Meme - Even the number of tumbleweeds has dried up

IP..Oh..No!

News, WEEKLY SPIN

The PE exit landscape has entered a barren phase this year with fewer than 900 completed exits in the US through September. EQT’s CEO Christian Sinding has referred to dysfunction in the IPO markets, prompting the firm to consider private stock sales to give LPs some liquidity back. It’s another sign of GPs thinking creatively to free up capital. Think of it more as an appetizing starter before LPs are given the main course – that is, when a full exit is achieved. GPs will be privately watching on the sidelines to see if this route is worthy of exploring. With other choices on the table – namely continuation funds and NAV financing – the menu of liquidity options is starting to expand. All the while demonstrating the further evolution of the PE marketplace.

inspired by The Financial Times

Meme - When it comes to making a good impression…the orange carpet helps!

Cannes do attitude

News, WEEKLY SPIN

Ascential, the owners of the Cannes Lions International Festival of Creativity and Money 20/20, have received an acquisition bid from a consortium of investors but will they bite? The consortium includes PE-backed Hyve, and MediaLink, owned by United Talent Agency. The resort town is the iconic setting for the Cannes Lions, whose revenue has grown 30% this year, while Money 20/20 sharpened its focus with a 19% revenue increase. Post-Covid events acquisition opportunities will continue to stay on the (event) horizon of PE investors as revenue drivers; and with the Cannes Lions’ global appeal, the consortium will certainly be hoping its bid is a roaring success. Or will they find themselves clawing back the competition?

inspired by PRWeek

GIF - Cheer up we’ve just heard Carmignac and General Atlantic have joined the nest

Clip clip hooray!

News, WEEKLY SPIN

Clipway, a new PE secondaries firm founded by former Ardian executive Vincent Gombault, has received minority stake investments from General Atlantic and French asset manager, Carmignac. The firm, which is led by Gombault and Ingmar Vallano, is in the process of fundraising $4 billion for its first fund. The new partnership with two well-established management groups should help it to move along at a faster clip. Both PE and traditional asset managers are going back for seconds as their appetite grows for PE secondaries. Clipway will focus on LP-led opportunities using proprietary next-generation technology called Tech-Enabled Secondaries System (TESS). With the secondaries market continuing to mature, this could be an ideal time for TESS to impress.

inspired by the Financial Times

Meme - Welcome to Anfield

Liverpool kicks off new dynasty

News, WEEKLY SPIN

With their famous shoulder padded dresses and big hairstyles, the cast of US soap opera Dynasty was a huge hit in the 80s. Liverpool FC will be hoping that the same is true, following news that US private equity firm Dynasty Equity has acquired a $100 million minority stake in the club. It is yet another sign of the Hollywood appeal of the English Premier League – and sports franchises more broadly – as VC and PE firms continue to snap up assets for their portfolios. Liverpool will be hoping this kicks off a new chapter of success with its latest biggest fan. Part of the investment will apparently be used for infrastructure as the club looks to improve its stadium, Anfield. We will all be watching to see how this new relationship plays out: hopefully it won’t have the frisson of Krystle Carrington (Linda Evans) and her mischievous counterpart, Alexis Colby (Joan Collins)…

inspired by the Financial Times

Meme - Has PE ever been more fashionable

So you want to be a record-breaker

News, WEEKLY SPIN

It’s official. IPEM’s decision to host its popular private markets conference for the first time in Paris (in addition to Cannes) was vindicated with a record number of attendees. Some 1,200 LPs and 751 GPs representing over 2,000 firms from 54 countries made IPEM Paris 2023 one of the most well-attended conferences of its type. Over 6,100 attendees were there to soak up the atmosphere and listen to some of the industry’s sharpest minds including Stephen A. Schwarzman from Blackstone, Dominique Senequier from Ardian, and James Zelter of Apollo Global Management. This was a global festival for private markets investors – has PE ever felt so much in vogue? For IPEM’s organizers, this was a spectacular aLPine summit record – which begs the question: How much bigger could IPEM Paris 2024 end up being?