Laden...
The Wire March 12, 2021
Hot public markets lend to scarcity problem for PE, Lindsay Goldberg hires first-ever woman partner Happy Friday, everybody!
I don’t know about you, but a year ago today was the last time I stepped into our Midtown offices in Manhattan (not that I’m counting). Pretty surreal! Fingers crossed for more off-camera interactions in the months ahead.
Now, to the news…
SPAC’d: I’ve lately had a number of conversations in which one repeat comment (or complaint, for some) is made: Everything is going public and there’s nothing of scale to buy!
Okay, that might be a slight exaggeration, but investors at larger funds do say that amid the flood of SPACs and IPOs, it’s unquestionably more competitive. With the robustness of the SPAC market and IPO market, many companies are leaping forward, surpassing the secondary sale, and going right to the public markets.
If you’re private equity, how do you compete with the valuations we’re seeing in the public markets? “For the bigger sponsors, those [target] assets...
Read the full wire commentary on PE Hub...
What are your thoughts on how the hot public markets will impact deal sourcing and strategy for PE? Hit me up at [email protected] and have a great weekend!
Also of note (may require subscriptions) Progress: Buyouts writes that Lindsay Goldberg took a major step in the direction of gender diversity, recruiting a first-ever female member of the private equity firm’s leadership team. Read it here.
Strong performer: One of Genstar Capital‘s LPs pointed to outperformance by its previous two funds in large buyouts as one of the reasons why staff wanted to re-up to its latest vehicle. Read it here on Buyouts.
Specializing: Some of the most successful recent fundraisings have involved sector specialists, including those focused on software investing and various aspects of healthcare. Read more on Buyouts.
PE Deals
They said it
“Market pressure is already forcing sponsors to structure SPACs in new ways that make them more equitable for all stakeholders and focused on long-term performance. That may eventually to create a more stable ecosystem.”
Bain & Co’s global private equity report on SPACs.
Today's letter was prepared by Sarah Pringle Subscribe now to get full, unlimited access to all PE Hub content, including every PE Hub Wire article. FIND OUT MOREPlease visit Buyouts for the latest insight into LP activity and Venture Capital Journal for comprehensive coverage and analysis of what’s happening in VC.
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Laden...
Laden...
