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Alternative Market Briefing

Other Voices: Q2 PE dealmaking fails to live up to record 2021

Thursday, July 21, 2022

By: Oliver Brahmst, Caroline Sherrell, Daniel Yeh from international law firm White & Case.

In line with the global M&A trend, global private equity (PE) activity in Q2 continued to compare unfavorably to a blockbuster 2021. A total of US$429.4 billion in PE deals were announced in the three-month period-a 14% increase on the previous quarter, yet a drop of 16% year on year (YoY).

Deal volume dropped at a steeper rate, with a total of 1,329 announced transactions representing a 32% decline YoY.

Tech activity remains hot across key sectors

The largest PE transaction of the quarter was the sale by Silverlake Partners of cloud computing firm VMware to US chipmaker Broadcom. The deal, which indicates Broadcom's ambition to become a diversified tech business, will likely face severe antitrust scrutiny.

Buyout activity remained active in key sectors, such as cybersecurity. In April, US PE firm Thoma Bravo acquired identity security firm Sailpoint for US$6.8 billion. With cyber threats becoming increasingly sophisticated, and a growing number of start-ups coming to market, the industry has become a key growth area for private investors. Through the acquisition, Thoma Bravo will add a sixth security-focused company to its portfolio.

Another deal that reflects investor demand for cybersecurity assets is Carlyle's buyout of IT consultancy ManTech International, valued at US$4.3 billion. Founded in 1968, ManTech provides technology solutions for......................

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