2017 2Q. Global League Tables

Transcription

1 2017 2Q Global League 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 JENNIFER SAM Senior Graphic Designer Contact PitchBook pitchbook.com Contents RESEARCH EDITORIAL SALES Introduction 3 Methodology 4 PE Firms -11 VC Firms Advisors/Accountants & Investment Banks Law Firms 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 2017 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment. 2

3 INTRODUCTION This is the second-ever quarterly edition of the PitchBook Global League Tables. At the beginning of 2017, 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 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. Of course, given that only one quarter has elapsed, the quarterly editions shall likely be somewhat shorter than the full annual edition, simply as there shan t have been much activity of some types and in some regions. As the release of the Global League Tables shall typically fall at the end of the first month in a given quarter, there is ample time allowed for all firms to get in touch with us to ensure that their placement is accurately represented. 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. Learn more at pitchbook.com GARRETT JAMES BLACK Manager, Custom Research & Publishing 3

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. 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. LENDERS Lender league tables look at completed PE deals the lender provided debt financing for in a given time period or region. The transaction must involve equity provided by a PE firm. In league tables for debt-only financings, the transaction must involve debt financing to a company that is PE-backed or VC-backed. 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. 4

5 PRIVATE EQUITY FIRMS PRIVATE EQUITY FIRMS Contents 2Q 2017 s Most Active PE Investors 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 2Q 17 most active global PE investors Kohlberg Kravis Roberts 20 Audax Group 20 HarbourVest Partners 19 BC Partners 16 Warburg Pincus 14 The Blackstone Group 12 Providence Equity Partners 12 The Carlyle Group 11 Genstar Capital 11 Ardian Holding 11 Vista Equity Partners 10 AlpInvest Partners 10 ABRY Partners 10 Stone Point Capital 9 GTCR 9 H.I.G. Capital 9 Business Growth Fund 9 Bain Capital 9

6 2Q 2017 PE INVESTORS BY DEAL LOCATION, US Most active in US Most active in Southeast Most active in New England Audax Group 18 HarbourVest Partners 17 Kohlberg Kravis Roberts 10 Stone Point Capital 9 Providence Equity Partners 9 Genstar Capital 9 BC Partners 9 Warburg Pincus 8 AlpInvest Partners 8 Vista Equity Partners 7 Summit Partners 7 GTCR 7 American Securities 7 New Mountain Capital 7 Most active in Mid-Atlantic HarbourVest Partners L2 Capital Partners 4 Providence Equity Partners 4 Audax Group 4 Genstar Capital 4 New Mountain Capital 3 Aquiline Capital Partners 3 Stone Point Capital 3 Kohlberg Kravis Roberts 3 GPB Capital Holdings 3 Warburg Pincus 3 Audax Group Warburg Pincus 3 Most active in South Audax Group 4 Blue Sage Capital 3 Trailcreek Capital Group 3 ABRY Partners 3 Most active in Great Lakes PNC Erieview Capital 3 PNC Riverarch Capital 2 Kinderhook Industries 2 Ridgemont Equity Partners 2 Babson Capital Management 2 Apollo Global Management 2 The Jordan Company 2 Great Hill Partners 2 Providence Equity Partners 2 GTCR 2 Spell Capital Partners 2 HarbourVest Partners 2 The Riverside Company 2 Summit Partners 2 HarbourVest Partners 2 BC Partners 2 Level Equity 2 Most active in West Coast HarbourVest Partners 4 Kohlberg Kravis Roberts 3 AlpInvest Partners 3 Audax Group 3 Lindsay Goldberg 3 Most active in Mountain & Midwest Canada Pension Plan Investment Board L Catterton 3 Maranon Capital 2 AEA Investors 2 Inverness Graham Investments CI Capital Partners 2 Madison Dearborn Partners 2 H.I.G. Capital 2 HPS Investment Partners 2 Warren Equity Partners

7 2Q 2017 PE INVESTORS BY DEAL LOCATION, EUROPE & ROW Most active in Europe Most active in France & Benelux Most active in Nordics Business Growth Fund 9 Ardian Holding 8 Kohlberg Kravis Roberts 8 Bpifrance 8 IdInvest Partners 7 BC Partners 6 Advent International 6 Verdane Capital 6 The Blackstone Group Equistone Partners Europe Edmond de Rothschild Investment Partners ABRY Partners Waterland Private Equity Investments Finance Wales Bpifrance 7 Edmond de Rothschild Investment Partners Ardian Holding BC Partners 4 IdInvest Partners 4 CVC Capital Partners 3 SWEN Capital Partners 3 MCapital Partners 3 Advent International 3 Abenex Capital 3 Main Capital Partners 3 Most active in DACH Verdane Capital Summa Equity 3 Agilitas Private Equity 2 Juuri Partners 2 Waterland Private Equity Investments Equistone Partners Europe 2 H.I.G. Capital 2 Procuritas Partners 2 Most active in Southern Europe Finint & Partners 3 HAT Sicaf 3 Unigrains 3 Black Toro Capital 2 2 Most active in UK & Ireland Business Growth Fund 9 Finance Wales Kohlberg Kravis Roberts The Blackstone Group 4 Endless 4 Beechbrook Capital 4 LDC 4 Most active in Central & Eastern Europe Zubr Capital 2 Waterland Private Equity Investments Bregal Unternehmerkapital 3 EQT Partners 2 Deutsche Beteiligungs 2 Steadfast Capital 2 Bayerische Beteiligungsgesellschaft Castik Capital Partners 2 NORD Holding Alto Partners 2 Palladio Holding 2 Charme Capital Partners 2 BlueGem Capital Partners 2 IDeA Capital Funds 2 Most active in rest of world Warburg Pincus The Carlyle Group 3 The Blackstone Group 3 Caisse de dépôt et placement du Québec Vista Equity Partners 3 Mill Street & Company Ontario Teachers' Pension Plan 3

8 2Q 2017 GLOBAL PE INVESTORS BY FIRM AUM Most active $B+ Most active $1B-$B, continued Most active $00M-$1B Kohlberg Kravis Roberts 20 Audax Group 20 HarbourVest Partners 19 BC Partners 16 Warburg Pincus 14 The Blackstone Group 12 Providence Equity Partners 12 Ardian Holding 11 The Carlyle Group 11 Genstar Capital 11 ABRY Partners 10 AlpInvest Partners 10 Vista Equity Partners 10 Stone Point Capital 9 Bain Capital 9 GTCR 9 H.I.G. Capital 9 Summit Partners 8 Apax Partners 8 TA Associates Management 8 IdInvest Partners 8 Advent International 8 HPS Investment Partners 8 Bpifrance 8 Most active $1B-$B CI Capital Partners 6 NewSpring Capital 6 Verdane Capital 6 Accel-KKR Kinderhook Industries Edmond de Rothschild Investment Partners HGGC Waterland Private Equity Investments Gryphon Investors 4 Exponent Private Equity 4 Endless 4 Harvest Partners 4 Bregal Sagemount 4 Castik Capital Partners 4 Highlander Partners 4 GPB Capital Holdings 4 KRG Capital Partners 4 Most active <$20M Speyside Equity 4 L2 Capital Partners 4 Finint & Partners 3 Beech Tree Private Equity 3 Pine Street Capital Partners 3 Blue Sage Capital 3 Trivest Partners Plexus Capital 4 Beechbrook Capital 4 Level Equity 4 Unigrains 3 Serent Capital 3 Maven Capital Partners 3 Abenex Capital 3 The CapStreet Group 3 BlueGem Capital Partners 3 Investec Bank 3 Nexxus Capital 3 Most active $20M-$00M Spell Capital Partners Medina Capital Finance Wales LaSalle Capital 4 Auctus Capital Partners 4 Main Capital Partners 4 The Stagwell Group 4 Spring Capital Partners 3 Salem Investment Partners 3 Steadfast Capital 3 Penta Capital 3 Capital Southwest 3 New Water Capital 3 Business Growth Fund 9 Aquiline Capital Partners 7 MCapital Partners 3 LLR Partners 7 8

9 2Q 2017 PE INVESTORS BY DEAL TYPE Most active in platform buyouts Most active add-on sponsors Most active add-on sponsors, cont. Kohlberg Kravis Roberts 6 The Blackstone Group 4 Speyside Equity 4 Bain Capital 4 H.I.G. Capital 4 Bregal Unternehmerkapital 3 Golden Gate Capital 3 REL Capital 3 Main Capital Partners 3 Audax Group 3 Beechbrook Capital 3 Brookfield Asset Management 3 NewSpring Capital 3 Deutsche Beteiligungs 3 Summa Equity 3 Endless 3 Thoma Bravo 3 Exponent Private Equity 3 Mill Street & Company 3 Finance Wales 3 L2 Capital Partners 3 Audax Group 17 HarbourVest Partners 16 BC Partners 1 Providence Equity Partners 12 Genstar Capital 11 AlpInvest Partners 10 Kohlberg Kravis Roberts 10 ABRY Partners 9 The Carlyle Group 8 Apax Partners 8 Vista Equity Partners 7 Warburg Pincus 7 GTCR 7 Hellman & Friedman 7 Advent International 7 The Riverside Company 6 The Blackstone Group 6 Stone Point Capital 6 Ardian Holding 6 Aquiline Capital Partners 6 IdInvest Partners 6 HPS Investment Partners 6 Madison Dearborn Partners Waterland Private Equity Investments TA Associates Management Bain Capital AEA Investors CI Capital Partners Kinderhook Industries Apollo Investment Canada Pension Plan Investment Board American Securities LLR Partners Most active in growth/expansion Warburg Pincus 6 Business Growth Fund L Catterton 4 Ardian Holding 4 Summit Partners 3 Kohlberg Kravis Roberts 3 TPG Capital 3 9

10 2Q 2017 PE INVESTORS BY INDUSTRY Most active in B2B Most active in IT Most active in B2C Audax Group 13 Kohlberg Kravis Roberts 7 IdInvest Partners 6 The Carlyle Group NewSpring Capital The Stagwell Group 4 Advent International 4 AEA Investors 4 Ardian Holding 4 Edmond de Rothschild Investment Partners Speyside Equity 4 Bpifrance 4 The Riverside Company 4 Business Growth Fund 4 HarbourVest Partners 4 ixo Private Equity 4 Most active in financial services HarbourVest Partners 13 AlpInvest Partners 7 Hellman & Friedman 6 Stone Point Capital 6 Madison Dearborn Partners HPS Investment Partners Apax Partners Kohlberg Kravis Roberts 4 4 Vista Equity Partners 9 Providence Equity Partners 7 Kohlberg Kravis Roberts Medina Capital BC Partners Francisco Partners TA Associates Management Bain Capital 4 Level Equity 4 Ardian Holding 4 ESW Capital 4 Genstar Capital 4 Thoma Bravo 4 Most active in healthcare Audax Group 4 Gryphon Investors 3 ABRY Partners 3 Linden Capital Partners 3 Summit Partners 3 Thomas H. Lee Partners 3 CI Capital Partners 3 LLR Partners 3 L Catterton Ares Management 4 BlueGem Capital Partners 3 Unigrains 3 PNC Erieview Capital 3 Ardian Holding 3 Ares Capital 3 MCapital Partners 3 Audax Group 3 Providence Equity Partners 3 Most active in energy Warburg Pincus 3 EnCap Investments 2 EIV Capital 2 BlackRock Private Equity Partners The Blackstone Group 2 Brookfield Asset Management 2 Macquarie Group 2 2 Canada Pension Plan Investment Board 4 GTCR 4 10

11 2Q 2017 PE INVESTOR EXITS BY COMPANY HQ Most active global Most active global, continued Most active in Europe LDC 8 Ares Capital 6 ABRY Partners 6 The Carlyle Group Oaktree Capital Management PNC Erieview Capital Ardian Holding Capitala Group Wexford Capital 4 PAI Partners 4 HarbourVest Partners 4 AlpInvest Partners 4 Lone Star Funds 4 Summit Partners 4 Epiris 4 Kohlberg Kravis Roberts 4 Castle Creek Capital 3 PNC Mezzanine Capital 3 Gulfport Energy 3 Ares Management 3 Merit Capital Partners 3 Triangle Capital (Raleigh) 3 BlackRock Private Equity Partners Siparex Group 3 Cerberus Capital Management 3 Invesco 3 CM-CIC Private Debt 3 Audax Group 3 GTCR 3 3 Pamplona Capital Management H.I.G. Capital 3 TA Associates Management 3 Apollo Global Management 3 IdInvest Partners 3 Marlin Equity Partners 3 Most active in US Ares Capital 6 ABRY Partners PNC Erieview Capital Capitala Group Summit Partners 4 Oaktree Capital Management 4 TA Associates Management 3 Castle Creek Capital 3 Triangle Capital (Raleigh) 3 Audax Group 3 Merit Capital Partners 3 Cerberus Capital Management 3 The Carlyle Group 3 GTCR 3 Wexford Capital 3 Kohlberg Kravis Roberts 3 PNC Mezzanine Capital 3 Marlin Equity Partners 3 Gulfport Energy 3 3 LDC 8 Ardian Holding PAI Partners 4 IdInvest Partners 3 Invesco 3 BlackRock Private Equity Partners Siparex Group 3 CM-CIC Private Debt 3 Lone Star Funds

12 VENTURE CAPITAL FIRMS Contents 2Q 2017 s Most Active VC Investors 12 VC Investors by Deal Stage 13 VC Investors by Deal Location 14-1 VC Investors by Sector 16 VC Investor Exits by Company HQ 17 2Q 17 s most active global VC investors Keiretsu Forum New Enterprise Associates 40 Accel 3 00 Startups 32 GV 26 Kleiner Perkins Caufield & Byers 24 Sequoia Capital 21 FundersClub 20 Y Combinator 18 General Catalyst Partners 18 Bessemer Venture Partners 17 Greylock Partners 16 Innovation Works 16 GGV Capital 1 Keiretsu Capital 1 12

13 2Q 2017 VC INVESTORS BY DEAL STAGE Most active at angel/seed Most active at early stage Most active at late stage 00 Startups 17 Innovation Works 1 Keiretsu Forum 14 Y Combinator 11 Keiretsu Capital 10 SOSV 10 Techstars 10 Social Capital 8 SV Angel 8 Alliance of Angels 7 General Catalyst Partners 6 High-Tech Gründerfonds 6 Deepbridge Capital 6 FundersClub 6 IrishAngels 6 Wavemaker Partners Abstract Ventures New Enterprise Associates Kima Ventures Founders Fund Accel Mark Cuban Founder Collective Right Side Capital Management Accomplice VC Correlation Ventures Keiretsu Forum 27 New Enterprise Associates Startups 13 Accel 13 FundersClub 12 GV 12 Service Provider Capital 10 Sequoia Capital 9 Kleiner Perkins Caufield & Byers Index Ventures (UK) 7 OurCrowd 7 GE Ventures 7 GGV Capital 7 Bessemer Venture Partners 7 Eclipse Ventures 6 Dell Technologies Capital 6 Johnson & Johnson Innovation - JJDC Lux Capital 6 Shasta Ventures 6 Microsoft Ventures 6 Omidyar Network 6 Greycroft Partners 6 Canaan Partners 6 Intel Capital New Enterprise Associates 17 Accel 17 Keiretsu Forum 14 Sequoia Capital 12 GV 12 Kleiner Perkins Caufield & Byers Lightspeed Venture Partners 9 Norwest Venture Partners 8 OrbiMed 8 Sapphire Ventures 8 Bessemer Venture Partners 8 GGV Capital 8 General Catalyst Partners 8 Salesforce Ventures 7 Greylock Partners 7 Khosla Ventures 6 GE Ventures 6 SharesPost Qiming Venture Partners Trinity Ventures True Ventures Octopus Ventures Sequoia Capital India Microsoft Ventures Legend Capital Insight Venture Partners Industrifonden Andreessen Horowitz 12 Menlo Ventures 13

14 2Q 2017 VC INVESTORS BY DEAL LOCATION, US Most active in US Most active in Mid-Atlantic Most active in West Coast Keiretsu Forum 42 New Enterprise Associates 37 GV 2 Kleiner Perkins Caufield & Byers 24 Accel 22 General Catalyst Partners 18 Y Combinator 16 Sequoia Capital 16 Innovation Works 16 Greylock Partners 1 Khosla Ventures 13 Andreessen Horowitz 13 GGV Capital 13 GE Ventures 13 Keiretsu Capital 12 SV Angel 12 Service Provider Capital 12 Collaborative Fund 12 Correlation Ventures 12 Most active in New England General Catalyst Partners 6 OrbiMed 6 Launchpad Venture Group Accomplice VC Connecticut Innovations 4 GV 4 Keiretsu Forum 1 Innovation Works 1 Lerer Hippeau Ventures 8 Robin Hood Ventures 8 Collaborative Fund 6 Kleiner Perkins Caufield & Byers New Enterprise Associates 6 Most active in South Wild Basin Investments LiveOak Venture Partners 3 Silverton Partners 3 ATX Seed Ventures 3 Mercury Fund 3 Capital Factory 3 Draper Associates 3 Most active in Southeast Service Provider Capital 4 IDEA Fund Partners 3 Service Provider Capital 4 Kickstart Seed Fund 3 6 Most active in Mountain & Midwest New Enterprise Associates 24 Keiretsu Forum 17 Sequoia Capital 14 GV 14 Kleiner Perkins Caufield & Byers Most active in Great Lakes M2 Group Rev1 Ventures Hyde Park Venture Partners Elevate Ventures 4 14 Accel 12 Khosla Ventures 12 Greylock Partners 11 Madrona Venture Group 10 Y Combinator 9 Lightspeed Venture Partners 9 Correlation Ventures 9 Andreessen Horowitz 9 Alliance of Angels 9 Battery Ventures 8 Dell Technologies Capital 8 Shasta Ventures 8 Social Capital 8 Foundation Capital 8 Lux Capital 8 Keiretsu Capital 8 Pritzker Group Venture Capital 4 14

15 2Q 2017 VC INVESTORS BY DEAL LOCATION, EUROPE Most active in Europe Most active in UK & Ireland, cont. Most active in DACH High-Tech Gründerfonds 11 Deepbridge Capital 8 Almi Invest 8 Mercia Technologies 7 Kima Ventures 6 Octopus Ventures 6 Scottish Enterprise 6 Lifeline Ventures 6 Northzone Ventures Tekes Alven Capital Partners Inveready Technology Investment Group Industrifonden LocalGlobe 3 Seedcamp 3 Balderton Capital 3 Cambridge Innovation Capital 3 Parkwalk Advisors 3 Episode 1 Ventures 3 Amadeus Capital Partners 3 Most active in France & Benelux Alven Capital Partners Breega Capital 4 Korelya Capital 3 KPN Ventures 3 High-Tech Gründerfonds 9 Holtzbrinck Ventures 4 Bayern Kapital 4 btov Partners 3 IBB Beteiligungsgesellschaft 3 Most active in Nordics Almi Invest 8 Lifeline Ventures 6 Tekes Industrifonden 4 SEED Capital Denmark 3 Most active in Central & Eastern Europe Most active in UK & Ireland Elaia Partners 3 Deepbridge Capital 8 Mercia Technologies 7 Octopus Ventures 6 Scottish Enterprise 6 Oxford Capital Partners 4 Bessemer Venture Partners 4 London Co-Investment Fund 4 Accelerated Digital Ventures 4 BGF Ventures 3 Albion Capital 3 00 Startups 3 Felix Capital 3 Rainbow Seedfund 3 Kurma Partners 3 Most active in Southern Europe Inveready Technology Investment Group Samaipata Ventures 3 LVenture Group 2 Invitalia Ventures 2 ESADE BAN 2 Innogest 2 JME Venture Capital 2 4 Target Global 2 Credo Ventures 2 Most active in rest of world 00 Startups 18 Keiretsu Forum 10 Accel 9 FundersClub 9 Sequoia Capital India 8 OurCrowd 7 Blume Venture Advisors 6 Sequoia Capital China 6 Wavemaker Partners 6 Real Ventures 6 1

16 2Q 2017 VC INVESTORS BY SECTOR Most active in software Most active in pharma & biotech Most active in IT hardware New Enterprise Associates 22 Accel Startups 18 Keiretsu Forum 14 Bessemer Venture Partners 14 Kleiner Perkins Caufield & Byers 13 Greylock Partners 12 General Catalyst Partners 12 GV 12 Andreessen Horowitz 11 Battery Ventures 10 Y Combinator 10 FundersClub 10 Most active in consumer goods Keiretsu Forum 3 Lerer Hippeau Ventures 2 RB Investments (Singapore) 2 Mountain Partners 2 Forerunner Ventures 2 Accel 2 00 Startups 2 Sequoia Capital India 2 OrbiMed 10 Keiretsu Forum 8 High-Tech Gründerfonds Alexandria Venture Investments Vivo Capital 4 Pontifax Venture Capital 4 SV Health Investors 4 GV 4 Arix Bioscience 4 Most active in healthcare services & systems Norwest Venture Partners 4 F-Prime Capital Partners 3 Keiretsu Forum 3 Flare Capital Partners 3 GE Ventures 3 Most active in media Kima Ventures 3 Legend Capital 2 Social Capital 2 Lightspeed Venture Partners 2 Comcast Ventures 2 Balderton Capital 2 Lux Capital 4 Sequoia Capital 3 Eclipse Ventures 3 Vintage Investment Partners 2 Keiretsu Forum 2 GV 2 Bloomberg Beta 2 Samsung Strategy and Innovation Center Cisco Investments 2 Collaborative Fund 2 Gemini Israel Ventures 2 Most active in healthcare devices & supplies Keiretsu Forum 6 Canaan Partners 4 00 Startups 3 MVM Life Science Partners 3 OrbiMed 3 ChinaRock Capital Management Innovation Works 3 Johnson & Johnson Innovation - JJDC SOSV 2 Accel 2 16

17 2Q 2017 VC INVESTOR EXITS BY COMPANY HQ Most active global Most active in Europe Most active in US 00 Startups 8 New Enterprise Associates 8 Andreessen Horowitz 6 Intel Capital 6 Western Technology Investment GV 6 Insight Venture Partners 6 High-Tech Gründerfonds Sequoia Capital Kleiner Perkins Caufield & Byers Kima Ventures In-Q-Tel 4 Bessemer Venture Partners 4 SV Angel 4 SharesPost 4 Esther Dyson 4 Accel 4 Y Combinator 4 6 High-Tech Gründerfonds Kima Ventures 4 IdInvest Partners 3 IT-Translation 2 Point Nine Capital 2 Endeavour Vision 2 European Union 2 Insight Venture Partners 2 Project A Ventures 2 Agoranov 2 Enterprise Ireland 2 Life Sciences Partners 2 Stage Capital 2 Kreos Capital 2 Holtzbrinck Ventures 2 Accel 2 Investiere 2 Balderton Capital 2 Vesalius Biocapital Partners 2 Albion Capital 2 Televenture Management 2 New Enterprise Associates 8 GV 6 Western Technology Investment Andreessen Horowitz 6 00 Startups 6 Sequoia Capital Kleiner Perkins Caufield & Byers In-Q-Tel 4 SharesPost 4 Bessemer Venture Partners 4 SV Angel 4 Insight Venture Partners 4 Intel Capital 4 Salesforce Ventures 4 Intel Capital 4 6 Capricorn Venture Partners 2 German Startups Group 2 DN Capital 2 FJ Labs 2 GrandBanks Capital 2 CM-CIC Capital Privé 2 17

18 ADVISORS, I-BANKS & PLACEMENT AGENTS ADVISORS/ ACCOUNTANTS Contents 2Q 2017 s Most Active I-banks 18 I-banks by PE Deal Location 19 I-banks by Deal Type 20 2Q 2017 s Most Active Advisors/ Accountants by PE Deal Location Advisors/Accountants by Deal Type 22 M&A Advisors by Deal Location Q 2017 s most active global I-banks Houlihan Lokey 30 William Blair & Company 21 KPMG Corporate Finance 18 Credit Suisse 1 Morgan Stanley 14 Lazard 14 The Goldman Sachs Group 13 GCA 13 Robert W. Baird & Co. 10 Lincoln International 10 SunTrust Banks 9 Jefferies Group 9 Harris Williams & Co. 9 Piper Jaffray 9 Raymond James Financial 8 Rothschild & Co 8 RBC Capital Markets 8 Stifel 7 18

19 2Q 2017 I-BANKS BY PE DEAL LOCATION Most active in US Most active in US, ctd. Most active in rest of world Houlihan Lokey 22 William Blair & Company 17 Credit Suisse 12 SunTrust Banks 9 Robert W. Baird & Co. 9 KeyBanc Capital Markets 3 SSG Capital Advisors 3 Peter J. Solomon 3 Atlas Technology Group 3 National Bank Financial 2 KPMG Corporate Finance 2 Houlihan Lokey 2 Morgan Stanley 2 William Blair & Company 1 Jefferies Group 9 Harris Williams & Co. 8 Most active in Europe Credit Suisse 1 Barclays Capital 1 Lazard 8 Evercore Group 1 Raymond James Financial 7 Lincoln International 7 Morgan Stanley 6 The Goldman Sachs Group 6 Piper Jaffray 6 BMO Harris Bank Stifel Evercore Group Wells Fargo Securities 4 Stephens 4 BB&T Capital Markets 4 RBC Capital Markets 4 America's Growth Capital 4 Moelis & Company 4 MHT Partners 4 Allen & Company 3 Berkery, Noyes & Co. 3 KPMG Corporate Finance 3 Generational Equity 3 Cascadia Capital 3 KPMG Corporate Finance 13 GCA 12 Rothschild & Co 7 Houlihan Lokey 6 Lazard 6 The Goldman Sachs Group Morgan Stanley Canaccord Genuity 4 Livingstone Partners 4 William Blair & Company 3 J.P. Morgan 3 Piper Jaffray 3 RBC Capital Markets 3 Credit Suisse 2 Lincoln International 2 Simmons & Company International GBS Finanzas 2 Moelis & Company 2 Network Corporate Finance 2 Mooreland Partners 2 Stifel 2 2 The Goldman Sachs Group 1 Lincoln International 1 Fairmount Partners 1 BMO Harris Bank 1 Liberum Capital 1 Raymond James Financial 1 RBC Capital Markets 1 19

20 2Q 2017 I-BANKS BY DEAL TYPE Buyouts PE & VC-backed IPOs PE & VC-backed acquisitions Houlihan Lokey 27 William Blair & Company 19 Morgan Stanley 14 KPMG Corporate Finance 14 Lazard 13 Credit Suisse 13 The Goldman Sachs Group 12 GCA 12 Lincoln International 10 Robert W. Baird & Co. 9 Harris Williams & Co. 9 SunTrust Banks 8 Piper Jaffray 8 RBC Capital Markets 8 Jefferies Group 7 Rothschild & Co 7 Raymond James Financial 6 Stifel 6 Moelis & Company 6 America's Growth Capital BMO Harris Bank J.P. Morgan 4 Wells Fargo Securities 4 BB&T Capital Markets 4 Livingstone Partners 4 Canaccord Genuity 4 Stephens 4 Morgan Stanley 16 The Goldman Sachs Group 13 Raymond James Financial 12 Credit Suisse 11 Jefferies Group 10 RBC Capital Markets 9 Canaccord Genuity 7 William Blair & Company 7 Piper Jaffray 7 J.P. Morgan 6 Stifel 6 Barclays Capital 6 Citigroup Cowen and Company Wells Fargo Securities Carnegie Investment Bank Deutsche Bank Needham & Company Pacific Crest Securities 4 Credit Suisse Securities (USA) 4 Lazard 4 Simmons & Company International SunTrust Banks 3 ABG Sundal Collier 3 Berenberg Bank 3 Leerink Partners 3 Robert W. Baird & Co. 3 Allen & Company 3 BMO Harris Bank 3 4 J.P. Morgan 11 Lazard 9 Sandler O'Neill + Partners 8 Morgan Stanley 8 Houlihan Lokey 8 Stifel 7 William Blair & Company 7 Moelis & Company 7 Piper Jaffray 7 Robert W. Baird & Co. 6 The Goldman Sachs Group Lincoln International Evercore Group 4 Credit Suisse 4 Jefferies Group 4 Harris Williams & Co. 3 Deutsche Bank 3 Signal Hill Capital Group 3 Centerview Partners 3 KPMG Corporate Finance 3 Stephens 3 America's Growth Capital 3 TM Capital 3 Barclays Capital 3 RBC Capital Markets 3 Needham & Company 3 Evercore Group 3 Oppenheimer and Company 3 JMP Securities 3 20

21 2Q 17 ADVISORS/ACCOUNTANTS BY PE DEAL LOCATION Most active global Most active in US Most active in Europe KPMG 33 PwC 31 Houlihan Lokey 30 Deloitte 2 William Blair & Company 21 BDO 17 EY 16 Morgan Stanley 14 Lazard 14 Credit Suisse 13 The Goldman Sachs Group 13 GCA 13 Barclays Capital 13 Robert W. Baird & Co. 10 Duff & Phelps 10 Lincoln International 10 Jefferies Group 9 Piper Jaffray 9 Raymond James Financial 8 SunTrust Banks 8 RBC Capital Markets 8 Mazars 8 DC Advisory Partners 8 Houlihan Lokey 22 William Blair & Company 17 Credit Suisse 10 Robert W. Baird & Co. 9 Jefferies Group 9 Lazard 8 SunTrust Banks 8 Barclays Capital 8 Duff & Phelps 7 Harris Williams & Co. 7 KPMG 7 BDO 7 PwC 7 Raymond James Financial 7 Lincoln International 7 Morgan Stanley 6 The Goldman Sachs Group 6 Piper Jaffray 6 Evercore Group Bank of America Stifel BMO Harris Bank Deloitte KPMG 22 PwC 20 Deloitte 19 GCA 12 EY 11 BDO 9 Mazars 8 DC Advisory Partners 7 Rothschild & Co 7 RSM UK 6 Houlihan Lokey 6 Lazard 6 KBS Corporate The Goldman Sachs Group CIL Management Consultants Dow Schofield Watts Grant Thornton Morgan Stanley Bain & Company 4 Canaccord Genuity 4 BNP Paribas 4 Livingstone Partners 4 Harris Williams & Co. 8 Rothschild & Co 8 Stifel 7 UBS 7 Bank of America 7 RBC Capital Markets 4 UBS 4 LionTree Advisors 4 BB&T Capital Markets 4 MHT Partners 4 RSM US 4 Moelis & Company 4 21

22 2Q 2017 ADVISORS/ ACCOUNTANTS BY DEAL TYPE Buyouts Buyouts, continued PE & VC-backed acquisitions, cont. PwC 31 KPMG 28 Houlihan Lokey 27 Deloitte 22 William Blair & Company 19 BDO 16 EY 1 Morgan Stanley 14 Lazard 13 The Goldman Sachs Group 12 GCA 12 Credit Suisse 11 Lincoln International 10 Robert W. Baird & Co. 9 Moelis & Company 6 BMO Harris Bank Livingstone Partners 4 Canaccord Genuity 4 Deutsche Bank 4 Barclays Capital 4 Bain & Company 4 RSM UK 4 J.P. Morgan 4 America's Growth Capital 4 BB&T Capital Markets 4 Clairfield International 4 PE & VC-backed IPOs J.P. Morgan 8 William Blair & Company 7 Piper Jaffray 7 Stifel 7 Sandler O'Neill + Partners 7 Moelis & Company 7 Robert W. Baird & Co. 6 Deutsche Bank 6 KPMG 6 Bank of America Lincoln International The Goldman Sachs Group EY PwC Harris Williams & Co. 8 Deloitte 4 Duff & Phelps 8 RBC Capital Markets 8 Piper Jaffray 8 Jefferies Group 7 Rothschild & Co 7 Bank of America 7 SunTrust Banks 7 DC Advisory Partners 7 UBS 7 Grant Thornton 6 EY 14 PwC 12 KPMG 11 Deloitte 7 BDO 4 Lazard 4 Marcum 2 Renaissance Capital 2 Grant Thornton 2 Citigroup 4 Guggenheim Partners 4 Jefferies Group 4 Credit Suisse 4 Evercore Group 4 Harris Williams & Co. 3 Stephens 3 TM Capital 3 BDO 3 Centerview Partners 3 Raymond James Financial 6 Mazars 6 CIL Management Consultants 6 Stifel 6 Citigroup 6 PE & VC-backed acquisitions Lazard 9 Houlihan Lokey 8 Morgan Stanley 8 America's Growth Capital 3 Barclays Capital 3 Needham & Company 3 22

23 2Q 2017 M&A ADVISORS BY DEAL LOCATION Most active global Most active in US Most active in Europe, cont. KPMG 68 PwC 44 Houlihan Lokey 40 The Goldman Sachs Group 37 Lazard 32 Morgan Stanley 31 Deloitte 31 Bank of America 29 EY 29 BDO 27 William Blair & Company 26 J.P. Morgan 22 RBC Capital Markets 21 Lincoln International 20 Citigroup 20 Barclays Capital 19 Robert W. Baird & Co. 19 Moelis & Company 19 GCA 18 Credit Suisse 18 Stifel 18 Deutsche Bank 18 Piper Jaffray 18 UBS 1 Keefe Bruyette & Woods 1 Raymond James Financial 14 Sandler O'Neill + Partners 14 Houlihan Lokey 28 The Goldman Sachs Group 23 Bank of America 21 William Blair & Company 20 Morgan Stanley 18 Robert W. Baird & Co. 16 Lincoln International 1 Lazard 1 KPMG 1 Sandler O'Neill + Partners 14 Piper Jaffray 14 J.P. Morgan 14 Stifel 13 Barclays Capital 13 Raymond James Financial 12 Keefe Bruyette & Woods 12 RBC Capital Markets 12 Moelis & Company 12 Jefferies Group 11 Credit Suisse 10 Citigroup 10 BDO 10 Deutsche Bank 10 Harris Williams & Co. 10 Most active in Europe KPMG 41 PwC 27 Deloitte 26 EY 16 GCA 16 Lazard 1 BDO 14 Rothschild & Co 11 The Goldman Sachs Group 10 Mazars 10 Numis Securities 9 Cenkos Securities 9 FTI Consulting 9 Houlihan Lokey 9 Grant Thornton 8 Clairfield International 8 Morgan Stanley 8 KBS Corporate 8 Livingstone Partners 7 Liberum Capital 7 DC Advisory Partners 7 FinnCap 7 Citigroup 7 Most active in rest of world KPMG 12 PwC 7 EY 7 Morgan Stanley MNP Corporate Finance Canadian Imperial Bank of Commerce Canaccord Genuity 23

24 LAW FIRMS Contents 2Q 2017 s Most Active VC Law Firms 24 Law Firms by VC Deal Location 2 Law Firms by VC Sector 26 Law Firms by VC Deal Type 27 Law Firms by PE Deal Location 28 Law Firms by PE Industry 29 Law Firms by PE Deal Type 30 Law Firms in M&A by Deal Location 31 2Q 17 s most active VC law firms global Gunderson Dettmer 119 Cooley Fenwick & West 7 Goodwin 6 Orrick Herrington & Sutcliffe 3 DLA Piper 4 Latham & Watkins 37 McCarter & English 19 Morrison & Foerster 17 Sheppard Mullin Richter & Hampton 16 Jones Day 1 WilmerHale 14 Perkins Coie 13 Bryan Cave 13 Rousaud Costas Duran 12 Andrews Kurth Kenyon 10 24

25 2Q 2017 LAW FIRMS BY VC DEAL LOCATION Most active in US Most active in Europe Most active in rest of world Cooley 111 Gunderson Dettmer Fenwick & West 73 Goodwin 60 DLA Piper 39 Latham & Watkins 33 Orrick Herrington & Sutcliffe 31 McCarter & English 17 Sheppard Mullin Richter & Hampton 16 WilmerHale 14 Orrick Herrington & Sutcliffe 17 Rousaud Costas Duran 12 Jones Day 10 Cuatrecasas Latham & Watkins 3 Cooley 3 Gunderson Dettmer 3 DLA Piper 3 Most active in Mid-Atlantic 4 Gunderson Dettmer 11 Orrick Herrington & Sutcliffe Morrison & Foerster 4 DLA Piper 3 Goodwin 3 Cooley 2 Simpson Thacher & Bartlett 2 Most active in New England 4 Perkins Coie 12 Bryan Cave 11 Morrison & Foerster 11 Most active in West Coast 70 Gunderson Dettmer 9 Cooley 9 Fenwick & West Goodwin 31 Orrick Herrington & Sutcliffe 30 DLA Piper 19 Latham & Watkins 19 Sheppard Mullin Richter & Hampton Perkins Coie 8 11 Gunderson Dettmer 2 Cooley 24 Fenwick & West 11 Latham & Watkins 9 McCarter & English 9 DLA Piper 9 Goodwin 9 Most active in South Andrews Kurth Kenyon 7 Cooley 6 DLA Piper 6 Goodwin 14 Cooley 11 Gunderson Dettmer 10 WilmerHale 6 McCarter & English 4 Foley Hoag 4 Latham & Watkins 4 Most active in Great Lakes Cooley Gunderson Dettmer 3 Goodwin 2 Andrews Kurth Kenyon 2 4 2

26 2Q 2017 LAW FIRMS BY VC SECTOR Most active in software Most active in consumer goods Most active in pharma & biotech Gunderson Dettmer 63 Cooley 2 Gunderson Dettmer Cooley 3 Cooley 13 Goodwin Fenwick & West 41 Goodwin 37 Orrick Herrington & Sutcliffe 3 DLA Piper 27 Orrick Herrington & Sutcliffe 2 Most active in healthcare services & systems Latham & Watkins 6 Fenwick & West 4 Morrison & Foerster 4 WilmerHale 3 Latham & Watkins 20 Gunderson Dettmer 3 McCarter & English 13 Sheppard Mullin Richter & Hampton WilmerHale 7 Perkins Coie 7 Morrison & Foerster 7 Rousaud Costas Duran 6 Nelson Mullins Riley & Scarborough Bryan Cave Most active in commercial services Gunderson Dettmer 10 Cooley 7 Goodwin 7 Jones Day Fenwick & West 7 8 Fenwick & West Cooley Gunderson Dettmer 3 Sheppard Mullin Richter & Hampton Nelson Mullins Riley & Scarborough Orrick Herrington & Sutcliffe Most active in healthcare devices & supplies Cooley Goodwin 3 Gunderson Dettmer 3 DLA Piper 3 Latham & Watkins 3 Jones Day 2 Rousaud Costas Duran 2 Dorsey & Whitney 2 1 Andrews Kurth Kenyon 2 Foley Hoag 2 Most active in IT hardware Gunderson Dettmer Cooley 3 Fenwick & West 3 Most active in media Gunderson Dettmer Orrick Herrington & Sutcliffe

27 2Q 2017 LAW FIRMS BY VC DEAL TYPE Most active at early stage Most active at late stage Most active exits (acq., buyout, IPO) Gunderson Dettmer 3 Cooley Goodwin 27 Fenwick & West 26 Orrick Herrington & Sutcliffe 26 Latham & Watkins 19 DLA Piper 18 Morrison & Foerster 9 Sheppard Mullin Richter & Hampton Perkins Coie 8 McCarter & English 7 Jones Day 7 WilmerHale 6 Rousaud Costas Duran Andrews Kurth Kenyon O'Melveny & Myers 4 Bryan Cave 4 K&L Gates 4 Nelson Mullins Riley & Scarborough Mills & Reeve 2 Vinson & Elkins 2 Dechert 2 Stradling Yocca Carlson & Rauth Sidley Austin 2 Cuatrecasas Gunderson Dettmer Cooley 0 42 Fenwick & West 36 Goodwin 31 DLA Piper 19 Latham & Watkins 16 Orrick Herrington & Sutcliffe 11 Jones Day 7 WilmerHale 6 Morrison & Foerster Andrews Kurth Kenyon 4 Bryan Cave 4 Nelson Mullins Riley & Scarborough Simpson Thacher & Bartlett 3 Foley Hoag 3 O'Melveny & Myers 3 Paul, Weiss, Rifkind, Wharton & Garrison Fried Frank Harris Shriver & Jacobson ROUSAUD COSTAS DURAN 2 Cuatrecasas 2 Perkins Coie 2 Sheppard Mullin Richter & Hampton Weil, Gotshal & Manges 2 Sidley Austin Cooley 19 Goodwin 13 DLA Piper 12 Orrick Herrington & Sutcliffe 9 Gunderson Dettmer 9 Latham & Watkins 7 Jones Day 6 Fenwick & West 6 Kirkland & Ellis Pepper Hamilton Simpson Thacher & Bartlett Morgan, Lewis & Bockius Andrews Kurth Kenyon 4 Ropes & Gray 4 Cleary Gottlieb Steen & Hamilton Paul Hastings 3 Weil, Gotshal & Manges 3 WilmerHale 3 O'Melveny & Myers 3 Davis Polk & Wardwell

28 2Q 2017 LAW FIRMS BY PE DEAL LOCATION Most active global Most active in US Most active in Europe Kirkland & Ellis 71 Latham & Watkins 37 Jones Day 31 DLA Piper 30 Weil, Gotshal & Manges 29 Paul, Weiss, Rifkind, Wharton & Garrison 24 Goodwin 24 Morgan, Lewis & Bockius 23 Kirkland & Ellis 9 Latham & Watkins 28 Jones Day 24 Morgan, Lewis & Bockius 20 Paul, Weiss, Rifkind, Wharton & Garrison 20 DLA Piper 19 Goodwin 19 Weil, Gotshal & Manges 17 Orrick Herrington & Sutcliffe 1 CMS 1 Allen & Overy 13 Weil, Gotshal & Manges 11 DLA Piper 10 Pinsent Masons 8 Most active in South Most active in rest of world Most active in Mid-Atlantic Kirkland & Ellis 10 Latham & Watkins 6 Morgan, Lewis & Bockius Stikeman Elliott 12 Davies Ward Phillips and Vineberg McCarthy Tétrault Kirkland & Ellis Orrick Herrington & Sutcliffe 6 Kirkland & Ellis 12 Paul, Weiss, Rifkind, Wharton & Garrison Morgan, Lewis & Bockius 6 Latham & Watkins Jones Day Goodwin 4 6 Choate Hall & Stewart Honigman Miller Schwartz and Cohn Greenberg Traurig 3 Weil, Gotshal & Manges 3 Vinson & Elkins 3 Willkie Farr & Gallagher 3 Most active in West Coast DLA Piper 4 Most active in New England Jones Day 3 Locke Lord 3 Kirkland & Ellis 8 Cooley Morrison & Foerster Goodwin 4 Kirkland & Ellis 10 Goodwin 4 DLA Piper 3 Weil, Gotshal & Manges 2 WilmerHale 2 Akerman 2 Choate Hall & Stewart 2 McDermott Will & Emery 2 Most active in Great Lakes Kirkland & Ellis 6 Jones Day 6 Goodwin Honigman Miller Schwartz and Cohn Paul Hastings

29 2Q 2017 LAW FIRMS BY PE INDUSTRY Most active in B2B Most active in B2C Most active in IT Kirkland & Ellis 27 Jones Day 14 Paul, Weiss, Rifkind, Wharton & Garrison Latham & Watkins 11 DLA Piper 11 Honigman Miller Schwartz and Cohn Orrick Herrington & Sutcliffe 9 Paul Hastings 8 Stikeman Elliott 8 McDermott Will & Emery 8 Shearman & Sterling 7 Allen & Overy 7 Most active in materials & resources Houthoff Buruma 7 King & Spalding 4 Morrison & Foerster 3 Weil, Gotshal & Manges Most active in financial services Kirkland & Ellis Jones Day 4 Latham & Watkins 3 Simpson Thacher & Bartlett 3 Weil, Gotshal & Manges 9 Kirkland & Ellis 8 Paul, Weiss, Rifkind, Wharton & Garrison CMS 6 Latham & Watkins 6 Goodwin Orrick Herrington & Sutcliffe Ropes & Gray Morgan, Lewis & Bockius Fried Frank Harris Shriver & Jacobson Allen & Overy 4 Jones Day 4 Cuatrecasas 4 DLA Piper 4 Gianni, Origoni, Grippo & Partners Most active in energy Latham & Watkins 4 Kirkland & Ellis 3 Sidley Austin 2 Vinson & Elkins 2 Weil, Gotshal & Manges 2 Thompson & Knight 2 Linklaters Kirkland & Ellis 18 Latham & Watkins 11 DLA Piper 9 Goodwin 8 Willkie Farr & Gallagher 7 Paul Hastings 6 Greenberg Traurig 6 Shearman & Sterling Morgan, Lewis & Bockius Orrick Herrington & Sutcliffe 4 Stikeman Elliott 4 Paul, Weiss, Rifkind, Wharton & Garrison Akerman 4 Jones Day 4 Cooley 4 Most active in healthcare Kirkland & Ellis 8 McDermott Will & Emery 8 Choate Hall & Stewart Goodwin Jones Day 4 Weil, Gotshal & Manges 4 Ropes & Gray 4 Morgan, Lewis & Bockius 3 Sidley Austin 3 Hengeler Mueller 3 Blake Cassels & Graydon

30 2Q 2017 LAW FIRMS BY PE DEAL TYPE Most active in buyouts Most active in other deals Most active in exits (IPO & acq.) Kirkland & Ellis 60 Latham & Watkins 32 Jones Day 30 Weil, Gotshal & Manges 27 Paul, Weiss, Rifkind, Wharton & Garrison 23 DLA Piper 22 Goodwin 22 Morgan, Lewis & Bockius 21 Orrick Herrington & Sutcliffe 20 McDermott Will & Emery 20 Paul Hastings 18 Stikeman Elliott 18 Willkie Farr & Gallagher 1 Ropes & Gray 1 CMS 1 Shearman & Sterling 14 Allen & Overy 14 Kirkland & Ellis 11 DLA Piper 8 Choate Hall & Stewart 7 Nelson Mullins Riley & Scarborough Latham & Watkins Cooley 3 Simpson Thacher & Bartlett 3 Sheppard Mullin Richter & Hampton Locke Lord 3 Uría Menéndez 3 Paul Hastings 3 Perkins Coie 3 Sidley Austin 3 3 Kirkland & Ellis 49 Latham & Watkins 30 Weil, Gotshal & Manges 19 Jones Day 19 Goodwin 1 DLA Piper 14 Sullivan & Cromwell 12 Paul, Weiss, Rifkind, Wharton & Garrison 12 Morgan, Lewis & Bockius 12 Allen & Overy 12 White & Case 12 Stikeman Elliott 11 Simpson Thacher & Bartlett 11 Paul Hastings 11 Shearman & Sterling 11 Sidley Austin 10 Gibson, Dunn & Crutcher 9 Honigman Miller Schwartz and Cohn 12 Fried Frank Harris Shriver & Jacobson 9 Greenberg Traurig 12 Akerman 10 King & Spalding 10 Sidley Austin 10 Simpson Thacher & Bartlett 8 Houthoff Buruma 8 Sullivan & Cromwell 8 Gibson, Dunn & Crutcher 8 Davis Polk & Wardwell 9 CMS 9 Linklaters 9 Blake Cassels & Graydon 8 Willkie Farr & Gallagher 8 Orrick Herrington & Sutcliffe 8 Ropes & Gray 8 Vinson & Elkins 7 McCarthy Tétrault 8 Skadden, Arps, Slate, Meagher & Flom Honigman Miller Schwartz and Cohn

31 2Q 2017 M&A LAW FIRMS BY DEAL LOCATION Most active global Most active in US Most active in Europe, continued Kirkland & Ellis 8 Jones Day 72 DLA Piper 8 Latham & Watkins 0 Weil, Gotshal & Manges 42 Orrick Herrington & Sutcliffe 40 Stikeman Elliott 39 Goodwin 36 Allen & Overy 36 Morgan, Lewis & Bockius 36 Paul, Weiss, Rifkind, Wharton & Garrison 32 CMS 30 Paul Hastings 28 Sullivan & Cromwell 27 Shearman & Sterling 26 McDermott Will & Emery 2 Ropes & Gray 20 Honigman Miller Schwartz and Cohn Skadden, Arps, Slate, Meagher & Flom Cooley 19 Willkie Farr & Gallagher 19 Akerman 18 Simpson Thacher & Bartlett 18 Gibson, Dunn & Crutcher 18 McCarthy Tétrault 18 King & Spalding 18 Kirkland & Ellis 70 Jones Day 4 Latham & Watkins 37 DLA Piper 36 Morgan, Lewis & Bockius 32 Goodwin 31 Weil, Gotshal & Manges 27 Paul, Weiss, Rifkind, Wharton & Garrison 24 Paul Hastings 22 Sullivan & Cromwell 20 Honigman Miller Schwartz and Cohn 19 McDermott Will & Emery 19 Akerman 18 Skadden, Arps, Slate, Meagher & Flom 17 Cooley 17 Ropes & Gray 16 Andrews Kurth Kenyon 16 Wachtell, Lipton, Rosen & Katz 1 King & Spalding 1 Most active in Europe CMS 29 Allen & Overy 29 Orrick Herrington & Sutcliffe 20 DLA Piper 20 Weil, Gotshal & Manges 14 Jones Day 13 Linklaters 11 Pinsent Masons 11 Houthoff Buruma 11 Shearman & Sterling 10 Addleshaw Goddard 10 Squire Patton Boggs 10 Cuatrecasas 10 Latham & Watkins 10 Macfarlanes 9 Schoenherr 8 Kirkland & Ellis 8 White & Case 7 Travers Smith 7 Gateley 7 Freshfields Bruckhaus Deringer Most active in rest of world Stikeman Elliott 24 McCarthy Tétrault 11 Blake Cassels & Graydon 11 Davies Ward Phillips and Vineberg Borden Ladner Gervais 9 Kirkland & Ellis 7 Fasken Martineau 7 Allen & Overy 6 Paul, Weiss, Rifkind, Wharton & Garrison King & Wood Mallesons 6 Orrick Herrington & Sutcliffe

32 ACQUIRERS Contents 2Q 2017 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 2017 s most active acquirers of global PE-backed companies Audax Group 7 Kohlberg Kravis Roberts CVC Capital Partners Mammoth Energy Services 4 Stone Point Capital 3 Bregal Unternehmerkapital 3 BC Partners 3 TA Associates Management 3 Partners Group 3 New Mountain Capital 3 32

33 2Q 2017 ACQUIRERS OF PE- BACKED COMPANIES BY DEAL LOCATION & TYPE Most active in US Most active in Europe Most active in rest of world Audax Group 6 Mammoth Energy Services 4 Stone Point Capital 3 Kohlberg Kravis Roberts 3 New Mountain Capital 3 Thoma Bravo 2 Insight Venture Partners 2 Francisco Partners 2 OMERS Private Equity 2 Ares Management 2 Searchlight Capital Partners 2 Kohlberg & Company 2 Capital Southwest 2 AE Industrial Partners 2 REV Group 2 BC Partners 2 Spell Capital Partners 2 Medley Capital 2 Harvest Partners 2 American Securities 2 DXC Technology 2 CVC Capital Partners 4 Bregal Unternehmerkapital 3 Souter Investments 2 JP Morgan Asset Management 2 Steadfast Capital 2 Woodford Investment Management Bain Capital 2 Ardian Holding 2 Accel-KKR 2 IdInvest Partners 2 APG Groep 2 Kohlberg Kravis Roberts 2 ATP Private Equity Partners 2 Partners Group 2 Groupe Elsan 2 Beechbrook Capital 2 NorthEdge Capital 2 Ontario Teachers' Pension Plan LBO France 2 TA Associates Management 2 3i Group United American 2 Most active in mergers/acquisitions Mammoth Energy Services 4 Hitachi Chemical Company 2 United American 2 REV Group 2 McKesson 2 DXC Technology 2 33

34 2Q 2017 ACQUIRERS OF VC-BACKED COMPANIES BY DEAL LOCATION & TYPE Most active global Most active in rest of world Most active in mergers/acquisitions Vista Equity Partners 4 Snap 3 Providence Equity Partners 3 Genstar Capital 3 Quikr India 2 Most active in buyouts Snap 3 Spotify 2 Apple 2 Quikr India 2 Bain Capital 2 VMware 2 BC Partners 2 Spotify 2 Francisco Partners 2 Apple 2 Relias Learning 2 Market Track 2 Quikr India 2 VMware 2 Vista Equity Partners 4 Genstar Capital 3 Providence Equity Partners 3 BC Partners 2 Blue Star Sports 2 Francisco Partners 2 Bain Capital 2 Blue Star Sports 2 Most active in US Vista Equity Partners 3 Snap 2 VMware 2 Providence Equity Partners 2 BC Partners 2 Genstar Capital 2 Blue Star Sports 2 Relias Learning 2 Bain Capital 2 34

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