Insights

Private equity

Separating bargains from busts: Five steps to evaluate private equity secondaries

Investors have flocked to private equity secondaries driven by the allure of deep discounts. We outline the five considerations an investor should keep in mind when assessing secondaries.
Showing 1–6 insights out of 19 results
Outlooks

Private markets outlook: Refilling the glass

As we approach the end of 2024, sparks of life are emerging in private markets, fueling optimism for improved liquidity and a revitalized investment landscape.

Chart of the week

Shrinking public markets mean growth in private markets

Take-private volume has outpaced IPO volume by 3.5x since 2022. This represents an accelerating shift in opportunity toward private markets.

Column chart showing the IPO- and take-private volume by year. Since 2022, take-private volume has outpaced IPO volume by more than 3.5x, highlighting a trend in which the number of publicly traded firms has halved, from about 8,000 to 4,000 since the mid-1990s, while the opportunity set within private markets has seen corresponding growth.
Chart of the week

Middle market at the center of U.S. job growth

With employment data in focus, the middle market has shined, outpacing job growth in small and large-cap firms by more than double.

Note

Separating bargains from busts: Five steps to evaluate private equity secondaries

Investors have flocked to private equity secondaries driven by the allure of deep discounts. We outline the five considerations an investor should keep in mind when assessing secondaries.

Strategy note

Going for growth: Middle market private equity secondaries

If you are going for growth, what has a better risk/reward profile than middle market private equity secondaries?

Chart of the week

Middle market private equity outperforms amid elevated rates

Middle market private equity has outperformed mega cap PE amid the elevated rate environment since Q2 2022. It remains well-positioned today.

Column chart showing middle market private equity funds’ annual out- or underperformance each quarter since Q1 2019. Middle market PE funds notably outperformed after the Fed ended it’s zero interest-rate policy (ZIRP). This sector has historically shown less interest rate sensitivity and relied more on organic growth (improving earnings, growing margins, expanding product lines) to drive value creation than large- and mega cap funds.
Showing 1–6 insights out of 19 results

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