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<ul><li>In May 2019, India saw M&amp;A transactions worth $3.4 billion and PE deals worth $1.1 billion take place, according to a report by Grant Thorton.</li><li>When compared to April 2019, the deal volumes have dropped by 29% although deal size grew by 6%. </li><li>Startups led the PE deals with companies like <keyword id="2466939" type="PERSON" weightage="20" keywordseo="Grofers">Grofers</keyword> and <keyword id="53463" type="COMPANY" weightage="20" keywordseo="blackbuck">Blackbuck</keyword> raising big money in May 2019.</li></ul>The election month did not go down well with investors. In May 2019, there was an 83% drop in deal value for the month as fewer <keyword id="496458" type="PERSON" weightage="20" keywordseo="PRIVATE-EQUITY-DEALS">private equity deals</keyword> closed, as did mergers &amp; acquisitions. India witnessed 33 M&amp;A transactions and 48 PE deals worth $3.4 billion and $1.1 billion for the period, according to a report by Grant Thorton. The number of deals too dropped by 17%, the report said. When compared to April 2019, the deal volumes have dropped by 29% even as the deal size grew by 6%. Indian startups led the PE deals with as many as 25 deals closed for the month accounting to $325 million. The e-commerce sector saw just three deals but their combined size worth $229 million. The biggest investments included $200 million funds raised by Grofers from Japanese investment firm Softbank. Logistics firm Blackbuck too raised as much as $150 million. Interestingly, both the companies are in the running to become the next unicorns of India. In the first quarter of 2019, India had saw a flurry of activity in the PE and venture capital space. PE-VC firms invested $10 billion in the country via 159 deals, according to data research firm <a href="http://ventureintelligence.blogspot.com/2019/04/private-equity-investments-up-26-to-10.html">Venture Intelligence</a>.

India's PE and M&A deal values in May 2019 dropped by 83% from last year

New Delhi, Nov 28 () Private equity investments witnessed a robust yearly growth in October with 72 PE deals garnering around USD 3.7 billion, even as merger and acquisition activity saw a downtrend, a report said on Thursday.
 According to Grant Thornton's monthly PE Dealtracker, private equity/venture capital transactions reported 22 per cent and 25 per cent increase in deal volumes and values, respectively as compared to October 2018.
 The rise in PE deal values was largely driven by the corporate tax rate cut, which has improved both investor sentiment and confidence.
 Last month, the average deal size stood at USD 52 million, up from USD 28 million recorded in September 2019.
 "There were 72 deals aggregating to USD 3.7 billion reported in October 2019. Upbeat PE/VC activity during the month offsets the shortfall in merger and acquisition (M&amp;A) activity," Pankaj Chopda, Director, Grant Thornton India LLP said.
 "The key investments were primarily to pare debt, expand markets and capitalise on inorganic growth opportunities. Considering the current economic situation, we expect big ticket PE/VC investments to continue," Chopda said.
 He further noted that debt-heavy and capital-starved sectors such as energy and natural resources, infrastructure management, and banking and financial services will be the major seekers for PE/VC investments.
 "PE/VC transactions will continue to contribute a large share in the overall deal activity. However, the absence of large-ticket M&amp;A transactions will weaken the overall deal activity," Chopda said.
 Driven by Abu Dhabi Investment Authority (ADIA), PSP Investments of Canada and National Investment and Infrastructure Fund NIIF's USD 1.1 billion investment in GVK Group, the infrastructure sector dominated the PE investment arena, capturing 29 per cent of the PE deal value pie for the month.
 Other major deals include Warburg Pincus and Premji Invest's investments in SBI General Insurance and Brookfield Asset Management's fund infusion in Hotel Leelaventure Ltd.
 During January-October period, there were 666 PE deals worth USD 28.02 billion. In the year-ago period, there were 683 such transactions worth USD 17.99 billion.
 "This demonstrated increased average deal size and resulted in the highest YTD values recorded, showing the appetite among PE players to invest in India," the report said. DRR ANU
ANU

PE investments see robust growth in Oct despite muted M&A activity: Report

Stefan Wermuth/ReutersCEO of Blackstone Group Schwarzman.<ul class="summary-list"><li>Private equity executives appear to have had a harder time <a href="https://www.businessinsider.com/here-are-the-13-most-important-private-equity-deals-of-2019-2019-12">investing in 2019</a>, with fewer deals clinched than the year before despite being loaded up with more and more unused investor dollars.</li><li>And a recent industry report indicates they have every reason to worry about a economic slowdown in the year ahead. But meanwhile, PE firms may also feel pressure to start lowering their standards to deploy investor dollars. </li><li>Overall, private equity firms raised a record of more than $300 billion in 2019, while the deal count for the largest deals - valued at more than $1 billion - fell by 28 percent from the year before. </li><li>Those findings come from an annual report on the PE industry offered by financial information company PitchBook.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Private equity executives had a harder time investing in 2019, with fewer deals clinched than the year before despite being loaded up with more and more unused investor dollars.And a recent industry report indicates they have every reason to worry about a slowdown in the year ahead, and that PE firms may even have to start lowering their standards to deploy investor dollars. Overall, private equity firms raised a record of more than $300 billion in 2019, while the <a href="https://www.businessinsider.com/here-are-the-13-most-important-private-equity-deals-of-2019-2019-12">deal count for the largest deals</a> - valued at more than $1 billion - fell by 28 percent from the year before. Those findings come from an annual report on the PE industry offered by financial information company PitchBook, which prefaced its findings with optimism."Despite year-end figures falling slightly short of 2018's mammoth $730.3 billion deal value, we believe the industry remains strong and that a minor [year over year] dip is not indicative of a pullback in PE dealmaking," it said. But then, the PitchBook report proceeded to detail several factors that depicted a challenging environment ahead, ranging from the U.S.-China trade war, to an upcoming recession. "Every one of our clients is focused on being prepared for the recession," the report quoted Alison Mass, Goldman Sachs' investment banking chairman, who provided the comments to Bloomberg in a December interview.Recessionary fears could weigh on dealmaking activity, the report said. But record fundraisings will pressure firms that recently raised capital to "buy anyway" the report said. The report comes after PE firms have been saddled with trillions of investor dollars they haven't used.In turn, they have been <a href="https://www.businessinsider.com/private-equity-insiders-say-5-trends-will-shape-the-industry-2030-2019-12">banding together to buy companies</a> and rumors of mega-deals have run rampant, including a report that KKR had considered taking Walgreens private it what would have been the largest private equity deal ever. The frothy market hasn't gone unnoticed by attorneys and finance executives, who have observed similarities of the deal-making environment to the run-up to the 2008 recession.The PitchBook report said that such an awareness of a future recession could limit PE deal flow by firms diverting capital away from cyclical businesses and toward healthcare or technology companies - industries that are considered more recession-proof. The report pointed to one notable healthcare deal in 2019 when Goldman Sach's bought Capital Vision Services for $2.7 billion.This also signaled a more crowded competitive landscape for deals, which means PE firms will have a tougher time investing. "The deal sparked some concern among industry observers that as Goldman expands its PE capabilities, the firm could face conflicts of interest in which Goldman competes against PE firms that its own banking arm advises," the report said. Overall, the number of PE deals ticked down to 5,133 from 5,345 in 2018, while the volume of PE deals fell from $730.3 billion to $678 billion. Read more: <a href="https://www.businessinsider.com/here-are-the-13-most-important-private-equity-deals-of-2019-2019-12">Private equity had a slew of megadeals this year, and many ruffled a few feathers along the way. Here are 13 that showcase the trends that will dominate 2020</a>Read more: <a href="https://www.businessinsider.com/goldman-clashing-with-blackstone-over-private-investing-push-2019-8">Goldman Sachs' push into private equity is ruffling feathers at Blackstone - and it might be a sign of big client skirmishes to come</a>Read more: <a href="https://www.businessinsider.com/bane-carlyle-team-up-in-rare-private-equity-deal-2019-7">'Some of the conversations we had in 2006 we are having again': Bain and Carlyle are teaming up in rare deal that private equity has been reluctant to do since the financial crisis</a>Read more: <a href="https://www.businessinsider.com/pe-firms-blackstone-kkr-hiring-more-operating-partners-executives-2019-10">Private equity giants like Blackstone and KKR are loading up on industry specialists to help squeeze out returns, and that's creating a new power dynamic inside the firms</a> Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/jennifer-lopez-hustlers-pole-dance-training-2019-9">How Golden Globe nominee Jennifer Lopez trained to pole dance in 'Hustlers'</a></h3>

Private-equity firms are sitting on tons of cash after dealmaking dipped in 2019 - and that could force them to lower their standards to spend money

PE transactions will touch a record $20 billion this year, higher than the previous record of $17.1 billion in 2007, predicted Bain Consulting, the leader in consulting to PE firms in India and globally. 
 Heightened financing in <keyword id="262207" type="TECHNOLOGY" weightage="100" keywordseo="consumer-technology">consumer technology</keyword> space and big ticket investments in <keyword id="6354553" type="COMPANY" weightage="100" keywordseo="real-estate">real estate</keyword> and financial services are the reasons the firm cites for the expected spike. 
	 The three sectors accounted for 65% of the total deal value in the January-September period of 2015 and are expected to keep up the momentum in the October to December period too. "The consumer tech space needs more capital to scale up and will continue to attract more <keyword id="34499" type="POSITION" weightage="100" keywordseo="private-equity">private equity</keyword>," the firm said. 
	For the first nine months of this year, PE investments have already hit $16.7 billion, outpacing 2014's total PE deal value of $15.2 billion. 
 

	Notably, Bain Consulting's PE deals database doesn't include transactions where deal value is not disclosed. 

	 Early-stage and growth investments dominated 85% of the deals in the first nine months of 2015. PE funds such as Tiger Global, Blackstone, Temasek, Advent, <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>, Actis and GIC have invested about $125 billion in 5,400 deals between 2005 and September-end of 2015. However, exits from portfolio companies continue to remain challenging.Many funds have been forced to hold on to their investments for a longer number of years than originally envisaged. Exits reached $4.5 billion in the first nine months of this year, driven by public market and secondary sales. Real estate, financial services and telecom witnessed the highest number of exits. The top 10 big-ticket exits, including TPG Capital selling its stake in Shriram City Union Finance for $386 million and New Silk Route off loading its interest in <keyword id="6426359" type="COMPANY" weightage="100" keywordseo="PNB-Housing-Finance">PNB Housing Finance</keyword> for $257 million, constituted 40% of the total PE exit value in the first nine months of 2015. 
	 
	(Image credit: BCCL)

Private equity inflows may hit record $20 billion this year

Carlo Allegri/ReutersIn a speech at the Billboard Women in Music event this month, Swift called private equity's influence in the music industry a "potentially harmful force."<ul class="summary-list"><li>These 13 private equity deals showcased powerful trends that will shape the industry in the new year, according to conversations with dozens of insiders. </li><li>The deals highlighted the emergence of private equity firms banding together more frequently to cover the equity check of a target company, as well as the increased scrutiny of the PE industry in public discourse. </li><li>"It's going to continue to be a challenging environment for [PE firms] to get good returns on the money they are investing," said Brian Hamilton, a private equity partner at law firm Sullivan &amp; Cromwell.</li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories</a>. </li></ul>2019 was the year some US politicians put the <a href="https://www.businessinsider.com/elizabeth-warrens-war-on-private-equity-is-great-news-for-lobbyists">private equity industry in their crosshairs</a>. And on the deal front, there was plenty of high-profile action to draw attention. From huge deals in terms of size, to smaller ones that provoked celebrities' wrath, we wanted to find out which transactions this year should be remembered for. We gathered as much from conversations Business Insider struck up in emails, phone calls, and sit-downs with dozens of PE execs and their advisers in recent months. Perhaps unsurprisingly, the dialogue naturally tended to drift toward the largest deals by volume.This included Blackstone's $18.7 billion acquisition of logistics assets from GLP - <a href="https://www.bloomberg.com/news/articles/2019-06-03/blackstone-buys-18-7-billion-u-s-property-assets-from-glp">a deal underscoring a bet that more companies like Amazon will use warehouse storage</a> - and EQT Partners' $10 billion purchase of Nestle's skin health care unit, which created a huge new dermatology company called Galderma. But apart from sheer size, there were notable trends in how firms approached deals. One that emerged as top-of-mind for lawyers, bankers, and PE execs was the fact that multiple PE firms were increasingly banding together to cover the equity check of their target companies. These so-called club deals were once popular in the lead-up to the financial crisis and observers said they were noticing a comeback, signaling a certain frothiness to the market. Some recent deals included the <a href="https://pitchbook.com/newsletter/consortium-completes-69b-deal-for-dun-bradstreet">$6.9 billion purchase of New Jersey commercial data provider Dun &amp; Bradstreet</a>, bought by a group of investors led by CC Capital, as well as the <a href="https://www.bloomberg.com/news/articles/2019-03-25/buyout-firms-pension-funds-to-buy-inmarsat-for-7-21-a-share">$3.4 billion acquisition of satellite company Inmarsat</a> by Warburg Pincus, Apax, CPPIB, and Ontario Teachers Pension Plan.Read more: <a href="https://www.businessinsider.com/bane-carlyle-team-up-in-rare-private-equity-deal-2019-7/commerce-on-business-insider">'Some of the conversations we had in 2006 we are having again': Bain and Carlyle are teaming up in rare deal that private equity has been reluctant to do since the financial crisis</a>But the more owners of a company there are, the more difficult a company can be to manage, especially in the event of a downturn when there can be disagreements about how to right the ship amid waning sales.At the same time, the emergence of such deals signals the challenging nature of PE dealmaking: that prices for companies are getting higher and higher and firms are teaming up with competitors to put investor money to work."There is just not a lot of easy stuff left and there is so much money chasing deals," said Brian Hamilton, a private equity partner at Sullivan &amp; Cromwell whose clients have included Silver Lake and Goldman Sachs."It's going to continue to be a challenging environment for [PE firms] to get good returns on the money they are investing," he said.Other insiders also were quick to note that club deals today were often confined to only two or three major buyers, as opposed to five or six that marked the 2000s. They also said that the terms of such deals were carefully structured so that the governance of an acquired company would be well-organized in the case of a downturn."There is a lot more thought put into that governance," said Brenda Rainey, a consultant at Bain &amp; Co, noting that PE execs were trying to reach consensus on who was in the driver's seat on actions to take with the business post-close.Nevertheless, the more private equity firms are getting involved in leveraged buyouts, the more their business practices are expected to come under scrutiny in 2020, says Tom Whelan, a PE partner at McDermott Will &amp; Emery. Whelan, whose clients have included Fortress and General Atlantic, said that the "the ability of the larger funds to club together to buy substantial, listed companies" - and their resulting "economic firepower" - naturally draws the attention of politicians and other stakeholders concerned about how target companies will be affected."Sponsors should be mindful of the need to demonstrate as part of any large bid that they are a force for good as an owner, whether through good governance, good citizenship, or through job and wealth creation," he said.Publicity, however, is not only a factor in multi-billion dollar deals.In fact, some off the smaller deals throughout the year got the most press attention and pointed to some of the biggest trends in PE. It was a more than $300 million minority stake The Carlyle Group took in Ithaca Holdings that financed talent manager Scooter Braun's purchase of Big Machine Label, which drew the ire of country-pop music icon Taylor Swift.Swift, whose music is owned by Big Machine Label and was bought by Braun as a result of the deal, objected to the transaction and called out Carlyle in helping Braun acquire the rights to her music.Read more: <a href="https://www.businessinsider.com/private-equity-giant-carlyles-approach-to-music-deals-2019-7">Private-equity giant Carlyle just used an unusual approach to clinch a big-time music deal with Rascal Flatts and Taylor Swift</a>In a speech at the Billboard Women in Music event this month, Swift called private equity's influence in the music industry "a potentially harmful force" and that firms were "buying up our music as if it is real estate." The kerfuffle, which started over the summer, gave politicians new material to criticize the PE industry, with Rep. Alexandria Ocasio-Cortez <a href="https://www.businessinsider.com/aoc-defends-singer-taylor-swift-and-condemns-private-equity-firms-2019-11">piling onto the discourse</a>, holding up the dispute as an indictment on the "predatory" nature of the industry.Other types of smaller PE deals, meanwhile, pointed to less potentially controversial trends - namely, that firms are targeting smaller companies, and sometimes settling for minority stakes. For instance, Blackstone launched a whole division focused on growth equity, seeking deals of <a href="https://www.businessinsider.com/meet-the-exec-behind-new-blackstone-unit-fast-growing-companies-2019-11">between $200 million to $500 million</a>. And Goldman Sachs, one of the lead investment banks advising private equity, is <a href="https://www.businessinsider.com/goldman-sachs-has-finalized-its-middle-market-private-equity-team-2019-11">assembling a team of senior bankers focused on the middle-market</a>. With both big and small PE deals taken into consideration, below are some of private equity's highlights from 2019.

Private equity had a slew of mega deals in 2019, and many ruffled a few feathers along the way. Here are 13 that showcase the industry's massive reach.

ReutersBlackstone CEO Steve Schwarzman.<ul class="summary-list"><li>Private-equity firms are facing a deal environment that, while challenging in their pursuit of returns, might just help stave off scrutiny of the industry. PE has been blasted with criticism from celebrities like Taylor Swift and Democratic presidential candidate Elizabeth Warren. </li><li>2019 marked the year private equity became a punching bag on <a href="https://www.realclearpolitics.com/video/2019/04/08/john_oliver_private_equity_and_mobile_homes.html">late-night talk show shows</a> and the Twitter feeds of some politicians <a href="https://www.theepochtimes.com/democratic-presidential-candidates-target-private-equity-funds-calling-them-vampires_3022984.html">who said the industry profits</a> from US businesses at the expense of laid-off workers.</li><li>Firms have said they can add value to companies. But a new report from PitchBook indicates PE firms will likely have to change their ways regardless in light of a tougher deal market. </li><li><a href="https://www.businessinsider.com/prime">Visit BI Prime for more stories</a></li></ul>Private-equity firms are facing a deal environment that, while challenging in their pursuit of returns, might just help stave off scrutiny of how they make money.The industry has attracted criticism from celebrities including Taylor Swift as well as Democratic presidential candidate Elizabeth Warren.2019 marked the year private equity became a punching bag on <a href="https://www.realclearpolitics.com/video/2019/04/08/john_oliver_private_equity_and_mobile_homes.html">late-night talk show shows</a> and the Twitter feeds of some politicians <a href="https://www.theepochtimes.com/democratic-presidential-candidates-target-private-equity-funds-calling-them-vampires_3022984.html">who said the industry profits</a> from US businesses at the expense of laid-off workers.PE firms have said they can <a href="https://www.businessinsider.com/elizabeth-warrens-war-on-private-equity-is-great-news-for-lobbyists">add value to companies</a>. But a new report from PitchBook indicates they will likely have to change their ways regardless in light of a tougher deal market. <h2>PE firms are looking to improve operations </h2>The report says PE firms have had to get creative with how they deploy capital, as investors increasingly pour money into the private markets in a search for yield after years of ultra-low interest rates. Opportunities are difficult to find and prices are rising for the best investments as multiple PE firms bid for companies.This has meant that PE firms are, in many cases, engaging in investments that eschew the traditional private-equity takeover: instead of buying a whole company with a large debt load, they are settling for minority stakes and trying to improve operations."Improving IT, marketing, the supply chain and more has allowed operations, rather than financial engineering, to drive a mounting portion of PE returns," said the PitchBook report. "Not only do these strategies help PE firms propel returns ... they also address persistent public and political criticism." Read more: <a href="https://www.businessinsider.com/pe-firms-blackstone-kkr-hiring-more-operating-partners-executives-2019-10">Private equity giants like Blackstone and KKR are loading up on industry specialists to help squeeze out returns, and that's creating a new power dynamic inside the firms</a><h2>Public relations battle heats up</h2>With the 2020 presidential race heating up in the coming months, private equity is expected to remain under the crosshairs of politicians, with candidate Elizabeth Warren calling out private equity as a vivid illustration of how she says Wall Street needs reform. Specifically, Warren has criticized the management fees private-equity firms charge their portfolio companies, likening them to vampires that suck the life out of companies.Adding fuel to the fire, country music star Taylor Swift has railed on private equity's influence in the music business after talent manager Scooter Braun bought the rights to her music in a deal supported by private equity firm The Carlyle Group. In a speech at the Billboard Women in Music event this month, Swift called PE "a potentially harmful force" to musicians and said firms were "buying up our music as if it is real estate."Private equity, meanwhile, has commissioned their own lobbyists and public relations specialists in Washington to pull up research that illustrates how PE has actually helped the American economy.Read more: <a href="https://www.businessinsider.com/elizabeth-warrens-war-on-private-equity-is-great-news-for-lobbyists">Elizabeth Warren's attack on private equity could have a surprising group of backers: Investors in private equity</a>The PitchBook report pointed to a third-quarter earnings call in which Blackstone CEO Stephen Schwarzman went so far as addressing some of the public criticism of the PE industry.He said that Blackstone's portfolio companies have added more than 100,000 net jobs during its ownership over the past fifteen years."We are incredibly proud of what we do at Blackstone and the vital role we play in society," Schwarzman said on the call."For example, the very strong returns we generate, particularly in the current low interest-rate environment, enable teachers, police officers, firemen, and other public and corporate sector employees to retire with sufficient savings and secure pensions."Blackstone, which has more than half a trillion dollars of assets under management, announced on Friday that it would hold its fourth quarter and full-year investor conference call on Jan. 30. <h2>Some firms modify investment approach</h2>The PitchBook report held up KKR as an example of one PE firm that has modified their investing approach in a way that focuses on operational improvements within a portfolio company.KKR and some other firms have done this by structuring a PE deal in such a way that provides employees with ownership stakes in the company - as well as bonuses tied to performance, the report noted. In the past, these incentives were reserved exclusively for senior leadership.PitchBook said that it sees the PE industry continuing to evolve its investment approach, especially as the public criticism of the industry ramps up in 2020. "Continued scrutiny and backlash surrounding a lack of transparency, the fees charged to portfolio companies, ruthless tactics and asymmetric outcomes when PE firms succeed while portfolio companies fail will likely push the industry to change in some ways going forward," the report said. <h3>NOW WATCH: <a href="https://www.businessinsider.com/quentin-tarantino-movies-steals-cinema-homage-reference-2019-7">How Golden Globes winner Quentin Tarantino steals from other movies</a></h3>

Here's how a challenging deal market for private-equity firms might actually help their public-relations problem heading into US election season

New Delhi, Feb 17() Private equity and venture capital investments recorded an all-time high of USD 48 billion in 2019 in India, according to EY report released on Monday. The report titled 'PE/VC Agenda: India Trend Book 2020' said that this is the third consecutive year that the private equity and venture capital sector has outperformed. "In terms of value, PE/VC investments increased by 28 per cent as compared to 2018, while the deal volume increased by 35 per cent. "The growth was primarily driven by a significant increase in investments in infrastructure sector, which grew over three times compared to 2018," it said. The report was released on Monday at the Indian Private Equity and Venture Capital Association (IVCA) conclave 2020. According to a report, while growth in traditional PE/VC investments dipped marginally in 2019, the growth in overall PE/VC investments was driven by investments in the infrastructure asset class. "Investments in infrastructure sector accounted for 30 per cent of PE/VC investments by value compared to 12 per cent in 2018," it said. The report pointed out that largest deals in 2019 were also in the infrastructure sector including Brookfield's USD 3.7 billion buyout of Reliance Jio's tower assets and USD 1.9 billion investment in Reliance Industries East-West pipeline. The largest deal in traditional PE/VC asset class was Alibaba and Softbank's USD 1 billion investment in Paytm, it said. The EY report said largest fund raise during the year saw government sponsor a USD 1.5 billion fund for providing last-mile funding to real estate developers for completion of stalled housing projects followed by Edelweiss Alternative Asset Advisors and Kotak Special Situations Fund raising USD 1.3 billion and USD 1 billion respectively to invest in stressed assets. As per the report, PE/VC investments in infrastructure space were at USD 14.5 billion in 2019, which were higher than the cumulative PE/VC infrastructure investments received in the previous seven years. Almost 49 per cent of PE/VC investments in infrastructure in 2019 have been through the InvIT structure, it said. For the first time in India, the report pointed out that buyouts have emerged as the largest PE/ VC investments deal type, overtaking the growth capital deals and accounting for 34 per cent of all PE/VC investments by value in 2019. "When compared across deal types, buyouts have recorded the largest increase of 56 per cent in terms of value(USD 16.2 billion in 2019 Vs USD 10.4 billion in 2018)," it said. In the past two years, buyouts clocked USD 26.7 billion in deal value, which is more than the value of buyouts in the preceding 12 years combined, the report pointed out. The numbers have also been the highest ever in 2019 with 58 deals, it added. Over the past five years, sovereign wealth funds (SWFs) and pension funds have directly invested around USD 32.8 billion in India accounting for 22 per cent of the dollar value of investments made during this period. According to the report, there has been a progressive increase in the share of large deals (value greater than USD 100 million) in the total PE/VC investments in India and now account for more than two-thirds of all investments by value. "In 2019, there were 111 deals of value greater than USD 100 million that aggregate to USD 35.2 billion and accounted for 73 per cent of total PE/VC investments made in 2019. "This is the highest ever number of large deals in a year and 37 per cent higher than the previous high recorded last year," it said. While the overall investments in start-ups increased by 22 per cent (USD 7.9 billion in 2019 Vs USD 6.5 billion in 2018) in terms of value, the number of deals increased by 61 per cent by 61 per cent (610 deals in 2019 Vs 378 deals in 2018). Notwithstanding recent headwinds faced by the Non-banking Financial Company (NBFC) sector, in 2019 at USD 9.1 billion, PE/VC investments in financial sector was up by 20 per cent compared to last year, the report said. Elaborating further, the report said other sectors that recorded increase in investment are technology (USD 3.9 billion across 147 deals in 2019 Vs USD 3.8 billion across 125 deals in 2018), life sciences (USD 2.5 billion across 69 deals in 2019 Vs USD 1.7 billion across 60 deals in 2018) and food and agriculture (USD 881 million across 83 deals in 2019 against USD 647 million 42 deals in 2018. Principal economic advisor in the Ministry of Finance, Sanjeev Sanyal, has said that although business culture has genuinely improved in the last few years, enforcement of contract is the single biggest constraint now to doing business in India. Sanyal also stressed on the need to look at administrative reforms by the government. "In 1991, we were forced to became a market economy because of crisis. We did not do it because we changed our mind... Bureaucrats talks about market failures instead of state failures. Free markets should be allowed to function in an appropriate way," he said. National Investment and Infrastructure Fund (NIIF) CEO Sujoy Bose said the fund wants to support small scale companies through NIIF. "We will be soon starting large scale PE(Private Equity) fund to support small companies," he said. Bose said PEs are now willing to invest in challenging companies in challenging times. He also talked about the need for more women fund managers in India. "The PE/VC industry can benefit from the tremendous business acumen and strengths that must create a playing field where we attract more women into the industry,"Bose said NIIF is India's maidan Rs 40,000 crore sovereign wealth fund. Sanjay Nayar KKR said role of corporate governance is becoming supremely important. IVCA chairman Padmanabh Sinha said that PE&amp; VC clearly have becomes anchors of the economy and playing a structural role in economy. BKS MKJ

Private equity, VC investments hit record high of USD 48 bn in 2019: Report

Kirkland &amp; Ellis; Simpson Thacher; Latham &amp; Watkins; Ruobing Su/Business Insider<ul class="summary-list"><li>Private equity firms will likely need massive amounts of legal firepower to help bring their deals to fruition in 2020. </li><li>As PE firms look to spend billions in unused investor dollars, they have had to get creative in how to spend it, sometimes settling for minority stakes and other times targeting smaller companies.</li><li>Business Insider identified eight lawyers who are among those private equity firms will likely turn to as they look to put all that money to work. </li><li>They run the gamut, from a lawyer who just made partner and is off to a hot start, to partners who sit in firm leadership.</li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories</a>. </li></ul>Private equity firms will likely need massive amounts of legal firepower to bring their deals to fruition in 2020.Business Insider decided to take a look at some of the lawyers advising PE firms who insiders consider the future of this clubby corner of the profession.More money has been flowing into the private markets in search of yield, thanks to historically low interest rates, and PE firms are looking to spend billions in unused investor dollars. PE execs have had to get creative in how to spend it - particularly as competition drives asset prices higher - sometimes <a href="https://www.businessinsider.com/private-equity-giant-carlyles-approach-to-music-deals-2019-7">settling for minority stakes</a> and other times going down-market, <a href="https://www.businessinsider.com/goldman-sachs-has-finalized-its-middle-market-private-equity-team-2019-11">targeting smaller companies</a>. At the center of it all are teams of legal advisors to help wade through the complexities, from negotiating terms to drafting lengthy documentation to memorialize them. Feedback from recruiters, lawyers, and PE executives, as well as a review of recent deal announcements to see who was particularly active, led us to eight lawyers to watch in 2020 and beyond. Of course, many working in Big Law already know the most senior players. Names like Rich Capalouto, who represented Silver Lake when it partnered with Michael Dell to take computer company Dell private in 2013; Julie Jones, a longtime advisor to TPG Capital; and Taurie Zeitzer, Apollo Global Management's outside lawyer, all remain active on the industry's biggest transactions.And then there are those who pioneered private equity deals in the 1980s. Some of these lawyers have occupied in-house roles with onetime clients, while others have stayed at their firms, transitioning to lighter duties. What we really wanted to know, though, were the lawyers who have just started to hit their stride, keep popping up on high-profile deals, and appear to be nearing or have reached the prime of their practice. Those names are lesser known, yet could help shape the future of private equity dealmaking. They are also of interest because these lawyers are big money producers for law firms, where the primary assets are people. According to experts, private equity legal work can contribute hundreds of millions of dollars to firm revenue in a given year at the most prominent law firms. This business is led by a relatively small number of people in the context of how much revenue they command, with the most prominent partners single-handedly responsible for books of business in the tens of millions. The lawyers sources identified run the gamut, from a lawyer who just made partner and is off to a hot start, to partners who sit in firm leadership.For the purposes of this story, we focused our reporting efforts on U.S. deal lawyers and left other practice types for another day, such as fund formation lawyers and PE litigators. We also spoke with firms themselves - such as The Carlyle Group, TPG Capital and Apollo - and asked them to put their best outside lawyers forward. The results included lawyers primarily in their 30s and 40s, though Business Insider did not place a limit on age.After a vetting process, including cross-checking names with competitors and reviewing deals, the below list is a foundation of people-talent who will likely lead the private equity legal profession in the years to come. <h2>Elizabeth Cooper, Partner, Simpson Thacher</h2>Simpson ThacherElizabeth CooperElizabeth Cooper, 44, has had her hand in some of the biggest private equity deals at Simpson Thacher &amp; Bartlett.This summer she hammered out terms of the <a href="https://www.businessinsider.com/how-lses-27-billion-purchase-of-refinitiv-came-together-2019-8">$27 billion merger of data analytics company Refinitiv into the London Stock Exchange. </a>It was a deal she had been involved in from the get-go, back when Blackstone carved out Refinitiv from Thomson Reuters in 2018.Now insiders say they expect to see Cooper take the lead in more PE deals as her reputation cements as a leader in the next generation at Simpson Thacher. Although media outlets have recently recognized Cooper's accomplishments - The American Lawyer named her "Dealmaker of the Year" for 2019 because of her work for Refinitiv - her deal sheet shows she didn't come out of nowhere. It was a decade ago when Cooper advised Xerox Corporation in its $6.4 billion acquisition of Affiliated Computer Services Inc. Since then, she has taken more of a private equity focus, taking on KKR, The Carlyle Group, and Blackstone as clients in some of their significant transactions.This has included Oaktree Capital Management's sale of 62 percent of its business to Brookfield Asset Management, as well as Blackstone in its recapitalization of SERVPRO, a franchisor of residential and commercial property damage restoration services. Cooper graduated Columbia Law School in 2001. Before that, she graduated Harvard University in 1997. <h2>Peter Martelli, Partner, Kirkland &amp; Ellis</h2>Kirkland &amp; EllisPeter MartelliMartelli, 44, is a member of the firm's global management committee and is a go-to advisor for some of the firm's largest PE clients. Martelli was behind one of the year's largest "consortium" deals, or transactions where there are multiple buyers to cover the equity check.This happened when Martelli advised a consortium led by CC Capital in its $6.9 billion acquisition of Dun &amp; Bradstreet, a provider of commercial data and analytics. Blackstone is another one of Martelli's repeat clients, although he has also advised KKR and BC Partners. For instance, when BC Partners announced its $2.1 billion take-private of Presidio, it was Martelli's name as legal advisor to the private equity firm.Martelli graduated from New York University School of Law in 2000 and Cornell University in 1997. <h2>Paul Kukish, Partner, Latham &amp; Watkins</h2>Latham &amp; WatkinsPaul KukishKukish, 40, caught our eye this year when his work appeared on a deal that made waves in the private equity world for reasons other than its size. It was when BlackRock struck the first deal out of its recently-raised private equity fund in acquiring an $845 million stake in the company that manages Sports Illustrated. While Simpson Thacher advised BlackRock on the transaction, Kukish appeared on the other side, advising the company Authentic Brands Group and private equity firm Leonard Green &amp; Partners in selling down its stake to make room for BlackRock. A closer look at Kukish's background shows that Leonard Green has been a repeat client, as has Ares Management and CVC Capital Partners. Those contacts and the lucrative revenue streams that flow from them have helped place Kukish in the seat of global vice chair of the firm's corporate department. Of all Kukish's clients, though, some of the most prominent deals have come from Leonard Green. This includes returning BJ's Wholesale Club to the public markets in 2018 after it was acquired seven years earlier by Leonard Green and CVC Capital Partners for $2.8 billion. <h2>Justin Hamill, Partner, Latham &amp; Watkins</h2>Latham &amp; WatkinsJustin HamillLatham &amp; Watkins poached Hamill from Paul Weiss Rifkind Wharton &amp; Garrison in March and the investment has already led to a prominent PE deal in 2019. In October, Hamill represented the technology-focused private equity firm Silver Lake in its acquisition of TEG, the live entertainment and ticketing company. Hamill, 41, led the cross-border deal team working across more than six of Latham's offices including Hong Kong, New York and Century City. Insiders expect big things from Hamill as he's been tasked with expanding Latham's reputation in PE dealmaking.Previously, Hamill was considered one of the up and coming stars at Paul Weiss, where he led the firm's 2017 representation of Michael Kors in the fashion brand's purchase of British shoe designer Jimmy Choo and represented Hollywood agency William Morris Endeavor in its $2.4 billion acquisition of IMG Worldwide in 2014.On the PE side, Hamill represented Vice Media in the $450 million investment it received from TPG Capital, among a number of other transactions. <h2>Anthony Vernace, Partner, Simpson Thacher</h2>Simpson ThacherAnthony VernaceAnother Simpson Thacher lawyer who insiders say is among the firm's most active in PE deals is Anthony Vernace.Vernace, 38, just recently surfaced on our radar when he advised Blackstone in its $3 billion acquisition of a controlling stake in MagicLab, the dating-app company that owns Bumble. On this deal he worked with Blackstone's recent hire - <a href="https://www.businessinsider.com/meet-the-exec-behind-new-blackstone-unit-fast-growing-companies-2019-11">Jon Korngold - who is targeting fast-growing companies.</a>But Vernace's work isn't confined to tech deals: Earlier in the year, Vernace advised Genessee &amp; Wyoming, a railroad owner, in its $8.4 billion acquisition by asset manager Brookfield and GIC, a sovereign wealth fund. With Vernace's blend of PE and M&amp;A work, don't be surprised to see his name coming back on some of the prominent deals announced out of Simpson in the coming years. <h2>Matt Abbott and Angelo Bonvino, Partners, Paul Weiss </h2>Paul WeissAngelo BonvinoPaul WeissMatt AbbottAbbott and Bonvino are on the more senior end of lawyers considered for this list, but even though the pair have been around for decades, insiders don't expect their position at the epicenter of PE lawyering to change any time soon. Bonvino, 48, has represented a smattering of PE clients from Oak Hill Capital Partners to Kohlberg &amp; Company to Ares Management.Abbott, meanwhile, age 46, has represented a mix of companies and asset managers who are not traditional PE firms but are significant investors, including BlackRock, Brookfield and General Atlantic. Paul Weiss is well known for its representation of Apollo Global Management, but these lawyers have expanded the firm's presence to a wider swath of PE client. This year, Abbott has advised General Atlantic on a variety of investments from an e-commerce platform to a digital bank, while Bonvino advised Oak Hill Capital in its role as lead investor in the recapitalization of Calero Software and a subsequent merger. <h2>Laura Steinke, Partner, Ropes &amp; Gray</h2>Ropes &amp; GrayLaura SteinkeOne trend we've seen in private equity is <a href="https://www.businessinsider.com/american-medical-association-examines-pe-investing-in-doctor-practices-2019-9">cash pouring into healthcare</a>. Laura Steinke at Ropes &amp; Gray has placed herself at the center of it. After just being named partner last year, the 35-year-old got to business in 2019 and co-led the $2.7 billion sale of Bain Capital's majority stake in healthcare technology provider Waystar, to Canada Pension Plan Investment Board and private equity fund EQT. It was one of the largest private equity deals Ropes &amp; Gray handled this year for Bain, a repeat client.To be sure, Steinke still has some runway to go as the youngest lawyer on this list, but her work has insiders eager to observe what her promising future in PE holds. Steinke's track record points to the PE specialty of healthcare.Ever since joining the firm in 2015 from the Sydney office of an Australian law firm, she has been busy working alongside partners in a number of deals. She represented Surgery Partners Inc., a publicly held healthcare services company, in its acquisition of surgical facilities owner National Surgical Healthcare, from Irving Place Capital. She also advised Bain Capital in its investment in Navicure, a cloud-based health claims and payment platform, and its agreement to combine with ZirMed, another health information company. <h3>NOW WATCH: <a href="https://www.businessinsider.com/bill-gates-warren-buffett-billionaires-donate-money-2017-10">On Giving Tuesday, see how Bill Gates and Warren Buffett are changing the world like no other humans in history</a></h3>

Insiders say these 8 deal lawyers are who big private equity firms are turning to help figure out how to put mountains of cash to work

<ul><li>PE funds are now increasingly investing in <keyword id="114245" type="PERSON" weightage="20" keywordseo="buyouts">buyouts</keyword>, cutting bigger cheques and snapping up larger stakes in target companies.</li><li>In August, $1.6 billion worth of PE transactions took place across 50 deals with buyout deals doubling in value compared to August 2017. </li><li>The share of buyouts - which are typically marked by a controlling stake of more than 50% in a company - has steadily been rising.</li></ul>For years, the story of private equity (PE) investing in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> has been dominated by funding for early-stage <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> and <keyword id="163960" type="COMPANY" weightage="20" keywordseo="Growth-Capital">growth capital</keyword>. PE funds are now increasingly investing in buyouts, cutting bigger cheques and snapping up larger stakes in target companies. The share of buyouts - which are typically marked by a controlling stake of more than 50% in a company - has steadily been rising to reach $5.5 billion so far in 2018, which is more than double the amount seen last year and the highest in five years, Mint <a href="https://www.livemint.com/Industry/inMMRxN0yk5Yzb6QaLsKwM/PEled-buyout-deals-hit-a-record-55-billion.html">reported </a>citing data from Venture Intelligence. In August, $1.6 billion worth of PE transactions took place across 50 deals with buyout deals doubling in value compared to August 2017, according to an EY <a href="https://www.parthenon.ey.com/in/en/newsroom/news-releases/ey-pe-buyouts-lead-investments-in-august-2018">report. </a> KKR’s $530 million buyout of 60% stake in waste management company Ramky Enviro Engineers Ltd was the largest deal in August 2018. Other large buyout deals in 2018 include Kedaara Capital and Partners Group’s acquisition of Vishal Mega Mart for $734 million, and GIC and Abu Dhabi Investment Council’s $450 million in renewable energy company Greenko Energy Holdings. “The Indian PE industry appears to have come of age, with PE backed platforms attracting marquee <keyword id="89429" type="COMPANY" weightage="20" keywordseo="Global-investors">global investors</keyword> like Berkshire Hathaway, which recently announced an investment of ~$300-US$400 million in Paytm,” Vivek Soni, Partner and National Leader Private Equity Services, EY, said in the EY report. Key drivers PE funds have had a good year in terms of fund-raising, increasing their ability to plough in more money in investments. As of the end of August, PE funds had over $40 billion in capital marked for India investments, according to the EY report. Given the tough market to raise loans via traditional banks, many Indian companies are also increasingly turning towards <keyword id="108089" type="PERSON" weightage="20" keywordseo="Private-equity-firms">private equity firms</keyword> for alternative sources of capital and have been willing to forgo stakes in part due to the operational expertise these firms promise in running business in similar sectors. In addition to available capital, PE firms also begun filling in the funding gap for many power and <keyword id="17408" type="DOMAIN" weightage="20" keywordseo="infrastructure">infrastructure</keyword> companies that require large investments, or companies looking to divest ‘non-core’ divisions to shore up capital as they look to grow or turn around.

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