Are Germany's gates finally opening to foreign investors?
In a year dominated by geopolitical upheaval, private equity witnessed its own turbulence in 2016 with hostile takeovers, empire building and the mega-exit of one very interesting portfolio company.
After another bumper year private equity fundraising is showing no sign of slowing down.
Even though deal value softened in 2016, secondaries investors enjoyed another strong year thanks to record war chests and narrow discounts.
Private equity is not an asset class to miss out on a trend. In the last month alone, deals involving outdoor leisure retailers have included YFM Equity Partners’ sale of Go Outdoors – which generated a 40x return – EQT’s divestment of Internetstores to trade, and Omnes Capital and Growth Capital Partners’ investments in Ducatillon and AMG respectively.
IK Investment Partners has certainly found reason to celebrate. Having closed its debut small-cap fund in March and its eighth mid-cap fund just last month, both at the hard cap, this has been a record-breaking year for the firm. Between the two closes, IK raised a little over €2.1bn – surpassing the previous high of €2.1bn committed to its 2000 vintage fund.
Spanish State-owned fund of funds Fond-ICO Global has committed €10m to the new vehicle of Barcelona-headquartered SI Capital.
French private equity firm Demeter Partners and venture capital house Emertec Gestion have merged to create the largest environmental player in European private equity.
The partial exit of a business services software company to the public markets would probably be unremarkable in most countries. Yet by selling down its stake in Logo Yazilim on the Borsa Istanbul (BIST), Mediterra has achieved a number of firsts.
The phenomenon of Black Friday is giving private equity firms in the retail sector food for thought.