of 14
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In conjunction with:
The LargesT
PrivaTe equiTy Firms
in The WorLdAnatomiing te impat of te PEI 50
Edited by Wanching Leong and David Snow
A PRIVATE EQUITY INTERNATIONAL PUBLICATION
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INTRODUcTION IV
ThE PEI 50 2008 VII
sEcTION A: PEI 50 By te Number 9
Fundraiing 10
Deal Ativity 12
Deal by Indutry 20
Deal by Region 25
Fee 28
Operation 30
Index of cart 33
SECTION B: PEI 50 Firm Proles 35
1. Te carlyle Group 37
2. Goldman sa Prinipal
Invetment Area 45
3. TPG 51
4. Kolberg Kravi Robert 57
5. cVc capital Partner 63
6. Apollo Global Management 69
7. Bain capital 75
8. Permira 81
9. Apax Partner 87
10. Te Blaktone Group 93
11. Warburg Pinu 99
12. 3i Group 105
13. Advent International 111
14. Terra Firma capital Partner 117
15. Amerian capital 123
16. Providene Equity Partner 129
17. silver Lake Partner 135
18. cerberu capital Management 141
19. AIG Invetment 147
20. Fortre Invetment Group 153
21. General Atlanti 159
22. PAI partner 165
23. Firt Reerve corporation 171
24. EQT Partner 17725. hellman & Friedman 183
26. cinven 189
27. Bridgepoint 195
28. clayton, Dubilier & Rie 201
29. Teaer Private capital 207
30. carteroue capital Partner 213
31. Leman Broter Private Equity 219
32. Toma h. Lee Partner 225
33. Bc Partner 231
34. AXA Private Equity 237
35. NGP Energy capital Management 243
36. Oaktree capital Management 249
37. Marn Investment Group 255
38. sun capital Partner 261
39. Dougty hanon & co. 267
40. Jc Flower & co. 273
41. TA Aoiate 279
42. Eurazeo 285
43. New Mountain capital 291
44. MatlinPatteron 297
45. WL Ro & co. 303
46. Encap Invetment 309
47. Madion Dearborn Partner 315
48. Barlay Private Equity 321
49. Onex 327
50. Wel, caron, Anderon & stowe 333
ABOUT DEALOGIc 339
ABOUT PEI MEDIA 340
content
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With the creation o the PEI 50, upon which this
report is based, we have sought to apply a single
standard o measurement to the private equity
rms we surveyed globally in search o the big-
gest 50. In brie, our standard is the amount ocapital raised or direct private equity invest-
ment in rolling ve year periods. In 2008, we
measured capital raised rom 1 January 2003
up to press time at 15 April 2008. In our inau-
gural PEI 50 ranking, we captured undraising
rom 1 January 2002 to mid-April 2007.
We selected this ve-year capital-raise stan-
dard or PEI 50 ater close consultation with a
number o industry experts. The PEI 50 meth-odology is, we believe, both orward-looking and
suciently inclusive o recent history. It accounts
or the dry powder that a rm has attracted
rom investors recently as well as indicates the
scope o its recent investment activity.
We certainly considered other approaches.
One was to combine the value o undrawn capi-
tal commitments with the value o unrealised
portolio investments a statistic that one ma- jor consultant has named exposure. There
were at least two problems with the exposure
approach. First, many contacts we spoke with
elt it would overly reward older private equity
programmes with vast portolio holdings but not
much new undraising to speak o. Second, gen-
eral partners today still do not ollow any one
standard or valuing their portolios, and hence
their portolio valuations remain highly subjec-tive, and oten change depending on who theyre
talking to and in what setting.
The PEI 50s methodology is fexible enough
to capture capital ormed or dierent private
equity strategies raised in dierent vehicles by
dierent kinds o rms (or example, 3i Group,
American Capital, Eurazeo, General Atlantic,
Marn and Teachers Private Capital). In these
cases we have estimated the amount o capitalormed or direct private equity investment over
the same time period. We think it is essential
that these rms be listed alongside the more
traditional limited partnership-based rms. The
private equity business will become more and
more varied as it develops, and we want the
PEI 50 to measure size regardless o whether
it comes in a limited partnership or a publicly
traded vehicle or some other innovative model.That said, the PEI 50 does have rules and we
have sought to apply these as consistently as
possible. We have also sought out the best in-
ormation available, with inormation provided
directly by the rms in question given highest
value. Where rms have not helped us on back-ground, we have sought out the best inorma-
tion available rom databases, press reports and
other publicly available sources.
Below are a number o additional denitions
and rules that we applied to the PEI 50. We are
certain that not all o our readers will agree with
these rules, and were also certain that we havent
been able to pinpoint every piece o inormation
we needed to build a pristine list. But we are cer-tain that we have been dogged in our pursuit o
the most comprehensive and accurate inorma-
tion possible, and we have endeavoured to apply
the PEI 50 methodology to this inormation in as
exacting a ashion as possible. We hope to see the
resulting PEI 50 list become a useul point o re-
erence in a growing and transorming industry.
PEI 50 RULEs AND DEFINITIONsThe PEI 50 is a ranking o private equity rms
globally by size. It is the only apples-to-apples
comparison o dedicated, direct-investment pri-
vate equity programmes.
The PEI 50 is not a perormance ranking, nor
does it constitute investment recommendations.
The PEI 50 rankings are based on the amount
o private equity direct-investment capital
raised over a roughly ve-year period leadingup to press time. For 2008, the ve-year window
spans rom January 1 2003 to 15 April 2008.
Where two rms are determined to have raised
an equal amount o capital, we give the higher
rank to the rm with the larger individual und.
AccURAcY AND cONFIDENTIALITY
We give highest priority to inormation that we
receive rom the private equity rms themselves,always on background. When the private equity
rms themselves conrm details, we seek to
trust, but veriy. Some details simply cannot be
veried by us, and in these cases we deer to the
honour system. In order to encourage coopera-
tion rom private equity rms that might make
the PEI 50, we do not disclose which rms have
aided us on background and which have not.
Lacking conrmation o details rom the rmsthemselves, we seek to corroborate inormation
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using available news reports, press releases,
third-party databases, etc.
DEFINITIONs & cLARIFIcATIONsPrivate equity: The denition o private equi-
ty, or the purposes o the PEI 50, means capital
raised or a dedicated programme o investing
directly into primarily private businesses. This
includes equity capital or buyouts, growth eq-
uity, venture capital, control-oriented distressed
investment capital and mezzanine debt. Further
denitions are below.
Capital raised: This means capital denitively
committed to a private equity direct investment
programme. In the case o a undraising, it means
the und has had a nal or ocial interim close
on or ater January 1, 2003. The ull amount o a
und may be counted i it has closed on or ater
this date. The ull amount o an interim close (a
real one, not a sot-circle) that has occurred re-
cently, even i no ocial announcement has beenmade, may also be counted. We also count capital
raised through other means, such as LP co-in-
vestment vehicles, deal-by-deal LP co-investment
capital, publicly traded vehicles, recycled capi-
tal, and earmarked annual contributions rom a
sponsoring entity. Further rules are below.
Why does mezzanine debt count as private
equity?We count mezzanine debt raised by rms that
are primarily engaged in private equity invest-
ing. We only count equity raised or these unds,
not the leveraged buying power. Mezzanine
debt requently involves warrants or equity
stakes, and has historically been counted along-
side buyout capital by industry media and data
services groups. Furthermore, a number o im-
portant private equity rms blend their equityand subordinated debt investment pools. It was
a tough call, but we eel that mezzanine capital
should be included in the measurement o a pri-
vate equity rms overall size in the market, and
so did most o our expert contacts.
What does not count as private equity direct
investment capital?
We do not count unds raised or strategies thatprimarily ocus on unds o unds, real estate,
debt, hedge unds and inrastructure.
What about opportunistic investors?
As with many hedge unds, some large entitieshave the ability to do private equity deals on
an opportunistic basis. We do not include these
groups in the rankings.
What counts as capital raised?
Limited partnerships: Most private equity
capital is raised through blind-pool unds.
Co-investment capital: Where possible and
appropriate, we count LP co-investment vehi-cles as well as opportunistic LP co-investment
capital raised by private equity sponsors.
Public entities: We count the capital raised
by private equity rms that happen to be pub-
licly traded. We also count capital raised in the
ormat o public vehicles controlled by private
equity rms so long as those public entities
primarily commit capital to direct private eq-
uity programmes. In some cases we have usedcapital deployed in direct private equity situ-
ations as a proxy or capital raised or such
opportunities.
Afliated programmes: We count private eq-
uity capital raised by aliated entities so long
as the rm has control over those entities, or the
vehicles raised bear the branding o the rm.
Contributions rom sponsoring entities:
Where a larger entity has earmarked capitalto the rm or a dedicated, direct private eq-
uity programme, we count the amount o capi-
tal the rm has drawn down rom that entity
or direct private equity deals over the dened
ve-year period.
What does not count as capital raised?
Expected capital commitments, or sot cir-
cled capital. Opportunistic capital: An entity that has the
ability to opportunistically do large private equity
deals, but does not have a dedicated programme
or team or doing so, will not be counted. In oth-
er words, a large group that has the ability to
tap $40 billion in equity wont be counted unless
that equity has been segregated into a specic
vehicle or programme and assigned a dedicated
private equity direct-investment team that is ac-tively scouting or deals.
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Te PEI 50 2008The PEI 50 is Private Equity International magazines ranking of the 50 largest private equity rms in the world. Our method of measuring size
is intended to capture a rms heft in the market going forward, as well as the scope of its recent deal activity. We use an apples-to-apples
methodology: the amount of private equity direct-investment capital raised or created over the past ve years (see p. IV for our methodology).
This list is global and includes a broad range of dedicated private equity investment platforms, from private managers of blind-pool limited part -
nerships to publicly-traded investment rms to public pension afliates. Now in its second year, the rankings show a vastly increased base
of capital controlled by the top 50, as well as a rearranged lineup of players, reecting a changing industry.
2008 capital raied over 2007Rank Name of rm Headquarters last ve years* Rank
1 The Carlyle Group Washington DC $52 billion 1
2 Goldman Sachs Principal Investment Area New York $49.05 billion 3
3 TPG Fort Worth (Texas) $48.75 billion 54 Kohlberg Kravis Roberts New York $39.67 billion 2
5 CVC Capital Partners London $36.84 billion 10
6 Apollo Global Management New York $32.82 billion 12
7 Bain Capital Boston $31.71 billion 8
8 Permira London $25.43 billion 6
9 Apax Partners London $25.23 billion 7
10 The Blackstone Group New York $23.3 billion 4
11 Warburg Pincus New York $23 billion 14
12 3i Group London $22.98 billion 13
13 Advent International Boston $18.32 billion 43
14 Terra Firma Capital Partners London $17 billion 15
15 American Capital Bethesda (Maryland) $17 billion 23
16 Providence Equity Partners Providence (Rhode Island) $16.36 billion 917 Silver Lake Partners Menlo Park (California) $15.6 billion 19
18 Cerberus Capital Management New York $14.9 billion 34
19 AIG Investments New York $14.22 billion N/A
20 Fortress Investment Group New York $14.0 billion 27
21 General Atlantic Greenwich (Connecticut) $13.3 billion 18
22 PAI partners Paris $12.98 billion 35
23 First Reserve Corporation Greenwich (Connecticut) $12.82 billion 22
24 EQT Partners Stockholm $12.47 billion 21
25 Hellman & Friedman San Francisco $12 billion 16
26 Cinven London $11.93 billion 11
27 Bridgepoint London $11.7 billion 36
28 Clayton, Dubilier & Rice New York $11.38 billion 47
29 Teachers Private Capital Toronto $10.69 billion 20
30 Charterhouse Capital Partners London $10.52 billion 24
31 Lehman Brothers Private Equity New York $10.22 billion 25
32 Thomas H. Lee Partners Boston $10.1 billion 30
33 BC Partners London $9.26 billion 29
34 AXA Private Equity Paris $9.24 billion N/A
35 NGP Energy Capital Management Irving (Texas) $8.84 billion N/A
36 Oaktree Capital Management Los Angeles $8.4 billion 49
37 Marn Investment Group Athens $8.15 billion N/A
38 Sun Capital Partners Boca Raton (Florida) $8 billion 28
39 Doughty Hanson & Co. London $7.44 billion 37
40 JC Flowers & Co. New York $7 billion N/A
41 TA Associates Boston $6.83 billion 3942 Eurazeo Paris $6.75 billion N/A
43 New Mountain Capital New York $6.69 billion N/A
44 MatlinPatterson New York $6.67 billion N/A
45 WL Ross & Co. New York $6.65 billion N/A
46 EnCap Investments Houston $6.58 billion N/A
47 Madison Dearborn Partners Chicago $6.5 billion 32
48 Barclays Private Equity London $6.43 billion N/A
49 Onex Toronto $6.17 billion 33
50 Welsh, Carson, Anderson & Stowe New York $5.88 billion 42
Legend: ame rank a 2007 iger rank tan 2007 lower rank tan 2007 PEI50 debut*Notes: Five years dened as 1 January 2003 to 15 April 2008.
All euro gures were converted to US dollars at 1.57 exchange rate. Other currencies were converted at current prices.
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PEI 50 BY ThE NUMBERs
TOP INDUsTRIEs FOR PEI 50 IPO ExITs1 Jnury 2003 - 15 april 2008
TOP INDUsTRIEs FOR aLL FINaNcIaL sPONsOR IPO ExITs1 Jnury 2003 - 15 april 2008
TOP 10 INDUsTRIEs FOR aLL IPOs
1 Jnury 2003 - 15 april 2008
Rnk Finnil sponor Del Vlue ($m) # Del
1 Industrials 18,879 362 Communications, Media & Entertainment 16,949 31
3 Consumer & Retail 15,517 33
4 Financial Institutions 14,381 26
5 Technology 11,593 52
6 Energy & Natural Resources 9,177 21
7 Healthcare 5,755 38
8 Transportation 3,513 8
9 Business Services 3,337 14
Rnk Finnil sponor Del Vlue ($m) # Del
1 Industrials 33,026 113
2 Consumer & Retail 28,000 105
3 Financial Institutions 21,940 67
4 Communications, Media & Entertainment 21,457 54
5 Technology 20,838 153
6 Energy & Natural Resources 20,346 54
7 Healthcare 14,458 116
8 Business Services 7,844 67
9 Transportation 6,241 31
Rnk Finnil sponor Del Vlue ($m) # Del
1 Financial Institutions 264,346 1,302
2 Energy & Natural Resources 149,245 1,020
3 Industrials 116,109 1,198
4 Consumer & Retail 85,698 858
5 Technology 66,910 1,138
6 Communications, Media & Entertainment 57,676 333
7 Transportation 48,980 218
8 Healthcare 33,308 530
9 Business Services 29,582 515
Source: Dealogic
Source: Dealogic
Source: Dealogic
DEaLs BY INDUsTRY
Note:IPO volumes do not represent the full enterprise value of the portfolio company; for nancial sponsor IPOs,number inlude ll IPO regrdle of weter te ponor old re or not in te offering
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PEI 50 BY ThE NUMBERs
FUNDRaIsINGsliing nd diing
step cnge
Lion sre
Fundriing Ft
10 Bigget Fund Ried by te PEI 50
DEaL acTIVITY
PEI 50 Del ativity t Glne
sutinble?
PEI 50 Del VolumeFeeonomi
PEI 50 Buyout Del Volume comprion
Buyout Del Dominne
PEI 50: Te 10 Lrget Buyout Del
PEI 50: Te 10 Mot ative PE sponor of Buyout Del
PEI 50 M&a Eit Volume comprion
M&a Eit Leder
PEI 50: Te 10 Lrget PE sponor of M&a Eit
PEI 50: Te Mot ative PE sponor of M&a Eit
PEI 50 IPO sponored Volume comprion
IPO Leder
PEI 50: Te 10 Lrget PE sponor of IPO Eit
PEI 50: Te Mot ative PE sponor of IPO Eit
DEaLs BY INDUsTRY
Top Indutrie for PEI 50 Buyout
Top Indutrie for all Finnil sponor Buyout
Top Indutrie for all M&a
Top Indutrie for PEI 50 M&a Eit
Top Indutrie for all Finnil sponor M&a Eit
Top Indutrie for all M&a
Top Indutrie for PEI 50 IPO EitTop Indutrie for all Finnil sponor IPO Eit
Top Indutrie for all IPO
Top 5 Finnil sponor aquiror by Indutry
DEaLs BY REGIONPEI 50 Del by Region
afri Top 5 Finnil sponor by Del Volume
autrli Top 5 Finnil sponor by Del Volume
cribben Top 5 Finnil sponor by Del Volume
Europe Top 5 Finnil sponor by Del Volume
Indi subontinent Top 5 Finnil sponor by Del Volume
Jpn Top 5 Finnil sponor by Del Volume
Ltin ameri Top 5 Finnil sponor by Del Volume
Middle Et Top 5 Finnil sponor by Del Volume
Nort ameri Top 5 Finnil sponor by Del Volume
Nort ai Top 5 Finnil sponor by Del Volumesoutet ai Top 5 Finnil sponor by Del Volume
FEEsPEI 50 Fee Pid to Invetment Bnk
Top 5 Reipient of PEI 50 Fee Pid
Top 10 Fee Pyer
PEI 50 v. Finnil sponor
OPERaTIONsage i but NumberDollr Ried per PE pro
Were te PEI 50 re Loted
New York/London v. te World
Ofce Stats
PEI 50 Inde of crt
INDEx
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PEI 50 prole:
Wels, Carson, Anderson & Stowe
50
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Wels, Carson,Anderson & Stowe
Founded
headquarters
Oter ofces
Website
Strategy
Afliates
SNAPShOT
1979
Welsh, Carson, Anderson & Stowe
320 Park Avenue, Suite 2500
New York, New York 10022
USA
Tel: +1 212 893 9500; Fax: +1 212 893 9575
N/A
www.welshcarson.com
Makes buyout, growth equity and venture capital investments in the information/business services
and healthcare industries in North America. Prefers to make control investments.
N/A
Welsh, Carson, Anderson & Stowe co-founders Bruce Anderson, Russell Carson and Patrick
Welsh know how to stick to their knitting. The New York-based rm has stayed committed to the
information/business services and healthcare sectors since its founding in 1979. The rm is now
investing its $3.5 billion, tenth equity fund alongside its $1.3 billion fourth subordinate debt fund.While busy building portfolios diversied by time, industry, thematic concentration and stage of
investment the rm is also reportedly hard at work raising a new fund. The rm says it avoids
participating in club deals or consortium investments. Its tenth fund only invested in three such
transactions.
502008 PEI 50 rank 50
2008 PEI 50 ve-year fundraising total $5.88 billion2007 PEI 50 rank 42
2007 PEI 50 ve-year fundraising total $4.7 billion
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WELSh, CARSON, ANDERSON & STOWE 50
Total partner level PE pros
Total PE professionals
Wole rm employee count
FUNDS
PE capital raised since inceptionCurrent PE dry powder
Value of unrealised PE investment portfolio
Stated assets under management, wole rm
Recent PE fundraising activity
Select LPs
15
50
60+
$15.9 billion$1.9 billion
$8.5 billion
N/A
Fund Date closed Amount raised
Welsh, Carson, Anderson & Stowe X May-08 $3.44 billion
WCAS Capital Partners IV July-08 $1.28 billion
California Institute of Technology, EDS Retirement Plan, John S. and James L.
Knight Foundation, Kansas Public Employees Retirement System, Memorial
Sloan Kettering Cancer Center, Orange County Employees Retirement System,Pew Charitable Trusts, Robert Wood Johnson Foundation, Tokio Marine &
Nichido Fire Insurance Co. Source: Private Equity Connect
KEY PEOPLE Name Function Location Previous EperienceBruce Anderson Co-Founder New York Executive vice president at Automatic Data Processing
Russell Carson Co-Founder New York Chairman and CEO of Citicorp Venture Capital
Patrick Welsh Co-Founder New York President at Citicorp Venture Capital
Anthony de Nicola Co-President New York Private equity group at Wiliam Blair & Co.
Paul Queally Co-President New York General partner at The Sprout Group
John Almeida, Jr. Partner New York Media & telecommunications banker at Lehman Brothers
John Clark Partner New York General partner at Saunders, Karp & Megrue
D. Scott Mackesy Partner New York Research analyst at Morgan Stanley
Sanjay Swani Partner New York Director at Fox Paine & Co.
Sean Traynor Partner New York Healthcare and insurance banker at BT Alex Brown
Eric Lee Partner New York M&A and high technology banker at Goldman Sachs
Thomas McInerney Partner New York President and CEO of Dama Communications Corp
Robert Minicucci Partner New York CFO of First Data Corp.
Thomas Scully Partner New York President and CEO of the Federation of American Hospitals
Jonathan Rather CFO New York COO and CFO at Goelet Investment Ofce
Fran Higgins Investor Relations New York JP Morgan Chase
PROFILE
WELSh CARSON ANDERSON & STOWE50
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WELSh, CARSON, ANDERSON & STOWE50
Notes:Brackets indicate number of deals.
Value($m)
#
deals
Notes: Brackets indicate value and number of deals. Notes:Brackets indicate value and number of deals.
Source: Dealogic
Source: DealogicSource: Dealogic
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2004 20052003 2006 2007 2008
0
1
2
3
4
5
6
$584
$1,469
$120
$1,025
$6,643
(6) (6)
(2)(2)
(0)
(3)
Value in $m
(#) of Deals
Financial Institutions ($4,235m; 2)
Healthcare ($3,094m; 4)
Business Services ($1,190m; 7)
Technology ($783m; 3)
Transportation ($500m; 1)
Others ($39m; 2)
43.0%
31.4%
12.1%
8.0%5.1%
0.4%
North America ($9,841m; 19)
100%
WELSh, CARSON, ANDERSON & STOWE DEAL ACTIVITY
Te following carts, provided by Dealogic, are based on deals, M&A eits and IPOs tat involved te equity participation of tis rm.
Wit te eception of IPO data, te deal volume represents te entire enterprise value of te announced deals in question, even if te
rm did not provide 100 percent of te equity involved.
Announced Deal Volume
1 January 2003 - 15 April 2008
DEAL ACTIVITY
Announced Deal Volume by Industry
1 January 2003 - 15 April 2008
Announced Deal Volume by Geograpy
1 January 2003 - 15 April 2008
WELSh CARSON ANDERSON & STOWE 50
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WELSh, CARSON, ANDERSON & STOWE 50
Notes:Brackets indicate number of deals.
V
alue($m)
#
deals
V
alue($m)
#
deals
Wels, Carson, Anderson & Stowe Fees Paid to Investment Banks
1 January 2003 - 15 April 2008
Total fees
Top ve fee recipients
Top ve fee total
Top ve % of total fees
Oter Details
Number of current portfolio investments
Portfolio investments since inception
Total equity invested since inception
Total deal value
$753 million
JPMorgan, Lehman Brothers, Banc of America, Wachovia, Citi
$440 million
58%
Notes:Fees paid on M&A advisory, debt, equity and syndicated loan under-
writing. Were fees are not disclosed, Dealogic uses a fee model to estimaterevenue on individual transactions.
Source: Dealogic
35
150+
N/A
N/A
Notes: IPO volumes do not represent te full enterprise
value of te portfolio company; Tis includes all IPOsregardless of weter te sponsor sold sares or not in
te offering; brackets indicate number of deals.
Source: Dealogic
Source: Dealogic
(0) (0)
0
2,000
4,000
6,000
8,000
10,000
12,000
2004 20052003 2006 2007 2008
0
1
2
3
$79
$11,453
$3,940
$701
(3) (3)
(1)
Value in $m
(#) of Deals
(2)
(0)(0)(0)
2004 20052003 2006 2007 2008
0
200
400
600
800
1,000
1,200
0
1
2(2)
$1,008
$583
$97
Value in $m
(#) of Deals
(1)
(1)
DEAL ACTIVITY
Announced M&A Eit Volume
1 January 2003 - 15 April 2008
Portfolio Company IPO Eit Volume
1 January 2003 - 15 April 2008
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