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Market Commentary

NYPPEX: 2020 Best & Worst Buyout Funds
in North America

March 1, 2021

  • NYPPEX believes that 2020 served as an excellent stress test year for evaluating the relative performance of fund strategies in North America, Europe and Asia.
  • Gridiron Capital Fund III headquartered in New Canaan, CT was ranked as the number 1 North American buyout fund in 2020 by NYPPEX. Return performance was based on net investment multiple since a fund’s inception. Eligible funds had at least $500 million in capital commitments and 2015-2020 vintages
  • Gridiron’s buyout strategy has an industry-focused approach that seeks to build mid-market companies into global leaders in 3 core sectors: Branded Consumer, B2B and B2C Services and Niche Industrial.
  • Surprisingly in 2020, two general partners each had two buyout funds ranked in the top 10.
    Thoma Bravo Special Opportunities Fund II ranked number 6 and Thoma Bravo Discover Fund ranked number 7. Thoma Bravo’s buyout strategy focuses on software and technology companies, and pursues a differentiated "consolidation" or "buy and build" approach.
  • Veritas Capital Fund V ranked number 2 and Veritas Capital Fund VI ranked number 9. Veritas’ buyout strategy focuses on companies that provide critical products and services primarily technology-enabled solutions to government and commercial customers worldwide including healthcare, aerospace & defense and national security.
  • Regions for the top 10 North American buyout funds in 2020 were diverse and comprised of New York (3), Los Angeles (2), Chicago, Toronto, Quebec, San Francisco and Connecticut.
  • Institutional and other qualified purchaser investors are welcome to request a complimentary copy of the NYPPEX: 2020 Best & Worst Buyout Funds Worldwide report at

About NYPPEX Private Markets™

NYPPEX is one of the world’s leading secondary market liquidity providers for interests in private equity funds, securities and warrants in private companies and their respective derivative instruments.

NYPPEX provides private equity liquidity through the NYPPEX QMS Platform™ and its specialized professionals, with a qualified investor network in over 26 countries.

The NYPPEX Portfolio Pricing service estimates bid indications on over 9,500 private equity funds and private companies headquartered in over 110 countries and 22 currencies. Our bid indications may be taken into consideration by investors to more cost effectively create GAAP and IFRS compliant audited financial statements as per FASB 157 and ASC 820.

The NYPPEX Qualified Matching Service (QMS) received a rare private letter ruling from the U.S. IRS in 2004 formally recognizing its ability to provide a QMS safe-harbor exemption for private partnerships to permit a higher volume of secondary interest transfers annually. NYPPEX is regulated in the U.S. by the SEC and FINRA. Member SIPC.

Risk Disclosure

This document is for informational purposes only. It does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security which may only be done through an issuer’s private offering documents and in jurisdictions where permissible. Nothing contained in this document constitutes investment advice or offers any opinion with respect to the suitability of any security. The views expressed in this document should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this document, NYPPEX has not taken into account the investment needs, objectives and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient. It private equity information is not suitable for the public and may not be suitable for all qualified investors. Any views expressed on this document were prepared based upon estimates available at the time such views were written, which may change without notice. You can learn more about NYPPEX and its employees at All information is subject to possible correction. Information may quickly become unreliable for various reasons, including updates, changes in market or economic conditions.

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