Good morning, Hubsters. MK Flynn here with today’s Wire. We’re covering a range of topics this morning, starting with what may be the beginning of a beautiful friendship between JPMorgan and Campbell Lutyens, who are teaming up to take advantage of the flourishing private equity secondaries market. More below. Also, I’ve got an interview with a Silicon Valley attorney who shares thoughts on the IPO market – and explains how the demise of SVB has dashed hopes for a comeback of public debuts, but that may be good news for PE firms. And we’ve got more from our Women’s History Month series. Best of both worlds In the latest sign private equity secondaries are hot, JPMorgan and London-based private equity advisory firm Campbell Lutyens announced this morning that they are partnering to jointly advise on single-asset and concentrated multi-asset continuation fund transactions. The offering will combine JPMorgan’s investment banking services and Campbell Lutyens’ global placement and secondaries advisory platform. IPO window still closed While some people had hoped Spring might awaken the initial public offering market, the drought seems likely to continue in the wake of Silicon Valley Bank’s collapse. To explore the issue further, I turned to Ran Ben-Tzur, co-lead of the capital markets practice area at Fenwick. The Mountain View, California-based law firm advises tech and life sciences companies and published a report on the IPO market earlier this month. Here’s an excerpt of my interview with Ben-Tzur: How is SVB’s collapse expected to affect IPO dealflow this year? It’s still to be seen exactly how the SVB collapse will influence this anticipated timeline for an IPO market rebound, but it’s reasonable to expect many companies considering an IPO, as well as investors, will continue to be cautious in light of current market conditions. When thinking about company liquidity, the good news is the Fed stepped in and guaranteed all of SVB’s deposits, so the companies who were banking there aren’t really feeling the short-term liquidity issues. I was never too hopeful there was going to be much of an IPO market this year generally. We started the year on a positive note with a significant rebound in the equity markets and with a number of follow-on equity transactions. Since then, though, we’ve seen more volatility, and now everything with SVB happening – which is bringing a ton of volatility to the market – both up and down – is not conducive to going public. That said, even of the clients who would be considering going public, they weren’t really planning on it in the next couple of weeks, so it may not ultimately have a huge impact on the year’s dealflow. If you’ve got deal news or insights to share on the current state of dealmaking, I’d love to hear from you. Reach out to me at [email protected]. Gender parity Throughout March, we’re highlighting women dealmakers. PE Hub Europe’s Nina Lindholm interviewed Julie Gautier, who joined the food and consumer team at Paris-headquartered private equity firm PAI Partners as a principal in 2021. Understanding that private equity as an industry has an issue in terms of diversity is “half of the battle,” according to Gautier. “Because most of the time, people just don’t notice,” she added. PAI is aiming to tackle this topic by ensuring it recruits more women. Approximately 50 percent of the firm’s recruits last year were women, according to Gautier. “Whenever you have a recruitment process, you must make sure you include women in the process,” she said. “It sounds stupid when you say it, but most of the time, it’s not done.” To read more about women in private equity, see profiles of 10 outstanding dealmakers in Women of PE: Class of 2023. Women of influence It’s your last chance to nominate candidates for PEI Group’s third annual Women of Influence in Private Markets list, which recognizes trailblazing women in alternative assets. The deadline for nominations is tomorrow, Wednesday, March 22. The list – which will include women from private equity, infrastructure, private debt, real estate and venture capital – will be published in July by Private Equity International, Private Debt Investor, Infrastructure Investor, Venture Capital Journal and PERE. Click here to learn more. Tomorrow, Buyouts’ Chris Witkowsky will write the Wednesday Wire, as per usual. And I’ll be back on Thursday. In the meantime, I’m wishing you happy dealmaking! Cheers, MK Read the full wire commentary on PE Hub ... | 