capital 11 Providence Equity Partners 11 TPG Capital 10 Ontario Teachers' Pension Plan 10 ABRY Partners 10 5

6 Q 017 PE INVESTORS BY DEAL LOCATION, US Most active in US Most active in Southeast Most active in New England HarbourVest Partners 16 Audax Group 16 AlpInvest Partners 1 Kohlberg Kravis Roberts 1 Hellman & Friedman 11 Providence Equity Partners 10 Stone Point Capital 9 Shore Capital Partners 9 Genstar Capital 9 Vista Equity Partners 8 The Carlyle Group 8 ABRY Partners 8 AEA Investors 8 The Blackstone Group 7 TPG Capital 7 Silver Oak Services Partners 7 Clearlake Capital Group 7 Kohlberg & Company 7 Arsenal Capital Partners 7 Lindsay Goldberg 6 Thoma Bravo 6 GTCR 6 Huron Capital Partners 6 Ares Capital 6 EQT Partners 6 LLR Partners 6 Bain Capital 6 HarbourVest Partners Kelso Private Equity Hellman & Friedman Audax Group Shore Capital Partners Yukon Partners Most active in South Tailwater Capital Shore Capital Partners First Reserve Kohlberg & Company Most active in Mid-Atlantic Providence Equity Partners 8 Kohlberg Kravis Roberts 5 Clearlake Capital Group 5 Maranon Capital Genstar Capital GTCR Brightwood Capital Advisors Stone Point Capital The Blackstone Group Audax Group MSD Private Capital LLR Partners HarbourVest Partners EQT Partners Stone Point Capital Gryphon Investors Most active in West Coast TPG Capital Kohlberg Kravis Roberts Ares Capital ABRY Partners Levine Leichtman Capital Partners AlpInvest Partners HarbourVest Partners Vista Equity Partners Most active in Great Lakes Silver Oak Services Partners Audax Group Lindsay Goldberg HarbourVest Partners Most active in Mountain & Midwest Audax Group 6

7 Q 017 PE INVESTORS BY DEAL LOCATION, EUROPE & ROW Most active in Europe Most active in UK & Ireland Most active in Nordics Bpifrance 1 Ardian 1 Maven Capital Partners 8 BGF 8 Kohlberg Kravis Roberts 7 The Carlyle Group 7 EQT Partners 7 Inflexion Private Equity 7 Ontario Teachers' Pension Plan Foresight Group 6 BNP Paribas Développement 6 LDC 6 Edmond de Rothschild Investment Partners Endless 5 Societe Generale Capital Partenaires Main Capital Partners 5 Cinven Maven Capital Partners 8 Inflexion Private Equity 7 BGF 7 Foresight Group 6 LDC 6 Endless 5 Finance Wales Ontario Teachers' Pension Plan The Carlyle Group Most active in DACH Auctus Capital Partners Ufenau Capital Partners Bain Capital Most active in Central & Eastern Europe Accent Equity Partners Volati Herkules Capital Altor Equity Partners Sentica Partners Erhvervsinvest Management FSN Capital Industri Udvikling Most active in Southern Europe Bain Capital Credit Ardian Mandarin Capital Partners Most active in rest of world FSN Capital 5 IdInvest Partners 5 Penta Investments CapMan Capital Management Warburg Pincus General Atlantic Most active in France & Benelux Baring Vostok Capital Partners Caisse de dépôt et placement du Québec Innova Capital HarbourVest Partners Bpifrance 11 Ardian 7 BNP Paribas Développement 5 Societe Generale Capital Partenaires Entrepreneur Venture International Finance Corporation AlpInvest Partners Creador Capital Hellman & Friedman Hony Capital Edmond de Rothschild Investment Partners Kohlberg Kravis Roberts 7

8 Q 017 GLOBAL PE INVESTORS BY FIRM AUM Most active $5B+ Most active $1B-$5B, ctd. Most active $50M-$500M, ctd. HarbourVest Partners Kohlberg Kravis Roberts Ardian 17 The Carlyle Group 17 Audax Group 16 AlpInvest Partners 16 EQT Partners 15 Hellman & Friedman 1 Endless 5 K1 Capital 5 FSN Capital 5 Maranon Capital 5 CI Capital Partners 5 Edmond de Rothschild Investment Partners Triangle Capital Corporation 5 5 Corpfin Capital Silversmith Capital Partners Auctus Capital Partners Gemini Investors Ufenau Capital Partners Initiative & Finance Mandarin Capital Partners MPE Partners The Blackstone Group 1 Bpifrance 1 Vista Equity Partners 1 Providence Equity Partners 11 Genstar Capital 11 ABRY Partners 10 Ontario Teachers' Pension Plan 10 TPG Capital 10 General Atlantic 9 AEA Investors 9 Stone Point Capital 9 Bain Capital 9 Advent International 9 Most active $1B-$5B Clearlake Capital Group 8 BGF 8 Inflexion Private Equity 7 Arsenal Capital Partners 7 LLR Partners 6 Huron Capital Partners 6 Foresight Group 6 NewSpring Capital 5 Most active $500M-$1B Maven Capital Partners 8 Silver Oak Services Partners 7 Resilience Capital Partners 5 Leeds Equity Partners 5 LKCM Headwater Investments 5 Most active $50M-$500M Shore Capital Partners 9 Societe Generale Capital Partenaires Main Capital Partners 5 Petra Capital Partners Finance Wales New MainStream Capital Tecum Capital Management Quad Partners Farol Asset Management YFM Equity Partners Fidus Investment Centerview Capital Consumer 6 Most active <$50M Calculus Capital Key Capital Partners Credit Agricole Acorn Growth Companies Capital Southwest Connection Capital Socadif Enlightenment Capital Industri Udvikling Jadeberg Partners Northern Pacific Group Evolution Capital Partners O Investment Partners Goldman Sachs BDC PROPARCO GPF Capital Union Park Capital HCAP Partners FidelisWorld Holland Venture Aldine Capital Partners PennantPark Investment Advisers 8

9 Q 017 PE INVESTORS BY DEAL TYPE Most active in platform buyouts Most active add-on sponsors Most active add-on sponsors, ctd. The Carlyle Group 6 Lindsay Goldberg 6 The Blackstone Group 5 Bain Capital 5 BNP Paribas Développement 5 Bpifrance 5 Edmond de Rothschild Investment Partners Bain Capital Credit Endless Vista Equity Partners H.I.G. Capital Ardian Providence Equity Partners HarbourVest Partners AlpInvest Partners 16 Kohlberg Kravis Roberts 15 Hellman & Friedman 1 Ardian 1 Audax Group 1 EQT Partners 1 The Carlyle Group 11 Shore Capital Partners 9 Genstar Capital 9 ABRY Partners 9 Stone Point Capital 7 Ontario Teachers' Pension Plan 7 Inflexion Private Equity 5 Altor Equity Partners 5 Caisse de dépôt et placement du Québec Kohlberg & Company 5 Maranon Capital 5 FSN Capital 5 K1 Capital 5 Apax Partners 5 Arsenal Capital Partners 5 Cinven 5 Madison Dearborn Partners 5 Most active in growth/expansion 5 Mandarin Capital Partners The Blackstone Group 7 Audax Group Siparex Group Clayton, Dubilier & Rice Main Capital Partners EQT Partners Ontario Teachers' Pension Plan GTCR Salt Creek Capital Waud Capital Partners Apollo Global Management LDC Levine Leichtman Capital Partners Kohlberg Kravis Roberts CVC Capital Partners 7 AEA Investors 7 Advent International 7 The Riverside Company 6 Providence Equity Partners 6 Vista Equity Partners 6 Silver Oak Services Partners 6 IdInvest Partners 6 Clearlake Capital Group 6 Ares Capital 6 LLR Partners 6 Canada Pension Plan Investment Board TPG Capital 5 Triangle Capital Corporation 5 6 Maven Capital Partners 7 Bpifrance 6 Temasek Holdings 5 General Atlantic 5 Foresight Group 5 BGF 5 BlackRock Entrepreneur Venture Calculus Capital Decathlon Capital Partners Finance Wales TPG Capital Unigrains Warburg Pincus Kohlberg Kravis Roberts Creador Capital 9

10 Q 017 PE INVESTORS BY INDUSTRY Most active in BB Most active in IT Most active in BC EQT Partners 9 Audax Group 8 The Blackstone Group 7 AEA Investors 7 Ardian 7 The Carlyle Group 6 LDC 6 FSN Capital 5 Kohlberg Kravis Roberts 5 CI Capital Partners 5 Triton Partners Ontario Teachers' Pension Plan Sun Capital Partners Inflexion Private Equity HarbourVest Partners Advent International Vista Equity Partners 11 Providence Equity Partners 8 Clearlake Capital Group 7 Francisco Partners 5 Maven Capital Partners Maranon Capital Thoma Bravo GTCR K1 Capital Most active in healthcare Shore Capital Partners 8 Audax Group 7 Lindsay Goldberg 6 Silver Oak Services Partners 5 Ardian 5 LKCM Headwater Investments Temasek Holdings Bpifrance H.I.G. Capital Ontario Teachers' Pension Plan Advent International Pamplona Capital Management Kohlberg Kravis Roberts Sofina TPG Growth BGF Hony Capital Most active in energy Leonard Green & Partners Kohlberg Kravis Roberts 5 Housatonic Partners CM-CIC Investissement Canada Pension Plan Investment Board CVC Capital Partners Bpifrance Cinven ABRY Partners Arsenal Capital Partners The Carlyle Group Most active in financial services HarbourVest Partners 1 Hellman & Friedman 10 AlpInvest Partners 10 Stone Point Capital 8 Genstar Capital 5 Kohlberg Kravis Roberts 5 Tailwater Capital First Reserve Oaktree Capital Management Northern Pacific Group Post Oak Energy Capital Demeter Partners PROPARCO Hercules Capital Black Bay Energy Capital Madison Dearborn Partners HPS Investment Partners 10

11 Q 017 PE INVESTOR EXITS BY COMPANY HQ Most active global Most active global, continued Most active in Europe H.I.G. Capital 7 TPG Capital 7 The Carlyle Group 6 Warburg Pincus 6 Oaktree Capital Management 5 Bain Capital 5 Clearlake Capital Group 5 LDC 5 Ardian Fortress Investment Group Francisco Partners i Group BGF Aurelius Equity Opportunities Harbert Credit Solutions Kohlberg Kravis Roberts Stone Point Capital Providence Equity Partners Audax Group The Goldman Sachs Group Bregal Sagemount Procuritas Partners The Riverside Company Herkules Capital AlpInvest Partners Most active in US Clearlake Capital Group 5 The Carlyle Group 5 Bain Capital H.I.G. Capital Harbert Credit Solutions Audax Group Kohlberg Kravis Roberts Bregal Sagemount Oaktree Capital Management AlpInvest Partners TPG Capital Fortress Investment Group Francisco Partners Stone Point Capital LDC 5 Ardian Procuritas Partners Herkules Capital CM-CIC Investissement Aurelius Equity Opportunities H.I.G. Capital BGF Canada Pension Plan Investment Board Riverstone Holdings CM-CIC Investissement The Blackstone Group Fosun International 11

12 VENTURE CAPITAL FIRMS Contents Q 017 s Most Active VC Investors 1 VC Investors by Deal Stage 1 VC Investors by Deal Location 1-15 VC Investors by Sector 16 VC Investor Exits by Company HQ 17 Q 17 s most active global VC investors Keiretsu Forum 5 New Enterprise Associates 1 Accel 7 Y Combinator GV 18 Greycroft Partners 17 Khosla Ventures 17 Data Collective 17 Bessemer Venture Partners 16 Lightspeed Venture Partners Startups 15 Salesforce Ventures 1 General Catalyst Partners 1 High-Tech Gründerfonds 1 Madrona Venture Group 1 Founders Fund 1 1

13 Q 017 VC INVESTORS BY DEAL STAGE Most active at angel/seed Most active at early stage Most active at late stage Keiretsu Forum 1 Y Combinator 10 Angelsquare 9 TEDCO 9 Elevate Ventures Startups 7 Techstars 6 Slow Ventures 6 Innovation Works 6 University Ventures 6 Keiretsu Capital 6 Liquid Ventures 6 FundersClub 5 Precursor Ventures 5 Social Capital 5 Social Starts 5 Lightspeed Venture Partners 5 Alexander Rumyantsev SterlingVC Lerer Hippeau Ventures Tekes New Enterprise Associates BoxGroup Khosla Ventures First Round Capital Maveron Founders Fund Tech Coast Angels Greycroft Partners High-Tech Gründerfonds Keiretsu Forum New Enterprise Associates 18 Accel 16 Y Combinator 1 Data Collective 1 GV 1 Partech Ventures 10 Khosla Ventures 10 ff Venture Capital 10 Kima Ventures 10 Salesforce Ventures 9 High-Tech Gründerfonds 9 Andreessen Horowitz 9 Lightspeed Venture Partners 9 Bessemer Venture Partners 9 Greycroft Partners 9 Crosslink Capital 9 Almi Invest 9 IDG Capital 8 SV Angel 8 Omidyar Network Startups 8 Founders Fund 8 True Ventures 7 Madrona Venture Group 7 Sequoia Capital 7 Scottish Enterprise 7 DCM Ventures 7 Global Founders Capital 7 First Round Capital 7 New Enterprise Associates 9 Insight Venture Partners 9 Accel 9 SharesPost 8 Battery Ventures 7 Bain Capital Ventures 7 GE Ventures 7 Intel Capital 6 GV 6 Keiretsu Forum 6 General Catalyst Partners 6 Bpifrance 5 Samsung Venture Investment 5 Salesforce Ventures 5 Index Ventures (UK) 5 Madrona Venture Group 5 Bessemer Venture Partners 5 1

14 Q 017 VC INVESTORS BY DEAL LOCATION, US Most active in US Most active in Mid-Atlantic Most active in West Coast New Enterprise Associates 0 Keiretsu Forum 7 Y Combinator 18 GV 17 Greycroft Partners 15 Accel 15 Lightspeed Venture Partners 1 Madrona Venture Group 1 Khosla Ventures 1 Data Collective 1 General Catalyst Partners 1 Sequoia Capital 1 Bessemer Venture Partners 1 Andreessen Horowitz 1 Founders Fund 1 Elevate Ventures 1 Service Provider Capital 1 Collaborative Fund 1 Correlation Ventures 1 Most active in New England Connecticut Innovations 6 Accomplice VC 5 The Engine GV Most active in South TEDCO 10 Innovation Works 7 ff Venture Capital 6 New Enterprise Associates 5 RRE Ventures 5 Female Founders Fund 5 Keiretsu Forum 5 Greycroft Partners 5 Social Starts RiverPark Funds Ben Franklin Technology Partners of Southeastern Pennsylvania Edison Partners BlueTree Allied Angels Bessemer Venture Partners Battery Ventures FirstMark Capital Lerer Hippeau Ventures Most active in Southeast Alerion Ventures Kickstart Seed Fund 6 BioGenerator Most active in Mountain & Midwest New Enterprise Associates 17 Y Combinator 1 Madrona Venture Group 1 Keiretsu Forum 1 Accel 1 Andreessen Horowitz 1 GV 1 Sequoia Capital 11 Khosla Ventures 11 Data Collective 11 Lightspeed Venture Partners 10 Founders Fund 10 Greylock Partners 9 Social Capital 8 Crosslink Capital 8 First Round Capital 8 Foundation Capital 8 Most active in Great Lakes Elevate Ventures 1 M5 Group 8 BioEnterprise 5 Invest Michigan Pritzker Group Venture Capital Greycroft Partners JumpStart Chicago Ventures Hyde Park Venture Partners Silverton Partners Hyde Park Angels S Ventures 1 Keiretsu Forum

15 Q 017 VC INVESTORS BY DEAL LOCATION, EUROPE Most active in Europe Most active in France & Benelux Most active in Nordics High-Tech Gründerfonds 1 Bpifrance 11 Almi Invest 11 Partech Ventures 11 Scottish Enterprise 11 Balderton Capital 10 Kima Ventures 10 Angelsquare 9 Passion Capital 9 Bpifrance 11 Angelsquare 9 Partech Ventures 8 Kima Ventures 8 Alven Capital Partners 5 XAnge Private Equity Global Founders Capital Most active in Southern Europe Almi Invest 11 Tekes 8 Lifeline Ventures 6 Industrifonden 6 Keiretsu Forum 5 Balderton Capital Butterfly Ventures Most active in rest of world Keiretsu Forum 8 Tekes 8 Octopus Ventures 8 Kibo Ventures Partners Caixa Capital Risc Most active in DACH Keiretsu Forum 15 IDG Capital 11 Sequoia Capital India 9 Accel 7 Most active in UK & Ireland Scottish Enterprise 11 Passion Capital 9 Octopus Ventures 8 Equity Gap 6 Amadeus Capital Partners 6 Balderton Capital 6 Draper Esprit 5 Accel Angel CoFund Hambro Perks London Co-Investment Fund Notion Capital High-Tech Gründerfonds 1 Redalpine Venture Partners 5 Speedinvest 5 Bayern Kapital IBB Beteiligungsgesellschaft Atlantic Labs aws Gründerfonds Holtzbrinck Ventures btov Partners Most active in Central & Eastern Europe Foundation for Internet Development-Initiatives Alexander Rumyantsev 5 Matrix Partners China 6 Yunqi Partners 5 Beenext Ventures 5 Sequoia Capital China 5 GGV Capital 5 ZhenFund 5 Jafco 5 Kalaari Capital 5 15

16 Q 017 VC INVESTORS BY SECTOR Most active in software Most active in pharma & biotech Most active in IT hardware New Enterprise Associates 18 Keiretsu Forum 17 Accel 15 Salesforce Ventures 1 Y Combinator 1 Madrona Venture Group 1 Bessemer Venture Partners 1 Lightspeed Venture Partners 11 Battery Ventures 10 Insight Venture Partners Startups 10 Social Starts 9 ff Venture Capital 9 Intel Capital 9 Most active in consumer goods Accel Slow Ventures Keiretsu Forum Greycroft Partners IDG Capital Rocketship.vc Forerunner Ventures Sequoia Capital India General Catalyst Partners 60 Capital Partners Maveron Keiretsu Capital GV 7 Alexandria Venture Investments High-Tech Gründerfonds 5 ARCH Venture Partners 5 Data Collective 5 AbbVie Ventures F-Prime Capital Partners Atlas Venture Founders Fund BioGenerator Morningside Group Most active in IT hardware Samsung Venture Investment 6 Octopus Ventures Most active in energy GE Ventures Shell Technology Ventures 7 Most active in healthcare services & systems Slow Ventures HLM Venture Partners Liquid Ventures Samsung Venture Investment 6 Octopus Ventures Dell Technologies Capital Blu Venture Investors C Ventures ecapital entrepreneurial Partners Foundry Group Daiwa Corporate Investment Sony Innovation Fund Airbus Ventures TEL Venture Capital Western Digital Capital Most active in healthcare devices & supplies Keiretsu Forum 5 Elevate Ventures Aperture Venture Partners Scientific Health Development BlueTree Allied Angels BioEnterprise LionBird MedTech Innovation Partners Keiretsu Capital HBM Healthcare Investments Limburg Business Development Fund iselect Fund Source Code Capital Keiretsu Forum 16 SV Health Investors

17 Q 017 VC INVESTOR EXITS BY COMPANY HQ Most active global Most active in Europe Most active in US, ctd. Techstars 7 Y Combinator 7 SV Angel 6 Redpoint Ventures 6 First Round Capital Startups 6 Accel 6 Lerer Hippeau Ventures 5 Greylock Partners 5 Right Side Capital Management Andreessen Horowitz Slow Ventures OurCrowd General Catalyst Partners Vivo Capital Plug and Play Tech Center Foundation Capital Dave Morin OrbiMed GV BoxGroup High-Tech Gründerfonds Charles River Ventures Intel Capital Kevin Colleran CrunchFund High-Tech Gründerfonds Holtzbrinck Ventures Rocket Internet Mountain Partners Scottish Enterprise IPark Point Nine Capital Enterprise Ireland Angel CoFund Enterprise Equity Bayerische Beteiligungsgesellschaft Siparex Group Kizoo Technology Capital Swisscom Ventures VisionPlus Meusinvest Group Statoil Technology Invest Most active in US Techstars Startups 6 Redpoint Ventures 6 First Round Capital 6 Y Combinator 6 SV Angel 5 Lerer Hippeau Ventures 5 Accel 5 Greylock Partners 5 Right Side Capital Management CrunchFund Andreessen Horowitz Slow Ventures BoxGroup Dave Morin Charles River Ventures Foundation Capital General Catalyst Partners GV Shasta Ventures FundersClub Madrona Venture Group Starveups Allen & Company Khosla Ventures Cota Capital Lightspeed Venture Partners Signatures Capital Fidelity Investments Plug and Play Tech Center Polaris Partners Sierra Ventures Great Oaks Venture Capital Converge Venture Partners Sherpa Capital Atlas Venture Intel Capital Kevin Colleran OurCrowd 17

18 ADVISORS, I-BANKS & PLACEMENT AGENTS ADVISORS/ ACCOUNTANTS Contents Q 017 s Most Active I-banks 18 I-banks by PE Deal Location 19 I-banks by Deal Type 0 Q 017 s Most Active Advisors/ Accountants by PE Deal Location Advisors/Accountants by Deal Type M&A Advisors by Deal Location 1 Q 017 s most active global I-banks The Goldman Sachs Group 7 Houlihan Lokey 5 William Blair & Company 19 Lincoln International 18 Morgan Stanley 15 Raymond James Financial 15 Jefferies Group 1 Robert W. Baird & Co. 1 Piper Jaffray 11 Moelis & Company 11 Evercore Group 10 RBC Capital Markets 10 SunTrust Banks 10 Stifel Financial 9 Deutsche Bank 8 Harris Williams & Co. 7 The Jordan Edmiston Group 7 18

19 Q 017 I-BANKS BY PE DEAL LOCATION Most active in US Most active in US, ctd. Most active in rest of world Houlihan Lokey 19 The Goldman Sachs Group 18 William Blair & Company 16 Jefferies Group 1 Lincoln International 1 Robert W. Baird & Co. 1 BB&T Capital Markets DH Capital North Point Advisors Cascadia Capital Most active in Europe Avendus Capital Moelis & Company Macquarie Group Canaccord Genuity The Goldman Sachs Group BMO Harris Bank 1 Raymond James Financial 1 Vista Point Advisors 1 SunTrust Banks 10 RBC Capital Markets 9 Morgan Stanley 9 Stifel Financial 9 Piper Jaffray 9 Moelis & Company 8 The Jordan Edmiston Group 7 Harris Williams & Co. 6 Evercore Group 6 Citigroup 6 Deutsche Bank 6 KeyBanc Capital Markets 6 Stephens 5 Imperial Capital 5 J.P. Morgan BMO Harris Bank D.A. Davidson Companies MHT Partners Headwaters MB Petsky Prunier Cain Brothers & Company Bank of America The Goldman Sachs Group 7 Lincoln International 6 Fineurop Soditic 6 Houlihan Lokey 5 Morgan Stanley 5 GCA Advisors 5 GP Bullhound 5 Drake Star Partners Evercore Group Bryan, Garnier & Company William Blair & Company Numis Securities Raymond James Financial Canaccord Genuity Catalysis Capital Partners Eastdil Secured Oaklins Livingstone Partners Liberum Capital Deutsche Bank Robert W. Baird & Co. J.P. Morgan Piper Jaffray 19 Code Advisors 1 Morgan Stanley 1 Kenyon Group 1 RBC Capital Markets 1 MAPE Advisory Group 1 Sawaya Segalas 1 Nomura Securities 1 The Hina Group 1 Origin Merchant Partners 1 CHILDS Advisory Partners 1 Ascendiant Capital Markets 1 National Bank Financial 1 CCC Investment Banking 1 TD Securities 1

20 Q 017 I-BANKS BY DEAL TYPE Buyouts PE & VC-backed IPOs PE & VC-backed acquisitions The Goldman Sachs Group 7 Houlihan Lokey William Blair & Company 18 Lincoln International 17 Morgan Stanley 15 Raymond James Financial 1 Robert W. Baird & Co. 1 Jefferies Group 1 SunTrust Banks 9 Evercore Group 9 Piper Jaffray 8 Stifel Financial 8 Harris Williams & Co. 7 Deutsche Bank 7 Moelis & Company 6 GCA Advisors 6 RBC Capital Markets 6 BMO Harris Bank 6 The Jordan Edmiston Group 6 Citigroup 6 KeyBanc Capital Markets 6 Canaccord Genuity 5 J.P. Morgan 5 Stephens 5 Headwaters MB D.A. Davidson Companies Livingstone Partners J.P. Morgan 8 Morgan Stanley 8 Jefferies Group 6 The Goldman Sachs Group 5 Deutsche Bank 5 Stifel Financial William Blair & Company Leerink Partners KeyBanc Capital Markets Cowen and Company BMO Harris Bank JMP Securities Barclays Investment Bank Wells Fargo Securities Evercore Group Banco Itaú BBA Piper Jaffray Wedbush Securities Allen & Company Raymond James Financial Raymond James Financial 1 The Goldman Sachs Group 10 Piper Jaffray 10 Houlihan Lokey 7 William Blair & Company 7 Robert W. Baird & Co. 6 Evercore Group 6 Jefferies Group 6 Citigroup 5 Stifel Financial 5 J.P. Morgan 5 Lincoln International 5 Perella Weinberg Partners Morgan Stanley GCA Advisors Mooreland Partners Sandler O'Neill + Partners KeyBanc Capital Markets BMO Harris Bank Keefe Bruyette & Woods Greenhill & Co. KPMG SunTrust Banks Aquilo Partners Deutsche Bank Credit Suisse Securities (USA) JMP Securities Simmons & Company International Allen & Company 0

21 Q 17 ADVISORS/ACCOUNTANTS BY PE DEAL LOCATION Most active global Most active in US Most active in Europe PwC Deloitte 9 The Goldman Sachs Group 7 BDO 7 KPMG 6 EY Houlihan Lokey William Blair & Company 19 Lincoln International 17 Raymond James Financial 15 Morgan Stanley 15 Bank of America 1 Jefferies Group 1 Robert W. Baird & Co. 1 Grant Thornton 11 Barclays 11 UBS 11 Citigroup 11 Moelis & Company 11 Piper Jaffray 11 RBC Capital Markets 10 Evercore Group 10 SunTrust Banks 10 Intuitus 9 Stifel Financial 9 Lazard 9 Credit Suisse 8 Deutsche Bank 8 The Goldman Sachs Group 18 Houlihan Lokey 18 William Blair & Company 16 Jefferies Group 1 Raymond James Financial 1 Lincoln International 1 Robert W. Baird & Co. 11 SunTrust Banks 10 Bank of America 10 BDO 10 Citigroup 9 Stifel Financial 9 Barclays 9 Piper Jaffray 9 RBC Capital Markets 9 Morgan Stanley 9 Moelis & Company 8 Credit Suisse 7 The Jordan Edmiston Group 7 Lazard 7 Deutsche Bank 6 Evercore Group 6 Deloitte 6 Harris Williams & Co. 6 UBS 6 J.P. Morgan Securities 6 PwC 6 KeyBanc Capital Markets 6 PwC 5 Deloitte 0 KPMG 18 BDO 16 EY 15 Intuitus 7 The Goldman Sachs Group 7 Grant Thornton 7 Clearwater International 6 Rothschild & Co 6 Fineurop Soditic 6 Oderis Consulting 5 Oakley Advisory 5 GP Bullhound 5 GCA Advisors 5 Lincoln International 5 Morgan Stanley 5 Liberty Corporate Finance 5 Houlihan Lokey Quayle Munro Evercore Group DC Advisory Partners CatCap Corporate Finance Grant Thornton UK Bryan, Garnier & Company RSM UK Mazars Drake Star Partners 1

22 Q 017 ADVISORS/ ACCOUNTANTS BY DEAL TYPE Buyouts Buyouts, continued PE & VC-backed acquisitions, cont. PwC 9 The Goldman Sachs Group 7 Deloitte 5 Houlihan Lokey EY KPMG 1 William Blair & Company 18 Lincoln International 16 BDO 16 Morgan Stanley 15 Raymond James Financial 1 Bank of America 1 Moelis & Company 6 KeyBanc Capital Markets 6 BMO Harris Bank 5 Canaccord Genuity 5 Stephens 5 J.P. Morgan D.A. Davidson Companies Headwaters MB BNP Paribas Livingstone Partners PE & VC-backed IPOs Evercore Group 6 PwC 6 Jefferies Group 6 Houlihan Lokey 5 EY 5 Stifel Financial 5 Citigroup 5 Lazard 5 Lincoln International 5 Rothschild & Co J.P. Morgan Bank of America Jefferies Group 1 Morgan Stanley Robert W. Baird & Co. 1 UBS 11 Citigroup 11 Evercore Group 9 SunTrust Banks 9 Credit Suisse 8 Stifel Financial 8 Piper Jaffray 8 Lazard 8 EY 8 Deloitte 8 PwC 7 BDO KPMG Grant Thornton PE & VC-backed acquisitions Perella Weinberg Partners Mooreland Partners KeyBanc Capital Markets Alantra Partners GCA Advisors Sandler O'Neill + Partners BDO BMO Harris Bank Keefe Bruyette & Woods Grant Thornton 7 Deutsche Bank 7 Harris Williams & Co. 7 Rothschild & Co 6 The Jordan Edmiston Group 6 Barclays 6 GCA Advisors 6 RBC Capital Markets 6 Raymond James Financial 1 Piper Jaffray 10 Credit Suisse 9 The Goldman Sachs Group 9 KPMG 8 William Blair & Company 7 Robert W. Baird & Co. 6

23 Q 017 M&A ADVISORS BY DEAL LOCATION Most active global Most active in US Most active in Europe, ctd. PwC 50 The Goldman Sachs Group 6 KPMG Deloitte 8 Raymond James Financial 6 EY Morgan Stanley BDO Houlihan Lokey 1 Barclays Capital 7 Bank of America 6 William Blair & Company 6 Lincoln International 6 Credit Suisse Jefferies Group RBC Capital Markets 1 Piper Jaffray 1 Evercore Group 1 Lazard 1 J.P. Morgan Securities 19 Robert W. Baird & Co. 19 FTI Consulting 18 Moelis & Company 18 Stifel Financial 17 Citigroup 17 UBS 16 J.P. Morgan 15 SunTrust Banks 1 The Goldman Sachs Group 1 Houlihan Lokey 5 Raymond James Financial Morgan Stanley Barclays Capital William Blair & Company 1 Jefferies Group 0 Bank of America 18 Stifel Financial 17 Lincoln International 16 Robert W. Baird & Co. 15 RBC Capital Markets 15 Credit Suisse 15 BDO 15 J.P. Morgan Securities 15 Citigroup 1 Piper Jaffray 1 Evercore Group 1 SunTrust Banks 1 Moelis & Company 1 PwC 1 Stephens 1 Lazard 1 Most active in Europe PwC KPMG 9 Deloitte 6 EY 0 BDO 15 FTI Consulting 11 The Goldman Sachs Group 11 Cenkos Securities 11 Lincoln International 10 BCMS Corporate 9 Rothschild & Co 9 Numis Securities 9 Grant Thornton 9 Clearwater International 8 Oakley Advisory 8 Lazard 8 Raymond James Financial 8 GCA 7 Liberum Capital 7 J.P. Morgan 7 Credit Suisse 7 Bank of America 7 Grant Thornton UK 7 Morgan Stanley 7 Most active in rest of world EY 7 KPMG 6 TD Securities 5 Raymond James Financial 5

24 LAW FIRMS Contents Q 017 s Most Active VC Law Firms Law Firms by VC Deal Location 5 Law Firms by VC Sector 6 Q 17 s most active VC law firms global Gunderson Dettmer 16 Cooley 110 Orrick Herrington & Sutcliffe 8 DLA Piper 81 Law Firms by VC Deal Type 7 Wilson Sonsini Goodrich & Rosati 75 Law Firms by PE Deal Location 8 Law Firms by PE Industry 9 Law Firms by PE Deal Type 0 Law Firms in M&A by Deal Location 1 Fenwick & West 6 Goodwin 9 Latham & Watkins McCarter & English 5 Bryan Cave 1 WilmerHale 1 Jones Day 1 Ashfords 1 Nelson Mullins Riley & Scarborough 11 Osler, Hoskin & Harcourt 10

25 Q 017 LAW FIRMS BY VC DEAL LOCATION Most active in US Most active in Europe, ctd. Most active in rest of world Gunderson Dettmer 107 Cooley 10 Wilson Sonsini Goodrich & Rosati 71 DLA Piper 71 Fenwick & West 6 Orrick Herrington & Sutcliffe 56 Goodwin Latham & Watkins McCarter & English Bryan Cave 1 WilmerHale 1 Nelson Mullins Riley & Scarborough Most active in West Coast Gunderson Dettmer Jones Day 7 Gunderson Dettmer Taylor Wessing Cooley Goodwin DLA Piper JAG Shaw Baker Weil, Gotshal & Manges Willkie Farr & Gallagher Shoosmiths Geldards Most active in Mid-Atlantic Cooley 6 Gunderson Dettmer 5 Gunderson Dettmer 15 Osler, Hoskin & Harcourt 10 DLA Piper 8 Orrick Herrington & Sutcliffe 5 Cooley 5 Derraik & Menezes Advogados Wilson Sonsini Goodrich & Rosati Goodwin Koenig, Oelsner, Taylor, Schoenfeld & Gaddis Stikeman Elliott Borden Ladner Gervais Most active in New England Gunderson Dettmer 15 Goodwin 1 Wilson Sonsini Goodrich & Rosati 5 Cooley 5 Fenwick & West 6 DLA Piper 7 Orrick Herrington & Sutcliffe Goodwin Latham & Watkins 18 Most active in Europe Orrick Herrington & Sutcliffe 1 Ashfords 1 Rousaud Costas Duran 7 McCarter & English 15 Orrick Herrington & Sutcliffe 1 Fenwick & West 1 DLA Piper 1 Goodwin 8 WilmerHale Most active in South Wilson Sonsini Goodrich & Rosati Andrews Kurth Kenyon DLA Piper Cooley 5 Cooley 7 Latham & Watkins 6 WilmerHale 5 Orrick Herrington & Sutcliffe Wilson Sonsini Goodrich & Rosati Morgan, Lewis & Bockius Most active in Great Lakes DLA Piper 5 Cooley Bryan Cave Honigman Miller Schwartz and Cohn

26 Q 017 LAW FIRMS BY VC SECTOR Most active in software Most active in consumer goods Most active in pharma & biotech Gunderson Dettmer 6 Cooley 8 Orrick Herrington & Sutcliffe 1 DLA Piper 0 Fenwick & West 6 Wilson Sonsini Goodrich & Rosati Goodwin 5 McCarter & English 1 Gunderson Dettmer Cooley Fenwick & West Orrick Herrington & Sutcliffe DLA Piper Perkins Coie Most active in healthcare services & systems Cooley 5 Latham & Watkins 11 Wilson Sonsini Goodrich & Rosati Gunderson Dettmer 6 Goodwin 6 Orrick Herrington & Sutcliffe Osler, Hoskin & Harcourt DLA Piper 6 O'Melveny & Myers 6 WilmerHale Latham & Watkins 6 Sheppard Mullin Richter & Hampton Bryan Cave 5 WilmerHale 5 Jones Day 5 Most active in commercial services Gunderson Dettmer 10 DLA Piper 9 Fenwick & West 7 Cooley 7 Orrick Herrington & Sutcliffe 7 Goodwin WilmerHale Wilson Sonsini Goodrich & Rosati Nelson Mullins Riley & Scarborough Bryan Cave 5 Orrick Herrington & Sutcliffe Cooley Wilson Sonsini Goodrich & Rosati Latham & Watkins Gunderson Dettmer Goodwin Morgan, Lewis & Bockius Polsinelli Most active in healthcare devices & supplies Wilson Sonsini Goodrich & Rosati Gunderson Dettmer 6 Cooley DLA Piper Stradling Yocca Carlson & Rauth Goodwin Latham & Watkins Fenwick & West Orrick Herrington & Sutcliffe 7 Choate Hall & Stewart Fenwick & West Bryan Cave Most active in IT hardware Wilson Sonsini Goodrich & Rosati Orrick Herrington & Sutcliffe Gunderson Dettmer Latham & Watkins DLA Piper Most active in media Gunderson Dettmer Cooley Goodwin Latham & Watkins Fenwick & West Jones Day 6

27 Q 017 LAW FIRMS BY VC DEAL TYPE Most active at early stage Most active at late stage Most active exits (acq., buyout, IPO) Gunderson Dettmer 6 Cooley 5 Orrick Herrington & Sutcliffe Wilson Sonsini Goodrich & Rosati 1 DLA Piper 1 Fenwick & West Goodwin 1 McCarter & English 1 Latham & Watkins 1 Osler, Hoskin & Harcourt 7 Ashfords 6 Jones Day 5 Rousaud Costas Duran 5 O'Melveny & Myers 5 Nelson Mullins Riley & Scarborough Morgan, Lewis & Bockius Derraik & Menezes Advogados Honigman Miller Schwartz and Cohn Stradling Yocca Carlson & Rauth Morrison & Foerster Sidley Austin Sheppard Mullin Richter & Hampton JAG Shaw Baker Perkins Coie Foley & Lardner WilmerHale Gunderson Dettmer 9 Cooley 6 Fenwick & West Orrick Herrington & Sutcliffe Wilson Sonsini Goodrich & Rosati Goodwin 0 DLA Piper 17 Latham & Watkins 1 WilmerHale 9 Bryan Cave 7 Jones Day 6 Ashfords 5 Choate Hall & Stewart Morrison & Foerster O'Melveny & Myers Simpson Thacher & Bartlett Rousaud Costas Duran Ropes & Gray Osler, Hoskin & Harcourt Honigman Miller Schwartz and Cohn Pillsbury Winthrop Shaw Pittman Mintz Levin Cohn Ferris Glovsky & Popeo Sidley Austin Morgan, Lewis & Bockius Taylor Wessing Willkie Farr & Gallagher Nelson Mullins Riley & Scarborough Weil, Gotshal & Manges Orrick Herrington & Sutcliffe 1 Fenwick & West 11 Gunderson Dettmer 11 Cooley 11 DLA Piper 11 Latham & Watkins 10 Goodwin 7 Weil, Gotshal & Manges 6 Davis Polk & Wardwell 5 Pillsbury Winthrop Shaw Pittman Kirkland & Ellis Jones Day Morrison & Foerster Ropes & Gray Skadden, Arps, Slate, Meagher & Flom Foley Hoag Perkins Coie Covington & Burling Allen & Overy Arnold & Porter Foley & Lardner Dentons O'Melveny & Myers Pepper Hamilton Zhong Lun Law Firm Maples & Calder Morgan, Lewis & Bockius Ashfords 7

28 Q 017 LAW FIRMS BY PE DEAL LOCATION Most active global Most active in US Most active in Europe Kirkland & Ellis 9 Latham & Watkins 9 DLA Piper 7 Morgan, Lewis & Bockius 0 Goodwin 8 Weil, Gotshal & Manges 7 McDermott Will & Emery 7 Ropes & Gray 5 Jones Day Paul, Weiss, Rifkind, Wharton & Garrison Kirkland & Ellis 80 Latham & Watkins 1 Morgan, Lewis & Bockius 7 Paul, Weiss, Rifkind, Wharton & Garrison 1 Weil, Gotshal & Manges 1 Ropes & Gray 0 Goodwin 0 DLA Piper 18 McDermott Will & Emery 18 Most active in Mid-Atlantic DLA Piper 17 CMS 15 Squire Patton Boggs 15 Orrick Herrington & Sutcliffe 8 McDermott Will & Emery 8 Kirkland & Ellis 8 Allen & Overy 8 Gateley 8 Goodwin 8 Lamartine Conseil 7 Latham & Watkins 6 Most active in rest of world Travers Smith 6 Stikeman Elliott 10 McCarthy Tétrault 6 Kirkland & Ellis 5 King & Wood Mallesons Borden Ladner Gervais Choate Hall & Stewart Fasken Martineau Most active in West Coast Kirkland & Ellis 19 Latham & Watkins 11 Sidley Austin 7 Ropes & Gray 6 Wilson Sonsini Goodrich & Rosati 5 Kirkland & Ellis 16 Morgan, Lewis & Bockius 9 Cooley 8 Latham & Watkins 8 Paul, Weiss, Rifkind, Wharton & Garrison Weil, Gotshal & Manges 7 Goodwin 7 Most active in Great Lakes Kirkland & Ellis 9 Sidley Austin 6 Goodwin 5 Honigman Miller Schwartz and Cohn Akerman Morgan, Lewis & Bockius McGuireWoods McDermott Will & Emery 7 5 DWF 6 Charles Russell Speechlys 6 Pinsent Masons 6 Most active in New England Kirkland & Ellis 10 Morgan, Lewis & Bockius 5 Latham & Watkins 5 Most active in South Kirkland & Ellis 8 Thompson & Knight 5 Paul, Weiss, Rifkind, Wharton & Garrison Weil, Gotshal & Manges 8

29 Q 017 LAW FIRMS BY PE INDUSTRY Most active in BB Most active in BC Most active in IT Kirkland & Ellis 8 DLA Piper 1 Latham & Watkins 1 Jones Day 11 Paul, Weiss, Rifkind, Wharton & Garrison Morgan, Lewis & Bockius 10 Squire Patton Boggs 8 Willkie Farr & Gallagher 7 McDermott Will & Emery 7 Akin Gump Strauss Hauer & Feld Ropes & Gray 6 Sidley Austin 6 Goodwin 6 Shearman & Sterling 6 Honigman Miller Schwartz and Cohn Weil, Gotshal & Manges 6 Orrick Herrington & Sutcliffe 5 McGuireWoods 5 Lamartine Conseil 5 Gateley 5 Kirkland & Ellis Morgan, Lewis & Bockius McDermott Will & Emery Most active in materials & resources Kirkland & Ellis 19 Latham & Watkins 10 Ropes & Gray 8 Weil, Gotshal & Manges 7 Simpson Thacher & Bartlett 6 CMS 6 DLA Piper 6 Paul, Weiss, Rifkind, Wharton & Garrison McDermott Will & Emery 6 Goodwin 5 Most active in energy Thompson & Knight 5 Orrick Herrington & Sutcliffe Vinson & Elkins Kelly Hart & Hallman Fishman Haygood Phelps Walmsley Willis & Swanson 6 Most active in financial services Kirkland & Ellis 6 Weil, Gotshal & Manges Goodwin Latham & Watkins Willkie Farr & Gallagher DLA Piper Simpson Thacher & Bartlett Paul Hastings Kirkland & Ellis DLA Piper 11 Cooley 8 Weil, Gotshal & Manges 8 Morgan, Lewis & Bockius 7 Goodwin 7 Ropes & Gray 6 Latham & Watkins 6 Orrick Herrington & Sutcliffe 5 Jones Day 5 Paul Hastings 5 Most active in healthcare Kirkland & Ellis 1 McDermott Will & Emery 9 Latham & Watkins 6 Goodwin 6 Morgan, Lewis & Bockius 6 Ropes & Gray 5 McGuireWoods 5 Sidley Austin Paul Hastings 9

30 Q 017 LAW FIRMS BY PE DEAL TYPE Most active in buyouts Most active in other deals Most active in exits (IPO & acq.) Kirkland & Ellis 8 Latham & Watkins Morgan, Lewis & Bockius 7 Goodwin 6 Weil, Gotshal & Manges DLA Piper McDermott Will & Emery Jones Day Ropes & Gray 1 Paul Hastings 18 Simpson Thacher & Bartlett 18 Sidley Austin 17 Paul, Weiss, Rifkind, Wharton & Garrison 17 Willkie Farr & Gallagher 1 Orrick Herrington & Sutcliffe 1 Dechert 1 Squire Patton Boggs 1 CMS 11 McGuireWoods 11 Honigman Miller Schwartz and Cohn 10 Shearman & Sterling 10 Cooley 10 Sullivan & Cromwell 10 Gibson, Dunn & Crutcher 9 Stikeman Elliott 9 Akerman 8 Allen & Overy 7 Hogan Lovells 7 O'Melveny & Myers 7 DLA Piper 1 Kirkland & Ellis 11 Paul, Weiss, Rifkind, Wharton & Garrison Latham & Watkins 6 Thompson & Knight 5 McDermott Will & Emery 5 Choate Hall & Stewart Ropes & Gray Cooley CMS Stradling Yocca Carlson & Rauth Gunderson Dettmer Bryan Cave McGuireWoods Morgan, Lewis & Bockius Gateley Squire Patton Boggs DWF Kramer Levin Naftalis & Frankel Honigman Miller Schwartz and Cohn Orrick Herrington & Sutcliffe Shoosmiths Weil, Gotshal & Manges 6 Kirkland & Ellis 61 Latham & Watkins 0 Weil, Gotshal & Manges 6 DLA Piper Simpson Thacher & Bartlett Ropes & Gray 1 Jones Day 19 Goodwin 18 Morgan, Lewis & Bockius 1 Paul, Weiss, Rifkind, Wharton & Garrison Skadden, Arps, Slate, Meagher & Flom 1 1 Vinson & Elkins 1 Willkie Farr & Gallagher 1 Gibson, Dunn & Crutcher 11 CMS 11 Sidley Austin 10 Cravath Swaine & Moore 10 Shearman & Sterling 10 Paul Hastings 10 Sullivan & Cromwell 10 McDermott Will & Emery 9 Wachtell, Lipton, Rosen & Katz Orrick Herrington & Sutcliffe 9 Winston & Strawn 8 Hogan Lovells 8 Allen & Overy 8 Cooley 8 O'Melveny & Myers 8 9 0

31 Q 017 M&A LAW FIRMS BY DEAL LOCATION Most active global Most active in US Most active in Europe, continued Kirkland & Ellis 111 DLA Piper 9 Latham & Watkins 69 Jones Day 6 Morgan, Lewis & Bockius 5 Orrick Herrington & Sutcliffe 5 Goodwin Weil, Gotshal & Manges 1 Sidley Austin 8 CMS 7 Squire Patton Boggs Simpson Thacher & Bartlett McDermott Will & Emery 1 Sullivan & Cromwell 9 Stikeman Elliott 9 Paul Hastings 9 Shearman & Sterling 9 Ropes & Gray 9 Paul, Weiss, Rifkind, Wharton & Garrison 8 Cooley 6 Willkie Farr & Gallagher 6 Gibson, Dunn & Crutcher 0 Cravath Swaine & Moore 0 Allen & Overy 0 Hogan Lovells 19 O'Melveny & Myers 19 Skadden, Arps, Slate, Meagher & Flom 19 Norton Rose Fulbright 18 Morrison & Foerster 18 Kirkland & Ellis 97 Latham & Watkins 5 Morgan, Lewis & Bockius Jones Day 8 DLA Piper 6 Weil, Gotshal & Manges Sidley Austin Goodwin Simpson Thacher & Bartlett 7 Orrick Herrington & Sutcliffe Paul, Weiss, Rifkind, Wharton & Garrison Cooley Sullivan & Cromwell Paul Hastings Ropes & Gray McDermott Will & Emery 0 Shearman & Sterling 16 Cravath Swaine & Moore 16 Honigman Miller Schwartz and Cohn 16 Willkie Farr & Gallagher 16 Most active in Europe DLA Piper 6 CMS Squire Patton Boggs Jones Day 0 Orrick Herrington & Sutcliffe 19 Allen & Overy 15 Latham & Watkins 1 Uría Menéndez 1 Cuatrecasas 1 Pinsent Masons 10 Goodwin 10 Travers Smith 10 Willkie Farr & Gallagher 9 Shearman & Sterling 9 Schoenherr 9 McDermott Will & Emery 9 Bär & Karrer 8 Hengeler Mueller 8 Most active in rest of world Stikeman Elliott 5 DLA Piper 11 Fasken Martineau 10 McCarthy Tétrault 10 Davies Ward Phillips and Vineberg Borden Ladner Gervais 8 Torys 7 Kirkland & Ellis 7 Cassels Brock & Blackwell 7 Blake Cassels & Graydon 6 Miller Thomson 5 9 1

32 ACQUIRERS Contents Q 017 s Most Active Acquirers of PEbacked Companies Acquirers of PE-backed Companies by Deal Location & Type Acquirers of VC-backed Companies by Deal Location & Type Q 017 s most active acquirers of global PE-backed companies Kohlberg Kravis Roberts 8 Ontario Teachers' Pension Plan Bain Capital 5 Societe Generale Capital Partenaires BNP Paribas Développement The Carlyle Group 5 EQT Partners Centerbridge Partners Levine Leichtman Capital Partners

33 Q 017 ACQUIRERS OF PE- BACKED COMPANIES BY DEAL LOCATION & TYPE Most active in US Most active in US, ctd. Most active in Europe, ctd. Kohlberg Kravis Roberts 5 Triangle Capital Corporation Imerys Levine Leichtman Capital Partners KPS Capital Partners Aprendere Skolor Centerbridge Partners The Carlyle Group Bain Capital EQT Partners Stone Point Capital Audax Group Snow Phipps Group Genstar Capital Ridgemont Equity Partners Turnbridge Capital Sun Capital Partners Apollo Global Management The Blackstone Group Trilantic Capital Partners Clearlake Capital Group KSL Capital Partners TPG Capital Leonard Green & Partners AE Industrial Partners Arlington Capital Partners Midwest Mezzanine Funds Kohlberg & Company Vista Equity Partners Tower Health Most active in Europe Societe Generale Capital Partenaires BNP Paribas Développement Edmond de Rothschild Investment Partners Ontario Teachers' Pension Plan Cinven IdInvest Partners CM-CIC Private Debt Bain Capital Credit Eurazeo Endless Bain Capital Sole Realisation Company Stirling Square Capital Partners Ardian Novo CINFA International One Equity Partners Partners Group i Group Most active in rest of world Kohlberg Kravis Roberts Most active in mergers/acquisitions Lonza Group CINFA International Tower Health Imerys Ironshore Halliburton Aprendere Skolor Ontario Teachers' Pension Plan Argos Soditic CI Capital Partners Halliburton Ironshore SYNLAB International

34 Q 017 ACQUIRERS OF VC-BACKED COMPANIES BY DEAL LOCATION & TYPE Most active global Most active in Europe Most active in mergers/acquisitions Providence Equity Partners XING Amazon.com HubSpot XING Most active in buyouts Paypal XING Amazon.com Cisco Systems WeWork HubSpot Vista Equity Partners The Blackstone Group Providence Equity Partners Vista Equity Partners Facebook WeWork Facebook Johnson & Johnson Vision Care ESW Capital Paypal ESW Capital K1 Capital The Blackstone Group Johnson & Johnson Vision Care K1 Capital Cisco Systems Most active in rest of world Blue Star Sports WeWork Most active in US Providence Equity Partners The Blackstone Group Facebook Johnson & Johnson Vision Care HubSpot ESW Capital Cisco Systems

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