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Intelligence - private capital deal criteria","category","Pro Tips","product",[603,474,604],"Analytics","Tools","company-intelligence-private-capital-deal-criteria","urlPath","/help-center/articles/view/","date","2023-10-01","mainContent",{"_139":152,"_126":612,"_128":613},{},[614,621],{"_139":141,"_126":615,"_128":616},{},[617],{"_139":140,"_137":618,"_135":619,"_126":620},"

This Pro Tip aims to provide a comprehensive overview of the criteria applied to each deal type we cover in Company Intelligence. The goal is to outline both the inclusion and exclusion criteria for each deal type, encompassing buyout, venture capital, private debt, infrastructure, and real estate.

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Buyout deals

Preqin currently tracks investments or acquisitions that involve a private equity firm acquiring an equity stake in the target company. Transactions that do not involve private equity are not included.

Included	Excluded
Add-ons (only if the acquiring/acquired company is private equity-backed).	Any deals that do not involve a private equity firm.
Buyout - leveraged buyout, management buyout, management buy-in, secondary buyout.	GP acquisitions (i.e., when one GP acquires full or controlling ownership over another GP).
Growth capital	M&As with no private equity backing.
Public to private	Grant financings
Private investment in public equity (PIPE)	Private debt / real estate / infrastructure deals
Recapitalization involving a private equity firm.	The acquisition of land, development sites and property (covered under real estate deals).
Restructuring involving a private equity firm.	The acquisition of oil and gas fields, individual assets (e.g., airplanes/oil rigs), undeveloped mines, wind farms, distribution rights, mining licenses, etc. (covered under infrastructure deals).
Merger (only if one or more companies are private equity-backed).	The acquisition of credit card or loan portfolios.
Turnaround by a private equity firm.	The issue of bonds or notes, except as part of a private equity-backed transaction. If the financing is provided by a private debt firm, this would be a private debt deal. If there is no participation from a private debt firm, the deal will not be included.
Acquisition of company divisions by a private equity firm.	Joint ventures where no new entity is created.
Acquisition of subsidiaries by a private equity firm.	Acquisition of pharmaceutical rights / brands
GP stake acquisitions	Acquisition of patents / portfolios/
Corporate investments
Platform established by a GP with intent to buy and build (company formation).

The following table gives a list of criteria for exits that are included and excluded by Preqin:

Included	Excluded
Exits representing a divestment of a private equity firm’s equity stake.	Acquisitions that do not involve private equity-backed companies.
Investors must still be active at the time of exit, e.g., investors in a post-IPO company may have realized their investment between the time of the IPO and the time of the proposed exit.	Once investors have fully exited their stake, no further exits are tracked.
Partial and full exits, i.e., private placement, sale to management, secondary buyout, trade sale, unspecified exit.	Initial coin offerings
	Third board placements
	Over-the-counter bulletin board (OTCBB)

Venture capital deals

Preqin tracks all stages of investment into a start-up company, from the angel/seed stage to later stage growth financing rounds, and then exits. If a company has previous venture capital funding with active investors, Preqin will also track their grant, PIPE and venture debt financings, and secondary stock purchases.

Included	Excluded
Angel, seed, early-stage, expansion, and growth financings (including Series A, B, C, … rounds).	Grant, PIPE, and debt funding (but only if the company has not previously received private equity venture funding).
Add-ons (only if the acquiring company is venture capital-backed).	Private equity buyout deals.
Mergers (only if one or more companies are venture capital-backed).	M&A transactions with no venture capital backing.
Grant financings, PIPE deals, secondary stock purchases, and venture debt (but only if the company has raised previous equity funding rounds).	Secondary transactions, i.e., a private equity firm acquiring another private equity firm.
Financing from accredited venture capital firms.	Private debt / real estate / infrastructure deals.
Financing from individual investors and investment companies.	The acquisition of land, development sites, and property (covered under real estate deals).
Corporate financing (but only if the company has previously received venture capital funding).	The acquisition of oil and gas fields, individual assets (e.g., airplanes/oil rigs), undeveloped mines, wind farms, distribution rights, mining licenses, etc. (covered under infrastructure deals).
	Incubator / accelerator and crowdfunding financings
	The acquisition of credit card or loan portfolios
	Joint ventures where no new entity is created.
	Acquisition of pharmaceutical rights / brands
	Acquisition of patents / portfolios
	Corporate financing (unless the company has previously received venture funding and still has active investors).

The following table gives a list of criteria for exits that are included and excluded by Preqin:

Included	Excluded
Exits representing a divestment of an investor’s equity stake.	Acquisitions that do not involve venture capital-backed companies.
Investors must still be active at the time of exit (e.g., investors in a post-IPO company may have realized their investment between the time of the IPO and the time of the proposed exit).	Once investors have fully exited their stake, no further exits are tracked.
Partial and full exits	Initial coin offerings
/	Third board placements
/	Over-the-counter bulletin boards (OTCBB)
Initial public offerings & private placements
Trade sale, sale to management, merger
Sale to GP
Recapitalization, restructuring, and write-off

Private debt deals

Preqin only tracks investments that involve a private debt firm providing debt to an entity as part of a private equity transaction or debt directly to a company, commonly referred to as a non-sponsored transaction.

Included	Excluded
Debt provided through private debt funds in support of an investment or acquisition of a company by a private equity sponsor.	Bank lending (although this is tracked as part of a private equity transaction it is not included as a source of private debt).
Debt provided directly to a company without an acquirer involved (commonly referred to as a non-sponsored transaction).	Collateralized Loan Obligations (CLOs) or any other type of packaged debt product such as loan portfolios, credit card debts, Collateralized Debt Obligations (CDOs) or Collateralized Mortgage Obligations (CMOs). Business Development Companies that may have been issued by private equity shops.
Debt provided by an investment company in support of an investment or acquisition of a company by a private equity sponsor.	Secondary debt transactions (normally part of a portfolio of assets).
	High yield bonds issued by companies.
	Infrastructure or real estate debt transactions.

Infrastructure deals

Private infrastructure investments and financing that involve either an infrastructure (INF), real asset (RA), private equity (PE) firm and/or at least one INF-related private sponsor.

Included	Excluded
Corporate finance - M&A transactions of the company that owns and operates at least one INF asset.	Any other M&A transactions, in which the target company does not hold a stake in an INF asset and/or only provides INF-related services, e.g., wind farm developer. Any tax equity investments.
Acquisition of INF assets, including the following NR-specific assets: NR refineries, NR storage facilities, and NR pipelines.	Any other NR assets and non-INF-related assets, including agriculture, mining and metals, oil fields and drilling platforms.
Debt financing specifically designed for the acquisition of an INF company and/or asset.	Debt restructuring. Refinancing of existing debt.
Project finance specifically designed for the construction or expansion of an INF asset.	Construction or EPC contracts.
Public-private partnerships (PPP) that involve ownership, e.g., build-own-operate contracts (BOO).	Any other form of contracts, including PPPs, that do not involve ownership, e.g., EPC contracts, power purchase agreements (PPA), design-build-finance-maintain (DBFM) contracts, operation & maintenance (O&M) contracts, leasing contracts.

Real estate deals

Included	Excluded
The transaction should have a valid RE/LP firm as either buyer or seller, complete asset address, deal date, property type, and type of transaction (single, portfolio or entity level).	Deals acquired solely through debt (no equity), recapitalization, refinancing, etc.
Transactions can be single assets (single property or complex), portfolios (two or more properties), or partial acquisitions (stakes/part of the building).	Any single-unit residential acquisitions.
Entity level deals - a single transaction that involves the investment into or acquisition of an entity (e.g., a company or a REIT) to gain access to its real estate holdings, rather than acquiring the physical assets separately. The entity involved should have a portfolio of physical assets and have a valid RE firm involved.	Forward funding transactions – acquisition/sold through a forward fund.
Assets that have at least a street name (if not an individual name).	Single assets with no property name and/or exact address – the asset needs to be identified.
	Acquisition of 1031 Exchange Securities.
	Incomplete deals – transactions that have not yet been completed/do not have a contract agreement signed.

If you need more help understanding the inclusion and exclusion criteria for each deal type, please speak to your account manager.

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