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Trend Analysis
CraigEverett,Ph.D.
Director,PepperdinePrivateCapitalMarketsProject
22.06.15
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PUBLISHED BY
2012-2015 Pepperdine University. All rights reserved. Pepperdine Private Capital Access Index (PCA Index)
is a trademark of Pepperdine University. PCA Index content is the intellectual property of Pepperdine University
or its third party content providers. Any copying, republication or redistribution of PCA Index content, including
but not limited to caching, framing or similar means, is expressly prohibited without the prior written consent of
Pepperdine University. Pepperdine University shall not be liable for any errors, omissions or delays in PCA Index
content, or for any actions taken in reliance thereon.
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ACKNOWLEDGEMENTS
Id also like to thank the following people at The Graziadio School of Business and Management for their contributions:
David M. Smith, Ph.D.
Dean
John K. Paglia, Ph.D.
Associate Dean, Associate Professor of Finance
Lisa Perry
Director, Marketing and Communications
Irina Shaykhutdinova
Research Associate
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This research was made possible with the support of Dun & Bradstreet.
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TABLE OF CONTENTS
I.I.
About
About the
the Private
Private Capital
CapitalAccess
Access (PCA)
(PCA) Index....6
Index....6
II.
II.
Demand
Demand for
for external
external financing....15
financing....15
III.
III.
Accessibility/success
Accessibility/success rate
rate of
of raising
raising new
new capital...21
capital...21
IV.
IV.
Expected
Expected demand
demand for
for external
external financing....31
financing....31
V.
V.
Expected
Expected capital
capital access
access (success)
(success) rates...36
rates...36
VI.
VI.
Hiring/growth
Hiring/growth outlooks
outlooks and
and financing
financing failure
failure impacts42
impacts42
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PRIVATE CAPITAL ACCESS (PCA) AND PRIVATE CAPITAL DEMAND (PCD) INDEX
RESULTS - WHOLE SAMPLE
Total Market
2012-Q2
2012-Q3
2012-Q4
2013-Q1
2013-Q2
2013-Q3
2013-Q4
2014-Q1
2014-Q2
2014-Q3
2014-Q4
2015-Q1
2015-Q2
2015-Q3
2015-Q4
Change
Pct. Change
8
PCAIndex
27.8
27.0
27.3
25.6
26.8
27.5
27.8
28.3
28.9
28.7
29.6
29.6
30.0
30.8
31.2
0.4
1.4%
PCDIndex
37.0
36.5
35.1
32.7
33.4
31.7
32.8
32.3
31.1
29.9
31.1
32.6
35.0
35.3
33.6
-1.7
-4.7%
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PRIVATE CAPITAL ACCESS (PCA) AND PRIVATE CAPITAL DEMAND (PCD) INDEX
RESULTS WHOLE SAMPLE
100
90
80
70
60
50
40
30
20
10
0
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PCAIndex
26.6
26.0
26.3
24.6
26.3
26.8
26.6
27.1
27.7
27.5
28.5
28.9
29.2
30.3
30.3
0.0
0.1%
PCDIndex
38.8
38.0
36.5
33.2
34.3
32.3
33.9
33.4
32.1
30.8
31.9
33.2
36.2
36.8
34.9
-1.9
-5.2%
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PCAIndex
34.7
33.5
32.7
31.9
34.3
34.7
33.7
36.7
37.0
35.5
37.5
37.6
37.7
36.8
38.8
2.0
5.4%
PCDIndex
32.3
33.1
31.5
30.6
28.7
27.6
26.3
24.8
24.9
25.3
25.5
24.6
24.3
24.7
23.8
-0.9
-3.8%
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10%
5%
0%
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33%
32%
32%
28%
20
26%
26%
28%
29%
26%
28%
29%
26%
29%
26%
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Debt financing
0%
0%
0%
0%
0%
0%
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FINANCING SUCCESS RATES BY TYPE AND BUSINESS SIZE FOR PRIOR THREE
MONTHS
%
23
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27
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28
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42%
41%
41%
41%
35%
29
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31
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31%
20%
32%
31%
28%
28%
26%
0%
32
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36
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37
Debt financing
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0
43
1-2
3-5
6-10
11-15
16-20
21-30
31-40
41-50
51-75 76-100
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About
AboutPepperdine
PepperdinePrivate
PrivateCapital
CapitalMarkets
MarketsProject
Project
The
ThePepperdine
PepperdinePrivate
PrivateCapital
CapitalMarkets
MarketsProject
Projectatatthe
theGraziadio
GraziadioSchool
SchoolofofBusiness
Businessand
andManagement
Managementisisthe
thefirst
firstsimultaneous,
simultaneous,
comprehensive,
comprehensive,and
andon-going
on-goinginvestigation
investigationofofthe
themajor
majorprivate
privatecapital
capitalmarket
marketsegments.
segments.The
Theresearch
researchseeks
seekstotounderstand
understandthe
thetrue
true
cost
costofofprivate
privatecapital
capitalacross
acrossmarket
markettypes
typesand
andthe
theinvestment
investmentexpectations
expectationsofofprivately-held
privately-heldbusiness
businessowners;
owners;providing
providinglenders,
lenders,
investors
investorsand
andthe
thebusinesses
businessesthat
thatdepend
dependon
onthem
themwith
withcritical
criticaldata
datatotomake
makeoptimal
optimalinvestment
investmentand
andfinancing
financingdecisions,
decisions,and
andbetter
better
determine
determinewhere
wherethe
theopportunities
opportunitiestotocreate
createlasting
lastingeconomic
economicvalue
valuemay
maybe
berealized.
realized.Download
Downloadreports
reportsand
andfind
findmore
moreinformation
informationatat
http://bschool.pepperdine.edu/privatecapital.
http://bschool.pepperdine.edu/privatecapital.
About
AboutPepperdine
PepperdineUniversitys
UniversitysGraziadio
GraziadioSchool
Schoolof
ofBusiness
Businessand
andManagement
Management
AAleader
leaderin
incultivating
cultivatingentrepreneurship
entrepreneurshipand
anddigital
digitalinnovation,
innovation,The
The
Graziadio
GraziadioSchool
Schoolof
ofBusiness
Businessand
andManagement
Managementof
ofPepperdine
PepperdineUniversity
Universityfocuses
focuseson
onthe
thereal-world
real-worldapplication
applicationof
ofMBAMBAlevel
levelbusiness
businessconcepts.
concepts.The
TheGraziadio
GraziadioSchool
Schoolprovides
providesstudent-focused,
student-focused,globally-oriented
globally-orientededucation
educationthrough
throughpart-time,
part-time,
full-time,
full-time,and
andExecutive
ExecutiveMBA
MBAprograms
programsat
atour
oureight
eightcampuses,
campuses,as
aswell
wellas
asthrough
throughonline
onlineand
andhybrid
hybridformats.
formats.In
In
addition,
addition,The
TheGraziadio
GraziadioSchool
Schooloffers
offersaavariety
varietyof
ofMaster
Masterof
ofScience
Scienceprograms,
programs,aaBachelor
Bachelorof
ofScience
Sciencein
inManagement
Management
degree
degreecompletion
completionprogram,
program,Presidential
Presidentialand
andKey
KeyExecutives
ExecutivesMBA
MBAand
andexecutive
executiveeducation
educationcertificate
certificateprograms.
programs.Follow
Follow
the
theGraziadio
GraziadioSchool
SchoolonFacebook,
onFacebook,on
onTwitter
Twitterat
at@GraziadioSchool
@GraziadioSchooland
andLinkedin.
Linkedin.
45
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ThankYou
Craig Everett, Ph.D.
Director,
Pepperdine Private Capital Markets Project
http://bschool.pepperdine.edu/privatecapital
craig.everett@pepperdine.edu
310.506.8543
46
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