PE & VC GLOBAL Annual LEAGUE TABLES REPORT. Sponsored by. Top law firms for VC & PE deals. Most active VC firms of 2015 by sector

Transcription

1 PE & VC GLOBAL 2015 Annual LEAGUE TABLES REPORT Sponsored by Most active PE firms in 2015 Most active VC firms of 2015 by sector Top law firms for VC & PE deals

2

3 Credits & Contact PitchBook Data, Inc. JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, Market Development & Analysis Contents Content GARRETT JAMES BLACK Senior Analyst BRIAN LEE Data Analyst JENNIFER SAM Senior Graphic Designer JESS CHAIDEZ Graphic Designer Introduction 4 Methodology 5 PE Firms 6 VC Firms 15 Lenders 23 Advisors/Accountants & Investment Banks 26 Law Firms 29 Acquirers 35 Contact PitchBook pitchbook.com RESEARCH reports@pitchbook.com EDITORIAL editorial@pitchbook.com SALES sales@pitchbook.com COPYRIGHT 2016 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage and retrieval systems without the express written permission of PitchBook Data, Inc. Contents are based on information from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security. This material does not purport to contain all of the information that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment. 3

4 INTRODUCTION A few notes before you peruse the following, comprehensive rankings of private equity and venture capital activity. For our 2015 Annual Global PE & VC League Tables, we refreshed the look and feel of each and every table, as well as refined our methodology somewhat; one of the more important changes to note is the fact that venture capital rankings do not include VC financings PitchBook tracks as accelerator or incubator. In addition, we removed a few datasets that, in our view, were needlessly redundant. Last but not least, this report has been renamed according to our new report naming conventions for Since the report ranks global PE and VC activity across the entirety of last year, we have titled it 2015 Annual, the better to reflect the timeframe of the datasets. As always, if you have any questions about our methodology or the rankings, feel free to reach out to us. GARRETT JAMES BLACK Senior Analyst MAKE WAY FOR SMARTER, ON-THE-FLY MEETING PREP Introducing PitchBook Mobile. The same excellent data, technology and service from the PitchBook Platform, now available on a mobile device. Available for RR Donnelley is a leading integrated communication services provider. The company works collaboratively with more than 60,000 customers worldwide to develop custom communications solutions that reduce costs, drive top-line growth, enhance ROI and increase compliance. Drawing on a range of proprietary and commercially available digital and conventional technologies deployed across five continents, the company employs a suite of leading Internet based capabilities and other resources to provide pre-media, printing, logistics and business process outsourcing services to clients in virtually every private and public sector. Our Corporate Responsibility Report is available at Search: PitchBook Our Venue secure online workspace provides a powerful set of features and an intuitive design that allows you to easily organize, manage, share and track all of your sensitive information. Venue data rooms provide complete control, allowing you to manage who has access to your data room, which documents they see, and how they can interact with those documents. Venue data rooms are backed by RR Donnelley, a $11.6 billion corporation with more than 500 locations and approximately 65,000 employees worldwide. RR Donnelley s total revenues are greater than all other virtual data room providers combined. Whether you re conducting due diligence for a merger, raising capital, or developing a document repository, the RR Donnelley Venue virtual data room is the ideal virtual workspace for managing critical information. RR Donnelley is the sponsor of the 2015 Annual Global PE & VC League Tables Report. All information contained in this publication is for informational purposes only and should not be construed as legal, accounting, tax, or other professional advice of any kind, on any subject matter. RR Donnelley expressly disclaims all liability in respect to actions taken or not taken based on any or all the content herein. US UK +44 (0) demo@pitchbook.com pitchbook.com 4

5 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, PIPE, 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 private equity backing. VENTURE CAPITAL DEALS This report includes all VC investments (including seed/ angel). 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. 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 private equity 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. U.S. 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, D.C., 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 U.K. & Ireland: United Kingdom, Ireland, Channel Islands GSA: Germany, Switzerland, Austria, Liechtenstein France/Benelux: France, Belgium, Netherlands, Luxembourg Nordic: Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden Southern Europe: Andorra, Cyprus, Gibraltar, Greece, Italy, Malta, Monaco, Portugal, San Marino, Spain Central & Eastern Europe (CEE): Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Ukraine REST OF WORLD Any country besides the United States or European nations. For more information on our methodology, contact reports@pitchbook.com or research@pitchbook.com. 5

6 PRIVATE EQUITY FIRMS Contents 2015 s Most Active PE Investors 6 PE Investors by Deal Location 7-8 PE Investors by Firm HQ 9-10 PE Investors by Firm AUM 11 PE Investors by Deal Type 12 PE Investors by Industry 13 PE Investor Exits by Company HQ s most active global PE investors The Carlyle Group 79 Kohlberg Kravis Roberts 76 ABRY Partners 74 The Blackstone Group 71 Audax Group 64 Hellman & Friedman 59 HarbourVest Partners 54 Bain Capital 49 Bpifrance 46 Business Growth Fund 46 TPG Capital 46 Ares Capital 42 AlpInvest Partners 40 The Riverside Company 40 Oaktree Capital Management 38 Apollo Global Management 37 GTCR Golder Rauner 37 H.I.G. Capital 37 Vista Equity Partners 37 Ontario Teachers' Pension Plan 36 Ardian Private Equity 35 6

7 2015 PE INVESTORS BY DEAL LOCATION Most active in U.S. Most active in Great Lakes Most active in Mid-Atlantic ABRY Partners 66 Hellman & Friedman 53 Audax Group 49 The Carlyle Group 46 HarbourVest Partners 45 The Blackstone Group 39 Ares Capital 38 Kohlberg Kravis Roberts 38 GTCR Golder Rauner 34 The Riverside Company 31 Vista Equity Partners 31 Apollo Global Management 28 AlpInvest Partners 27 TPG Capital 24 Most active in New England ABRY Partners 4 Providence Equity Partners 4 The Gladstone Companies 4 The Riverside Company 4 AlpInvest Partners 3 Ares Capital 3 CapX Partners 3 GCP Capital Partners 3 H.I.G. Growth Partners 3 Ontario Teachers' Pension Plan Spectrum Equity 3 3 Audax Group 18 Ares Capital 11 The Riverside Company 10 Apollo Global Management 9 Hellman & Friedman 7 The Carlyle Group 7 ABRY Partners 6 Madison Dearborn Partners 6 Onex 5 Prospect Partners 5 Most active in West Coast Hellman & Friedman 14 The Blackstone Group 12 ABRY Partners 11 Vista Equity Partners 11 The Carlyle Group 10 Kohlberg Kravis Roberts 8 Most active in South ABRY Partners 11 Kohlberg Kravis Roberts 8 EnCap Flatrock Midstream 7 Natural Gas Partners 7 Trinity Hunt Partners 6 Vista Equity Partners 6 ABRY Partners 15 HarbourVest Partners 13 TPG Capital 11 Hellman & Friedman 10 Kohlberg Kravis Roberts 10 The Blackstone Group 9 The Carlyle Group 8 AlpInvest Partners 7 NewSpring Capital 7 Providence Equity Partners 7 Most active in Southeast Ares Capital 14 ABRY Partners 12 The Carlyle Group 12 GTCR Golder Rauner 10 Hellman & Friedman 10 Most active in Mountain & Midwest Apollo Global Management 10 Hellman & Friedman 8 ABRY Partners 7 Audax Group 7 HarbourVest Partners 7 GTCR Golder Rauner 6 C3 Capital 5 Triangle Capital Corporation 3 WestView Capital Partners 3 Warburg Pincus 6 7 Clearview Capital 5

8 2015 PE INVESTORS BY DEAL LOCATION Most active in Europe Most active in France & Benelux Most active in Rest of World Bpifrance 44 Business Growth Fund 44 Lloyds Development Capital 24 The Blackstone Group 24 EQT Partners 23 CVC Capital Partners 22 Maven Capital Partners 22 Ardian Private Equity 21 Bain Capital 20 CM-CIC Investissement 20 Equistone Partners Europe 20 Kohlberg Kravis Roberts 20 Oaktree Capital Management 20 Siparex Group 20 The Carlyle Group 20 Most active in U.K. & Ireland Business Growth Fund 43 Lloyds Development Capital 24 Maven Capital Partners 22 Bpifrance 42 CM-CIC Investissement 20 Siparex Group 18 Bpifrance Investissement 14 Naxicap Partners 13 UI Gestion 13 Arkéa Capital Investissement 10 BNP Paribas Développement 10 Value8 10 Most active in GSA Co-Investor 7 AFINUM Management 6 Deutsche Beteiligungs 6 EQT Partners 6 Equistone Partners Europe 6 EVP Capital Management 6 Audax Group 5 Kohlberg Kravis Roberts 5 Most active in Southern Europe International Finance Corporation Most active in Central & Eastern Europe 18 Kohlberg Kravis Roberts 18 Resource Capital Funds 14 The Carlyle Group 13 TPG Capital 12 Bain Capital 11 The Abraaj Group 11 Caisse de dépôt et placement du Québec Canada Pension Plan Investment Board Warburg Pincus 9 Most active in Nordic FSN Capital 12 Bain Capital 11 EQT Partners 11 Norvestor Equity 10 Nordic Capital 9 Vaaka Partners Inflexion Private Equity 18 Palatine Private Equity 18 Foresight Group 13 The Blackstone Group 13 Oaktree Capital Management 12 The Carlyle Group 11 Endless 10 Centerbridge Partners 7 Lifebrain 7 Qualitas Equity Partners 7 Ardian Private Equity 6 Clessidra Capital Partners 5 BaltCap Management 5 Baring Vostok Capital Partners 3TS Capital Partners 3 Blue Sea Capital (Croatia) 3 Hartenberg Capital 3 Mid Europa Partners 3 5 8

9 2015 PE INVESTORS BY FIRM HEADQUARTERS Most active U.S. Most active New England Most active West Coast The Carlyle Group 79 Kohlberg Kravis Roberts 76 ABRY Partners 74 The Blackstone Group 71 Audax Group 64 Hellman & Friedman 59 HarbourVest Partners 54 Bain Capital 49 TPG Capital 46 Ares Capital 42 The Riverside Company 40 Oaktree Capital Management 38 Apollo Global Management 37 GTCR Golder Rauner 37 H.I.G. Capital 37 Vista Equity Partners 37 Most active Mid-Atlantic The Carlyle Group 79 Kohlberg Kravis Roberts 76 ABRY Partners 74 Audax Group 64 HarbourVest Partners 54 Bain Capital 49 Summit Partners 30 TA Associates Management 30 Providence Equity Partners 28 Advent International 26 Stone Point Capital 26 Berkshire Partners 25 Most active Great Lakes GTCR Golder Rauner 37 Madison Dearborn Partners 26 PNC Erieview Capital 23 Maranon Capital 20 Thoma Bravo 19 Huron Capital Partners 17 Wind Point Partners 17 Most active Mountain & Midwest Hellman & Friedman 59 Ares Capital 42 Oaktree Capital Management 38 Genstar Capital 26 Marlin Equity Partners 18 Silver Lake 17 Platinum Equity 15 Aurora Capital Group 13 Leonard Green & Partners 13 Accel-KKR 12 Most active Southeast H.I.G. Capital 37 Triangle Capital Corporation 18 MSouth Equity Partners 14 Pamlico Capital 14 Trivest Partners 13 Five Points Capital 12 CapitalSouth Partners 11 Most active South The Blackstone Group 71 The Riverside Company 40 Apollo Global Management 37 Warburg Pincus 32 AEA Investors 24 The Goldman Sachs Group 23 International Finance Corporation 22 KRG Capital Partners 19 Resource Capital Funds 14 Cave Creek Capital Management 13 Cornerstone Holdings 13 Revelstoke Capital Partners 11 C3 Capital 10 TPG Capital 46 Vista Equity Partners 37 Natural Gas Partners 14 Lone Star Funds 13 Black Diamond Capital Partners Building Industry Partners 9 Cambria Group 9 9 9

10 2015 PE INVESTORS BY FIRM HEADQUARTERS Most active Europe Most active France & Benelux Most active Nordic Bpifrance 46 Business Growth Fund 46 AlpInvest Partners 40 Ardian Private Equity 35 CVC Capital Partners 31 EQT Partners 30 Apax Partners 25 Lloyds Development Capital 24 Bridgepoint 23 Bpifrance 46 AlpInvest Partners 40 Ardian Private Equity 35 CM-CIC Investissement 21 Siparex Group 21 PAI Partners 16 CM-CIC Private Debt 15 Bpifrance Investissement 14 Naxicap Partners 13 EQT Partners 30 Nordic Capital 18 Norvestor Equity 15 FSN Capital 13 Vaaka Partners 9 AP Fonden 6 7 Most active Central & Eastern Europe Maven Capital Partners 22 Partners Group 22 CM-CIC Investissement 21 Equistone Partners Europe 21 Siparex Group 21 Most active U.K. & Ireland Business Growth Fund 46 CVC Capital Partners 31 Apax Partners 25 Lloyds Development Capital 24 Bridgepoint 23 Maven Capital Partners 22 Equistone Partners Europe 21 Inflexion Private Equity 19 3i Group 18 Palatine Private Equity 18 Intermediate Capital Group 17 UI Gestion 13 Most active GSA Partners Group 22 Aurelius Investments 10 Deutsche Beteiligungs 10 Lifebrain 8 AFINUM Management 7 Co-Investor 7 Most active Southern Europe 21 Partners 9 IGI 8 Qualitas Equity Partners 7 Clessidra Capital Partners 5 Brait Private Equity 4 Orizzonte 4 Portobello Capital 4 Tamburi Investment Partners 4 BaltCap Management 7 Baring Vostok Capital Partners 3TS Capital Partners 3 Blue Sea Capital (Croatia) 3 Enterprise Investors 3 Hartenberg Capital 3 Horizon Capital 3 J&T Finance Group 3 MCI Capital 3 Most active Rest of World Ontario Teachers' Pension Plan 6 36 Onex 26 Government of Singapore Investment Corporation Caisse de dépôt et placement du Québec Canada Pension Plan Investment Board Temasek Holdings 14 OMERS Private Equity 12

11 2015 PE INVESTORS BY FIRM AUM Most active $5B+ Most active $1B-$5B Most active $500M-$1B The Carlyle Group 79 Kohlberg Kravis Roberts 76 ABRY Partners 74 The Blackstone Group 72 Audax Group 64 Hellman & Friedman 59 HarbourVest Partners 54 Bain Capital 49 Bpifrance 46 TPG Capital 46 Ares Capital 42 AlpInvest Partners 40 Oaktree Capital Management 38 Apollo Global Management 37 GTCR Golder Rauner 37 H.I.G. Capital 37 Vista Equity Partners 37 Ontario Teachers' Pension Plan 36 Business Growth Fund 47 The Riverside Company 40 Genstar Capital 26 PNC Erieview Capital 23 CM-CIC Investissement 21 Siparex Group 21 Maranon Capital 20 Inflexion Private Equity 19 KRG Capital Partners 19 Marlin Equity Partners 18 Triangle Capital Corporation 18 Housatonic Partners 17 Wind Point Partners 17 Spectrum Equity 16 CI Capital Partners 15 Kohlberg & Company 15 Vitruvian Partners 15 Most active $250M-$500M Maven Capital Partners 22 Palatine Private Equity 18 Huron Capital Partners 17 CM-CIC Private Debt 15 NewSpring Capital 14 PNC Mezzanine Capital 12 Webster Capital 12 Argosy Private Equity 11 Bertram Capital Management 11 Brookside Mezzanine Partners CapitalSouth Partners 11 JZ Capital Partners 11 Blue Water Energy 10 Bregal Partners 10 Midwest Mezzanine Funds 10 Yukon Partners 10 Most active <$250M 11 Ardian Private Equity 35 Warburg Pincus 32 CVC Capital Partners 31 EQT Partners 30 Summit Partners 30 TA Associates Management 30 Providence Equity Partners 28 Boathouse Capital 13 The Beekman Group 13 Trivest Partners 13 Revelstoke Capital Partners 11 C3 Capital 10 Capitala Group 10 Prospect Partners 10 Crédit Agricole 8 ixo Private Equity 8 Victory Park Capital 8 UI Gestion 13 BlackEagle Partners 12 Black Diamond Capital Partners Ouest Croissance 9 Shore Capital Partners 9 Finorpa 8 First Capital Partners 8 IGI 8 Main Capital Partners

12 2015 PE INVESTORS BY DEAL TYPE Most active in buyouts Most active add-on sponsors Most active in growth/expansion The Carlyle Group 27 Kohlberg Kravis Roberts 22 The Blackstone Group 20 H.I.G. Capital 16 Audax Group 14 Bain Capital 14 TPG Capital 14 Apax Partners 12 Bpifrance 12 Lone Star Funds 11 Oaktree Capital Management 11 Lloyds Development Capital 10 Ares Management 9 Endless 9 EQT Partners 9 Marlin Equity Partners 9 Ontario Teachers' Pension Plan The Riverside Company 9 ABRY Partners 8 Aurelius Investments 8 Bpifrance Investissement 8 Bridgepoint 8 Equistone Partners Europe 8 Foresight Group 8 Platinum Equity 8 9 ABRY Partners 64 Hellman & Friedman 56 HarbourVest Partners 51 Audax Group 47 The Carlyle Group 46 The Blackstone Group 44 AlpInvest Partners 38 Kohlberg Kravis Roberts 37 Ares Capital 36 Bain Capital 33 GTCR Golder Rauner 32 Vista Equity Partners 28 Apollo Global Management 26 Ardian Private Equity 26 TPG Capital 25 Oaktree Capital Management 24 Ontario Teachers' Pension Plan 24 The Riverside Company 23 Berkshire Partners 21 CVC Capital Partners 21 Madison Dearborn Partners 21 Onex 21 Providence Equity Partners 21 Advent International 20 Summit Partners 20 Business Growth Fund 27 Bpifrance 17 Maven Capital Partners 12 International Finance Corporation 10 Kohlberg Kravis Roberts 10 Catterton 7 Kayne Anderson Capital Advisors Natural Gas Partners 7 NewSpring Capital 7 Spectrum Equity 7 Summit Partners 7 The Riverside Company 7 Co-Investor 6 Finorpa 6 TA Associates Management 6 The Blackstone Group 6 Tonka Bay Equity Partners 6 TPG Capital 6 Warburg Pincus

13 2015 PE INVESTORS BY INDUSTRY Most active in B2B Most active in B2C Most active in IT The Carlyle Group 31 Audax Group 30 Bpifrance 25 The Blackstone Group 24 Business Growth Fund 22 Kohlberg Kravis Roberts 20 The Riverside Company 20 ABRY Partners 19 Ares Capital 18 Ardian Private Equity 16 PNC Erieview Capital 16 Hellman & Friedman 15 Oaktree Capital Management 15 Providence Equity Partners 15 Most active in financial services HarbourVest Partners 32 Hellman & Friedman 26 ABRY Partners 23 The Blackstone Group 23 GTCR Golder Rauner 21 Kohlberg Kravis Roberts 19 Stone Point Capital 16 AlpInvest Partners 15 Oaktree Capital Management 13 Palatine Private Equity 11 The Carlyle Group 11 TPG Capital 10 The Carlyle Group 19 Business Growth Fund 17 Kohlberg Kravis Roberts 14 TPG Capital 13 Ares Capital 12 Bain Capital 11 Hellman & Friedman 11 Bridgepoint 10 H.I.G. Capital 10 Ontario Teachers' Pension Plan Most active in healthcare 10 The Blackstone Group 10 The Riverside Company 9 Audax Group 20 KRG Capital Partners 12 AlpInvest Partners 10 MSouth Equity Partners 9 Summit Partners 9 Welsh, Carson, Anderson & Stowe CVC Capital Partners 8 Great Point Partners 8 Kohlberg Kravis Roberts 8 Lifebrain 8 Revelstoke Capital Partners 8 Shore Capital Partners 8 Yukon Partners 8 9 ABRY Partners 25 Vista Equity Partners 21 TA Associates Management 16 Thoma Bravo 14 Summit Partners 13 Accel-KKR 12 Marlin Equity Partners 12 Insight Venture Partners 11 HarbourVest Partners 10 The Goldman Sachs Group 10 Most active in energy Natural Gas Partners 13 BlackRock 9 Centerbridge Partners 8 EnCap Flatrock Midstream 7 ARC Financial 6 ArcLight Capital Partners 6 Denham Capital Management 6 Glennmont Partners 6 Kayne Anderson Capital Advisors Qualitas Equity Partners 6 Warburg Pincus 6 Kohlberg Kravis Roberts 5 NextEnergy Solar Fund 5 Post Oak Energy Capital 5 Riverstone Holdings

14 2015 PE INVESTOR EXITS BY COMPANY HQ Most active global Most active in U.S. Most active in Europe The Blackstone Group 38 The Carlyle Group 25 Kohlberg Kravis Roberts 20 AlpInvest Partners 17 Bain Capital 16 TPG Capital 16 Oaktree Capital Management 16 Warburg Pincus 15 Audax Group 14 PNC Erieview Capital 14 The Goldman Sachs Group 13 Advent International 13 Apax Partners 13 HarbourVest Partners 13 3i Group 13 Equistone Partners Europe 12 Triangle Capital Corporation 12 Royal Bank of Scotland 11 H.I.G. Capital 11 EQT Partners 10 LBO France 10 Goldman Sachs Capital Partners 10 Lloyds Development Capital 10 The Blackstone Group 21 Audax Group 14 PNC Erieview Capital 14 The Carlyle Group 13 Kohlberg Kravis Roberts 12 Oaktree Capital Management 12 Triangle Capital Corporation 12 AlpInvest Partners 11 TPG Capital 10 HarbourVest Partners 9 Goldman Sachs Capital Partners GTCR Golder Rauner 8 Ares Capital 8 NewSpring Capital 7 Providence Equity Partners 7 Welsh, Carson, Anderson & Stowe Stockwell Capital 7 Warburg Pincus 7 Sun Capital Partners 7 Silver Lake 7 H.I.G. Capital 7 The Goldman Sachs Group 7 Thomas H. Lee Partners Equistone Partners Europe 12 The Carlyle Group 11 Royal Bank of Scotland 10 3i Group 10 LBO France 10 Lloyds Development Capital 10 Naxicap Partners 9 CM-CIC Investissement 9 Inflexion Private Equity 8 Intermediate Capital Group 8 EQT Partners 8 The Blackstone Group 8 Advent International 8 Bridgepoint 8 Siparex Group 8 Bain Capital 7 Apax Partners 7 Triton Partners 7 NPM Capital 6 Waterland Private Equity Investments IK Investment Partners 6 Maven Capital Partners 6 Ardian Private Equity 6 CVC Capital Partners 6 Nordic Capital 6 6 Omnes Capital 6 ABN AMRO Participaties 6 14

15 VENTURE CAPITAL FIRMS Contents 2015 s Most Active VC Investors 15 VC Investors by Deal Stage 16 VC Investors by Deal Location VC Investors by Firm HQ VC Investors by Sector 21 VC Investor Exits by Company HQ s most active global VC investors Sequoia Capital Startups 150 New Enterprise Associates 141 Accel Partners 133 Social Starts 79 Andreessen Horowitz 78 Kleiner Perkins Caufield & Byers 75 GV 74 Intel Capital 74 Bessemer Venture Partners 71 Tiger Global Management 68 First Round Capital 66 Khosla Ventures 65 Index Ventures 63 Greycroft Partners 62 Lightspeed Venture Partners 61 Formation 8 61 General Catalyst Partners 60 15

16 2015 VC INVESTORS BY DEAL STAGE Most active at seed/angel Most active at early stage Most active at late stage 500 Startups 84 Social Starts 47 Víctor Fernández Massó 39 Techstars 33 Slow Ventures 29 Paul Holliman 29 Great Oaks Venture Capital 29 Kima Ventures 27 Y Combinator 27 Plug and Play Ventures 24 Saad AlSogair 24 Tech Coast Angels 24 SV Angel 22 Central Texas Angel Network 21 Houston Angel Network 20 Wavemaker Partners 20 Enterprise Ireland 19 Accel Partners 19 Jeff Heitzman 19 MD Pham 19 New York Angels 18 Lerer Hippeau Ventures 18 StartX 18 East Ventures 18 Dave McClure 18 New Enterprise Associates 17 Sequoia Capital 96 New Enterprise Associates 79 Accel Partners Startups 61 GV 45 First Round Capital 43 Andreessen Horowitz 41 Greycroft Partners 40 Intel Capital 40 Matrix Partners 38 Formation 8 36 Bessemer Venture Partners 36 Tiger Global Management 36 General Catalyst Partners 35 Khosla Ventures 35 Kleiner Perkins Caufield & Byers 35 Index Ventures 32 Data Collective 31 Lightspeed Venture Partners 30 Wavemaker Partners 30 Qualcomm Ventures 30 IDG Capital Partners 29 High-Tech Gründerfonds 29 Lerer Hippeau Ventures 28 Social Starts 27 SAIF Partners 27 True Ventures 27 Sequoia Capital 63 New Enterprise Associates 45 Accel Partners 43 Kleiner Perkins Caufield & Byers 34 Intel Capital 31 Tiger Global Management 31 The Goldman Sachs Group 28 Andreessen Horowitz 26 Finnvera Venture Capital 25 Insight Venture Partners 24 Norwest Venture Partners 23 Bessemer Venture Partners 23 Lightspeed Venture Partners 21 Salesforce Ventures 21 Wellington Management 21 Qualcomm Ventures 20 Index Ventures 20 GV 20 Battery Ventures 19 IVP 19 Foundry Group 18 Fidelity Investments 18 Bain Capital Ventures 17 InterWest Partners 16 Venrock 16 16

17 2015 VC INVESTORS BY DEAL LOCATION Most active in U.S. Most active in Great Lakes Most active in Mid-Atlantic New Enterprise Associates Startups 81 Accel Partners 76 Andreessen Horowitz 74 Social Starts 70 GV 69 Kleiner Perkins Caufield & Byers 66 First Round Capital 64 Sequoia Capital 63 Khosla Ventures 61 General Catalyst Partners 58 Greycroft Partners 56 Formation 8 55 Most active in West Coast New Enterprise Associates 70 Andreessen Horowitz Startups 58 Accel Partners 55 First Round Capital 50 Khosla Ventures 48 Sequoia Capital 47 GV 47 Kleiner Perkins Caufield & Byers 46 Formation 8 42 SV Angel 40 Wisconsin Investment Partners 16 Hyde Park Angels 15 Queen City Angels 14 Pritzker Group Venture Capital 14 Serra Ventures 13 Hyde Park Venture Partners 13 Rev1 Ventures 12 Chicago Ventures 11 Michigan Angel Fund 10 Most active in New England Atlas Venture 23 Connecticut Innovations 21 Launchpad Venture Group 18 New Enterprise Associates 17 Polaris Partners 17 Maine Angels 15 North Bridge Venture Partners Most active in South 13 Central Texas Angel Network 31 Houston Angel Network 25 Capital Factory 11 Wild Basin Investments 11 Silverton Partners 10 Lerer Hippeau Ventures 31 New Enterprise Associates 26 Social Starts 24 DreamIt Ventures 20 General Catalyst Partners 20 Great Oaks Venture Capital 19 Innovation Works 19 RRE Ventures 19 Thrive Capital 18 Most active in Southeast RTP Capital Associates 17 IDEA Fund Partners 10 Mosley Ventures 8 Elevate Innovation Partners 7 Upstate Carolina Angel Network Hatteras Venture Partners 6 SCRA Technology Ventures 6 Peak Ventures 14 Service Provider Capital 13 Cultivation Capital 13 Desert Angels 13 Foundry Group 12 Missouri Technology Corporation Kickstart Seed Fund 11 Most active in Mountain & Midwest

18 2015 VC INVESTORS BY DEAL LOCATION Most active in Europe Most active in France & Benelux Most active in Central & Eastern Europe Finnvera Venture Capital 51 High-Tech Gründerfonds 46 Enterprise Ireland 42 Bpifrance 40 Víctor Fernández Massó 38 Index Ventures 25 Kima Ventures 24 Rocket Internet 22 Bpifrance 40 Alven Capital Partners 17 Kima Ventures 15 Cap Decisif 12 Investessor 11 IDInvest Partners 11 Partech Ventures 11 Femmes Business Angels 10 Neulogy Ventures 13 MCI Capital 9 Imprimatur Capital 8 Practica Capital 7 Moscow Seed Fund 6 Credo Ventures 6 Almaz Capital 4 Jaan Tallinn 4 SEED Capital Denmark 21 Octopus Investments 21 Partech Ventures 20 Holtzbrinck Ventures 20 London Co-Investment Fund 19 Finnish Business Angels Network 19 Scottish Enterprise 19 Most active in U.K. & Ireland Enterprise Ireland 42 Víctor Fernández Massó 23 London Co-Investment Fund 19 Octopus Investments 19 Scottish Enterprise 18 Northstar Ventures 16 Parkwalk Advisors 16 Mercia Fund Management 16 Index Ventures 15 Imperial Innovations Group 14 Balderton Capital 14 Internet Savvy & Active Investors Seventure Partners 9 Most active in Nordic Finnvera Venture Capital 51 SEED Capital Denmark 20 Finnish Business Angels Network 9 18 Tekes 15 Sunstone Capital 12 Northzone Ventures 12 Lifeline Ventures 12 Most active in Southern Europe Club Digitale 13 Club Italia Investimenti 13 Portugal Capital Ventures 13 Caixa Capital Risc 12 Cabiedes & Partners 11 Almi Invest 11 Most active in GSA High-Tech Gründerfonds 44 Holtzbrinck Ventures 16 Rocket Internet 16 IBB Beteiligungsgesellschaft 15 b-to-v Partners 15 German Startups Group 12 Earlybird Venture Capital 11 VI Partners 11 Passion Capital 14 Northzone Ventures Most active in Rest of World Sequoia Capital Startups 56 Tiger Global Management 49 Accel Partners 41 IDG Capital Partners 35 SAIF Partners 34 Real Ventures 30

19 2015 VC INVESTORS BY FIRM HEADQUARTERS Most active U.S. Most active Great Lakes Most active Mid-Atlantic Sequoia Capital Startups 150 New Enterprise Associates 141 Accel Partners 133 Social Starts 79 Andreessen Horowitz 78 Kleiner Perkins Caufield & Byers 75 GV 74 Intel Capital 74 Bessemer Venture Partners 71 Tiger Global Management 68 First Round Capital 66 Pritzker Group Venture Capital 27 ARCH Venture Partners 25 Drummond Road Capital 22 Jeff Heitzman 22 Chicago Ventures 19 Wisconsin Investment Partners 19 Serra Ventures 18 Most active West Coast Sequoia Capital Startups 150 Bessemer Venture Partners 71 Tiger Global Management 68 Greycroft Partners 62 Lerer Hippeau Ventures 50 RRE Ventures 49 Great Oaks Venture Capital 46 The Goldman Sachs Group 37 Bloomberg Beta 33 Insight Venture Partners 32 OrbiMed Advisors 32 DreamIt Ventures 30 Most active Southeast Khosla Ventures 65 Greycroft Partners 62 Lightspeed Venture Partners 61 Formation 8 61 Most active New England General Catalyst Partners 60 Battery Ventures 45 Atlas Venture 42 SoftBank Capital 37 Spark Capital 34 Bain Capital Ventures 34 Polaris Partners 31 Wellington Management 29 Kevin Colleran 28 Fidelity Investments 27 New Enterprise Associates 141 Accel Partners 133 Social Starts 79 Andreessen Horowitz 78 Kleiner Perkins Caufield & Byers 75 Intel Capital 74 GV 74 Techstars 51 Foundry Group 46 MD Pham 28 Cultivation Capital 20 Galvanize 19 EPIC Ventures 17 Most active Mountain & Midwest Investors' Circle 23 RTP Capital Associates 18 Hatteras Venture Partners 15 IDEA Fund Partners 11 Mosley Ventures 9 Arsenal Venture Partners 9 Most active South 19 Central Texas Angel Network 36 Houston Angel Network 29 Mercury Fund 20 Mark Cuban 19 Advantage Capital Partners 16 Rakesh Agrawal 16 Mountain Group Partners 13

20 2015 VC INVESTORS BY FIRM HEADQUARTERS Most active Europe Most active GSA Most active France & Benelux Index Ventures 63 Finnvera Venture Capital 53 High-Tech Gründerfonds 47 Kima Ventures 47 Enterprise Ireland 44 Bpifrance 41 Víctor Fernández Massó 39 Rocket Internet 30 Partech Ventures 29 Point Nine Capital 24 Octopus Investments 22 SOSV 22 Most active Rest of World Index Ventures 63 High-Tech Gründerfonds 47 Rocket Internet 30 Point Nine Capital 24 Holtzbrinck Ventures 21 Earlybird Venture Capital 21 Novartis Venture Funds 20 Global Founders Capital 17 ACE & Company 17 b-to-v Partners 17 Most active Nordic Finnvera Venture Capital 53 Kima Ventures 47 Bpifrance 41 Partech Ventures 29 IDInvest Partners 21 Alven Capital Partners 20 Iris Capital Management 19 Seventure Partners 14 Ventech 14 Most active Central & Eastern Europe Julien Coustaury 18 TA Ventures 18 DST Global 15 SEED Capital Denmark 21 MCI Capital 14 IDG Capital Partners 45 SAIF Partners 35 Real Ventures 34 OurCrowd 34 Saad AlSogair 31 East Ventures 31 Nexus Venture Partners 28 inovia Capital 26 Kae Capital 24 Kalaari Capital 23 Samsung Venture Investment 22 Horizons Ventures 21 IDG Ventures India 20 Carmel Ventures 20 Cherubic Ventures 20 Novo 20 Finnish Business Angels Network 20 Sunstone Capital 19 Tekes 15 Lifeline Ventures 14 Most active Southern Europe Víctor Fernández Massó 39 Portugal Capital Ventures 16 Cabiedes & Partners 13 Caixa Capital Risc 13 Club Digitale 13 Club Italia Investimenti 13 Almi Invest 12 Neulogy Ventures 14 Yuri Milner 13 Maxfield Capital 12 Most active U.K. & Ireland 20 Enterprise Ireland 44 Octopus Investments 22 SOSV 22 Scottish Enterprise 19 London Co-Investment Fund 19 DN Capital 19 Balderton Capital 19 Northzone Ventures 18 Passion Capital 18

21 2015 VC INVESTORS BY SECTOR Most active in software Most active in media Most active in consumer goods 500 Startups 81 Sequoia Capital 76 Accel Partners 74 New Enterprise Associates 67 Andreessen Horowitz 48 Social Starts 47 GV 44 Bessemer Venture Partners 40 Index Ventures 38 Greylock Partners 36 Lightspeed Venture Partners 34 Kleiner Perkins Caufield & Byers 32 Matrix Partners 32 General Catalyst Partners 32 Salesforce Ventures 32 Most active in commercial services 500 Startups 25 Sequoia Capital 22 New Enterprise Associates 14 Greycroft Partners 12 Accel Partners 12 Social Starts 12 Wavemaker Partners 12 Y Combinator 10 Salesforce Ventures 10 Bessemer Venture Partners 10 Social Starts 15 Sequoia Capital 11 Index Ventures Startups 9 Accel Partners 8 Greycroft Partners 8 Slow Ventures 8 Tiger Global Management 8 Spark Capital 7 Lerer Hippeau Ventures 7 New Enterprise Associates 7 OrbiMed Advisors 25 RA Capital Management 19 Cormorant Asset Management 17 Rock Springs Capital 16 Polaris Partners 15 Novartis Venture Funds 15 New Enterprise Associates 15 SR One 15 Novo 14 MPM Capital 12 Pfizer Venture Investments 12 Jennison Associates 12 Fidelity Biosciences 12 Foresite Capital Management 12 Most active in pharma & biotech Accel Partners 19 Sequoia Capital 13 Tiger Global Management 12 Forerunner Ventures 12 New Enterprise Associates 12 SAIF Partners 10 Greycroft Partners 9 Most active in IT hardware Intel Capital 19 New Enterprise Associates 7 Qualcomm Ventures 7 Sequoia Capital 7 IDInvest Partners 5 First Round Capital 5 Bpifrance 5 Most active in healthcare services, supplies & systems Finnvera Venture Capital 10 New Enterprise Associates 9 Venrock 8 High-Tech Gründerfonds 8 Houston Angel Network 8 InterWest Partners 8 21

22 2015 VC INVESTOR EXITS BY COMPANY HQ Most active global Most active in U.S. Most active in Europe SV Angel 31 Western Technology Investment 28 New Enterprise Associates Startups 27 Sequoia Capital 26 Intel Capital 25 Kleiner Perkins Caufield & Byers 23 Y Combinator 22 Greylock Partners 19 Index Ventures 18 Accel Partners 18 Khosla Ventures 16 Techstars 16 Saints Capital 15 Great Oaks Venture Capital 15 OrbiMed Advisors 14 GV 14 Qualcomm Ventures 13 Rock Springs Capital 13 Polaris Partners 13 True Ventures 13 Lerer Hippeau Ventures 13 SV Angel 31 New Enterprise Associates Startups 25 Western Technology Investment Kleiner Perkins Caufield & Byers Y Combinator 20 Intel Capital 19 Greylock Partners 19 Sequoia Capital 18 Khosla Ventures 16 Great Oaks Venture Capital 15 Techstars 15 GV 14 Saints Capital 14 Polaris Partners 13 True Ventures 13 Index Ventures 13 General Catalyst Partners 12 First Round Capital 12 In-Q-Tel 12 Trinity Ventures 12 Founder Collective 12 CrunchFund 12 Data Collective 12 Scottish Enterprise 11 Enterprise Ireland 10 High-Tech Gründerfonds 9 Verdane Capital 8 CM-CIC Capital Privé 6 Albion Ventures 6 Edmond de Rothschild Investment Partners Draper Esprit 6 Seventure Partners 5 HealthCap Ventures 5 OrbiMed Advisors 5 Amadeus Capital Partners 5 SEED Capital Denmark 5 Almi Invest 5 Bonsai Venture Capital 5 Index Ventures 5 Kreos Capital 5 Acton Capital Partners 5 KfW IPEX-Bank 5 6 Lerer Hippeau Ventures 12 22

23 LENDERS Contents 2015 s Most Active Lenders 23 Lenders by PE Deal Location & Firm HQ 24 Lenders by Deal Type & Industry s most active lenders global Madison Capital Funding 99 Antares Holdings 90 BMO Harris Bank 57 Ares Capital 30 BNP Paribas 28 Golub Capital 28 HSBC Bank 24 RBC Capital Markets 23 RBS Group 23 Fifth Street 22 NXT Capital 22 Deutsche Bank 21 The Goldman Sachs Group 20 23

24 2015 LENDERS BY PE DEAL LOCATION Most active in U.S. Most active in Europe Most active in Rest of World Madison Capital Funding 96 Antares Holdings 87 BMO Harris Bank 52 Golub Capital 28 Ares Capital 25 Fifth Street 22 NXT Capital 22 PNC Financial Services Group 18 RBC Capital Markets 18 Bank of America 16 CIT Group 16 HSBC Bank 22 BNP Paribas 22 RBS Group 22 UniCredit 12 Crédit Agricole 11 Barclays 10 Crédit du Nord 8 Bpifrance 8 BMO Harris Bank 4 Macquarie Group 3 Antares Holdings 2 Babson Capital Management 2 Bank of Nova Scotia 2 RBC Capital Markets 2 Pacific Road Capital Management UBS 2 Scotiabank Global Banking and Markets Madison Capital Funding PE DEAL LENDERS BY FIRM HQ Most active U.S. Most active Europe Most active Rest of World Madison Capital Funding 99 Antares Holdings 90 BMO Harris Bank 45 Ares Capital 30 Golub Capital 28 Fifth Street 22 NXT Capital 22 The Goldman Sachs Group 20 Bank of America 19 PNC Financial Services Group 19 BNP Paribas 28 HSBC Bank 24 RBS Group 23 Deutsche Bank 21 Credit Suisse 17 Bank of Ireland 16 Barclays 15 Crédit Agricole 13 UniCredit 12 Societe Generale 11 RBC Capital Markets 23 Sumitomo Mitsui Banking 15 BMO Harris Bank 13 Macquarie Group 12 Nomura Securities 6 TD Bank Group 3 Crédit Mutuel 3 24

25 2015 LENDERS BY DEAL TYPE Most active in buyouts Most active in debt-only financings Most active in other Antares Holdings 46 Madison Capital Funding 45 BMO Harris Bank 36 Ares Capital 23 BNP Paribas 23 RBS Group 21 Deutsche Bank 19 Golub Capital 19 Bank of America 49 Antares Holdings 38 Wells Fargo 38 BMO Harris Bank 32 Barclays Investment Bank 23 RBS Group 20 J.P. Morgan 19 Silicon Valley Bank 14 Bank of America 10 HSBC Bank 10 Deutsche Bank 9 BNP Paribas 7 Credit Suisse 7 RBS Group 7 The Goldman Sachs Group PE LENDERS BY INDUSTRY Most active in B2B Most active in healthcare Most active in energy Madison Capital Funding 48 Antares Holdings 45 BMO Harris Bank 22 Bank of America 14 BNP Paribas 13 PNC Financial Services Group 12 HSBC Bank 10 Bank of Ireland 9 NXT Capital 9 Madison Capital Funding 13 BMO Harris Bank 12 Golub Capital 9 The Goldman Sachs Group 5 Ares Capital 5 Capital One Commercial Banking CIT Group 5 Most active in B2C 5 Deutsche Bank 4 Sumitomo Mitsui Banking 3 BNP Paribas 3 Crédit Agricole 3 Citizens Financial Group 2 Ally Corporate Finance 2 Most active in IT PNC Erieview Capital 9 RBC Capital Markets 9 Ares Capital 8 RBS Group 8 Wells Fargo 8 Antares Holdings 21 Madison Capital Funding 15 BMO Harris Bank 11 RBS Group 9 Ares Capital 8 Babson Capital Management 7 BNP Paribas 7 HSBC Bank 7 NXT Capital 7 Madison Capital Funding 6 Antares Holdings 6 Fifth Street 5 Golub Capital 5 Ares Capital 5 Credit Suisse 4 HSBC Bank 4 Apollo Investment 4 The Goldman Sachs Group 4 25

26 ADVISORS, I-BANKS & PLACEMENT AGENTS Contents 2015 s Most Active I-banks 26 I-banks, Advisors & Accountants by Deal Location I-banks, Advisors & Accountants by Deal Type s most active global PE I-banks Rothschild Group 91 Houlihan Lokey 89 Lincoln International 74 The Goldman Sachs Group 72 William Blair & Company 68 Morgan Stanley 63 Jefferies Group 52 Raymond James Financial 44 J.P. Morgan 42 Credit Suisse 39 Harris Williams & Co. 39 Moelis & Company 39 Robert W. Baird & Co. 36 Citigroup 33 Lazard 33 Deutsche Bank 32 Evercore Group 31 RBC Capital Markets 30 26

27 2015 I-BANKS BY PE DEAL LOCATION Most active in U.S. Most active in Europe Most active in Rest of World Houlihan Lokey 75 William Blair & Company 55 Raymond James Financial 41 The Goldman Sachs Group 39 Jefferies Group 38 Lincoln International 38 Harris Williams & Co. 36 Moelis & Company 28 Morgan Stanley 28 Robert W. Baird & Co. 26 Rothschild Group 79 Lincoln International 31 Morgan Stanley 26 J.P. Morgan 24 The Goldman Sachs Group 20 Lazard 18 Citigroup 17 Clairfield International 17 Altium Capital 16 Livingstone Partners 15 The Goldman Sachs Group 13 Rothschild Group 11 UBS 10 Morgan Stanley 9 Credit Suisse 9 TD Securities 6 GMP Securities 6 Moelis & Company ADVISORS/ACCOUNTANTS BY PE DEAL LOCATION Most active global Most active in U.S. Most active in Europe PricewaterhouseCoopers 172 Ernst & Young 142 KPMG 134 Deloitte 102 Grant Thornton 46 BDO 42 Duff & Phelps 33 Mazars 23 Barclays 21 BNP Paribas 21 Deloitte 27 Duff & Phelps 25 KPMG 22 PricewaterhouseCoopers 16 Barclays 11 Ernst & Young 11 CliftonLarsonAllen 10 KeyCorp (Cleveland) 10 JP Morgan Securities 9 BDO 9 PricewaterhouseCoopers 129 Ernst & Young 120 KPMG 91 Deloitte 68 Grant Thornton 39 BDO 29 Mazars 22 Eight Advisory 18 DC Advisory Partners 18 27

28 2015 I-BANKS BY DEAL TYPE Buyouts PE & VC-backed IPOs PE & VC-backed acquisitions Rothschild Group 87 Houlihan Lokey 78 Lincoln International 67 William Blair & Company 63 The Goldman Sachs Group 61 Morgan Stanley 56 Jefferies Group 43 Harris Williams & Co. 39 Raymond James Financial 36 Robert W. Baird & Co. 36 The Goldman Sachs Group 53 Morgan Stanley 45 Jefferies Group 31 William Blair & Company 30 J.P. Morgan 24 Piper Jaffray 23 Citigroup Global Markets 22 Canaccord Genuity 21 Cowen and Company 21 RBC Capital Markets 21 The Goldman Sachs Group 68 Morgan Stanley 53 Rothschild Group 44 J.P. Morgan 42 Credit Suisse 41 Houlihan Lokey 40 Jefferies Group 35 Lincoln International 35 Citigroup 31 RBC Capital Markets 31 Merrill Lynch Pierce Fenner & Smith 21 Moelis & Company ADVISORS/ACCOUNTANTS BY DEAL TYPE Buyouts PE & VC-backed IPOs PE & VC-backed acquisitions PricewaterhouseCoopers 158 Ernst & Young 127 KPMG 123 Deloitte 90 Grant Thornton 37 BDO 36 Duff & Phelps 31 Barclays 20 Bank of America Merrill Lynch 19 BNP Paribas 18 Mazars 18 Latham & Watkins 42 Ernst & Young 35 KPMG 32 PricewaterhouseCoopers 30 Cooley 28 Davis Polk & Wardwell 26 Goodwin Procter 20 JP Morgan Securities 19 Deloitte 18 Numis Securities Latham & Watkins 80 Kirkland & Ellis 75 Cooley Jones Day 67 Fenwick & West 63 Gunderson Dettmer 62 Weil, Gotshal & Manges 51 Goodwin Procter 50 Ernst & Young 46 DLA Piper 46 28

29 LAW FIRMS Contents 2015 s Most Active VC Law Firms 29 Law Firms by VC Deal Location 30 Law Firms by PE Deal Location 31 Law Firms by Deal Type 32 Law Firms by VC Sector 33 Law Firms by PE Industry s most active VC law firms global Gunderson Dettmer 801 Cooley DLA Piper 288 Goodwin Procter 179 Orrick Herrington & Sutcliffe 161 Latham & Watkins 147 Fenwick & West 96 Morgan, Lewis & Bockius 81 Perkins Coie 68 O'Melveny & Myers 61 Jones Day 60 29

30 LAW FIRMS BY VC DEAL LOCATION Most active in U.S. Most active in New England Most active in Mid-Atlantic Gunderson Dettmer 657 Cooley 462 Gunderson Dettmer 68 Goodwin Procter 59 Gunderson Dettmer 154 Cooley DLA Piper 272 Goodwin Procter 160 Latham & Watkins 136 Orrick Herrington & Sutcliffe 125 Fenwick & West 96 Morgan, Lewis & Bockius 75 Perkins Coie 66 O'Melveny & Myers 50 Dorsey & Whitney 45 Sheppard Mullin Richter & Hampton 35 Foley & Lardner 33 Sidley Austin 33 Jones Day 31 Most active in West Coast Gunderson Dettmer Cooley 266 DLA Piper 129 Orrick Herrington & Sutcliffe 92 Fenwick & West 87 Latham & Watkins 82 Cooley 33 Latham & Watkins 24 Morgan, Lewis & Bockius 16 Foley Hoag 13 WilmerHale 13 DLA Piper 10 Foley & Lardner 8 Most active in Great Lakes Gunderson Dettmer 17 Cooley 15 DLA Piper 12 Dorsey & Whitney 11 Much Shelist 7 Most active in Europe Gunderson Dettmer 32 Jones Day 27 Orrick Herrington & Sutcliffe 25 Dechert 16 Cuatrecasas, Gonçalves Pereira 7 10 DLA Piper Morgan, Lewis & Bockius 22 Goodwin Procter 21 Orrick Herrington & Sutcliffe 19 Latham & Watkins 19 Sheppard Mullin Richter & Hampton Most active in South 16 DLA Piper Cooley 12 Gunderson Dettmer 7 Baker, Donelson, Bearman, Caldwell & Berkowitz Most active in Rest of World Gunderson Dettmer 112 Goodwin Procter 14 Orrick Herrington & Sutcliffe 11 Derraik & Menezes Advogados 4 Goodwin Procter 70 Cooley 10 Cooley 8 Perkins Coie 51 DLA Piper 10 O'Melveny & Myers 8 O'Melveny & Myers 44 Osborne Clarke

31 LAW FIRMS BY PE DEAL LOCATION Most active global Most active in U.S. Most active in Europe Kirkland & Ellis 251 Latham & Watkins 148 Jones Day 139 DLA Piper 122 Paul Hastings 106 Weil, Gotshal & Manges 84 Ropes & Gray 78 Goodwin Procter 76 Kirkland & Ellis 213 Latham & Watkins 93 Jones Day 90 DLA Piper 77 Paul Hastings 76 Goodwin Procter 66 Ropes & Gray 65 Morgan, Lewis & Bockius 63 Travers Smith 54 Latham & Watkins 53 Clifford Chance 53 Linklaters 49 Squire Patton Boggs 48 Jones Day 45 DLA Piper 44 Allen & Overy 42 Willkie Farr & Gallagher 76 Morgan, Lewis & Bockius 73 Most active in Rest of World Stikeman Elliott 51 Kirkland & Ellis 22 Blake Cassels & Graydon 21 Cassels Brock & Blackwell 18 Shearman & Sterling 14 Latham & Watkins 13 Fasken Martineau 13 Most active in West Coast Kirkland & Ellis 37 Latham & Watkins 22 Morgan, Lewis & Bockius 21 DLA Piper 19 Weil, Gotshal & Manges 19 Paul Hastings Paul, Weiss, Rifkind, Wharton & Garrison 57 Weil, Gotshal & Manges 52 Most active in Great Lakes Kirkland & Ellis 45 Jones Day 27 Paul Hastings 21 Honigman Miller Schwartz and Cohn 17 DLA Piper 15 Latham & Watkins 14 Goodwin Procter 14 Paul, Weiss, Rifkind, Wharton & Garrison 14 Ropes & Gray 14 Most active in South Kirkland & Ellis 35 Vinson & Elkins 23 Latham & Watkins 17 Jones Day 12 Willkie Farr & Gallagher 38 Kirkland & Ellis 35 Most active in Mid-Atlantic Kirkland & Ellis 46 Latham & Watkins 30 Jones Day 21 DLA Piper 21 Morgan, Lewis & Bockius 18 Goodwin Procter 16 Ropes & Gray 16 Paul, Weiss, Rifkind, Wharton & Garrison 15 Paul Hastings 12 Most active in New England 31 Kirkland & Ellis 17 Weil, Gotshal & Manges 9 Latham & Watkins 8 Choate Hall & Stewart 7 Morgan, Lewis & Bockius 6

32 2015 LAW FIRMS BY VC DEAL TYPE Most active at early stage Most active at late stage Most active exits (acq., buyout, IPO) Gunderson Dettmer 414 Cooley DLA Piper 129 Orrick Herrington & Sutcliffe 91 Goodwin Procter 79 Latham & Watkins 76 Fenwick & West 34 Morgan, Lewis & Bockius 33 Jones Day 32 Gunderson Dettmer 257 Cooley DLA Piper 104 Goodwin Procter 91 Fenwick & West 54 Latham & Watkins 50 Orrick Herrington & Sutcliffe 41 Morgan, Lewis & Bockius 38 O'Melveny & Myers 31 Cooley Gunderson Dettmer 71 Fenwick & West 69 Goodwin Procter 56 Latham & Watkins 43 DLA Piper 42 Jones Day 35 Weil, Gotshal & Manges LAW FIRMS BY PE DEAL TYPE Most active in buyouts Most active in other deals Most active in exits (IPO & acq.) Kirkland & Ellis 211 Jones Day 121 Latham & Watkins 118 DLA Piper 102 Paul Hastings 96 Weil, Gotshal & Manges 74 Ropes & Gray 67 Willkie Farr & Gallagher 66 Morgan, Lewis & Bockius 64 Stikeman Elliott 60 Kirkland & Ellis 40 Latham & Watkins 29 DLA Piper 20 Cassels Brock & Blackwell 19 Jones Day 18 Goodwin Procter 17 Paul, Weiss, Rifkind, Wharton & Garrison 16 Vinson & Elkins 16 Travers Smith 16 Shearman & Sterling 15 Kirkland & Ellis 175 Latham & Watkins 153 Jones Day 78 Weil, Gotshal & Manges 73 Simpson Thacher & Bartlett 62 Skadden, Arps, Slate, Meagher & Flom Paul, Weiss, Rifkind, Wharton & Garrison Clifford Chance 57 Goodwin Procter 55 DLA Piper 49 32

33 2015 LAW FIRMS BY VC SECTOR Most active in software Most active in commercial services Most active in consumer goods Gunderson Dettmer 386 Cooley DLA Piper 128 Orrick Herrington & Sutcliffe 81 Gunderson Dettmer 84 Cooley 44 DLA Piper Goodwin Procter 23 Gunderson Dettmer 42 Cooley 14 DLA Piper Goodwin Procter 10 Goodwin Procter 64 Latham & Watkins 17 Latham & Watkins 44 Orrick Herrington & Sutcliffe 13 Most active in energy Fenwick & West 43 Fenwick & West 12 Perkins Coie 39 Morgan, Lewis & Bockius 35 Most active in IT hardware DLA Piper 6 15 O'Melveny & Myers 26 Cooley 5 Jones Day 24 Gunderson Dettmer 29 Gunderson Dettmer 4 Dorsey & Whitney 15 Foley & Lardner 13 Cooley 17 DLA Piper 17 Most active in cleantech Dechert 12 Morris Manning & Martin 11 Sidley Austin 10 Pillsbury Winthrop Shaw Pittman 10 Cooley 43 Gunderson Dettmer 34 Goodwin Procter Latham & Watkins 23 DLA Piper 13 Most active in pharma & biotech Most active in healthcare services, supplies & systems Cooley 52 Gunderson Dettmer 37 DLA Piper 31 Dorsey & Whitney 20 Goodwin Procter 20 Morgan, Lewis & Bockius 15 Fenwick & West 10 Most active in media Gunderson Dettmer 49 Cooley Latham & Watkins 14 Orrick Herrington & Sutcliffe Gunderson Dettmer 15 Latham & Watkins 11 Cooley 10 33

34 2015 LAW FIRMS BY PE INDUSTRY Most active in B2B Most active in B2C Most active in IT Kirkland & Ellis 106 Jones Day 60 DLA Piper 46 Paul Hastings 44 Latham & Watkins 43 Weil, Gotshal & Manges 30 Stikeman Elliott 25 Honigman Miller Schwartz and Cohn Paul, Weiss, Rifkind, Wharton & Garrison Morgan, Lewis & Bockius 22 Willkie Farr & Gallagher 22 Allen & Overy 18 Squire Patton Boggs 18 Shearman & Sterling 17 Dechert 17 Ropes & Gray 16 Goodwin Procter 15 Kirkland & Ellis 50 Latham & Watkins 29 Jones Day 28 Ropes & Gray 23 DLA Piper 22 Travers Smith 22 Paul, Weiss, Rifkind, Wharton & Garrison 20 Clifford Chance 19 Allen & Overy 18 Linklaters 18 Weil, Gotshal & Manges 17 Paul Hastings 17 Morgan, Lewis & Bockius 16 Squire Patton Boggs 16 Goodwin Procter 15 Most active in healthcare Kirkland & Ellis 41 DLA Piper 25 Goodwin Procter Latham & Watkins 17 Jones Day 16 Shearman & Sterling 13 Cooley 13 Morgan, Lewis & Bockius 12 Paul Hastings 12 Squire Patton Boggs 12 Choate Hall & Stewart 11 Willkie Farr & Gallagher 11 Most active in energy Hogan Lovells 15 Lamartine Conseil 15 Most active in other industries Kirkland & Ellis 22 Linklaters 16 Latham & Watkins 16 Clifford Chance 15 Jones Day 14 Willkie Farr & Gallagher 14 Kirkland & Ellis 26 Latham & Watkins 25 Ropes & Gray 21 Paul Hastings 19 DLA Piper 18 Goodwin Procter 17 McDermott Will & Emery 16 Weil, Gotshal & Manges 12 Jones Day 12 Vinson & Elkins 23 Latham & Watkins 15 Jones Day 9 Thompson & Knight 6 Kirkland & Ellis 6 Weil, Gotshal & Manges 6 Shearman & Sterling 6 Sidley Austin 6 Skadden, Arps, Slate, Meagher & Flom 13 34