Tables & Team Notes
Dear Reader,
In the last two decades, private equity has grown at two times the rate of public capital. The 1990’s saw an average of 652 initial public offerings a year – today we’re at about a third of that rate. In 2018 for the first time ever, the value of companies purchased by private equity firms exceeded the value of companies going public. Twenty years ago, there were 8,100 publicly listed companies, now there are 4,300. Over the same time period buyout-backed companies went from roughly 1,000 to some 7,500.
All of these trends represent a dramatic sea change that is fundamentally altering the relationship between private equity and public markets. This is a theme echoed by much of the data and commentary in this report, notably by our roundtable participants who take an in-depth look at the drivers and justifications behind high acquisition prices in private equity. As always, we hope the information found here helps you make the right business and investment decisions.
Sincerely, The Triago Team
Contents
Analysis: PE doing well in uncertain times
Fundraising and distributions rise and secondaries see new investors.
Roundtable: PE’s high prices
Premiums to listed stocks may be sustainable, altering PE and public markets.
Private Equity Blog: October 2019
Asset managers shift to PE from stocks, toehold funds will lead to take privates, GP stake funds and skin in the game align interests, recycling moves mainstream in secondaries, Secondaries measured by PE’s $5.8 trillion AUM.
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