Insights
Hidden gems
Dunport Capital’s Ross Morrow examines the lower midmarket – an overlooked and underappreciated segment of the private credit market
Staying competitive
MUFG’s David Rochford explains why Ireland is taking a greater role as an operational centre in the alternatives industry
Alternative asset classes set to see biggest increase in fundraising in 2024
Some 71% of wealth managers and institutional investors surveyed by Carne Group expect to increase their allocation to private equity by 10% or more this year
Europe’s refinancing wave
GPs struggled to refinance portco debt in last year’s choppy markets. But with interest rates expected to come down, fortunes could be improving, as Xhulio Ismalaj reports
Vulture: Getting your priorities right, and when internal emails go external…
The Old Bird is back with a couple more juicy morsels
Roundtable: Lending in times of volatility
In this discussion, we discover how lenders have kept deploying capital and supporting private equity firms in the face of stiffening market headwinds
Venture Views: Two Magnolias on a mission to embrace diversity every step of the way
Real Deals' Shivani Khandekar catches up with co-founders Jessica Rasmussen and Marie Korde to understand the importance of diversity in venture capital and what makes their firm stand out
Debt set: part one – Bomb squad
Taku Dzimwasha investigates if private credit can sustain its allure amid rising concerns
Climatetech’s second wind
Climatetech has emerged as a pivotal sustainability investment theme for private equity. Xhulio Ismalaj explores the journey climatetech businesses have been through in the midmarket and finds out why the future for the subsector remains hopeful
Making an impact
Sustainability and ESG factors have become a priority for GPs across the investment cycle. But does it pay to be sustainable? Silvia Iacovcich reports
Expect fundraising to slow following ‘record’ quarter: PitchBook
European funds have already amassed more than half the capital raised in 2023, according to PitchBook’s Q1 2024 Global Private Equity First Look report
Real Deals Sustainability Report 2024
In this special report, we explore how GPs are utilising sustainability as a value creation lever
Comment: Technology’s sustainability challenge
It is time to embrace the opportunities that come with the technology industry’s shortcomings, according to Bettina Denis, head of sustainability at Revaia
Gaining territory
Ireland’s ILPA set out to enhance the country’s appeal as a fund jurisdiction in 2020 but progress has been sluggish due to investors’ preference for Luxembourg. However, the Emerald Isle is now upping its game, as Shivani Khandekar discovers
Continuation funds shine as sponsors crave liquidity – Houlihan Lokey
The trend comes as sponsors deploy creative strategies to optimise portfolios and create liquidity
Comment: PE taps into flourishing wealth management sector
With an ageing population and burgeoning market, Houlihan Lokey’s Christian Kent discusses the rise of private equity interest in the wealth management sector
Technology Report 2024
Welcome to the first instalment of the Technology Report, which shines a light on GPs at the cutting edge of tech adoption for front-office functions, and the providers powering that transformation
ESG considerations are here to stay
Dasseti’s Billy Cotter and Evan Crowley discuss the most talked-about acronym in the private equity industry
Transforming portfolio monitoring and ops with tech
Establishing a centralised point of contact and a single source of truth is critical for portfolio monitoring and reporting, says Pratap Narayan Singh, senior director and head of private markets at Acuity Knowledge Partners
The power of cyber risk intelligence in private equity
Proactive cyber risk management is essential to preserving value across the investment lifecycle, says KYND chief executive and founder Andy Thomas
Evolving retail trends
Technology has an integral role to play as private markets adapt to the needs and expectations of retail investors and HNWIs, according to Yann Magnan, CEO and co-founder of 73 Strings, and Jonathan Balkin, co-founder and executive director of Lionpoint
Navigating AI in private equity
Frister Haveman from Gain.pro discusses the role GenAI has in the private equity market and why it should be embraced, not feared
Case study: A customised approach
Kim Carter from LKCM Headwater and Passthrough’s Ben Doran explain how collaboration is key for a successful partnership
Entering a transformative era
AI-based deal-sourcing tools can automate market mapping and company research, giving firms the time they need for higher-value activities. Ruth Eagle is head of origination at CBPE, a client of deal-sourcing platform Sourcescrub
Q&A: The digital edge
Yair Erez and David Poole, partners at Stanley Capital, discuss how the firm is using a combination of proprietary and third-party technology to accelerate target identification and expedite deal conversion
Q&A: A model idea
A bespoke solution was key for ECI’s deal origination process according to Suzanne Pike, partner and head of origination at the firm
Q&A: Building a tech Nexus
NorthEdge’s Lucie Mills and James Hales discuss how the mid-cap GP is using technology to support deal origination, identify potential deal targets and enrich various interactions
Q&A: A journey of discovery
Philippe Laval, chief technology officer at Jolt Capital, discusses its proprietary software platform Ninja, and reflects on the highs and lows of bringing the system to life
Q&A: Transforming with tech
David Floyd, vice-president at global investment firm Permira, talks to Real Deals about how the business is harnessing advanced analytics and AI to drive competitive advantage internally and in its funds’ portfolio companies
Going digital
Nicholas Neveling explores how GPs are harnessing big data and AI not only to boost portfolio company performance, but also to provide a competitive edge when it comes to sourcing and executing deals
The Private Equity Value Report 2024
Charting the fastest-growing private equity-backed companies in the UK, in association with BDO
Webinar: From confusion to clarity
Experts explain how GPs can support portcos in doing their CSRD double materiality assessment right
In conversation: Kerry Baldwin, IQ Capital
The VC co-founder shares useful tips for women thinking of entering the venture capital industry
Vulture: Dealcraft meets Minecraft, and The Name Game
The Old Bird's game for a laugh...
Guardians of capital
In February, Real Deals hosted a cybersecurity webinar in collaboration with Doherty Associates. During the discussion, experts in the space discussed the cyber threat, ways to mitigate it and how to respond when an incident occurs
Private equity’s exit logjam hits $3.2trn
GPs are sitting on a record 28,000 unsold companies, According to Bain & Co’s annual global PE report
The hunt for CFOs for PE-backed firms has become more volatile – Finatal
Managing director Jack Lane reveals the strategies PE firms are employing to tackle the CFO talent crunch
Exclusive: Tresmares to close third PE fund in March
The Spanish firm also plans to open new offices and launch additional funds, partner Ignacio Calderón tells Real Deals
GPs ride the data wave
Demanding LPs and AI advancements have moved the dial on data. But what does a data strategy during a holding period look like? Xhulio Ismalaj reports
IWD: Helen Steers, Pantheon Ventures
To celebrate International Women’s Day, Real Deals catches up with Pantheon partner Helen Steers to discuss what it means to be a woman in private equity
In conversation: Future Business Partnership’s founders discuss achieving B Corp status
Real Deals sits down with founders Tracey Huggett and Vish Srivastava to understand the motivation for the certification and how it will impact its talent and investment strategy
Webinar: Guardians of capital
This discussion explores how PE firms can protect their portcos from cyber threats
Exclusive: Quilvest acquires Acuiti Labs
Thomas Vatier, partner and co-head of buyout, tells Real Deals that the investor plans on leveraging its transatlantic expertise to grow the business
Podcast: What do LPs want?
British Patient Capital’s Christine Hockley discusses the importance of patient capital, what VCs must do to appeal to LPs, and how GPs can build a value proposition that aligns with their investors’ interests
LP View: LPs seek ‘GP 2.0’ in challenging environment
In an environment where LPs have been wrestling with the denominator effect, reshuffling their portfolio allocations and contemplating new strategies for liquidity, Silvia Iacovcich explores what institutional investors are expecting from ‘GP 2.0’
SFDR: Bridging the gap
The EC's SFDR consultation has increased the pressure on GPs and LPs to navigate the multitude of demands within their relationships. Silvia Iacovcich explores how the framework can be improved
Podcast: The struggles of ESG reporting
In this exclusive podcast, Real Deals reporter Xhulio Ismalaj is joined by Richard Burrett, chief sustainability officer at early-stage cleantech investor Earth Capital
Changing lanes: continuation vehicles steering a new course in investment strategies
Industry experts are bullish on continuation vehicles as a viable exit route. But issues around pricing, fees and carry loom large. Real Deals speaks to secondary players to understand how these can be navigated to minimise conflicts of interest
GP Profile: Arca Space Capital
CEO Ugo Loeser tells Real Deals the PE fund is currently assessing two new deals
Venture Views: Zebra Impact eyes smorgasbord of agrifood investment opportunities
Real Deals' Shivani Khandekar sits down with co-founder Fabio Sofia to understand the impact investor’s thesis and fundraising plans
GP Profile: Perwyn
Managing partner Andrew Wynn speaks to Real Deals about what makes the perfect deal and the firm's new office in Milan
Venture Views: Target Global co-founder discusses an up-and-down year
Real Deals sits down with Yaron Valler to get his perspective on down rounds, the firm’s Israeli investments and the outlook for VC in 2024
Deal originators part one: The art of the deal
Deal origination has come into its own as the macro environment has become challenging, prompting GPs to seek innovative strategies for deal sourcing and execution. Silvia Iacovcich examines how the originators have adapted to the new normal
Deal in Focus: Investindustrial forms Sammontana Group with €1bn revenue
The GP's founder Andrea Bonomi tells Real Deals that the GP is already looking at three US-based bolt-ons to expand the firm’s offering
Video: Unravelling ESG
What better time to unpick key ESG trends than at the Real Deals ESG Conference 2024? Silvia Saccardi speaks to Investindustrial’s Dr Serge Younes, IP Group’s Bran Pathmanāban and Ambienta’s Fabio Ranghino
ESG Conference 2024: The biodiversity challenge
A panel on assessing biodiversity impacts explored how the emerging push for biodiversity risk mitigation is influencing investment decision-making. Xhulio Ismalaj reports on one of the key issues discussed
ESG Conference 2024: Leveraging the value chain
In the final panel on day one, industry experts explored how the value chain can drive transformational change. Silvia Iacovcich reports
ESG Conference 2024: PE’s ESG evolution
Real Deals held its ESG Conference on 30-31 January. On day one, industry experts explored how ESG has evolved to become a key part of GPs’ strategies. Shivani Khandekar reports
PE firms struggle with ESG reporting balancing act
With unending developments in ESG reporting, Xhulio Ismalaj asks: just how much transparency is midmarket PE able to live with? And is it all in vain?
Flat final quarter caps off relatively solid year – Real Deals Data Hub
Deal activity in 2023 started slow but remained steady throughout the year despite challenges, especially for larger cap brackets, with impressive overall deal volumes. Julian Longhurst investigates the numbers
CEE Report 2024: Forging a partnership
Max Cancre, director at TA Associates, and Filip Berkowski, investment partner at MCI Capital, speak to Real Deals about how their collaboration has yielded success
CEE Report 2024: Building champions
Real Deals speaks to MidEuropa’s operating partner Alain Beyens about how the Central Europe private equity firm taps into its local expertise to create international success
CEE Report 2024: Getting down to work
Pawel Gierynski and Stephen Richmond of Abris Capital Partners talk to Real Deals about capitalising on opportunity in Central Europe with market knowledge, technology and ESG
Expert View: Are minority investments gaining ground on majority deals?
Debevoise & Plimpton partners E Raman Bet-Mansour and Dominic Blaxill, and Jake Grandison, associate, explore whether minority investments are set to become the new majority and what GPs need to consider before undertaking such deals
TMT Report 2024: Wired for investment
Chris Baker, Aylesh Patel and Oliver Schofield, investors at leading UK midmarket private equity firm LDC, on why TMT businesses remain an attractive opportunity for private equity and the key trends driving M&A in the sector
CEE: Road to recovery
Deal activity in CEE reignited in 2023 as the instability from the previous years started to dissipate. But will the recovery continue this year? Shivani Khandekar investigates
TMT Report 2024: Leading lights
Real Deals speaks to James Searby of Directorbank about how finding the right talent can boost the growth of technology businesses
Organic Growth: Foresight and Partners Group reveal their tech playbooks
In this Organic Growth special, we speak to Foresight and Partners Group about how the GPs’ value creation strategies led to their successful exits of Fresh Relevance and Civica respectively
TMT Report 2024: Turn the page
Amid increasing interest from tech investors in B2B information services, Xhulio Ismalaj explores the subsector
Q&A: Reimagining infrastructure
Real Deals catches up with MML Infrastructure’s co-managing partners Andrew Honan and Sharand Maharaj to discuss how private equity expertise supports the GP’s infrastructure strategy
TMT Report 2024: PE investors go back to basics
Within TMT, tech tailwinds continue to attract PE to the space despite a valuation correction. GPs are now focused on revenue-generating businesses more than ever. Taku Dzimwasha investigates
Comment: The craft of commercial due diligence
James Tetherton, senior partner at GRAPH Strategy, explains how CDD can make the difference in an increasingly complex deal landscape
TMT Report 2024: Dealflow slows but large transactions boost overall transaction value
Since the beginning of 2021, the level of sponsor-backed M&A activity in the European TMT space has fallen noticeably, though a handful of giant deals continue to grab the headlines. Julian Longhurst looks at figures from Dealogic
Real Deals TMT Report 2024
Exploring the transformative trends and compelling stories shaping private equity in the TMT sector
Q&A: Tapping into revenue
Jennifer Murray and James Salmon, Shawbrook, discuss the bank’s new recurring revenue loan offering
Comment: Which UK sectors are most exposed to headwinds?
Alex Cadwallader, director – head of south and offshore, Leonard Curtis, considers the headwinds facing key UK sectors in 2024
Comment: Is the UK midmarket on the rise?
LDC’s John Garner outlines why increased demand for funding from ambitious medium-sized companies will drive a resurgent UK M&A market in the year ahead
The best of 2023
Real Deals looks back at the key talking points from 2023, a year when the private equity industry faced a difficult dealmaking and fundraising environment
Industry leaders give their predictions for 2024
Real Deals speaks to industry leaders to get their insights and discover their predictions for 2024. From high interest rates to valuation mismatches, these experts outline how the private equity industry can navigate a challenging environment
Humatica Corner: Don’t fall into the distributed services trap
Investing in distributed service firms is in vogue. But ensuring the investment provides returns is not straightforward
Vulture: Eat, pay, free press | From lineouts to layouts
No such thing as a free lunch?
The midmarket engine continues to purr – Real Deals Data Hub
Despite tricky investment conditions, activity in the European midmarket space continues to grow, albeit modestly, with the France/Benelux region leading the way. Julian Longhurst reports
GPs anticipate deal valuations will decline in 2024 – Investec
The firm’s report reveals that the market will remain challenging this year but pockets of opportunities exist
Venture Views: ETF Partners’ Patrick Sheehan discusses how sustainable investment can beat the downturn
The co-founder and managing partner also shares his mantra for being active during a dip
Fund in Focus: How Cinven banked $14.5bn for Fund 8
Real Deals catches up with Alexandra Hess, partner and head of investor relations, to discuss how the GP overcame a difficult macro environment to reach the fund’s hard-cap
Roundtable: Special situation market players find special purpose
With UK corporate insolvencies high, the special situations community looks to step up to the plate. But will 2024 be the year of the turnaround?
End of Year Review: HarbourVest Partners
David Atterbury, Craig MacDonald and Alex Wolf, managing directors at HarbourVest Partners, speak to Real Deals about secondaries, carve-outs and much more
GP Profile: Swen Capital Partners
Co-founder and CEO Jerome Delmas talks to Real Deals about the importance of expertise in impact investing
Investors to boost acquisitions in 2024
Ocorian’s 2024 outlook reveals that investors are increasing their risk appetite
End of Year Review: Malcolm Coffin, Inflexion
Real Deals catches up with Malcolm Coffin, partner, Inflexion, to discuss his outlook for 2024
Fundraising trends to look out for in 2024
Gabrielle Joseph of Rede Partners sits down with Real Deals to discuss the key fundraising trends she expects to see this year
End of Year Review: Pawel Gierynski, Abris Capital Partners
Pawel Gierynski, managing partner at Abris Capital Partners believes that private equity needs to embrace uncertainty and get back to basics
End of Year Review: Ulrik Smith, FSN Capital Partners
Ulrik Smith, co-managing partner at FSN Capital Partners, sees decarbonisation continuing to shape the PE landscape in 2024
Portco bankruptcies: Sniffing out danger
With corporate bankruptcies on the rise, there is concern that private equity portfolio companies could be swept away by the insolvency wave. Shivani Khandekar investigates how managers and lenders can collaborate to keep the wolves at bay
GP Profile: Maven Capital Partners
Partner Tom Purkis sits down with Real Deals to reflect on the SME investor’s journey and his ambitions for the new year
End of Year Review: Krzysztof Kulig, Innova Capital
Krzysztof Kulig, senior partner at Innova Capital, discusses latest fund Innova/7, benefits of nearshoring for Poland, and PE’s growing role in managing its investments
End of Year Review: Dirk Markus, Aurelius
Dirk Markus, founding partner at Aurelius, tells Real Deals that PE has gone back to basics as financial engineering drops in importance
GP Profile: Three Hills
Managing partner Mauro Moretti tells Real Deals there are no coincidences in the PE world
End of Year Review: Matt Smith, Foresight
Matt Smith, partner at Foresight, explains how the GP has remained active in the current environment and what he expects to see next year