VCCEdge Quarterly Deal Update Q4 CY2016 - …uploads.vccircle.net/VCC_NL_IMAGE/VCCEdge Quarterly Deal...Our Quarterly Deal Report presents a data-driven overview of private equity,

VCCEdge Quarterly Deal UpdateQ4 CY2016

2

Summary

PE Investments Breakdown, Q4 - Number of Deals

Equity Capital Market

Exits

Our Quarterly Deal Report presents a data-driven overview of private equity, mergers & acquisitions and equity capital market deals in India.

Our findings reiterate the slowing pace of PE investments this year after hitting a peak in 2015. Some of the key trends are:

• In Q4 2016, outlier deals appear to rule the market and have skewed aggregate numbers across investment, exits & M&As

• Early stage investment activity, i.e., Angel/Seed and VC dropped significantly in comparison to the same period last year, suggesting a drop in the overall deal activity

• Exit activity has dropped across all investor types hitting the lowest in the last five years, however the value remained strong on the back of few large exits through M&As

• Inbound deal value rule the M&A wave in this quarter, while the M&A value has largely been kept up by a couple of multi-billion-dollar deals

• The equity capital market was dominated by IPOs in Q4 2016 both by activity and value. IPOs remained robust and continued to be investors preferred mode to raise capital

Private Equity Investments

Private Equity Mergers & Acquisitions Equity Capital Markets

3

4

Copyright 2016 Property of Mosaic Media Ventures Pvt. Ltd

PE Investments – Deal activity remain tepid


Private equity investments value dipped by 31% to $3.6 billion in the Q4 CY16 as compared to $5.1 billion a year ago, while it is 29% higher than the previous quarter.

Deal making activity declined by 38% to 286 deals as compared to 461 for the same period last year, and 3% lower than the already dismal previous quarter.

4,45

1

1,9

25 2,

771

1,42

9

2,33

6

3,91

2

2,37

9

2,26

1

2,53

4

3,00

8

3,35

1

4,64

5

4,59

7

5,93

9

6,36

6

5,11

9

3,90

7

2,18

2 2,74

3 3,55

2

279

176 166

209

243

188

212

275 284

251

283301

403 407

482461

422

306295

286

0

100

200

300

400

500

$0

$2,000

$4,000

$6,000

$8,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2012 2013 2014 2015 2016

Value of Deals ($ mn) Number of Deals

29%

One mega deal of $ 1.6 bn

5

Copyright 2016 Property of Mosaic Media Ventures Pvt. Ltd Private Equity Mergers & Acquisitions Equity Capital Markets

PE Investments – PE funds remain active investors

83

113

146

255

164

55

92 87

145

75

48 53 52 4738

1 0 1 0 0

22 17 15 14 9

0

50

100

150

200

250

300

2012 2013 2014 2015 2016

Angel/Seed VC PE Funds Pre-IPO Placements

PE Investments Breakdown, Q4 - Number of Deals PE Investments Breakdown, Q4 - Value of Deals ($ mn)

40 31 58 117

93

240 43

0

1,00

0

1,77

6

57180

6

1,63

2

3,15

4

2,59

4

2,7

39

NA

0 8 0 0

340

168 4

25 63

2

149

$0

$1,000

$2,000

$3,000

$4,000

2012 2013 2014 2015 2016

Number of deals has declined across all investor types, On Y-o-Y basis, angel / Seed and VC activity has declined considerably by 36% and 48% respectively in Q4 2016, as compared to the same period last year, while the deal values have declined significantly for VC & Placement deals by 68% & 76% respectively

6


PE Investments – Angel/ Seed investors sustain activity

PE Investments Breakdown – Number of Deals

PE Investments Breakdown – Value of Deals ($ mn)

0

200

400

600


2012 2013 2014 2015 2016

Angel/Seed VC PE Funds Pre-IPO Placements

$0

$1,500

$3,000

$4,500

$6,000

$7,500


2012 2013 2014 2015 2016

Investment of $ 1.6 billion in TowercomInfrastructure Pvt. Ltd by PE Fund investor


Deal Size – Big-ticket deals drive investment value

0%

20%

40%

60%

80%

100%

Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016

Undisclosed Under $5mn $5 - $25 mn $25 - $50 mn $50 - $100 mn $100 mn+

Number of Deals

Value of Deals ($ mn)

0%

20%

40%

60%

80%

100%

Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016

7


Deal Size – Median deal value picked up

On Q-o-Q basis, median deal value increased by 50% & on Y-o-Y basis it increased by more than 100% to $ 1.5 million, highest since Q3 2014. However the rise in the average deal size is clearly contributed by one major investment of $ 1.6 billion in Towercom Infrastructure Pvt. Ltd.

18.3

12.8

19.8

8.2

11.6

25.4

13.4

9.9 10.3

14.3 13.8

17.7

12.7

16.615.0

13.5

11.610.0

13.3

19.1

1.9

3.5 3.4

1.9

2.52.9

1.9

0.91.4

2.2

1.0 1.0 0.91.4

0.8 0.70.6

1.0 1.01.5

$0

$2

$4

$6

$8

$10

$0

$5

$10

$15

$20

$25

$30


2012 2013 2014 2015 2016

Mean ($ mn) Median ($ mn)

One large deal in the Construction & Engineering

sub-industry affected the average deal value

8

9


Sectors – Secular decline in deal activity all across


1

1

1

3

13

19

21

22

41

164

3

0

3

6

13

38

20

25

90

264

0 50 100 150 200 250 300

Telecommunication Services

Energy

Materials

Utilities

Consumer Staples

Industrials

Financials

Healthcare

Consumer Discretionary

Information Technology

Q4 2015 Q4 2016

0

20

0

89

55

1,893

619

174

312

391

1

0

30

850

256

946

569

234

565

1,669

$0 $500 $1,000 $1,500 $2,000


Energy

Materials

Utilities

Consumer Staples

Industrials

Financials

Healthcare



Number of Deals Value of Deals ($ mn)

Information Technology still rules the deal activity, others like consumer discretionary, healthcare, and financials are significant contributors. The decline in the number of deals across all sectors remains secular and worrying. Although the value of deals across sectors has declined too except for industrial & financial sector

10


PE – Key Deals

Date Target Buyer Deal Type Deal Value ($ mn)

Sub- Industry

Dec-2016 Towercom Infrastructure Pvt. Ltd Brookfield Asset Management Inc.Private Equity

Funds1,610

Construction & Engineering

Dec-2016 SBI Life Insurance Company LtdTemasek Holdings Advisors India Pvt. Ltd, KKR India Advisors Pvt. Ltd

Private Equity Funds

266Life & Health Insurance

Oct-2016 TVS Logistics Services Ltd Quebec Deposit and Investment FundPrivate Equity

Funds155 Air Freight & Logistics

Oct-2016 ASK Investment Managers Pvt. Ltd Advent International Corp.Private Equity

Funds135

Investment Banking & Brokerage

Oct-2016 Arvind Fashion Ltd Multiples Private Equity Fund II LLPPrivate Equity

Funds110

Apparel, Accessories & Luxury Goods

Nov-2016 Rivigo Services Pvt. Ltd Warburg Pincus India Pvt. Ltd Venture Capital 75 Air Freight & Logistics

Nov-2016 Freshdesk Inc.Sequoia Capital India Advisors Pvt. Ltd, Accel India Management Co. Pvt. Ltd

Venture Capital 55IT Consulting & Other Services

Oct-2016Punj Lloyd Infrastructure Ltd, 3 Solar Projects

India Infrastructure Fund IIPrivate Equity

Funds52 Electric Utilities

Nov-2016 Capital First Ltd GIC Pte. Ltd Placements 51Thrifts & Mortgage Finance

Dec-2016 IFMR Capital Finance Pvt. LtdStandard Chartered Private Equity Advisory India Pvt. Ltd

Private Equity Funds

50 Specialized Finance


11


Regional Analysis, Top 5 Cities Q4 2016



80 323

Mumbai

Bengaluru

ChennaiHyderabad

10 267

54

39

7

25

4



Financials

Consumer Staples

Industrials

Healthcare

2,223

58 162

6 45

Delhi NCR

3

1

1

1

54

11

44 3While Information Technology

dominates across deal markets (except Chennai), consumer discretionary is another dominant sector in Delhi NCR, Mumbai, Bengaluru (the 3 biggest markets) and Chennai

26

9

4

6

7

1

3

4

11

12


Fund Raising – Value nosedives further in Q4


Value raised through funds has seen a steep decline in Q4 CY16 both on Y-o-Y and Q-o-Q basis. Private Equity funds raised a total of $343 million in Q4 CY16, as compared to $1.2 billion a year ago.

1,04

5

1,34

5

493 65

0

831

475

1,51

7

412

1,01

7

1,02

4

581

1,34

4

1,98

1

1,38

5

1,13

0

1,16

0

2,24

2

1,07

6

553

34

3

17

20

1112

7

11

13

11

1314

11

14

9

12

10

13 16 13

7 7

0

4

8

12

16

20

24

$0

$500

$1,000

$1,500

$2,000

$2,500


2012 2013 2014 2015 2016

Amount Raised ($ mn) Number of Funds Raised

Two funds closed more than 50% of the amount raised in Q4

2016

13


Top Funds Raised

Fund Name Fund Status Fund Size ($ mn)

Amount Raised ($ mn)

Asset Manager Launch Date

Amicus Capital Private Equity I LLP First Close 200 90 Amicus India Capital Partners LLP Aug-2016

Ventureast Proactive Fund II First Close 150 83Ventureast Fund Advisors India Pvt. Ltd

Jun-2016

Lightbox Ventures II Secondary Close 90 54 Lightbox India Advisors Pvt. Ltd Oct-2013

Exfinity Technology Fund Final Close 37 44 Exfinity Venture Partners LLP Feb-2014

IDFC Score Fund Final Close 114 43 IDFC Alternatives Ltd Nov-2015

Tara India Fund IV LLC Final Close 300 20 ILandFS Investment Advisors LLC Dec-2010

Blume Ventures India Fund II Final Close 60 9 Blume Venture Advisors Pvt. Ltd Dec-2015


14


Exits – Exits hit a low not lowest


Exit activity slumped considerably, 37% down from 78 deals in Q4 last year and 27% from 67 deals in Q3 2016.

1,77

8

391

1,96

9

1,9

07

1,43

9

1,36

0

1,57

9

1,10

6

860

1,88

6

1,20

5

1,10

7

1,66

4 2,02

8

1,25

4

871

1,8

75

1,47

8

2,29

7

1,14

3

78

54 56

66

81

55

67 6862

8084

80

101

60 58

78

61 62

67

49

0

20

40

60

80

100

120

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000


2012 2013 2014 2015 2016


5 deals of over $100 mn contributed 80% to

the total exit value

15


Exits – M&A drives activity and value in Exits

20 1916

2722

30 1 3 3

20 21

44

27

1014 14

10 85

914

913

9

0

10

20

30

40

50

2012 2013 2014 2015 2016

M&As Public Offerings Open Market Buyback Secondary Sales

PE Exits Breakdown, Q4 – Number of Deals

PE Exits Breakdown, Q4 – Value of Deals ($ mn)


377

19079 75

501

314

0 18

187290

1,124

358

902

371283

73185

10944 3819

372

0

194

30$0

$300

$600

$900

$1,200

Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016

Although Open Market has lead the exit activity in the past , but

now it is the second preferred route to exit the market

16


Exits – M&As displace open market as the preferred exit route

PE Exits Breakdown – Number of Deals

PE Exits Breakdown – Value of Deals ($ mn)

0

20

40

60

80

100

120


2012 2013 2014 2015 2016

M&As Public Offerings Open Market Buyback Secondary Sales

$0

$500

$1,000

$1,500

$2,000

$2,500


2012 2013 2014 2015 2016

17


Exits – Financials sector sees most exit by value



In Q4 2016, Financial sector led the exit activity and value, followed by Industrials, Information Technology and Consumer Discretionary sector. 15 exits in the financial sector accounted for $562 million, deal value riding on the back of outliers

1

1

0

3

5

6

8

9

15

0

0

6

4

9

10

14

16

17

0 5 10 15 20

Utilities

Energy

Consumer Staples

Materials

Healthcare



Industrials

Financials

Q4 2015 Q4 2016

NA

NA

0

28

175

137

NA

242

562

0

0

17

123

184

152

177

137

81

$0 $100 $200 $300 $400 $500 $600

Utilities

Energy

Consumer Staples

Materials

Healthcare



Industrials

Financials

Date Target Seller Exit Type Exit Value ($ mn)

Sub Industry

Dec-2016 International Tractors Ltd Blackstone Advisors India Pvt. Ltd M&A 235Construction & Farm Machinery & Heavy Trucks

Oct-2016 Lodha Group, World One HDFC Property Fund M&A 224 Real Estate Development

Dec-2016 Laurus Labs LtdAptuit Inc.,Eight Roads Ventures,Warburg Pincus India Pvt. Ltd

Initial Public Offering 154 Pharmaceuticals

Oct-2016 IDFC Bank Ltd Khazanah Nasional Berhad Open Market 151 Diversified Banks

Oct-2016 Endurance Technologies Ltd Actis Advisers Pvt. Ltd Initial Public Offering 135 Auto Parts & Equipment

Dec-2016Multi Commodity Exchange of India Ltd

Blackstone Advisors India Pvt. Ltd Open Market 45 Specialized Finance

Oct-2016 Prestige Estates Projects Ltd Westbridge Crossover Fund LLC Open Market 44 Real Estate Development

Oct-2016 Ekta World Pvt. Ltd, Ekta Tripolis SUN Apollo India Real Estate Fund Buyback 38 Real Estate Development

Nov-2016National Stock Exchange of India Ltd

Goldman Sachs (Principal Investments) Secondary Sales 30 Specialized Finance

Dec-2016 S H Kelkar and Company Ltd Blackstone Advisors India Pvt. Ltd Open Market 26 Specialty Chemicals

18


PE Exits – Key Deals


Mergers & Acquisitions


19

20


M&As – Mega deals continued to busts the chart

M&A deals value stays strong, rising by 163% on y-o-y basis to $21 billion thanks to a few multi-billion-dollar deals that companies struck either to slash debt or to consolidate their market share

4,78

3

2,76

5

3,83

2

9,83

2

6,33

6

5,61

8

6,50

3

5,73

6

5,09

2

9,42

0

6,72

7

11,6

70

4,73

9

3,59

0 7,54

7

7,83

7

10,0

64

5,7

24

25,0

31

20,6

25

230

180 183

215

258

180

239

192

214 220

263

214

264

205

254

272 272

250257

223

0

50

100

150

200

250

300

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000


2012 2013 2014 2015 2016


A few large deals has skewed the

M&A value for both Q3 & Q4 2016

21


Deal Type – Domestic activity remains strong, Inbound deal value explodes


3541 38

33 34

48

2633

38

24

115109

116

175

134

17 16

27 2631

0

30

60

90

120

150

180

2012 2013 2014 2015 2016

Inbound Outbound Domestic Others

4,18

5

3,10

3

872

3,40

7

13,8

38

3,33

5

1,17

3

744

957

6671,

703

1,01

1

6,47

2

2,86

0

3,68

4

609

448

3,58

2

613

2,43

7

$0

$4,000

$8,000

$12,000

$16,000

2012 2013 2014 2015 2016

M&A Breakdown, Q4 – Number of Deals M&A Breakdown, Q4 – Value of Deals ($ mn)

Deal value picked up for inbound M&As by more than 300% from $ 3.4 billion to more than $ 13 billion on the back of the acquisition of Essar Oil Ltd while outbound deal value slipped by 30% during the quarter.

Rosneft,United Capital Partners Mauritius Ltd, Trafigura Ltd acquired Essar Oil Ltd for $10.7 bn

22


M&A Breakdown – Inbound M&As led deal value on the back of outliers

M&A Breakdown – Number of Deals

M&A Breakdown – Value of Deals ($ mn)

$0

$10,000

$20,000

$30,000


2012 2013 2014 2015 2016

0

100

200

300


2012 2013 2014 2015 2016

Inbound Outbound Domestic Others


Deal Size – Large-sized deals accounted for 93% of total value

Number of Deals

Value of Deals ($ mn)

23

0%

20%

40%

60%

80%

100%

Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016

Undisclosed Under $5mn $5 - $25 mn $25 - $50 mn $50 - $100 mn $100 mn+


0%

20%

40%

60%

80%

100%

Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016

24


Deal size – Few giants, many midgets

49.3

32.245.1

106.9

52.4 57.9 63.1 63.050.4

99.2

58.5

117.9

43.1 39.9

64.5 61.2

75.7

48.5

217.7

180.3

11.710.9 10.9

13.1

8.3

10.7

8.0

10.610.0

11.6

9.4

14.4

6.5

10.0

15.0

12.3

5.34.7

6.2 6.0

$0

$2

$4

$6

$8

$10

$12

$14

$16

$0

$50

$100

$150

$200

$250


2012 2013 2014 2015 2016

Mean ($ mn) Median ($ mn)

The average deal value of $ 169 million clearly indicates the impact of standout deal (acquisition of $10.7 billion) in Q4 2016

25


Sectors – Large deal skewed the M&A value in energy


3

4

7

12

20

16

20

35

44

62

4

2

12

14

13

19

44

44

50

70

0 20 40 60 80


Energy

Utilities

Consumer Staples

Materials

Healthcare

Financials

Industrials



Q4 2015 Q4 2016


28

11,971

92

125

427

2,734

70

2,770

1,485

923

1,906

0

48

171

96

478

2,977

770

668

723

$0 $4,000 $8,000 $12,000


Energy

Utilities

Consumer Staples

Materials

Healthcare

Financials

Industrials



Deal activity has dropped marginally across sectors with substantial increase in value within, energy, healthcare, industrials and consumer discretionary sector

26


M&A – Key Deals

Date Target Buyer M&A Type Deal Value ($ mn)

Sub Industry

Oct-2016 Essar Oil LtdRosneft,United Capital Partners Mauritius Ltd, Trafigura Ltd

Inbound 10,680 Integrated Oil & Gas

Oct-2016 Vadinar Oil Terminal LtdRosneft,United Capital Partners Mauritius Ltd, Trafigura Ltd

Inbound 1,990 Marine

Dec-2016Gujarat State Petroleum Corporation Ltd, KG-OSN-2001/3 Block

Oil and Natural Gas Corporation Ltd Domestic 1,195Oil & Gas Exploration & Production

Nov-2016 Videocon D2H Ltd Dish TV India Ltd Domestic 1,125 Cable & Satellite

Nov-2016 Chase Pharmaceuticals Corporation Allergan Plc Others 1,000 Pharmaceuticals

Oct-2016Teva Pharmaceutical Industries Ltd, Actavis United Kingdom and Ireland Generics Business

Accord Healthcare Ltd Others 771 Pharmaceuticals

Dec-2016 Claris Injectables Ltd Baxter International Inc. Inbound 625 Pharmaceuticals

Oct-2016 Appirio Inc. Wipro Ltd Outbound 500IT Consulting & Other Services

Dec-2016 International Tractors Ltd Yanmar Company Ltd Inbound 235Construction & Farm Machinery & Heavy Trucks

Oct-2016Janssen Pharmaceutica NV, Five Anesthesia and Pain Management Injectable Products

Piramal Critical Care Inc. Others 175 Pharmaceuticals


27

Equity Capital Market Deals


28


ECM – Lacklustre quarter for equity market

The up-down trend continues in the equity market. In Q4 2016, the number of deals recorded were 22, raising ~$ 1.3 billion, as compared to 47 companies that raised $2.4 million in the previous quarter. However during the same time period an year ago, 15 companies raised $2.1 billion, indicating a higher ticket-size

561

99

1,66

1

1,82

0

1,9

53

988

55

6

1,19

7 1,46

5

1,41

7

2,64

6

661

1,44

9

1,55

3

1,06

5

2,10

6

511

841

2,36

7

1,27

4

16

8

20

14

25

16

24

9

23

16

37

22

31

22

30

15

29

19

47

22

0

5

10

15

20

25

30

35

40

45

50

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000


2012 2013 2014 2015 2016

Capital Raised ($ mn) Number of Deals

$1.1 bn of the capital in Q4 2016 was raised

in five IPO deals

29


Deal Type – IPOs rule, while value for QIPs shrink

ECM Breakdown – Number of Deals ECM Breakdown – Value of Deals ($ mn)

7

7

8

1016

1

1

1

1

1

2

25

13

331

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

IPO Follow-On Rights Issue QIPs IPPs

1,030

13 70

1,138

1,135

169

1,139

1

46

1

126

101

575

590

843

3645

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016


Indian companies rushed to float initial share sales this quarter, but on Q-o-Q basis, fundraising on the stock exchanges slumped due to market volatility and weak economic and investment scenarios

30


ECM Breakdown – Investors favour IPOs to raise capital

ECM Breakdown – Number of Deals

ECM Breakdown – Value of Deals ($ mn)

0

10

20

30

40

50


2012 2013 2014 2015 2016

IPO Follow-On Rights Issue QIPs IPPs

$0

$1,000

$2,000

$3,000


2012 2013 2014 2015 2016

31


Equity Capital Markets – Key Deals

Date Target Offering Type Offering Size ($ mn) Sub Industry

Nov-2016 PNB Housing Finance Ltd Initial Public Offering 446 Thrifts & Mortgage Finance

Dec-2016 Laurus Labs Ltd Initial Public Offering 199 Pharmaceuticals

Oct-2016 Endurance Technologies Ltd Initial Public Offering 173 Auto Parts & Equipment

Nov-2016 Varun Beverages Ltd Initial Public Offering 165 Food Distributors

Dec-2016 Sheela Foam Ltd Initial Public Offering 76 Home Furnishings


32


Glossary

PlacementsPlacement deals include QIPs, Open Market & Private Investment in Public Equity (PIPE deals).

MaterialsMaterial sector covers chemicals used in different segments, construction materials, containers & packaging, metals & mining, and paper & forest products.

Consumer DiscretionaryConsumer Discretionary sector includes automobiles & components, consumer durables & apparel, consumer services, media, and retailing.

Consumer StaplesConsumer Staples sector contains food & staples retailing, food, beverage & tobacco, and household & personal products.

HealthcareHealthcare incorporates healthcare equipment & services, and pharmaceuticals, biotechnology & life sciences.

FinancialsFinancial sector includes banks, diversified financials, insurance, and real estate.

Information Technology (IT)IT comprises software & services, technology hardware & equipment, and semiconductors & semiconductor Equipment.

Telecommunication ServicesIt includes both diversified and wireless telecommunication services.

UtilitiesUtility encompasses electric, gas, water & multi-utilities and independent power producers & energy traders as well.

IndustrialsIndustrial sector contains all the capital goods , Commercial & Professional Services, and Transportation (air freight & logistics, airlines, marines, road & rail, infrastructure).

EnergyEnergy sector consists of energy equipment & services, and oil, gas & consumable fuels.


33


Abbreviations

PE- Private Equity

VC- Venture Capital

M&A- Mergers & Acquisition

ECM- Equity capital Market

IPO- Initial Public Offering

Follow-On- Follow-On Offerings

QIPs- Qualified Institutional Placement

IPPs- Institutional Placement Programme


VCCEdge is India’s premier financial research platform providing comprehensive data and information to subscribers for deal origination, deal structuring and valuations, gaining market insights, carrying out due diligence, and tracking competition. The platform has in-depth profiles of private and public companies, including detailed financials, deals including private equity, venture capital, M&A, equity capital market issues and debt offerings, key developments, and detailed data on investors and their portfolios.

VCCEdge is fully hosted solution that users access to follow private equity investments and M&A transactions, industry trends, keep track of companies and markets, generate actionable intelligence, identify targets, originate deals and research on deal multiples and valuations. With the help of its robust search and screening tools and download options, the platform provides information on demand and helps reduce research time, allowing users like strategy managers, investors, bankers and consultants to spend more time on analysis.

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VCCEdge Quarterly Deal Update Q4 CY2016 - …uploads.vccircle.net/VCC_NL_IMAGE/VCCEdge Quarterly Deal...Our Quarterly Deal Report presents a data-driven overview of private equity,

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