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Elm Capital: Private Markets Review – October 2021
October, 2021
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Elm Capital: Private Markets Review – October 2021
- Private equity fundraising continued to reach new records in H1-2021, as sponsors collectively raised more than $400bn. However the tide did not lift all boats, as the fundraising gap between first-time funds and second or later-generation funds has continued to widen with emerging managers having a challenging fundraising experience, especially those who have not had the chance to previously meet with LPs in
- Growth equity has been identified by both managers and investors as one of the greatest areas of opportunity post the pandemic, with multiple sources reporting record levels of deal activity and fundraising in the first half of
- GPs have increased their degree of control in secondary processes, with single-asset deals on the These transactions are becoming increasingly dedicated to addressing specific needs of portfolio companies, involving single-asset sales coupled with raising additional capital to support growth and M&A.
- For LPs, the human interaction during a physical meeting or onsite remains to some extent irreplaceable in assessing the sponsor’s team dynamics and in facilitating the development of the trust required to commit to new Virtual meetings, however, have found their place and become a well utilised alternative to physical AGMs.
- For sponsors contemplating returning to the market in 2022, the benefit of securing a slot on an investor’s ‘calendar for 2022’ cannot be stressed enough, given investors’ physical capacity limitations to diligence their busy
- In H1-2021, Elm witnessed a resurgence of limited partner portfolio management activity, capitalising on the NAV reflation in H2 2020 and increased buyer appetite for portfolio trades, to rebalance concentrated GP-led Tail-end shorter duration trades are back in demand, led by buyers’ confidence in managers’ ability to crystallise exits in their portfolios at an attractive uplift in valuations.
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