Corporate mergers-and-acquisitions departments do not appear concerned about buying at the top of the market.
Data released Wednesday by PitchBook show that of the $139.6 billion of global private equity capital exits in the second quarter, strategic acquisitions accounted for 77.5% the total. The percentage of strategic buyers has risen in each of the past four quarters.
In contrast, secondary buyouts (PE-to-PE exits) have fallen steadily over the four quarters, and accounted for only 14.6% of the total during the second quarter. The remaining 7.9% of exits were initial public offerings.
Leon Black was famously quoted at the 2013 Milken Institute Global Conference that his firm was “selling everything that's not nailed down” in light of lofty valuations.
