Explore every episode of the podcast The Mergermarket Private Equity Podcast
| Title | Pub. Date | Duration | |
|---|---|---|---|
| 2023 Review – Inflation, consolidation and re-evaluation | 15 Dec 2023 | 00:27:26 | |
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 overview 2:20 – Mid-market outlook with Rachel Lewis 11:48 – PE advisory consolidation with Min Ho 17:51 – Co-investment perspectives with Ero Partsakoulaki You 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 Interested in private equity analysis? ION Analytics has more. LPs need more convincing for value strategies as carve-out pipeline picks up - analysis Private equity’s love story with outsourced pharma services to heat up in 2024 – analysis | |||
| The view from DACH with HIG Capital | 05 Dec 2023 | 00:40:35 | |
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 – 1:26 Fundraising focus – 2:58 Market sentiment – 5:17 What’s in the year-end and 2024 deal pipeline? – 6:27 Interview with Holger Kleingarn – 8:37
Key takeaways and analysis – 35:05 Adjusting valuations – 37:27 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 | |||
| Q4 Preview: Sponsors sit tight and see | 07 Sep 2023 | 00:36:35 | |
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-up 4:18 – Market sentiment 6:56 – Upcoming processes 9:40 – Interview with Chris Boycott, corporate partner at Linklaters 27:12 – Key takeaways 32:00 – Pockets of activity 34:09 – Fundraising outlook You 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 | |||
| Leisure sector cleared for take-off | 09 Nov 2021 | 00:37:38 | |
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 – Intro 2:46 – Pandemic woes 9:27 – Notable deals 12:00 – Interview with Gaëlle d’Engremont 34:44 – Ongoing processes -- Theme music: ©2012 Kick Up The Fire | |||
| 15: 2020 Review: UK & Ireland | 17 Dec 2020 | 00:13:08 | |
The full picture of Covid-19's impact on private equity activity will become clearer when final numbers can be tallied up in early 2021. But the early figures highlight how a 2008-style meltdown was averted, both in terms of deal-doing and fundraising. That said, the crisis has further exacerbated a bifurcation in the market that is likely to lead to ever more competitive processes and correspondingly high average entry multiples, at a time when the full ramifications of Covid-19 for a number of businesses are still not crystal clear. Unquote editor Greg Gille welcomes Unquote’s UK market specialist, Katharine Hidalgo, to discuss how the UK industry fared in 2020 and what’s on the minds of market players as 2021 beckons. 0:00 – Intro 0:33 – Pan-European 2020 trends overview 2:38 – UK headline figures 4:50 – Pent-up demand and CGT hike looming 9:14 – Outlook for 2021 Theme music: ©2012 Kick Up The Fire | |||
| In Conversation with… Sunaina Sinha, Raymond James Cebile | 27 Oct 2021 | 00:35:19 | |
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 – Intro 2:01 – Cebile's tie-up with Raymond James 8:50 – State of the market 16:21 – Adapting to thrive 23:19 – Secondaries update Theme music: ©2012 Kick Up The Fire | |||
| In conversation with... Alex Walsh, Blackstone | 24 Jul 2023 | 00:26:20 | |
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 motivation 5:11 – Skills and experiences 7:32 – PE industry development 10:33 – LGBTQ+ representation development and inclusion 15:00 – Cementing inclusivity in the workplace 17:30 – ESG at Blackstone and its portfolio 20:18 – The macro picture 23:02 – Deal sourcing and opportunities in the current market 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 | |||
| 14: 2020 Review: Southern Europe | 15 Dec 2020 | 00:10:31 | |
In a year of unprecedented events, GPs across Europe have adapted working habits and changed their outlook, but despite the shifting economic landscape, many of the same trends have only seemed more prevalent in 2020. Amid rising investment and exit volumes, GPs have witnessed and participated in a continued flight for quality, as the fundraising market continues to bifurcate.
Unquote reporter Katharine Hidalgo speaks with southern-Europe-focused reporter Alessia Argentieri to discuss how these trends are playing out in the region, as well as the headline PE statistics and the outlook for 2021.
0:00 – Intro
00:33 – Pan-European 2020 trends overview
2:45 – Southern European headline figures
5:40 – Mega-deals soldiering on
8:17 – Outlook for 2021
Theme music: ©2012 Kick Up The Fire | |||
| 13: Jersey strikes the balance | 03 Dec 2020 | 00:14:41 | |
Unquote has partnered with Jersey Finance to record a second podcast. Funded by members of the local finance industry and the Government of Jersey, the not-for-profit organisation works to represent the interest of its 160 member firms, encourage best practice, and help the local industry develop. Elliot Refson, head of funds for the organisation, discusses the blend of innovation and stability that the island offers to private equity, from the firm’s AIFMD stance, to its brand new ESG product. We also discuss Jersey's no-change outlook in the face of Brexit. 0:00 – Intro 1:54 – Brexit, substance and transparency 4:57 – Exclusive: Jersey Finance’s new ESG product 9:44 – International outlook Unquote would like to thank Jersey Finance for sponsoring and contributing to this episode of the podcast. Theme music: ©2012 Kick Up The Fire | |||
| Overcoming the exit impasse | 12 Jul 2023 | 00:33:04 | |
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 data 4:56 – Assessing the obstacles 7:38 – Interview with Steve O’Hare, senior partner at Equistone 21:45 – Key takeaways: Debt 27:00 – Pent-up demand 28:40 – GP-led hopes and creative solutions 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 | |||
| Jersey doubles down on ESG | 14 Oct 2021 | 00:13:44 | |
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 – Intro 4:41 – ESG in Jersey 6:43 – What LPs want 11:11 – 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 | |||
| 13: Allocate special | 16 Jul 2019 | 00:18:29 | |
The team takes a glimpse into the future of European private equity by catching up on the all the hot topics to come out of Unquote’s international fundraising event Allocate. Oscar Geen hosts Gareth Morgan, Katharine Hidalgo, Francesca Veronesi and special guest Frode Odegard, chair and CEO at the Post-Lean Institute.
Theme music: ©2012 Kick Up The Fire | |||
| Honing the carve-out craft with Aurelius | 21 Nov 2023 | 00:47:14 | |
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 – 1:07 Dealflow drivers – 4:22 Who’s buying? – 7:26 Interview with Tristan Nagler, partner at Aurelius – 10:23
Key takeaways – 39:31 The role of unions and long-term goals – 42:01 The LP view – 45:06 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 | |||
| 12: Generation game | 04 Jun 2019 | 00:23:42 | |
With millennials now making up the bulk of new entrants in private equity, the expectations of these young professionals can sometimes be at odds with the industry's prevailing culture. Oscar Geen hosts Unquote editor Greg Gille – who spoke with special guest Gail McManus, managing director of private equity recruitment firm PER, about how PE must adapt to secure a prosperous workforce.
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| 12: LP perspectives | 18 Nov 2020 | 00:22:01 | |
This week, the Unquote Podcast focuses on LP appetite and concerns for the private equity industry. GPs have been working hard to continue investing throughout the crisis and maintain a resilient portfolio. But what have LPs thought of their performance, and what are their major concerns for the upcoming year? Unquote’s Katharine Hidalgo hosts editor Greg Gille and speaks with Elias Korosis, head of growth for LP Hermes GPE, about co-investments, fund financing and the outlook for 2021. 0:00 – Intro 4:45 – Effects on allocations 6:30 - Interview with Elias Korosis, head of growth, Hermes GPE 15:20 – Outlook for 2021 Theme music: ©2012 Kick Up The Fire | |||
| In Conversation With… Adam Turtle, Rede Partners | 16 Sep 2021 | 00:38:25 | |
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 – Intro 8:34 – The evolution of the placement model 20:22 – Fundraising's future 30:11 – Secondaries update --- Theme music: ©2012 Kick Up The Fire | |||
| PE perspectives from Berlin | 23 Jun 2023 | 00:20:09 | |
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 market 4:22 – Value creation in focus 6:00 – Financial services consolidation 9:00 – Fundraising outlook 12:15 – Kim K takes Berlin 14:53 – Deployment pressures and P2Ps 16:10 – 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 | |||
| 11: In conversation with… Matthew Hardcastle, DealCloud | 10 Mar 2020 | 00:19:12 | |
Welcome back for another episode of our "In conversation with..." series, which will periodically bring you more in-depth interviews with players from various corners of the industry. This week's episode is brought to you by DealCloud – a data-powered platform built specifically for the capital markets, providing unified deal, relationship, fund and compliance management solutions. Matthew Hardcastle joined DealCloud in July as client development director; but many of our listeners will be more familiar with him in his previous life as assistant director at Inflexion Private Equity. Having joined the mid-cap GP in 2014, he worked on deal sourcing and execution, strategic consulting and post-deal value creation. Drawing from his experience at Inflexion and recent work with DealCloud, Matthew stopped by to discuss how GPs can best leverage technology to streamline dozens of processes and ultimately unlock considerable value, how AI-driven data analysis is closer than we may imagine, the LP demands driving the push for more tech adoption, and more. We will be back soon with more episodes in our regular panel format, so stay tuned by subscribing to the podcast and get notified of every new episode. Theme music: ©2012 Kick Up The Fire | |||
| In conversation with... Fabio Ranghino, Ambienta | 31 May 2023 | 00:31:59 | |
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 – Intro 1:56 – Investment opportunities in the current market 8:18 – Ambienta’s approach to exits 14:14 – ESG and sustainability in focus 21:39 – The LP view 23:36 – Ambienta’s future growth Theme music: ©2012 Kick Up The Fire | |||
| 11: Partnering for portfolio management | 26 Oct 2020 | 00:16:56 | |
Unquote has partnered with Rutland Partners to record a special podcast on tactics for superior portfolio management, and to get the firm’s view of the current market. Portfolio management has never been more vital following the coronavirus crisis, with liquidity and balance sheets needing to be catered for. Investors also need to consider fundamental strategy shifts and acquisitions to prepare for the long-term changes affected by the current environment. Partner Oliver Jones and David Wardrop discuss the potential for new investment opportunities in a post covid-19 environment, cautioning investors to make sure businesses show long-term resiliency. The partners also talk about changing and evolving valuations, as well as relationships with lenders, and provide their top tips for best-in-class portfolio management, touching on the digitalisation that has swept the globe. 0:00 – Intro 1:22 – Attractive valuations? 6:06 – Portfolio progress 14:35 – Digitalising for success Unquote would like to thank Rutland Partners for sponsoring and contributing to this episode of the podcast. Theme music: ©2012 Kick Up The Fire | |||
| Multiples Heatmap Q2 2021: climb in pricing persists | 31 Aug 2021 | 00:32:06 | |
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 – Intro 2:33 – Marcus Archer on overarching trends 11:11 – Richard Goldsack on the UK & Ireland 18:09 – John Sheridan and Philippe Guézenec on the food & beverages sector --- Theme music: ©2012 Kick Up The Fire | |||
| 11: Sector selectors | 21 May 2019 | 00:20:56 | |
Sector specialisation has grown in prominence among private equity players in recent years, as mid-market investors seek to differentiate themselves to attract prospective LPs. Kenny Wastell hosts research manager Gareth Morgan and news editor Oscar Geen, while Oscar speaks with special guest Janet Brooks, managing director at Monument Group, about standing out in the crowd. 1. Intro (0:00) 2. Influence of sector specialists; macro factors (0:53) 3. Interview with Janet Brooks, Monument Group (7:42) 4. Operational expertise trumps financial engineering (15:19) | |||
| In Conversation With… Kerry Baldwin, IQ Capital & BVCA | 04 Aug 2021 | 00:19:26 | |
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 – Intro 3:28 – BVCA's priorities for the year ahead 5:34 – Outlook on the investment landscape 8:30 – Deep-tech opportunities 10:22 – Are venture valuations becoming an issue? 14:22 – Does PE have a public image problem? -- Theme music: ©2012 Kick Up The Fire | |||
| Building consumer conviction with Advent International | 03 Nov 2023 | 00:48:28 | |
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 – Introduction 1:42 – Data round-up, consumer drivers and current processes 10:17 – Interview with Nicolas Chavanne of Advent International
41:34 – Key takeaways 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 | |||
| 10: Karmic balance sheets | 07 May 2019 | 00:25:20 | |
The team explores developments in the impact investment space, with brand-name GPs entering the fray and convergence in reporting standards. Oscar Geen hosts Greg Gille and Gareth Morgan, while Kenny Wastell speaks to special guest Michele Giddens, co-founder and partner at Bridges Fund Management.
Theme music: ©2012 Kick Up The Fire | |||
| Taking the plunge: GPs dive into alternative pools of capital | 15 May 2023 | 00:25:53 | |
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 liquidity 2:41 – Managing access 5:29 – Interview with Thomas Eskebæk, CEO of Titanbay 19:33 – Key takeaways 24:00 – Future sources of capital Theme music: ©2012 Kick Up The Fire | |||
| 10: Allocate 2020 special | 22 Sep 2020 | 00:17:18 | |
The Unquote Podcast discusses our upcoming LP/GP conference, Allocate. Katharine Hidalgo speaks to Sam Kay, head of investment funds at Travers Smith, as well as Olivia Cummins, our conference producer. Topics on the agenda include illiquidity solutions and the secondaries market, long-term capital and its relevance in today’s market, and ESG and diversity at the conference. 1:39 – Allocate: the mechanics of creating a private-equity-focused agenda 3:41 – Fundraising market overview 6:14 – Outlook for long-term capital 15:50 – Private markets’ approach to ESG 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 | |||
| The changing face of fundraising with Reach Capital | 25 Jun 2024 | 00:29:47 | |
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 – 0:42 Interview with William Barrett, Reach Capital – 2:19 Current state and evolution of the private capital advisory market – 2:27 Adapting to the needs of GP clients – 5:24 Getting comfortable with taking on primary mandates – 10:00 Taking on secondary mandates: comfort and transparency – 12:39 Advice to GPs: speak to your clients, prepare, and tailor your LP pitches – 16:07 The outlook for primary private equity fundraising – 22:07 What’s next for Reach Capital? – 24:38 You 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 | |||
| 10: In conversation with... Joe Moynihan, Jersey Finance | 03 Mar 2020 | 00:16:47 | |
This week, Unquote introduces a new podcast format for our listeners. Our "In conversation with..." series will periodically bring you more in-depth interviews with players from various corners of the industry. The inaugural episode in this format is brought to you by Jersey Finance. Funded by members of the local finance industry and the Government of Jersey, the not-for-profit organisation works to represent the interest of its 160 member firms, encourage best practice and help the local industry develop. With a career that spans 40 years and that included working for a major Irish bank around the financial crisis, Joe Moynihan became the CEO of Jersey Finance in February last year. As Joe was passing by in London, we took the opportunity to bring him in studio and get his take on how Jersey is positioned as a domicile for PE funds, as the clock is now ticking towards the definition of a new relationship between the UK and the EU. We'll be back before long with more episodes in our regular panel format too, so stay tuned by subscribing to the podcast and get notified of every new episode. Note: this episode was recorded prior to the Covid-19 outbreak, which Joe couldn't therefore address in his comments about future market developments Theme music: ©2012 Kick Up The Fire | |||
| 9: Ready, debt set, go | 23 Apr 2019 | 00:21:29 | |
Unquote’s podcast team has been speaking with your creditors, and getting the low-down on private debt. Kenny Wastell hosts Oscar Geen and Unquote editor Greg Gille, with a special interview between Oscar and Certior Capital partner Timo Hara. 1. Direct-lending perspectives (0:52) 2. Interview with Certior Capital’s Timo Hara (8:15) 3. Reload facilities and regional funds (14:09) Theme music: ©2012 Kick Up The Fire | |||
| Q1 2023: Bank runs, fund home runs and markets come undone | 20 Apr 2023 | 00:29:51 | |
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 Data 4:28 – Liquidity issues with Rachel Lewis 11:48 – GP-led secondaries with Min Ho 20:49 – Venture and growth activity with Ero Partsakoulaki Theme music: ©2012 Kick Up The Fire | |||
| 9: H2 Preview | 03 Sep 2020 | 00:27:08 | |
With the H1 figures in, the impact of Covid-19 on European buyouts is now apparent: the private equity market stalled to a crawl, reminiscent of the post-GFC malaise. But did every region suffer the same, or were there bright spots amid the gloom? Unquote editor Greg Gille hosts the entire team to break down the data in detail, analyse the signs of early recovery in some markets, and see whether industry participants are more bullish for H2 prospects 1:29 – Pan-European activity5:38 – UK 9:46 – DACH13:20 – Southern Europe18:15 – France20:55 – Nordic Theme music: ©2012 Kick Up The Fire | |||
| 9: DACH fundraising special | 18 Feb 2020 | 00:20:41 | |
As Unquote launches our DACH Fundraising Report 2020, published in association with Aztec Group, editor Greg Gille spoke with Acuris head of fund research Paul Tilt and our very own DACH-focused reporter Harriet Matthews about the data they uncovered, and the market's sentiments around dry powder, PE's perception in the Mittelstand, venture fundraising, and more. 0:00 – Intro 1:54 – Overview of DACH fundraising 12:31 – Venture & ESG focus 19:43 – Upcoming reports Theme music: ©2012 Kick Up The Fire | |||
| H1 review special | 20 Jul 2021 | 00:22:01 | |
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 – Intro 1:16 – Hectic H1 5:01 – But UK flounders? 8:17 – DACH delivers 11:11 – Scandinavian success 12:06 – France forges on 14:45 – Fundraising frenzy -- Theme music: ©2012 Kick Up The Fire | |||
| 18: 2020 Review: Nordic | 22 Dec 2020 | 00:09:00 | |
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 – Intro 0:33 – Pan-European 2020 trends overview 2:33 – Nordic headline figures 4:38 – VC and tech remain robust 6:50 – Outlook for 2021 Theme music: ©2012 Kick Up The Fire | |||
| 8: Sotheby's to PEbay | 09 Apr 2019 | 00:20:46 | |
The Unquote team goes window shopping to find out what's on offer in today's private equity secondary market. Oscar Geen hosts Gareth Morgan, Denise Ko Genovese and special guest Immanuel Rubin, partner at placement agent Campbell Lutyens.
Theme music: ©2012 Kick Up The Fire | |||
| What’s next for ESG – Fedrigoni case study | 10 Mar 2023 | 00:39:48 | |
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 topics 4:51 – Recent coverage 8:01 – Interview with Ivano Sessa of Bain Capital 29:08 – Key takeaways 35:32 – What’s next for ESG? Theme music: ©2012 Kick Up The Fire | |||
| 8: Made in Germany | 12 Aug 2020 | 00:21:41 | |
German private equity has continued in an industrious fashion despite the coronavirus crisis, partly due to the country only partially shutting down at the virus’s peak, and thanks to a swiftly organised and generous furlough scheme. Unquote's Katharine Hidalgo hosts DACH reporter Harriet Matthews, who spoke with Joachim Braun of Silverfleet Capital and Klaus-Martin Haussmann from Duff & Phelps about the country’s resilience 0:00 Intro1:28 – Continental comparisons5:09 – Interview with Klaus-Martin Haussmann and Jaochim Braun17:20 – Kurzarbeit and stand-out sectors
Theme music: ©2012 Kick Up The Fire | |||
| Private Equity Forum New York – Key takeaways | 09 May 2024 | 00:17:19 | |
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 – 0:34 Dealflow and valuations – 1:30 The exit outlook – 4:17 GP-led secondaries – 6:33 The fundraising market – 9:48 Further themes: value creation private credit – 12:53 The US elections and the H2 outlook – 15:21 You 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 | |||
| 8: Ipem 2020 highlights | 06 Feb 2020 | 00:14:07 | |
In this highlights episode, we bring you the most interesting talking points from our interviews at international private equity conference Ipem 2020, held in Cannes between 28-30 January. You can watch the complete interviews on our website, using the links in the optional summary below… Featured on this pod:
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| Fundraising: Full steam ahead | 22 Jun 2021 | 00:29:43 | |
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 – Intro 2:34 – How funds fared in 2020 5:09 – LP interests 7:55 – Interview with Marc Wursdorfer 25:08 – Optimism in the market -- Theme music: ©2012 Kick Up The Fire | |||
| Après IPEM and the road ahead | 08 Feb 2023 | 00:15:17 | |
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 sentiment 3:33 - Fundraising woes 5:20 - Valuations in question 6:51 - Bright spots? 9:19 - LP preferences 10:53 - The road ahead 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 | |||
| 7: Calling tech support | 30 Jul 2020 | 00:20:00 | |
Unquote has partnered with technology advisory firm Intuitus to record a special podcast on the implications of the coronavirus pandemic on technology due diligence. This segment of the market has experienced solid growth in recent years, with growing interest from major private equity firms. But the coronavirus crisis has undoubtedly accelerated digitalisation across the private equity industry, from remote working among firms themselves, to an increased need for cybersecurity in portfolio companies, to a bounce in the technology sector that is catching investment professionals’ eyes. Katharine Hidalgo speaks to Adrian Astley Jones, chief commercial officer at Intuitus, to discuss all this and more. 0:00 – Intro 0:48 – The impact of the pandemic 5:16 – Monetising portfolio companies’ data rooms 12:18 – How scale-ready are startups? Unquote would like to thank Intuitus for sponsoring and contributing to this episode of the podcast. Theme music: ©2012 Kick Up The Fire | |||
| Multiples Heatmap Q1 2021: pandemic premiums | 10 Jun 2021 | 00:26:01 | |
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 – Intro 2:03 – Marcus Archer on overarching trends 9:36 – Ramesh Jassal on healthcare companies 15:15 – Lars Rau Jacobsen and Tomas Almgren on the Nordic market --- Theme music: ©2012 Kick Up The Fire | |||
| 1Q 2024 review – Momentum builds for PE market uptick | 24 Apr 2024 | 00:18:30 | |
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 – 0:42 The macro picture and the road ahead – 4:26 The outlook for PE exits – 7:54 Processes to look out for – 10:10 The rise of deal-by-deal fundraising – 11:44 Changes to deal structuring – 14:26 Going back to exits – 17:00 You 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 | |||
| 17: 2020 Review: DACH | 21 Dec 2020 | 00:10:51 | |
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 – Intro 0:33 – Pan-European 2020 trends overview 2:33 – DACH headline figures 4:28 – New players moving in 6:10 – Blockbuster deals 8:40 – Outlook for 2021 Theme music: ©2012 Kick Up The Fire | |||
| 7: Training a PE heavyweight | 04 Apr 2019 | 00:20:32 | |
In another fundraising special, the team looks at what it takes to successfully build a brand in the currently crowded and heavily bifurcated market. Oscar Geen hosts Denise Ko Genovese, Kenny Wastell and special guest Mounir "Moose" Guen, CEO of global placement agent MVision Private Equity Advisers.
Theme music: ©2012 Kick Up The Fire | |||
| 7: Review/Preview | 21 Jan 2020 | 00:34:27 | |
As we enter the roaring twenties, Unquote looks back at 2019's private equity activity, which endured myriad political flash points to consistently sustain its growth. Greg hosts the entire Unquote editorial team to glean their expert insight on their covered regions. We had a lot to cover, so please use the handy timecode below to skip to the areas you're most interested in! 1.38 – European overview6.40 – UK & Ireland11.19 – DACH15.14 – Nordic19:57 – France24.18 – Benelux27.00 – Southern Europe31.15 – Central & eastern Europe Theme music: ©2012 Kick Up The Fire | |||
| First-time fortunes | 03 Jun 2021 | 00:27:37 | |
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 – Intro 3:10 – How the pandemic has affected emerging managers 6:43 – Underlying shifts and opportunities 12:10 - Practical considerations for first-time funds 22:40 - 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 | |||
| The PE auction in times of exit scarcity | 23 Jan 2023 | 00:13:14 | |
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/preview 1:54 – Changing auction dynamics 3:33 – Bilaterals are back 4:57 – Underwriting woes 6:51 – Getting creative 12:19 – 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-market 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 | |||