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The Wire

Private equity deal news and insights from the London newsroom

Feb 10, 2025

 

GPs skeptical of European IPO revival; Private capital ‘crucial’ in UK nuclear energy development

Good morning, Nina Lindholm here with the Europe Wire from the London newsroom.

 

Private equity firms believe that despite signs the European IPO market is reopening, other options offer better routes to exit. PE Hub’s Europe editor Craig McGlashan delves into GP sentiments around IPOs and what alternatives firms are eyeing in our opening story this morning.

 

We then shift our focus to nuclear power and the opportunities it offers to private equity. Lincoln International managing director Carlos Candil shares his views following the UK government announcement to put Britain back “in the global race” for nuclear energy.

 

When a door closes

Stock markets might be on a tear and equity capital markets open, but European private equity firms are skeptical that the continent’s IPO market will offer a viable exit route in 2025, writes PE Hub’s Craig McGlashan. With several other sale options looking attractive, however, GPs are confident that exit activity will grow this year.

 

You can learn more about the state of the European IPO market in the premium version of the Wire.

 

I recommend reading Craig’s full story, which highlights the exit routes currently in vogue and GP sentiments on the US IPO market.

 

Bridging the gap

Private capital can play a “crucial” role in accelerating nuclear energy development in the UK, particularly as the demand for AI-driven data centers skyrockets, Carlos Candil, managing director and head of Lincoln International’s energy transition practice, told PE Hub.

 

To read Candil's full commentary, take a look at the full Wire coverage here.

 

That’s all from me this morning. MK Flynn will be with you later today with the US edition, while Craig McGlashan will be on Europe duty tomorrow.

 

Cheers,

Nina

 

 

Read the full Wire commentary on PE Hub ...

Today's must reads

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Also of note (may require subscriptions)

 

DE&I backlash sparks concerns about LP emerging manager programs: LA Fire and Police Pension is not alone in sudden concern for an acronym that has become a flashpoint of controversy in America’s culture wars. (Buyouts)

 

Infra secondaries could reach nearly $30bn in deal volume by 2029 – Campbell Lutyens. 2024 saw a significant increase in infrastructure GP-led opportunities with GPs utilising the secondary market to achieve their fundraising and liquidity goals, according to Campbell Lutyens. (Secondaries)

 

Stonepeak nears $10bn for Fund V – exclusive. Stonepeak Infrastructure Fund V, which is targeting $15bn, is looking to hold a first close in Q2. (Infrastructure Investor)

 

Hong Kong’s Link hires head of Australian investment: With the newly created role, Asia's largest REIT manager intends to grow its presence in the country, which it first entered in 2022. (PERE)

 

Moody’s flags lack of standards in loan covenants: Ratings agency raises concerns about inconsistencies over leverage and portability rights. (Private Debt Investor)

Deals

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People
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They said it

“Private equity and institutional investors can help bridge the financing gap for nuclear projects, including SMRs and advanced fission technologies, by providing upfront capital and leveraging innovative funding models such as regulated asset base financing which we have seen on Sizewell C, for example.”

— Carlos Candil, managing director and head of energy transition practice, Lincoln International

 

Today's letter was prepared by Nina Lindholm

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