Elm Capital First Half 2018 Newsletter

September, 2018

The first half of 2018 saw median prices for buyout funds stay close to their record levels.
The median of the highest bids for buyout funds received by Elm Capital reached a level of 99% of Net Asset Value (“NAV”) in H1 2018.
Transactions carried out by Elm Capital in H1 2018 were of a more varied nature than in previous periods:

- Fund of funds continued to liquidate vintages over 10 years old in an attempt to wind down vehicles
- Sellers were increasingly motivated to sell more recent vintages to take advantage of strong pricing, and to reduce exposure whilst crystallising performance
- Liquidity offers allowed GPs to offer an exit route for LPs, and to staple the transaction to a primary commitment in some cases
- GP-led transactions also provided solutions for GPs, LPs and portfolio companies in more complex situations

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