The Mergermarket Private Equity Podcast

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Join Mergermarket's team of global fund editors as they delve into all the hot topics in private equity and venture capital. (This podcast was previously called "The Unquote Private Equity Podcast").

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December 15, 2023Episode 2127 min

2023 Review – Inflation, consolidation and re-evaluation

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

December 5, 2023Episode 2040 min

The view from DACH with HIG Capital

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

November 21, 2023Episode 1947 min

Honing the carve-out craft with Aurelius

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

December 22, 2020Episode 189 min

18: 2020 Review: Nordic

Much has been made of Sweden's response to Covid-19 and the country's avoidance of stringent national lockdowns, but its private equity market remained as strong as in the previous year. Finland also performed well, in no small part due to its budding tech ecosystem, which will have been bolstered by the supercharged digitalisation trend.Unquote reporter Katharine Hidalgo welcomes Unquote’s Nordic market specialist, Eliza Punshi, to discuss how the Nordic PE industry fared in 2020 and what’s on the minds of market players as 2021 beckons.0:00 – Intro0:33 – Pan-European 2020 trends overview2:33 – Nordic headline figures4:38 – VC and tech remain robust6:50 – Outlook for 2021Theme music: ©2012 Kick Up The Fire

November 3, 2023Episode 1848 min

Building consumer conviction with Advent International

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

December 21, 2020Episode 1710 min

17: 2020 Review: DACH

European private equity was hit hard by the coronavirus crisis, but GPs adapted swiftly by protecting their portfolios and switching their due diligence online. In DACH, however, records were broken on both ends of the market – with the most VC and growth investments in a year, and the region's largest buyout ever.Unquote reporter Katharine Hidalgo welcomes Unquote’s DACH market specialist, Harriet Matthews, to discuss how the DACH industry fared in 2020 and what’s on the minds of market players as 2021 beckons.0:00 – Intro0:33 – Pan-European 2020 trends overview2:33 – DACH headline figures4:28 – New players moving in6:10 – Blockbuster deals8:40 – Outlook for 2021Theme music: ©2012 Kick Up The Fire

October 9, 2023Episode 1726 min

Fundraising in focus with Aztec Group

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

December 7, 2021Episode 1630 min

Multiples Heatmap Q3 2021: to 12x and beyond

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

December 18, 2020Episode 1613 min

16: 2020 Review: France

In a series of 2020 reviews, Unquote dives into the data to discover how the various regions of Europe performed during the coronavirus crisis, and what GPs expect for the year ahead.France was one of the countries hit the hardest by the coronavirus early on in the pandemic, with a very strict lockdown severely impacting PE activity for most of Q2. However, it was also among the strongest rebounders as restrictions eased in early summer, with GPs striving to resume the investment pace that made France the busiest European PE market in recent years.Unquote reporter Katharine Hidalgo welcomes Unquote editor Greg Gille to discuss key takeaways from a tumultuous year in the French market, and see how dealflow and fundraising prospects are faring as 2021 rolls on.0:00 – Intro0:33 – Headline investment activity figures for 20203:48 – Recent dealflow trends & tech boom8:19 – Fundraising market overview & pipeline Theme music: ©2012 Kick Up The Fire

September 18, 2023Episode 1638 min

Green shoots of growth: Finding alpha in emerging managers

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