Analysis
End of Year Review: Malcolm Coffin, Inflexion
Real Deals catches up with Malcolm Coffin, partner, Inflexion, to discuss his outlook for 2024
End of Year Review: Garry Wilson, BVCA & Endless
Garry Wilson, BVCA chair and group managing partner for Endless and Enact speaks to Real Deals about his highlights from last year and what he expects to be a key theme for the UK private equity and venture capital industries
End of Year Review: Paul Newsome, Unigestion
Paul Newsome, partner and head of portfolio management at Unigestion, speaks to Real Deals about his view of the private equity industry in 2023 and suggests the key themes that define 2024
End of Year Review: Shami Nissan, Actis
Shami Nissan, partner and head of sustainability at Actis, gives her take on one of the hottest topics in the private equity industry this year: ESG
GPs shifting interest to infra, secondaries and PC – Moonfare
Portfolio diversification is ‘strongly prioritised’ as protection against ongoing uncertainties
Private equity derisks debt and reduces leverage multiples – Investec
The bank said the changes are a sign of industry pragmatism
Is hybrid capital a recipe for returns?
Xhulio Ismalaj explores whether hybrid capital allows both investors and their prospective portfolio companies to have their cake and eat it
Expect an explosion in PE activity next year – Peel Hunt
The increased action will be driven by a resurgence in IPOs, P2P deals and PIPE transactions
Niche PE funds offer true, uncorrelated alpha – Mantra Investment Partners
The firm’s Niche Private Equity Index shows the strategy continues to beat generalist managers both in terms of IRR and MOIC
The many flavours of private equity
Our roving editorial director Alice Murray reveals the great changes she saw at IPEM Paris 2023
GPs resetting fund target expectations amid headwinds – Raymond James
Many LPs are struggling with realisation and liquidity concerns, according to the investment bank’s report
Business Services Report: Standing out from the crowd
GPs continue to flock to the business services but the dearth of high-quality assets continues to be a stumbling block. Some GPs are adapting to maximise opportunities in the sector. Xhulio Ismalaj and Taku Dzimwasha report
Buyout model under threat if volatile market continues
Reach Capital’s William Barrett told Real Deals that GPs will face increasing pressure in H2 as they juggle LP deployment expectations.
GPs need to adapt to maintain their LP relationships
With liquidity constraints mounting, GPs must modify the way in which they nurture and maintain their LP relationships, or risk a desert-like landscape when they next head out on the road. Jennifer Forrest reports
Hands down: reflecting on one of PE’s most prominent characters
Real Deals digs through the archives to reflect on the colourful career of Terra Firma’s Guy Hands as he leaves the GP
National Securities and Investments Act: how the legislation is affecting dealflow
More than a year since the Act came into force, industry experts tell Real Deals how the legislation has affected the deal pipeline.
CEE: PE industry has proven to be resilient a year on from the invasion of Ukraine
Investors and their portfolio companies across CEE have had to overcome unprecedented challenges in recent months. Jennifer Forrest gauges the mood on the ground one year on from the invasion of Ukraine.
Organic Growth: ESG & Sustainability Special
Real Deals looks at value creation strategies for Ambienta's Nactarome, Bridges' Impact Food Group, Triton's IFCO and Palatine's Estio Training.
Organic Growth: UK Special
Case studies from LDC, ECI Partners, Graphite Capital and Phoenix Equity Partners.
Safety in numbers: co-investments expected to thrive further in current climate
With the current market conditions affecting M&A and fundraising alike, co-investments are expected to not only weather the storm but thrive further, writes Jennifer Forrest.
PE looks to UK take-privates for cheap assets - survey
The investment bank surveyed 200 mid-market PE executives and it was revealed that 73% of their pipeline is focussed on UK-listed companies.
Rain or shine: Luxembourg looks to weather fundraising headwinds
Amid clouds of uncertainty, Luxembourg looks to confirm its status as a European jurisdiction for all seasons.
Ready, steady.. No
The nature of cross-border deals is changing to reflect geopolitical tensions and economic challenges unfolding on the world stage. Are deal teams ready?
Stepping Out
Long regarded as euro-centric and inward facing regional markets, recent years have seen France and Benelux PE open up, court and cultivate the attention and allocations of international investors.
Change is coming to France
Frederic Berthier, Alter Domus country executive for France, discusses how managers can best navigate uncertain economic headwinds and an evolving French capital market.
IPEM 2022: LPs seek quantifiable impact reporting
Private equity managers that are positioning themselves as an impact fund must be able to present their LPs with quantitative reports, it has been noted.
Do we ask enough of the right questions?
With a looming recession, are we right to assume that the correct response is to slow down? How can data inform the best approach to take? onefourzero CEO Fleur Hicks discusses.
Expensive debt is slowing down transactions
Rising interest rates are going hand-in-hand with the rising cost of debt, slowing down deal completion times.
Coming of age: European venture debt
As the continent’s VC community has exploded into life in recent years, the region’s venture lenders have followed every step of the way. But, is the bubble about to burst?
Ireland, France and Spain lead the way on diversity
Ireland, France and Spain have the highest proportion of female investment professionals in senior roles, according to new data by Level 20.
PE responds to critics in House of Lords
In a debate last Thursday, the House of Lords lambasted private equity profiteering and take-private transactions. Real Deals asked the industry to respond.
In the driver’s seat
Fund-of-funds are taking the lead in democratising the asset class. While the opportunities for involved parties are clear, there are still some bumps in the road for funds to assess.
The new dealmaker component: LP-GP relationships
Alter Domus managing director, capital administration solutions, Dean Schaffer, explains why fostering strong LP-GP relationships is mutually beneficial for both parties.
All in for Guernsey
Guernsey’s private markets track record has served it well over the last 18 months. Against a volatile macroeconomic and geopolitical backdrop, the island’s reputation for stable regulation and tax policy will continue to appeal to private equity managers.
Digitalisation through the lifecycle
Private equity may have been late to the party, but the asset class is now embracing digital technology from fundraising and origination through to exit.
Two years as N4
Two of N4 Partners’ founders, Allan Dowie and Shauna Powell, discuss how they have navigated setting up a firm over the last two years, the development of their team and establishing N4’s investment niche.
To the rescue
The Development Bank of Wales reflects on how it reacted to Covid, funding issues post-Brexit, and a future decarbonisation agenda.
Building a finance function for commercial and strategic buy and build
Finatal highlights how it is important to have the right people in place to execute a successful buy and build strategy.
The rise of political due diligence
Global crises in quick succession have led GPs to increasingly seek political due diligence providers to ease anxieties at both ends of a deal.
PE and the Ukraine crisis
The PE community has been almost unanimous in its support of Ukraine. Now, it must prepare to navigate the economic and social consequences of the war.
Onwards and upwards
The secondaries market has seen an increasing number of GPs opt to take strong assets further via continuation vehicles, but with longer DD processes and potential conflicts of interest, is the view worth the climb for all stakeholders?
GP Workshop: How to assess whether to exit to PE or trade
Pinal Nicum, partner at Adams Street Partners, and David Barbour, managing partner at FPE Capital, discuss how to assess whether to exit to PE or trade.
PE faces competition as trade buyers make a comeback on mid-market deals
Trade buyers are levelling the playing field for mid-market deals, while business attitudes to PE soften.
Exclusive: GP tech adoption looms large on LP investment decisions
The majority of LPs' investment decisions are influenced by GPs’ level of technology adoption, according to a recent survey by Brackendale consulting.
2021 was a banner year for PE - McKinsey
Private equity was the highest-performing private markets asset class last year following a pandemic low, McKinsey & Company says.
PE funds becoming preferred buyers for corporate disposals
Corporates have become increasingly comfortable with PE’s ability to close complex corporate carve-out deals, according to Arrowpoint Advisory.
For the right reasons
UK mid market fund Palatine is proving that investing for the right reasons can result in outsized returns and positive outcomes for all.
Another feather in the cap
Ireland’s recently amended ILP could be the key to unlocking its growth as a fund domicile. Jennifer Forrest explores the benefits of structuring a fund in the region.
PE and VC global performance at decade high - eFront
Over the past 12 months, the return figures are 43.83 per cent for buyout and 60.46 per cent for VC.
Mental wellbeing: The opportunities for private investment
Karen Dawaf Harron, director at Arrowpoint Advisory, highlights the importance of investing in the wellbeing of staff members as well as opportunities for PE to back mental health-related businesses.
Unhealthy conduct
Cosy relationships between corporate financiers and PE firms could lead to entrepreneurs getting less desirable terms, lower prices, and matched with investors that may not be the best fit for their businesses.
Ethnic minority-led businesses more open to growth finance - British Business Bank
Ethnic minority-led businesses are more open to using finance for growth, however, disparities in access to finance remain.
EY offers employees free Masters in Sustainability
The EY Masters in Sustainability by Hult International Business School is the first qualification of its kind.
Organic Growth: Arx Equity Partners, BaltCap, Innova Capital & Enterprise Investors
Organic growth is essential for materially improving companies’ professionalism, geographical reach and product and service offering. Real Deals looks at four examples of organic growth success in the CEE region.
Conference catch-up: Real Deals & The Drawdown ESG 2022
Last month, Real Deals and The Drawdown hosted its first ever ESG conference, where industry peers gathered in London to discuss and debate some of the most rapidly evolving and topical issues around ESG in private equity. Here are the highlights.
Organic Growth: Apax & Financial Services Capital
Real Deals presents two standout examples of how GPs have improved financial and healthtech businesses via professionalism, geographical reach, and extending product and service offerings.
Venture Views: VC is slow to adopt to ESG - PRI
VC firms are reluctant to incorporate ESG factors into the investment process, a new paper by PRI says.
A Brighter Future
ESG practices have snowballed from being something considered by the select few, to something with high reporting standards and investor expectations attached. But, how exactly has ESG evolved in the last two decades, and what does the future hold?
RD 500: Organic Growth - the best of
Since the turn of the decade, Real Deals has been highlighting organic growth case studies. Jennifer Forrest reflects on four iconic cases of how a PE firm has improved a company’s professionalism, geographic reach and product offering.
Digitalisation: Improving a generation
Over the last decade, dealmakers and investors have spoken to Real Deals regarding technological innovations and how digitalisation has improved and benefited the way they work. Here are some recent highlights.
Roundtable: Alumni assemble
Real Deals editor Talya Misiri gathered a group of acclaimed Real Deals alumni to look back at the development of the industry, notable firms and individuals, public perceptions of PE and comical encounters through the years.
RD 500: Private equity Hall of Fame
Real Deals spoke to some of its Private Equity Awards Hall of Fame winners about their journey into PE, a standout moment in their career and their hopes for the industry.
Organic Growth: Riverside Company & EQT
Real Deals presents two standout examples of how GPs have worked to professionalise, reshape and rebuild businesses following a carve-out.
Deals that closed 2021
In a year marked by the tentative return to normalcy following global disruptions caused by Covid-19, European private equity managers succeeded in crossing the finishing line to 2021 with a number of standout deals.
Strategic Moves
Refinancing is increasingly being used to achieve greater returns and to facilitate growth, but the financing tool is not without its downsides.
Riding Shotgun
As ESG continues to steer PE investments, LPs are increasingly taking a front seat, and giving GPs directions.
Organic Growth: Monterro, BC Partners, Inflexion, HPE Growth
Organic growth is essential for materially improving companies’ professionalism, geographical reach and product and service offering.
Conference catch-up: Real Deals Value Creation 2021
Value creation specialists discussed a number of key growth strategies, including buy-and-build, international expansion, management assessments and improvements, managing culture, ESG and more.
Q&A: Quilvest Capital Partners
Christophe Evain, independent director and Alexis Meffre, executive chairman and director at Quilvest discuss the attraction of PE for family offices and the evolution of the business after six generations.
Long or short haul?
Is the increasing number of co-investment deals a result of inflated pricing and a quick fix for GPs, or is it a matter of meeting LP requirements?
Conference catch-up: Real Deals Mid-Market Debt 2021
Key themes that were discussed throughout the day included venture debt, ESG, ABL, senior debt, market-wide competition and innovation, portfolio management and more.
ECI 9 generates a 3x return on total fund
Two investments in ECI's ninth fund have reached valuations in excess of £1bn.
EQT sets science based targets
EQT has become the first private markets firm to set science based targets (SBTs) as part of its strategy to address climate change by identifying gas emission reduction targets.
Organic Growth: Exponent, Andera Partners, Aurelius, Oakley Capital
Real Deals presents four standout examples of how GPs have worked to professionalise, reshape and rebuild businesses following a carve-out.
Real Deals Mid Market Debt 2021: ESG top of the agenda in debt
Speakers at this years Real Deals Mid Market Debt Conference discuss how incorporating ESG into debt transactions has become less about incentivisation and more about survival.
The last great arbitrage - management process excellence
Humatica managing partner Andros Payne discusses how improving management processes can create greater value.
Consumer business on verge of breaching covenants
Private consumer businesses in the UK and Europe are close to breaching lenders’ covenants, according to Lincoln International.
Organic growth: Bridges, True, Agilitas and Epiris
Organic growth is essential for materially improving companies’ professionalism, geographical reach and product and service offering. Jennifer Forrest presents examples of organic growth success.
Can you keep up?
PE is riding high on a bull market, but some stakeholders might be getting left behind.
SMEs and investors could count the cost of future CGT rises
Claire Madden, managing partner at Connection Capital discusses why CGT hikes could be problematic for UK SMEs and could put investors off supporting them.
Guernsey: A quality offering
As a fund domicile, Guernsey has continued to develop and innovate to remain relevant, but, it also continues to ensure LPs and GPs of its long-established, stable operating model.
Venture Views: In conversation with Sky9 Capital’s Ron Cao
Real Deals spoke to Ron Cao, founder and partner of Sky9 Capital, about how to prepare a founder for the unicorn growth journey, IPOs and what makes the Chinese VC market so unique.
The comeback
As LPs discover their own ways of diversifying their portfolio, FoF can no longer play the role they once did. However, current market trends and an appetite among investors for customised solutions, has put FoF back in the ring.
Ready to rebound
First-time fundraising declined in 2020 as LPs focused on existing portfolios and Covid disrupted due diligence. Despite these headwinds, new managers do have reason for optimism.
Revealed: Future 40 Investment Leaders 2021
This year’s Future 40 Investment Leaders in association with Board Equity, highlights dealmakers who were able to navigate and achieve successful exits in the year that was 2020.
Round up: ESG and Impact Management Conference 2021
At Real Deals' 2021 ESG and Impact Conference, global industry experts came together to share their insights. Here is a round up of the key themes and topics discussed during the conference.
Spring has sprung
Despite a year of double-digit falls in economic growth, global M&A activity is once again in bloom.
New firm WovenLight’s manifesto for next generation private equity
New firm WovenLight, a hybrid investment and technology firm, outlines its plans to re-engineer private equity processes and create true value for its investments.
Fast forward: PE and a new era for tech
The speed of digital transformation of the global economy has been accelerated by 3-5 years because of the pandemic. Ken Pentimonti, principal and European manager at Paladin Capital Group discusses how this will impact private equity investment.
Unblocked
Blockchain technology has the ability to disrupt the financial world, so why aren’t more private equity firms using it?
Last chance to nominate: Real Deals Future 40 Investment Leaders
This year's list will highlight the top 40 mid market private equity investment professionals who have achieved commendable exits in the calendar year of 2020.
Organic Growth: Segulah, Literacy Capital, Summa Equity and Sovereign Capital
Often an overlooked aspect of value creation, organic growth is essential for materially improving companies’ professionalism, geographical reach and product and service offering. Real Deals presents examples of organic growth success.
GP-leds surge despite wider secondaries slowdown
Secondaries deal flow saw predictable declines through the pandemic period, but GP-led restructurings continued to account for an ever larger proportion of activity and fundraising has continued apace.
Family fortune
Family succession investments and buyouts have become a crowning opportunity, attracting PE investments to the CEE region.
10 outrageous private equity predictions for 2021
As in past years, these outrageous predictions take actual events and trends to extreme conclusions. Some may come to pass, but the primary goal is to amuse…
The stories that made 2020
Even the most experienced dealmakers could not have prepared for the tumult of 2020 as Covid-19 shuttered economies and disrupted capital markets. In a year like no other, these are most read stories on realdeals.eu.com.
Emerging strategies 2021
SPACs, secondaries, ELTIFS, defined contribution pensions and fund administration in Ireland are among five key areas that are set to gain momentum in 2021.
Sectors to watch in 2021
In a world upended by the global pandemic, which sectors are on private equity firms’ radar this year?
Deals that closed 2020
In a year of Brexit uncertainty and the Covid-19 crisis, PE managers persevered and got on with the business of dealmaking to succeed in finishing the year with a bang. Here are eleven deals that marked the end of an unprecedented year.
Lockdown and bolt-on
The Stephenson Harwood private equity team have completed more than 10 bolt-on acquisitions during lockdown in 2020. Why are so many bolt-on acquisitions being undertaken during this period?