PitchBook in WRDS

Penn researchers have access to PitchBook, a popular private capital markets resource, via its native interface. However, Individual users are subject to download limits of 10 daily/25 monthly rows of company, deal, or fund data, as well as 10 daily/25 monthly rows of people data. For researchers needing more downloads, Wharton Research Data Services, or WRDS, offers PitchBook private equity, venture capital, and additional private placements data.

image of PitchBook landing page on the Wharton Research Data Services (WRDS) platform

PitchBook data available in WRDS covers all aspects of private capital raising, featuring more than 1.6 million deals, 3 million companies including more than 660,000 private companies, 31,000 funds, and 300,000 investors. Deals provide a transaction-level view, fund data focuses on each fund held by an investment firm, and the company and investor data is presented at the business entity level. Though much of the data in PitchBook reflects only the most recent update available, also referred to as “header” data, more comprehensive data begins in the late 1990s/early 2000s, with 1% of historical coverage prior to 1992 increasing to 5% by 2000 and 10% by 2004. WRDS is developing snapshot integration that will begin to create a “history” of PitchBook header data.

Datasets from PitchBook are organized on the WRDS platform as follows: Venture Capital North America, Venture Capital Rest of World, Private Equity North America, Private Equity Rest of World, Other Data North America, and Other Data Rest of World. Within each dataset, the following queries are available: Company, Deal, Fund, and Investor. Company variables include ticker and Central Index Key (CIK) identifiers, industry descriptions and codes, and financing details. Deal variables include dates of deal announcement and completion, amount of capital invested, deal status, percentage of stake acquired, transaction categorization, detailed transaction summary, and valuation measures. If applicable, IPO details are available. CEO biographies and education summaries are also retrieved through a Deal query.

Variables in the Fund query include fund preferences, a breakout table of the fund’s direct investments, and whether the fund received investment capital from a Small Business Investment Company, a privately owned and managed investment fund licensed and regulated by the U.S. Small Business Administration. Investor query variables include investor and summary-level fund details, investment activity, and aspects of investor targets.

In addition to the four primary queries, there are 15 “relation” queries, each focusing on two categories of variables. Researchers interested in a list of a particular company’s competitors will be interested in the Company Competitor Relation query, while those examining deals entered into by certain investors will find the Deal Investor Relation query useful. There are even relation queries for deals and their tranches and deals and their beneficiaries.

From a query page, use the Data Preview tab to view the first ten rows of data for selected variables and conditional statements from the chosen data table. From the Data Preview page, the first 1,000 rows of data can be downloaded directly in xslx, api, or json format. Alternatively, click the Access All Data button on the Data Preview page to open SAS/Studio at WRDS, a web-based version of SAS, to access all data.

PitchBook documentation includes a spec file containing variable definitions, comments, and sample data. The WRDS Overview of Pitchbook page features a visual representation of PitchBook dataset organization, database usage notes, and guidance for linking PitchBook data to other datasets.  

Whether you want to track company growth, explore company financing or deals, or investigate investors, consider using PitchBook in WRDS. Contact Lippincott Library for assistance.

At last, Pitchbook has come along…

Lippincott Library is proud to announce the addition of Pitchbook to our list of business resources. Covering a vast array of data related to private capital markets, Pitchbook can provide the Wharton community with research information on private equity and venture capital. You will need to create an account, based on your Penn email address. There are download limitations:  Each individual has 25 downloads per month and can use up to 10 in a day.  Unlimited access using the API function in excel is available for public companies.

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Bloomberg’s PE: A Major Database for Private Equity

Private equity consists of firms and funds that make investments directly into private companies or conduct buyouts of public companies. Private equity, as the name implies, is not traded on public equity exchanges.PE bloomberg FIRST MENU

Bloomberg’s Private Equity (PE) database brings together data about PE firms, funds, investors and portfolios. In Bloomberg, type PE <GO> for this menu:

 

 

Search by Firm – Private equity firms are the general partners controlling the operations of the firm.

Search by Fund – Private equity firms direct their investments through one or more funds. Funds are associated with a specific investment strategy.  Venture Capital Funds, for example, are investments in startup firms and small businesses with perceived long-term growth potential. Here is a breakdown of the funds worldwide associated with a specific strategy that is available in Bloomberg.

Strategy           Percent of Total

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  • Venture              28%
  • Buyout               25%
  • Growth                9%
  • Debt                    8%
  • Fund of Funds   10%
  • Real Estate        13%
  • Other                   8%

Search by Limited Partners – Limited partners are the source of investment funds. They include public and corporate pension funds, insurance companies, endowments, high net worth individuals, and sovereign wealth funds

Search by Deal – Deals can be classified as M&A investment, Joint venture, Spinoff, and Buyback, and then further sub classified as a PE buyout, Infrastructure, Real Asset, Real Estate, Secondary Transaction, or Venture Capital deal. Venture Capital deals include possible subdivisions into Seed, Angel, or Series (A to J).

The screen below shows a search for all PE deals in the past year that had targets in the alternative energy industry.

PE bloom deal screen for alternative eng 417

 

Search by Private Company – Bloomberg lists more than 15,000 companies in which PE firms invest.

  • Clicking on the name of the company will display a record giving the name(s) of the PE firms which include the company in their portfolio, as well as additional information about the company. The record for U.S. Foods, for example, will show that it is held by KKR 2006 Fund.

In addition to its list of PE backed private companies, Bloomberg includes a database of 1.3 million private companies worldwide that are not PE backed.

PE Bloom Private compnay ALL OKOther useful features of Bloomberg’s PE include Funds in Market, which gives aggregate statistics by strategy, and Benchmarking and Fund Comparison, which allow the comparison of funds by such features as IRR (internal rate or return).

Take a look also at Bloomberg’s weekly Private Equity Brief

PE Bloomberg Brief banner

PE Bloom table from PE brief

In addition to Bloomberg, the Penn Libraries have several additional databases that provide details of private equity activity. They include Thomson ONE, S&P Capital IQ (available at Lippincott in the Yablon Financial Resources Lab) , Preqin, and CB-Insights.

Also see our Research Guide:  Venture Capital and Private Equity.

For more information on Bloomberg see our Bloomberg Help Guide and additional posts in Datapoints under the Category:  Bloomberg.

Zephyr: Making M&A Searching a Breeze

Zephyr is a database describing worldwide Merger and Acquisition (M&A),  IPO, and Private Equity deals. Currently the file contains more than 1.1 million completed, announced and rumored deals.

A typical M&A search combines variables for geography, time period, deal type, and deal value. Creating customized reports for such deals is easy on Zephyr.

In the following example, we are searching for the largest 50 (ranked by value of deal) M&A acquisitions completed by public U.S. companies in the past 5 years.

Zephyr1

Clicking on the circled items will show menus with additional details. For example, the menu for “Deal Type” will display scores of options for deal types, sub-deal types, methods of payment, and financing.

Here are the variables chosen for our example:

Company Status => Listed or Delisted
Deal Type => Acquisition
Deal Status=> Completed
Geography => USA
Time Period => Last 5 years
Deal Value => Largest 50 Continue reading