The Unquote Private Equity Podcast

Yang Chen, a partner at Ronin Equity Partners, speaks to Mergermarket Funds Editor Tom Cane about the challenges and opportunities in today's market. Topics of discussion include the wider M&A market, supply chain mitigations for mid-market PE firms, driving value creation in family and founder-led businesses, and the family office landscape. Yang also discusses her career trajectory to date, and reflects on how the private equity landscape has evolved during that time.

Public listings have been a notoriously difficult exit path for sponsors over the past two years but recent months have witnessed a signal change as vendors learn how to navigate new equity capital markets. Mergermarket's Head of Auctions sits down with ION Analytic's Global ECM Editor Sam Kerr to take stock of how funds are viewing ECM, structuring listings for the best outcomes and what Donald Trump might mean for global equity markets.Introduction - 00:34 Large-cap exits - 1:49Failed sale to IPO - 4:50Structuring a successful listing - 9:09A new US President - 16:55You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.

Mergermarket's Head of Auctions Rachel Lewis speaks with Debtwire's Head of Private Capital Josh O'Neill about how the deal financing environment for private-equity buyouts is evolving as we approach the end of 2024. As we head into the final quarter of the year, European buyouts are on par with the total disclosed value seen across the whole of last year - standing at EUR 133bn. The total number of deals is, however, still down at 946 versus 1,234. Direct lenders have always had a vital role to play in financing leveraged buy-outs but their approach to auctions, to lending and to sponsors has changed in a higher interest rate and high inflationary environment. Against this backdrop, O'Neill and Lewis discuss from both of their sides of the table - equity and debt - how the changing financing environment will impact the pipeline for the rest of the year and heading into 2025. Introduction - 0:25Pipeline from the lenders' perspective - 2:35Protecting downside risk - 7:57Lending relationships with sponsors and auctions - 12:00Opportunities in lapsed deals - 19:59Debt-for-equity swaps - 22:45Theme music: ©2012 Kick Up The Fire

Funds editor Harriet Matthews speaks to William Barrett, co-founder and managing partner at private capital adviser Reach Capital, about the changing private capital advisory market, how the firm is advising its private equity (PE) clients to navigate primary and secondary fundraises in the current market, and what's next for the independent placement agent.Investment banks have been building up their private fund advisory capabilities in recent years via consolidation, with notable recent deals including Houlihan Lokey's acquisition of Triago. They have also hired staff and even engaged in joint ventures with specialised firms to offer fundraising or secondaries advice to their clients.Against this backdrop, and as an independent private capital advisor, Barrett discusses how Reach Capital has continued to develop its service offering, including the addition of private wealth capabilities. He also shares insights into how Reach Capital approaches taking on primary and secondary capital raising mandates.Given the challenging fundraising market, there are certain steps that GPs can undertake to pave the way for a successful fundraise, according to Barrett. This includes knowing your client, including the context they are operating in and the other types of investment opportunities that might be on the table for them.Lastly, Barrett shares his outlook for the primary PE fundraising market and how this will develop in the coming months, and discusses how Reach Capital is planning to continue to grow its service offering and the technology and data that supports it.Introduction – 0:42Interview with William Barrett, Reach Capital – 2:19Current state and evolution of the private capital advisory market – 2:27Adapting to the needs of GP clients – 5:24Getting comfortable with taking on primary mandates – 10:00Taking on secondary mandates: comfort and transparency – 12:39Advice to GPs: speak to your clients, prepare, and tailor your LP pitches – 16:07The outlook for primary private equity fundraising – 22:07What's next for Reach Capital? – 24:38You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

In this episode, funds editor Harriet Matthews and senior private equity reporter Rachel Lewis share insights from the Mergermarket Private Equity and M&A Forum Europe, exploring the outlook for private equity buyouts, exits and fundraising, as well as the outlook for specific markets, including the UK.The Forum, which took place on 21 May at the Landmark Hotel in London, brought together private equity and M&A market participants for a day of panel discussions and networking.In her keynote speech, JP Morgan's global head of M&A Anu Aiyengar summarised the macro drivers for dealflow in 2024 across public and private markets, highlighting UK take-private activity in particular as a bright spot for dealmaking.Elsewhere at the conference, panellists discussed topics including the prevalence of preferred equity as a liquidity solution for GPs, how GPs are approaching fundraising in a liquidity constrained environment, and LP preferences and concerns in the current market.While much has been made of a potential uptick in dealmaking in 2H 2024, conference attendees were cautious when it came to making predictions. Positive indicators include strategic appetite for private equity-backed assets, with hope for interest rate cuts also expected to allow the cogs in the private equity machine to start whirring again.Mergermarket data round-up – 1:28Keynote speech takeaways – 3:51UK market sentiment – 5:20Fundraising outlook – 6:18Preferred equity and bridging the valuation gap – 7:20Returns and distributions – 10:50Large-cap exit options – 12:15You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

European funds editor Harriet Matthews hosts fellow funds editors Tim Burroughs (managing editor, AVCJ) and Tom Cane (North America) to discuss the insights they gleaned from the Mergermarket New York Private Equity Forum, comparing and contrasting this with PE activity in other regions, and considering what the themes that emerged mean for the outlook for the industry in the US.European funds editor Harriet Matthews hosts global funds editors Tim Burroughs (managing editor, AVCJ) and Tom Cane (North America) to discuss the insights they gleaned from the Mergermarket New York Private Equity Forum, comparing and contrasting this with PE activity in other regions, and considering what the themes that emerged mean for the outlook for the industry in the US.Attendees gathered at the Pierre Hotel in New York on 30 April to share insights on the US PE market, exploring topics including exits, value creation, valuation, GP-led secondaries, private credit and the appeal of various sectors.The Mergermarket team shares key takeaways from the day, summarising the perspectives of GPs and LPs. Cautious optimism was in the air, with an uptick in exit volume in 1Q 2024 bolstering hopes for a reopening of the exit market.Challenges remain in dealmaking and fundraising, however. Valuations have yet to be truly tested, with only the best assets typically trading over the past 12 months. Meanwhile, LPs are continuing to work out how to manage their liquidity, with distributions having fallen significantly from a high point in 2021.The team also provides insights on how the US outlook compares of that in Europe and Asia when it comes to secondaries and dealmaking, as well as the geopolitical climate.Introduction – 0:34Dealflow and valuations – 1:30The exit outlook – 4:17GP-led secondaries – 6:33The fundraising market – 9:48Further themes: value creation private credit – 12:53The US elections and the H2 outlook – 15:21You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

With “cautious optimism” the prevailing sentiment for the start 2024, the Mergermarket private equity (PE) reporting team takes stock of our 1Q 2024 European private equity data, providing insights into how this year could shape up for deal activity, exits and fundraising.2024 started off more strongly than 2023 in terms of private equity activity, with deal count up by 21% and disclosed deal volume more than doubling versus Q1 2023. Activity has dropped since Q4 2023, however, with deal count down by 6% and disclosed deal volume by 72%.Although a number of successful exits were announced in the past quarter, PE firms made 13% fewer exits in Q1 2024 versus Q1 2023, marking the worst quarter for exits since the start of the COVID-19 pandemic.This episode begins with an overview of Mergermarket PE buyout, exit and fundraising data, highlighting the top sectors and geographies.With the PE industry is preparing for an uptick in activity over the course of the coming year, the Mergermarket team explores the current macro picture, deals to watch out for this year, and changes to deal structuring that GPs are pursuing to get deals done, including minority stake sales and equity syndication.Data overview: PE deal activity, exits and fundraising – 0:42The macro picture and the road ahead – 4:26The outlook for PE exits – 7:54Processes to look out for – 10:10The rise of deal-by-deal fundraising – 11:44Changes to deal structuring – 14:26Going back to exits – 17:00You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

With GP-led secondaries becoming a mainstay in the private equity exit toolbox, Mergermarket's funds editor Harriet Matthews and senior private equity reporter Rachel Lewis discuss the outlook for this growing part of the private equity market. In a guest interview, Elena Laleh, managing director at Kline Hill Partners, discusses the secondaries investor's European and North American strategy, highlighting the sizeable opportunity to be found in GP-leds in the lower mid-market.With EUR 47.3bn raised across 16 secondaries funds active in Europe in 2023, versus EUR 30bn across 18 funds in 2022, LP demand for secondaries strategies shows no sign of slowing in the face of a tough fundraising market.While megacap fundraises of EUR 10bn-plus from the likes of Goldman Sachs, Glendower Capital and Lexington Partners typically bolster secondaries fundraising volume, with large-cap deals grabbing headlines, there is also ample opportunity in the lower mid-market, where GPs are also looking to continuation funds as an exit option, but investor capital is more scarce.Elena Laleh discusses Kline Hill's focus on “trophy assets” in this market segment, which sees it engaging in deals of less than EUR 250m in size and deploying around two-thirds of its capital in the US and one third in Europe.She also shares her view on whether an anticipated exits uptick will affect GP-led secondaries dealflow, and discusses the importance of due diligence, returns and alignment.Following the interview, the Mergermarket team dissects the key takeaways, sharing data on PE exits in the lower mid-market and recent reporting on secondaries activity in this market segment.Introduction – 0:38Current state of the GP-leds market – 1:34Secondaries fundraising: data recap and LP appetite – 4:35Interview with Elena Laleh, Kline Hill Partners – 8:48Kline Hill's GP-led strategy and lower mid-market focus – 9:56US versus European GP-led secondaries market dynamics – 11:41GP-led secondaries and exit environment optimism – 12:52Valuations in GP-led deals – 15:58Returns in the GP-led secondaries market – 18:24Capital supply in the secondaries market – 21:15Kline Hill's view on alignment – 23:37Key takeaways – 25:16Lower mid-market PE exits – 26:15GP due diligence in secondaries deals – 29:06Mergermarket reporting on recent lower mid-market GP-leds – 31:03Adviser adaptation and market consolidation – 33:20You can listen to the podcast HERE, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Mergermarket's funds editor Harriet Matthews speaks to Pierre-Antoine de Selancy, managing partner and co-founder of net asset value (NAV) lender 17Capital, about the evolution of NAV financing and its use cases in the current market, as well as wider industry reservations about the use of this type of leverage. The use of and interest in NAV financing has been growing in recent years. In times of restricted liquidity and a tough fundraising market, GPs can use this tool for situations including refinancing a group of portfolio companies to take advantage of M&A opportunities.De Selancy addresses some of the questions that LPs have around NAV financing, arguing that using leverage is a core skill of private equity professionals in creating value for investors, and the use of NAV financing is part of this process. “If limited partners are worried about GPs putting in place debt, they should not be investing in private equity,” he said. 90% of the money used in NAV financing goes into portfolio companies, whereas 10% is used to make distributions, he said, playing down concerns around “fake DPI”. “It's not a competitive world – it's an ultra-competitive world,” he said, noting that LPs now have more choice than ever and are applying increasing scrutiny to how GPs are creating value and balancing this with risk. It is important that GPs “do the right thing” for their LPs, he said, emphasizing the importance of communication.Lastly, de Selancy discusses the future of NAV financing as a “new niche” and “the fastest growing market in private credit”, features which are likely to drive the growth of 17Capital itself.0:39 – Introduction2:54 – Interview with Pierre-Antoine de Selancy3:26 – 17Capital's strategy4:49 – Current use cases for NAV financing7:13 – NAV financing versus continuation funds11:27 – Cost of capital dynamics14:42 – NAV financing and LP sentiment25:49 – What's next for the NAV lending industry?28:20 – 17Capital's future growthYou can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

In this week's episode, Mergermarket's funds editor Harriet Matthews and senior private equity reporter Rachel Lewis explore how private equity (PE) firms are turning to various options in an effort to secure succession between generations of management, with a guest interview from Jon Harvey, Head of Relationship Management at Investec Fund Solutions.As the PE industry matures and grows, with GPs growing from single-strategy firms to multi-strategy asset managers, the themes of succession and the value within private equity firms have grown in prominence.The team kicks off the episode by discussing some recent examples of succession, including the reported search for a chairman at Bridgepoint [LON:BPT], and Cinven's recent managing partner shake-up.Investec's Harvey starts off by discussing the rise in prominence of the theme of succession, some of the routes available to GPs (including GP stake sales, IPOs, and management company financing). Harvey discusses how the theme of succession is linked to wider pressure within the PE market, including exits, fundraising, and securing a GP commitment for their next fund. He also shares his insights on what GPs should consider to shore up culture and create alignment within their teams when managing succession.Lastly, the Mergermarket team discusses key takeaways from the interview, and also discusses some situations where succession has not been so smooth, as well as the importance of succession and monetisation for growth, and the issue of team retention.Introduction – 0:38Recent examples of succession plans – 2:14Interview with Jon Harvey, Head of Relationship Management at Investec Fund Solutions – 4:40Triggers for succession – 5:17Pros and cons of different succession paths – 8:59LP alignment and GP commitments – 13:04How to use permanent capital – 17:31When succession goes wrong – 23:40Monetisation for growth – 25:00Retention in PE – 29:25You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Joerg Zirener, a partner at One Equity Partners (OEP), speaks to Mergermarket's funds editor Harriet Matthews about the firm's mid-market strategy and his outlook for 2024, covering topics including buyer and seller valuation expectations, mid-market value creation levers, and where OEP sees opportunities for dealmaking.Founded in 2001 and with operations in Europe and the US, OEP's team has made more than 120 platform investments and more than 300 add-on acquisitions. “We look for what we want to buy, instead of what's for sale,” says Zirener of the firm's largely proprietary origination process.Zirener is “cautiously optimistic” for 2024 as the sponsor continues to find ways to deploy equity and support its portfolio companies. “We are specifically continuing to look at opportunities to support companies to add to their capabilities, build scale, enter new markets, enhance their competitive position in their respective markets, so all around transformative combinations,” he says.Areas of focus for OEP in 2024 include digitalisation and artificial intelligence (AI), as well as the industrials sector. It is also continuing to focus on buy-and-build, allowing its companies to gain scale in a range of ways, including geographically.Based in Frankfurt, and having joined OEP in 2006, Zirener has operated in the private equity industry across a number of different dealmaking climates. Rounding off the interview, he shares his perspective on how the current market compares to that of the time when he first entered the industry.Introduction – 0:30OEP's strategy – 2:42Sourcing deals with a European and US presence – 5:01The appeal of the mid-market – 7:52Exits and investment pace – 12:04Value creation levers – 17:35Overcoming dealmaking challenges in 2024 – 20:00Perspective on the current market – 25:22If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Mergermarket's funds editor Harriet Matthews and senior private equity reporter Rachel Lewis discuss what the key themes that emerged from January's IPEM conference in Cannes mean for the 2024 outlook for the European private equity industry, touching on topics including debt, exits, fundraising, and the secondaries market.With interest rates expected to stabilise this year, private equity is adjusting to paying more for leveraged buyout financing and is approaching 2024 with a cautious optimism.However, the industry is not out of the woods yet when it comes to the eternal question of returning capital to LPs via DPI (distribution to paid-in capital) in a tough exits environment. Creative routes continue to be on the agenda, be it recaps, minority stake sales or GP-led secondaries.Fundraising challenges also remain, with LP capital still scarce – but with deployment and the overall pace of fundraising expected to continue to return to a more even keel, the outlook for 2024, as well a the longer term outlook for pools of capital available to private equity funds, could be a little brighter.0:31 – Introduction1:13 – The macro picture3:04 – A bad time to make exits?5:02 – Debt dynamics and recaps5:59 – Secondaries market growth8:40 – Private equity's creativity9:45 – Fundraising challenges12:29 – Adjusting returns expectations14:09 – The pace of deploymentIf you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Tom Ross-Jones, partner at UK-based private equity firm Palatine, speaks to Mergermarket senior private equity reporter Rachel Lewis about the sponsor's journey with sustainability consultancy Anthesis, setting out how the deal was originated, the value creation initiatives during the investment period, and the exit process.If private equity had its own dictionary, value-creation could easily have been a top contender for ‘phrase of the year' through 2023. Everyone is speaking about it, but there are still questions around how many GPs are achieving it. Palatine originally took a minority stake in sustainability consultancy business in Anthesis in the quarter of 2021 for a reported GBP 50m. Just two years later it, returned 6x with Carlyle Group entering as a majority shareholder, only for Palatine to re-invest in a minority position to keep some exposure to the business. The deal was valued at a reported GBP 400m, although Palatine did not confirm this valuation.In this episode, Ross-Jones, discusses the sponsor's investment and journey on value creation. He starts off by discussing the sponsor's approach to origination, what measures it put in place as a minority shareholder, and the significance of human capital and culture in creating value.Later, the podcast delves into the importance of data, whether buy-and-build still works, how it got the company ready for an exit and exactly why it reinvested under Carlyle's ownership. Introduction – 0:31Interview with Tom Ross-Jones – 1:35Palatine's approach to origination and first eyes on Anthesis – 1:58Making a minority investment – 5:00 Approach to leverage – 7:23First steps and initial value creation – 9:02Palatine's value creation playbook – 16:48Levers for mid-cap value creation – 20:18Integrating bolt-ons and the future of buy-and-build – 22:23 Getting the company ready for exit – 26:40Reinvesting for a minority stake – 30:33You can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

As a tough year for the European private equity (PE) draws to an end, Mergermarket's private funds editorial team gives a market overview and highlights key topics including the resilience of the mid-market, consolidation in the advisor space, and the popularity of co-investments.The last 12 months brought with them the collapse of Credit Suisse and Silicon Valley Bank; a return to higher interest rates; and yet more geopolitical uncertainty and conflict.Although private equity activity has remained subdued this year, particularly versus the highs of 2021 and 2022, the industry has continued to innovate and adapt, looking for ways to get deals done and maintain liquidity.Consolidation remains an ongoing theme in the private equity industry – not only via value creation through buy-and-build, but in the form of asset managers acquiring specialised and mid-market firms. The mid-market has seen consistent dealflow and exits against a tough backdrop, leading larger sponsors to re-enter the mid-market so as not to miss out.The PE advisory industry has also been busy consolidating amid a drop in dealflow and therefore a drop in fees, with more consolidation on the cards for 2024 as advisers look to gain market share and add new capabilities to their roster.Structuring deals in 2023 has been challenging in a higher cost of capital environment, leading GPs to explore options including adding more equity into deals in the form of co-investments. These deals also have benefits to LPs including relationship-building and an opportunity to gain in-depth insights on how their GPs operate.0:55 – Market overview2:20 – Mid-market outlook with Rachel Lewis11:48 – PE advisory consolidation with Min Ho17:51 – Co-investment perspectives with Ero PartsakoulakiYou can listen to the podcast on your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The FireInterested in private equity analysis? ION Analytics has more.Private Equity Trendspotter: Sponsors look to kick-start stalled cycle as deployment, exit pressure mountLPs need more convincing for value strategies as carve-out pipeline picks up - analysisPrivate equity's love story with outsourced pharma services to heat up in 2024 – analysis

Private equity dealmakers in the DACH region have been facing a plethora of challenges in 2022 and 2023 in particular. Funds editor Harriet Matthews discusses the 2024 outlook with HIG Capital's Holger Kleingarn, and is also joined by Mergermarket's DACH bureau chief Patrick Costello, who shares his insights on market sentiment and how dealflow is shaping up for 2024.DACH private equity activity in the year to date has comprised EUR 18bn of disclosed deal volume across 156 deals, versus EUR 27bn of deal volume and 164 deals in 2022, according to Mergermarket data. Exits have also fallen, with EUR 7bn in disclosed volume across 44 deals in 2023 YTD versus EUR 11bn across 51 deals in 2022.Meanwhile, fundraising for DACH-focused buyout funds has reached an eight-year low in 2023, with EUR 2.7bn raised across five vehicles – but with EUR 159bn of the approximately EUR 165bn total buyout fundraising in Europe potentially able to make DACH deals, the region will not be short of capital to get deals done when the market picks up.In a guest interview, HIG Capital managing director Holger Kleingarn gives an overviews of the challenges and opportunities for private equity in the DACH region, including the macro picture and the art of the PE exit.Kleingarn also highlights sectors and themes that are of interest to HIG, including infrastructure services, healthcare services, labour location and reallocation, sports and esports, business process automation, AI, and energy efficiency.Lastly, the team discusses some of the key points from the interview with Kleingarn, and looks ahead to some of the topics that the market will be keeping an eye on as we move into 2024, including buyer and seller valuation expectations.DACH data overview – 1:26Fundraising focus – 2:58Market sentiment – 5:17What's in the year-end and 2024 deal pipeline? – 6:27Interview with Holger Kleingarn – 8:37The macro picture – 9:04Opportunities for private equity – 12:192024 outlook and HIG's key sectors – 17:29The art and science of exits – 23:51Cause for optimism – 29:30Key takeaways and analysis – 35:05Adjusting valuations – 37:27If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

With corporates looking to divest non-core businesses and private equity investors placing a renewed emphasis on value creation, carve-outs are climbing the agenda for many GPs. Harriet Matthews and Min Ho explore the factors behind current dealflow, with a guest interview with Tristan Nagler, partner at Aurelius.According to Mergermarket data at the time of recording, EUR 190bn worth of carve-outs have taken place in EMEA in 2023 YTD, with EUR 39bn taking place in September and October alone. Competition for carve-outs also appears to be on the up, with more US players edging their way into the European market.Following a discussion of headline data and upcoming deals, Harriet Matthews speaks to Tristan Nagler about the outlook for complex corporate carve-outs and how Aurelius approaches this market.While a process can attract “a flurry of interest” at the start, the complex and uncertain nature of corporate carve-outs and the level of risk often means that there is “a high rate of attrition” in processes, according to Nagler.Nagler discusses Aurelius' outlook for carve-outs dealflow, including buyer and seller motivations, what makes a “good” carve-out, where the GP sees pockets of opportunities, and how ESG can be a dealbreaker for the firm.In the final part of the episode, the Mergermarket team highlight some of their key takeaways from the interview, as well as the role of communication with unions in carve-out processes, and why carve-out strategies are appealing to LPs in the current market.Intro – 0:27 Data and recent deals – 1:07Dealflow drivers – 4:22Who's buying? – 7:26Interview with Tristan Nagler, partner at Aurelius – 10:23A wave of carve-outs? – 11:26The changing buyside landscape – 16:25What makes a “good” corporate carve-out? – 20:51Pockets of opportunities – 23:39Shoring up a target – 27:19Value creation levers and Aurelius' portfolio – 31:26The role of ESG – 35:45Key takeaways – 39:31The role of unions and long-term goals – 42:01The LP view – 45:06If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

While current sentiment around private equity investment in the consumer sector is mixed due to its exposure to inflation and consumer demand, sponsors are still finding attractive opportunities to deploy. Advent International managing director Nicolas Chavanne joins the podcast to discuss the GP's approach to investing, how it assesses the market, and how and why it aims to secure optionality on exit.Ahead of the interview with Advent's Chavanne, funds editor Harriet Matthews hosts private equity reporter Ero Partsakoulaki to run through Mergermarket data on sponsor activity in the consumer sector. The team explores the trends and drivers behind activity, as well as recent Mergermarket intelligence about upcoming processes in the sector.Chavanne began his career in investment banking, following which he spent 14 years with private equity house Towerbrook Capital Partners. He joined Advent International in 2019 to leads its retail, consumer and leisure investments.He explains how “you have to be a bit of a truffle pig” when sourcing the right deals in the consumer sector, and breaks down Advent's definition of “luxury” investments and its consideration of consumer demographics.The conversation also touches on exit options and value creation. “it's relatively easy to buy, but we measure success by the exit,” says Chavanne. ”We get excited when we have what I would call multi-threaded exit optionality – you don't want to be stuck with one way out.”Following the interview, the editorial team return to discuss key takeaways, as well as what the Birkenstock [NYSE:BIRK] IPO means for consumer dual-track exits.0:39 – Introduction1:42 – Data round-up, consumer drivers and current processes10:17 – Interview with Nicolas Chavanne of Advent International11:40 – Executing with conviction in the current market15:47 – “Luxury” investments and demographics20:09 – Deal origination and gaining an edge: Examples from Zimmerman, Parfums de Marly29:02 – The universe of buyers and exit option33:44 – Consumer drivers and value creation38:35 - The role of AI in creating an edge41:34 – Key takeawaysIf you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Amid a tough fundraising market with tight allocations and a slowdown in distributions, fund administrator Aztec Group's managing director James Gow and head of innovation Tom Bennett bring their insights into capital raising and discuss the outlook for the year ahead.Unquote Data validates the broader market sentiment, showing that a total of 33 buyout funds based in Europe had closed at the time of recording, a 48% drop compared to the equivalent period last year. Leveraging Aztec's market insights via partnerships with more than 450 funds since it launched in 2001, Gow and Bennet share their views on the ways both LPs and GPs are navigating the current environment in an interview with Unquote's Ero Partsakoulaki.Gow and Bennett offer an overview of the alternative pools of capital available to GPs and the positive sentiment around private credit strategies, as well as touching on the industry's expectations when it comes to meeting fundraising targets, the importance of ESG reporting, and the democratisation of the private equity industry using technology and data.0.30 – Fundraising market data1.49 − Guest bios3.02 – Interview with Aztec Group's managing director James Gow and head of innovation, Tom Bennet 3.25 − Overview of fundraising environment 5.59 – Private credit market as a bright spot 7.36 – Industry expectations and flexibility around fundraising targets 9.34 – Alternative pools of capital 10.37 – PE's perception of the retail market 13.02 – LPs & GPs perspectives on ESG data and reporting 16.07 – Demand for impact investing 17.00 – Tech applications in co-investing strategies 17.51 – Challenges and Opportunities for 2024 19.35 – Pockets of activity 22.00 – Aztec Group's growth plans and future initiativesIf you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Funds editor Harriet Matthews hosts senior reporter Gustav Hoejmark-Jensen to discuss the role that emerging managers are playing in green technology investing. Hoejmark-Jensen explores the topic in an interview with Kim Pochon, senior vice president at Unigestion, and Laurits Bach Sørensen, co-founder and senior partner at Nordic Alpha Partners (NAP).Pochon is part of Unigestion's emerging manager programme, which aims to spot the next trends and next generation of funds managers and value creation models. Through its emerging manager programme, Unigestion has been among the first backers of now-behemoth funds such as Carlyle, Permira, EQT and Hg, and it was also an early investor in managers such Archimed, Ambienta and Blackfin.Pochon shares insights on the role of the programme in the emerging manger ecosystem, his views on the fund-of funds-market, and Unigestion's approach to spotting future GP concepts. He also discusses the programme's latest allocations and what made them invest in Nordic Alpha Partners' new fund, focused on green tech growth buyouts.Bach Sørensen discusses how NAP has overcome apparent challenges in the green tech and hardtech space via a highly operational and perhaps unorthodox approach to creating value, de-risking growth and rapid scaling of industrial green tech companies. Bach Sørensen also shares insights on the firm's latest strategic exit to US tech giant Tesla, after its portfolio company Wiferion experienced years of hypergrowth during NAP's tenure.In the final part of the joint interview, Pochon and Bach Sørensen elaborate on the partnership between the two firms, with the editorial team returning at the end to discuss some key takeways from the conversation.Founded in 2017 and now delivering CAGR of 78% on its debut fund, abating one million tons of CO2, NAP recently held a EUR 150m first close for its new fund, surpassing the volume of its EUR 126m first fund and attracting LPs such as Allianz Global Investors, Copenhagen Infrasturcture Partners, and Unigestion.With a hard-cap of EUR 300m, NAP will continue to fundraise throughout 2023 for the SFDR Article 9 compliant second vehicle, Nordic Alpha Partners Fund II. The GP has already made its first deployment in Swedish-Polish photovoltaic developer Sunroof, alongside World Fund and Legal & General Capital.1:39 – Challenges for GPs and LPs5:55 – Interview with Kim Pochon of Unigestion and Laurits Bach Sørensen of Nordic Alpha Partners6:14 – Unigestion's outlook on emerging managers9:16 – Finding emerging managers11:30 – Why Unigestion invested in Nordic Alpha Partners13:55 – Nordic Alpha Partners' outlook on deployment15:37 – Bridging the early-stage and growth green tech gap19:29 – Derisking and deal sourcing26:13 – Partnering with Unigestion30:40 – Nordic Alpha Partners' Wiferion exit34:22 – Key takeawaysIf you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

With the European private equity market back to business as usual after the summer, Mergermarket's funds editor Harriet Matthews and senior private equity reporter Rachel Lewis discuss what to expect for the rest of the year, with a guest interview from Chris Boycott, corporate partner at Linklaters.Deal volume for the year to date stands at around EUR 58bn, versus EUR 216bn for FY 2022; meanwhile, down significantly at just 37% of last year's full-year figure, according to Mergermarket data.Chris Boycott joins the podcast to share his outlook on private equity activity, discussing topics including the bright spots in dealmaking and gaps in buyer and seller expectations He also discusses the challenges that sponsors are currently facing, as well as the areas that are attracting sponsor interest in the current market.Following up with some key takeaways from the interview, the team aims to reach a consensus on what Q4 and the start of next year might look like.1:49 – Data round-up4:18 – Market sentiment6:56 – Upcoming processes9:40 – Interview with Chris Boycott, corporate partner at Linklaters27:12 – Key takeaways32:00 – Pockets of activity34:09 – Fundraising outlookYou can listen to the podcast HERE, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Blackstone senior managing director Alex Walsh speaks to Unquote editor Harriet Matthews about his career in private equity, LGBTQ+ representation and inclusion in the industry, and the outlook on investing in the current market.Walsh began his career in the financial services industry in 2004 and joined Blackstone in 2022, with a focus on private equity consumer and leisure investments. Beyond his investment team responsibilities, he is also a member of the firm's LGBTQ+ inclusion taskforce, OUT Blackstone.In an interview with Unquote, Walsh discusses how and why he got into the private equity industry, as well as how the industry has changed during this time.He also discusses LGBTQ+ representation and inclusion in the private equity industry, including what workplaces can do to create an inclusive environment and how this fits with Blackstone's overall ESG goals.In the final part of the conversation, Walsh shares his outlook on the current market, taking into account the rising cost of capital and Blackstone's approach to deal sourcing.2:12 – Alex's career trajectory and motivation5:11 – Skills and experiences7:32 – PE industry development10:33 – LGBTQ+ representation development and inclusion15:00 – Cementing inclusivity in the workplace17:30 – ESG at Blackstone and its portfolio20:18 – The macro picture23:02 – Deal sourcing and opportunities in the current marketIf you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

With private equity exits hitting a post-pandemic low point and dealmaking proving challenging due to financing conditions and valuation gaps, Harriet Matthews and Rachel Lewis discuss the current PE exits landscape, with a guest interview from Equistone senior partner Steve O'Hare.Secondary buyouts (SBOs) in particular have suffered in 1H 2023, with just 41 getting over the line as GPs remain reluctant to bring assets to market and are cautious around deployment on the buyside.In an interview with Unquote, O'Hare shares his and Equistone's experience of making exits in the current market, having made eight realisations in the past year and a half. He discusses topics including the importance of preparation in bringing an asset to market, the role of advisers, and the GP's value creation methods.Following the interview, the Unquote team assess key takeaways, including the role of financing in getting deals over the line as well as the market's hope for a wave of pent-up demand as advisers appear to be getting increasingly busy.The team also assesses the prospects for GP-led secondaries as an exit route, as well as the changing role of EBITDA in auctions, with prospective buyers placing more emphasis on cashflows and profitability.1:20 – Breaking down Mergermarket's data4:56 – Assessing the obstacles7:38 – Interview with Steve O'Hare, senior partner at Equistone21:45 – Key takeaways: Debt27:00 – Pent-up demand28:40 – GP-led hopes and creative solutionsIf you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel here on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

The Unquote team talks about the topics at the forefront of GPs' and LPs' minds at SuperReturn in Berlin and what this means for the private equity industry in 2023 and beyond: ranging from value creation, fundraising and private markets consolidation, to Kim Kardashian's foray into the venture capital world.Hosted by Harriet Matthews, Unquote's Min Ho and Rachel Lewis digest the key takeaways from this year's gathering of private equity practitioners in the German capital.While much uncertainty remains around valuations and fundraising perspectives, the private equity industry is looking for ways to keep deploying and putting investors' capital to good use.With multiple arbitrage expectations less buoyant, GPs are also looking for ways to create value in their portfolios, be it via organic growth initiatives or bolt-ons.We ask what all of this will mean for the second half of 2023 and beyond, bringing together the insights gleaned from conversations with market practitioners on the ground in Berlin and beyond.1:08 – State of the market4:22 – Value creation in focus6:00 – Financial services consolidation9:00 – Fundraising outlook12:15 – Kim K takes Berlin14:53 – Deployment pressures and P2Ps16:10 – What lies ahead?If you would like to hear more podcasts produced by ION Analytics, you can access the ION Analytics channel here on Apple Podcasts.Theme music: ©2012 Kick Up The Fire

Unquote speaks to Fabio Ranghino, partner and head of sustainability and strategy at Italy-headquartered sustainability-focused investor Ambienta, about his current outlook on dealflow and ESG investing, as well as the next stage of the firm's growth.Over the course of May 2023, the GP kicked off the deployment of its fourth EUR 1.55bn buyout fund with the acquisition of plastic recycling systems developer Previero, and it rounded off the deployment of its third fund with the acquisition of education software platform Spaggiari.Ranghino discusses how Ambienta is assessing investment opportunities and its current portfolio against a challenging macro backdrop, while eyeing potential expansion of its existing private equity strategy. Having spent more than 12 years with Ambienta, Ranghino also gives an overview of how sustainable investing has developed during his time in the industry.Ambienta is headquartered in Milan and has additional offices in Munich, London and Paris. It operates its sustainability-focused strategy in private equity via its flagship private equity funds, in public markets via its Ambienta X arm, and – most recently – in credit.00:59 – Intro1:56 – Investment opportunities in the current market8:18 – Ambienta's approach to exits14:14 – ESG and sustainability in focus21:39 – The LP view23:36 – Ambienta's future growthTheme music: ©2012 Kick Up The Fire

Accessing allocations from LPs is a notoriously tough process in the current market, leading to a wealth of complications for fundraising and dealmaking.There are also a number of factors driving individual investors and smaller institutions towards private markets and their returns, but simplifying and streamlining the process of onboarding these investors will be paramount to securing it. Titanbay's Eskebæk discusses Titanbay's offering and the longer-term trends behind the adoption of these investment solutions. Following a discussion of some key takeaways from the interview, the Unquote team looks ahead to other sources of capital that sponsors are looking to harness in the current environment.0:42 – Intro 1:23 – LP liquidity2:41 – Managing access5:29 – Interview with Thomas Eskebæk, CEO of Titanbay19:33 – Key takeaways24:00 – Future sources of capitalTheme music: ©2012 Kick Up The Fire

Funds editor Harriet Matthews is joined by Unquote's reporters, who share their insights from their conversations with market practitioners, backed by preliminary statistics from Unquote Data.According to preliminary figures on buyout activity from Unquote Data, Q1 2023 saw dealmaking fall to its lowest point in more than a decade.Meanwhile, although the overall amount raised by buyout and generalist GPs in this quarter held up well year-on-year, the actual number of closes is also down, with large swathes of capital scooped up by large fundraises.Against this backdrop, sponsors are having to manage their own liquidity issues, be it at management company or portfolio level. Meanwhile, venture capital and growth investors are grappling with an uncertain market, with practitioners on the look out for bright spots amid an overall slowdown.0:58 – Preliminary Q1 figures from Unquote Data4:28 – Liquidity issues with Rachel Lewis11:48 – GP-led secondaries with Min Ho20:49 – Venture and growth activity with Ero PartsakoulakiTheme music: ©2012 Kick Up The Fire

Approaches to ESG have shifted over the years across public and private markets, evolving significantly from a pure risk mitigation and divestment mindset.Bain Capital acquired packaging producer Fedrigoni in 2017, with BC Partners joining as a co-investor in 2022. Sessa discusses the company's growth potential in relation to ESG initiatives and value creation, as well as Bain Capital's investment outlook for 2023.Following a discussion of key takeaways, the team looks ahead to the future of ESG, and whether the framework and investment approach are under threat as macro clouds gather.1:11 – Current ESG trends and topics4:51 – Recent coverage8:01 – Interview with Ivano Sessa of Bain Capital29:08 – Key takeaways35:32 – What's next for ESG?Theme music: ©2012 Kick Up The Fire

A couple of weeks on from the conference and with the reporting team now firmly reinstalled in the City of London, the themes and concerns raised by industry professionals at the conference are still present.Although fundraising and dealmaking obstacles remain, sponsors are looking for ways to overcome these, seeking out resilient companies or those with significant value creation potential.Bright spots also include value investing, impact and healthcare – and it is good news for those who are ready and willing into this challenging environment.1:29 - A change in sentiment3:33 - Fundraising woes5:20 - Valuations in question6:51 - Bright spots?9:19 - LP preferences10:53 - The road aheadYou can listen to the podcast in the audio player above, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.Theme music: ©2012 Kick Up The Fire

In a market rife with uncertainty, many sponsors are shifting their focus from exiting companies via structured, broad auction processes, instead preferring to hold more direct, bilateral negotiations with credible parties to secure deals.Meanwhile, the lack of availability of debt has driven some sponsors to do all-equity deals with a plan to seek financing later, or to take on a co-investor at the outset to reduce their equity exposure to an asset.Rachel Lewis and Harriet Matthews explore examples of this trend and discuss how GPs are getting creative on exits and investments.1:04 – Review/preview1:54 – Changing auction dynamics3:33 – Bilaterals are back4:57 – Underwriting woes6:51 – Getting creative12:19 – Light at the end of the tunnel?Click the following link to read more about this topic on Unquote.com: https://www.unquote.com/unquote/analysis/3028497/going-going-not-gone-pe-auctions-bid-for-relevance-in-risk-off-marketYou can listen to the podcast in the audio player above, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.Theme music: ©2012 Kick Up The Fire

The past 12 months have been shaped by worries over rising interest rates, inflation and spikes in energy costs, with both dealmaking and fundraising taking a hit, according to preliminary figures from Unquote Data. Although the private equity industry is likely to be entering a very different market next year, sponsors will nevertheless be continuing to seek opportunities as they navigate deployment and capital raising.Funds editor Harriet Matthews hosts the private equity reporting team to examine how the market has changed in the past 12 months, what is to come in 2023, and how Unquote and Mergermarket have been covering this.0:50 – Data overview2:10 – Market and coverage overview with Joao Grando7:38 – Fundraising market trends with Rachel Lewis13:09 – Business services opportunities with Wahida Ahmed18:14 – Consumer sector overview with Ero Partsakoulaki24:13 – Special situations uptick with Min HoYou can listen to the podcast in the audio player above, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.Theme music: ©2012 Kick Up The Fire

The past 12 months have seen a steady increase in impact-related fundraising, be it through established sponsors launching new impact funds or emerging managers entering the market with fresh strategies.Climate impact investing in particular has never been more relevant in Europe, with Russia's invasion of Ukraine in February 2022 driving a renewed focus on energy security and energy storage.Alongside the interview with Sjåtil, Harriet Matthews hosts private equity and business services reporter Wahida Ahmed to discuss impact fundraising and dealmaking over the course of this year, and where the market is headed in 2023.0:00 – Intro1:46 – Impact fundraising3:34 – interview with Pål Erik Sjåtil13:38 – Key takeaways16:45 – The fundraising pipeline18:41 – Recent impact dealmakingYou can listen to the podcast in the audio player above, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.Theme music: ©2012 Kick Up The Fire

GP-led secondaries have been gaining increasing traction in the private equity market. Sponsors are shifting from using continuation funds to remove the problem assets from their funds, to instead using these structures to make the most of the best-performing portfolio companies – while also providing liquidity for any LPs who do not choose to roll over into the new structure.Structuring a deal to avoid potential conflicts remains key, as does finding a way to break through in an increasingly competitive environment.In addition to the interview with Ford and Gofton-Salmond, Harriet Matthews hosts PE and healthcare reporter Rachel Lewis to discuss the current market and the future of this growing segment of the secondaries space.0:00 – Intro6:26 – Interview with Ed Ford and Sacha Gofton-Salmond23:53 – Links to the primary fundraising market25:56 – Secondaries fundraising trends28:18 – Are GP-leds here to stay?Theme music: ©2012 Kick Up The Fire

Growth equity has emerged as a distinct style of investing and ownership, with both challenges and opportunities lying ahead.In this episode, Shey and Krikke join Harriet Matthews to dive into each firm's strategy, the operational skillset needed to work with and develop a growth equity company and its founders, and the future of the industry.0:00 – Intro1:14 – Growth equity: a definitions 5:12 – Development over time16:59 – The LP perspective 23:08 – Competitors or collaborators? 27:37 – What's next for growth equity?You can listen to the podcast in the audio player above, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.Theme music: ©2012 Kick Up The Fire.

Sun European Partners began its life as a distressed investor, but has shifted its approach in recent years, bringing new opportunities, as well as a need to navigate new market segments and to focus on LP communication during this transition.Corbidge joins Harriet Matthews to discuss Sun's history, the GP's view on the market, and its approach to sectors including consumer and technology.0:00 - Intro1:29 - The history of Sun European Partners3:50 - Sun's "good to great" transition6:47 - New opportunities and recent deals13:52 - The LP view and future fundraising15:27 - Sun's future, current priorities and view on techYou can listen to the podcast in the audio player above, as well as your favourite podcasting platforms, including Spotify and Apple Podcasts.Theme music: ©2012 Kick Up The Fire.

Looking solely at deals announced in Q3, the average multiple paid in PE-backed deals jumped to 12.4x, versus 11.8x in Q2.To help us round up the main highlights of the report, Unquote editor Greg Gille spoke to Marcus Archer, managing partner and head of private equity at Clearwater International, while Unquote reporter Harriet Matthews interviewed David Cannon, managing director of KeyBanc Capital Markets, to discuss how US buyers have been fuelling Europe's red-hot M&A. If that wasn't enough, Clearwater partners Per Surland and Nathaniel Cooper spoke to us to share their thoughts on pricing trends for TMT assets.0:00 – Intro3:00 – Marcus Archer on macro trends12:41 – David Cannon on US investors in Europe19:00 – Per Surland and Nathaniel Cooper on TMT--Click here to download the Q3 Multiples Heatmap report, including detailed breakdowns of pricing and activity trends for Q3 2021 and quarterly pricing movements across the past six quarters.Theme music: ©2012 Kick Up The Fire

However, between the vaccine rollout, and the repeal of many public health directives, life has returned to these beleaguered businesses, and private equity firms are presented with clear survivors in need of a capital injection to transform them into consumer stalwarts.Unquote looks back at how the sector has fared, and speaks with Gaëlle d'Engremont, partner and head of the food & consumer team at PAI Partners, about where the opportunities will arise.0:00 – Intro2:46 – Pandemic woes9:27 – Notable deals12:00 – Interview with Gaëlle d'Engremont34:44 – Ongoing processes--Theme music: ©2012 Kick Up The Fire

As Europe's fundraising market continues to bifurcate in favour of the largest GPs, a placement agent worth its salt is increasingly vital for debut-fund managers and investors in the lower-mid-market.Sinha joins Unquote editor Greg Gille to discuss how the role of the placement agent has evolved in a rapidly changing market, if we can expect the current fundraising bonanza to continue, how smaller managers can still stand out, the explosive growth of GP-led secondaries, and more. 0:00 – Intro2:01 – Cebile's tie-up with Raymond James8:50 – State of the market16:21 – Adapting to thrive23:19 – Secondaries updateTheme music: ©2012 Kick Up The Fire

In this episode, Unquote speaks with Elliot Refson from Jersey Finance to discuss how the jurisdiction is looking to better understand LP expectations and foster an ESG-focused ecosystem.0:00 – Intro4:41 – ESG in Jersey6:43 – What LPs want11:11 – Championing diversity--Unquote would like to thank Jersey Finance for sponsoring and contributing to this episode of the podcast.Theme music: ©2012 Kick Up The Fire

Amid an increasingly bifurcated fundraising market in which the biggest GPs gather up the vast majority of capital, how can debut funds and smaller private equity managers lure commitments from LPs? How has the role of placement agents evolved, and how can they continue to mature with the market? And how are secondaries helping to redefine PE's attractiveness? Our guest unpacks all this, and more, with Unquote editor Greg Gille.0:00 – Intro8:34 – The evolution of the placement model20:22 – Fundraising's future30:11 – Secondaries update---Theme music: ©2012 Kick Up The Fire

The record-breaking pace of European PE activity at the start of the year eased back a little in Q2, but only a little: Q2 deal value still reached the second highest level in seven years, while deal volume recorded its third highest total. A slight dip though this may be, entry multiples continued their rise for the fifth consecutive quarter, to reach an average of 11.8x over the last 12 months.Unquote editor Greg Gille spoke with several market experts at Clearwater International to discuss the findings of the report in detail – beginning, as usual, with a macro view with Marcus Archer, Clearwater's managing partner and head of private equity.For a more focused examination, Greg spoke with Clearwater partner Richard Goldsack about the busiest region in Europe, the UK & Ireland; and with Clearwater managing partners John Sheridan and Philippe Guézenec on the trends driving the Food & beverage sector.0:00 – Intro2:33 – Marcus Archer on overarching trends11:11 – Richard Goldsack on the UK & Ireland18:09 – John Sheridan and Philippe Guézenec on the food & beverages sector---Theme music: ©2012 Kick Up The Fire

Baldwin was recently appointed as chair of the British Private Equity and Venture Capital Association (BVCA) until March 2022. She has also had a long and storied career in the European venture capital space: having started her career at BDO, she joined Venture Technologies in 1998, investing in the first wave of UK deep-tech companies. She then co-founded VC firm IQ Capital in 2006 and went on to raise five funds to invest in early-stage deep-tech opportunities in the UK.0:00 – Intro3:28 – BVCA's priorities for the year ahead5:34 – Outlook on the investment landscape8:30 – Deep-tech opportunities10:22 – Are venture valuations becoming an issue?14:22 – Does PE have a public image problem?--Theme music: ©2012 Kick Up The Fire

Unquote editor Greg Gille welcomes our reporter Harriet Matthews to delve into the PE landscape, breaking down the data by region, and revealing a promising outlook for almost everyone in the industry.0:00 – Intro1:16 – Hectic H15:01 – But UK flounders?8:17 – DACH delivers11:11 – Scandinavian success12:06 – France forges on14:45 – Fundraising frenzy--Theme music: ©2012 Kick Up The Fire

Unquote editor Greg Gille welcomes Alessia Argentieri onto the pod to talk about European PE fundraising on a macro level. Argentieri also spoke with Marc Wursdorfer, head of UBS's private funds group, to get his take on not just buyout strategies, but secondaries and venture fundraising as well.0:00 – Intro2:34 – How funds fared in 20205:09 – LP interests7:55 – Interview with Marc Wursdorfer25:08 – Optimism in the market--Theme music: ©2012 Kick Up The Fire

Unquote editor Greg Gille spoke with Marcus Archer, Clearwater's managing partner and head of private equity, about the overarching trends in PE pricing, while senior reporter Alessia Argentieri caught up with Clearwater's international head of healthcare, Ramesh Jassal, to get his take on the health sector. For an assessment of the Nordic region, Unquote reporter Eliza Punshi spoke with Clearwater partners Lars Rau Jacobsen and Tomas Almgren.0:00 – Intro2:03 – Marcus Archer on overarching trends9:36 – Ramesh Jassal on healthcare companies15:15 – Lars Rau Jacobsen and Tomas Almgren on the Nordic market---Theme music: ©2012 Kick Up The Fire

This episode, Unquote editor Greg Gille speaks with Vincent Van den Brink and Greg Kok from fund administrator JTC to see how recent months have affected the fortunes of first-time funds.0:00 – Intro3:10 – How the pandemic has affected emerging managers6:43 – Underlying shifts and opportunities12:10 - Practical considerations for first-time funds22:40 - Is a fund administrator optional?--Unquote would like to thank JTC for sponsoring and contributing to this episode of the podcast.Theme music: ©2012 Kick Up The Fire

This episode, Unquote speaks with Elliot Refson from Jersey Finance to discuss what the Channel island can offer private equity GPs.0:00 – Intro4:26 – Political and economic certainty7:35 – Growing trends8:39 – ESG inroads--Unquote would like to thank Jersey Finance for sponsoring and contributing to this episode of the podcast.Theme music: ©2012 Kick Up The Fire

On this episode of the pod, Katharine Hidalgo hosts Unquote reporter Harriet Matthews to examine the importance of recurring revenues – what they are, how businesses can adapt to attain them, and their effects on valuations. We also speak to Searchlight Capital Partners' founding partner, Oliver Haarmann, to get his take on the business model. 0:00 – Intro3:47 – Impact on due diligence6:32 – Interview with Oliver Haarmann12:04 – Effect on valuations21:26 – Global context---Theme music: ©2012 Kick Up The Fire

BC Partners invested in Aenova – a contract development and manufacturing organisation (CDMO) – in 2012, but when the business floundered in 2017 from a market leading position, the decision was taken to take the wheel and steer the ship back towards growth. Kengelbach was appointed CEO and has spent the following four years returning the company to profit through operational, commercial and organisational change.0:00 – Intro4:21 – Running a CDMO9:56 – Switching up strategy14:47 – Management by common sense18:42 – Lessons learned---Theme music: ©2012 Kick Up The FireNote: BC Partners owns a minority stake in Unquote publisher Acuris

Unquote reporter Katharine Hidalgo spoke with Marcus Archer, Clearwater's managing partner and head of private equity, about the overarching trends in PE pricing, but also caught up with Clearwater's partner and international head of consumer, Richard O'Donnell, to get his take on the consumer sector, as well as with Thomas Gaucher, Clearwater's managing partner in France, to look at the local picture.0:00 – Intro1:35 – Marcus Archer on overarching trends9:56 – Richard O'Donnell on consumer assets15:52 – Thomas Gaucher on the France market---Theme music: ©2012 Kick Up The Fire

Looking at the entire segment, dealflow was up 10% year-on-year compared with 2019 numbers, with aggregate value ever so slightly down (but, at €37.5bn overall, still way ahead of the historical average over the previous decade). Early-stage VC was even more resilient, and, across the board, the sudden impact of the outbreak early in the year did not impact momentum in Q2.For this venture special, Katharine Hidalgo hosts Unquote editor Greg Gille and Simon Philips, CEO of ScaleUp Capital, to discuss key takeaways and the outlook for the European venture space. She then welcomes Alessia Argentieri, Unquote's southern Europe specialist, for a deep dive into the trends at play in that market.0:00 – Intro1:54 – Market overview7:42 – Venture's strengths11:51 – Fundraising outlook14:34 – Talking valuations16:40 – Southern Europe deep dive---Theme music: ©2012 Kick Up The Fire