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Monthly Investor Q&A

June 11, 2021

Client Mix: For PitchBook, could you please provide a breakdown of the ~6,600+ private market firms in terms of firm type in 2020 (venture capital, investment bank, private equity, corporate development, limited partners, debt providers, other service providers, etc.)? Morningstar previously disclosed this data (see below from 2016) and we’d greatly appreciate an update.

June 11, 2021

Addressable market: For PitchBook, could you please provide a breakdown of the ~50,000 firm addressable market by firm type (per above: venture capital, investment bank, private equity, lenders/debt providers, law firms, accounting firms, etc.) and PitchBook’s estimated penetration within each firm type/vertical (i.e. venture capital, investment bank/intermediary, etc.)? Could you also provide a breakdown of this addressable market by geography if available?

June 11, 2021

Long-term Profit Margin Potential: What is the long-term profitability potential for PitchBook in terms of EBITDA margins if sales were 5x its current size? We understand current profitability by product line is not disclosed; we are interested in understanding what a “steady state” profitability profile for Pitchbook could look like after it has achieved a greater saturation of the market and sales/marketing & investment spending has decreased as a percentage of revenue. If a figure is not a

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