The Unquote Private Equity Podcast: Recent Episodes
Unquote
The Unquote team is here twice a month to discuss all the hot topics in European private equity and venture capital
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.
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Interested in private equity analysis? ION Analytics has more.
Private Equity Trendspotter: Sponsors look to kick-start stalled cycle as deployment, exit pressure mount
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
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
- The macro picture – 9:04
- Opportunities for private equity – 12:19
- 2024 outlook and HIG’s key sectors – 17:29
- The art and science of exits – 23:51
- Cause for optimism – 29:30
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.
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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
- A wave of carve-outs? – 11:26
- The changing buyside landscape – 16:25
- What makes a “good” corporate carve-out? – 20:51
- Pockets of opportunities – 23:39
- Shoring up a target – 27:19
- Value creation levers and Aurelius’ portfolio – 31:26
- The role of ESG – 35:45
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.
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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
- 11:40 – Executing with conviction in the current market
- 15:47 – “Luxury” investments and demographics
- 20:09 – Deal origination and gaining an edge: Examples from Zimmerman, Parfums de Marly
- 29:02 – The universe of buyers and exit option
- 33:44 – Consumer drivers and value creation
- 38:35 - The role of AI in creating an edge
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.
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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 – Intro
3:00 – Marcus Archer on macro trends
12:41 – David Cannon on US investors in Europe
19:00 – Per Surland and Nathaniel Cooper on TMT
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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.
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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
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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
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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
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Unquote would like to thank Jersey Finance for sponsoring and contributing to this episode of the podcast.
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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
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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
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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?
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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
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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
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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
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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?
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Unquote would like to thank JTC for sponsoring and contributing to this episode of the podcast.
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This episode, Unquote speaks with Elliot Refson from Jersey Finance to discuss what the Channel island can offer private equity GPs.
0:00 – Intro
4:26 – Political and economic certainty
7:35 – Growing trends
8:39 – ESG inroads
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Unquote would like to thank Jersey Finance for sponsoring and contributing to this episode of the podcast.
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On this episode of the pod, Katharine Hidalgo hosts Unquote reporter Harriet Matthews to examine the importance of recurring revenues – what they are, how businesses can adapt to attain them, and their effects on valuations.
We also speak to Searchlight Capital Partners' founding partner, Oliver Haarmann, to get his take on the business model.
0:00 – Intro
3:47 – Impact on due diligence
6:32 – Interview with Oliver Haarmann
12:04 – Effect on valuations
21:26 – Global context
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BC Partners invested in Aenova – a contract development and manufacturing organisation (CDMO) – in 2012, but when the business floundered in 2017 from a market leading position, the decision was taken to take the wheel and steer the ship back towards growth.
Kengelbach was appointed CEO and has spent the following four years returning the company to profit through operational, commercial and organisational change.
0:00 – Intro
4:21 – Running a CDMO
9:56 – Switching up strategy
14:47 – Management by common sense
18:42 – Lessons learned
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Note: BC Partners owns a minority stake in Unquote publisher Acuris
Unquote reporter Katharine Hidalgo spoke with Marcus Archer, Clearwater’s managing partner and head of private equity, about the overarching trends in PE pricing, but also caught up with Clearwater’s partner and international head of consumer, Richard O’Donnell, to get his take on the consumer sector, as well as with Thomas Gaucher, Clearwater's managing partner in France, to look at the local picture.
0:00 – Intro
1:35 – Marcus Archer on overarching trends
9:56 – Richard O’Donnell on consumer assets
15:52 – Thomas Gaucher on the France market
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Looking at the entire segment, dealflow was up 10% year-on-year compared with 2019 numbers, with aggregate value ever so slightly down (but, at €37.5bn overall, still way ahead of the historical average over the previous decade). Early-stage VC was even more resilient, and, across the board, the sudden impact of the outbreak early in the year did not impact momentum in Q2.
For this venture special, Katharine Hidalgo hosts Unquote editor Greg Gille and Simon Philips, CEO of ScaleUp Capital, to discuss key takeaways and the outlook for the European venture space. She then welcomes Alessia Argentieri, Unquote's southern Europe specialist, for a deep dive into the trends at play in that market.
0:00 – Intro
1:54 – Market overview
7:42 – Venture's strengths
11:51 – Fundraising outlook
14:34 – Talking valuations
16:40 – Southern Europe deep dive
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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
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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
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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 – Intro
0:33 – Headline investment activity figures for 2020
3:48 – Recent dealflow trends & tech boom
8:19 – Fundraising market overview & pipeline
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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
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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
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.
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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
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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.
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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.
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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
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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
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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.
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The pandemic may have slowed down fundraising processes, but numerous closes have still been announced, and Q1 activity figures paint a defiant picture of the market. To get a better understanding of how fundraisers are faring on the (virtual) road, Katharine Hidalgo spoke to Unquote editor Greg Gille about the underlying data, and three specialists in the field: Cebile Capital founder Sunaina Sinha, Campbell Lutyens partner Andrew Bentley, and managing director of Asante Capital, Ricardo Felix.
0:00 – Intro1:10 – Fundraising overview6:50 – Delayed Covid-19 impact9:45 – Emerging managers struggle15:27 – Shifting strategies18:47 – H2 predictions
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As VCs come to terms with what the coronavirus crisis means for European venture founders and investors are looking to see what opportunities may arise, if any at all. When will activity return to normal levels? And how will venture funds rebound in comparison to the previous global financial crisis? Katharine Hidalgo explores the venture ecosystem with an Unquote panel discussion before an interview with Norman Fiore of Dawn Capital.
0:00 – Intro
1:13 – Keeping heads above the water
6:07 – Interview with Norman Fiore
18:46 – New opportunities?
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As investors pause for breath, the secondaries market has ground to a halt. But when activity begins again, will LPs be willing to take a pricing hit? And where will buyer and seller expectations meet? Katharine Hidalgo sets the scene with Unquote associate editor Denise Ko Genovese before a panel discussion featuring three secondaries specialists.
0:00 – Intro
1:15 – Grinding to a halt
2:03 – Panel discussion with Nico Taverna, Joe Topley and Daniel Roddick
16:40 – Waiting game
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Unquote has partnered with Liberty GTS to do a special podcast on the implications of the coronavirus pandemic on W&I insurance. This segment of the market has experienced solid growth in recent years, with the steady uptick in deal activity leading to a similar rise in the volume of policies being written.
With large swathes of the PE pipeline on hold in the wake of the coronavirus outbreak, Rowan Bamford, the president of Liberty GTS, and Gareth Rees, Liberty GTS's chief underwriting officer, have stopped by to discuss their take on the short- and medium-term outlook for M&A activity, whether we can expect a sudden spike in W&I claims, the potential impact on pricing for the product in uncertain times, and more.
0:00 – Intro
2:43 – Where is M&A headed?5:40 – The immediate impact on W&I13:34 – Is W&I set to become a must-have as the market picks up again?17:43 – Effect on policy pricing, and competition among W&I providers
Unquote would like to thank Liberty GTS for sponsoring and contributing to this episode of the podcast.
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PE firms are seeking to shore up their portfolio companies amid the economic sinkhole of Covid-19, but if sourcing liquidity proves impossible, managers can turn to fund financing to back their businesses. Katharine Hidalgo speaks with Unquote associate editor Denise Ko Genevese and Debtwire reporter Oscar Geen about NAV and preferred equity, and to Investec's Matt Hansford about the evolution of such facilities and pricing
0:00 – Intro
1:20 – All hands on deck
5:01 – Interview with Matt Hansford, Investec
15:12 – Pricing in the pandemic
Note: Matt Hansford's interview was recorded prior to the onset of the Covid-19 outbreak.
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The private equity industry is shifting its strategy to cope with the deadly coronavirus pandemic, delaying deals and fortifying their portfolios to weather the sharpest downturn in generations. Unquote editor Greg Gille gives an overview of the situation across Europe and later hosts senior reporter Alessia Argentieri and reporter Katharine Hidalgo to hear how GPs have reacted in southern Europe and the UK
0:00 – Intro
1:29 – Industry overview
7:53 – Southern Europe in crisis mode
18:28 – UK scrambles to adapt
Note: this episode was recorded prior to the sale process for the UK's Asda falling through as well.
Theme music: ©2012 Kick Up The Fire
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
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
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
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: Ivan Vercoutere, Managing Partner and Head of Private Equity, LGT Capital * Maggie Loo, Partner, Bridges Fund Management * Dominique Gaillard, Chair, France Invest * Helen Steers, Partner, Pantheon * Patricia Miller Zollar, Managing Director, Neuberger Berman * Johanna Barr, Managing Director, Advent International * Nicholas Brooks, Head of Economic and Investment Research, Intermediate Capital Group*
All the interviews can be found here…
- France Invest chair Dominique Gaillard on responsible investing
- Helen Steers discusses gender diversity in PE
- Neuberger Berman's Patricia Miller Zollar on first-time funds
- Advent's Johanna Barr on navigating fund pitches
- ICG’s Nicholas Brooks on prospects of recession
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
With competition fierce for most high-quality vanilla assets, corporate carve-outs and spinoffs have enjoyed something of a resurgence as GPs seek to take the road less travelled when it comes to origination. To discuss the topic in further detail, editor Greg Gille hosts Francesca Veronesi, Julian Longhurst and Katharine Hidalgo, and special guest Tristan Nagler, managing director at Aurelius.
0:00 – Intro
0:48 – Prevalence of carve-outs
7:13 – Interview with Tristan Nagler
17:16 – UK opportunities
Theme music: ©2012 Kick Up The Fire
Public-to-private acquisitions have enjoyed a boom due to high valuations in the private markets and political volatility. But plucking these fruits from the stock markets is fraught with difficulties. Senior reporter Alessia Argentieri hosts our P2P special with Greg Gille, Katharine Hidalgo and Julian Longhurst, featuring an interview with Christian Hess of Investec.
0:00 – Intro1:25 – Attractive valuations and a P2P frenzy6:52 – Interview with Investec's Christian Hess12:42 – Challenges and risks
Theme music: ©2012 Kick Up The Fire
Venture capital has proven so alluring in recent years that the largest private equity players have been launching venture funds to get in on the action. These behemoths have boosted fundraising in the space by an enormous amount, and tickets are rising. Greg Gille hosts our venture special with Katherine Hidalgo and Francesca Veronesi, with a guest interview with EQT Ventures partner Ali Mitchell.
- Intro (00:00)
- European venture round-up (0:37)
- Interview with Ali Mitchell, EQT Ventures (07:52)
- Big tickets for quality assets (18:52)
Theme music: ©2012 Kick Up The Fire
Private equity co-investment has become a popular strategy among GPs and their enthusiastic LPs in recent years, allowing for potentially greater returns and more selective risk for LPs. Francesca Veronesi hosts the Pod's co-investment special, with departing news editor Oscar Geen and Acuris head of fund research Paul Tilt, plus industry specialist Alexandre Motte, managing director and head of co-investment at French GP Ardian.
- Intro (00:00)
- Co-investment data round up (01:08)
- Interview with Alexandre Motte, Ardian (03:12)
- New GPs on the block (15:02)
Theme music: ©2012 Kick Up The Fire
The Unquote Private Equity Podcast is back this week to discuss how specialist and venture funds fare in the current climate, following a roundup of the action at the latest Unquote Nordic Private Equity Forum. Oscar Geen hosts research manager Gareth Morgan in the studio, while Katharine Hidalgo visits the Octopus Investments offices to talk all things venture with Alliott Cole and Richard Court.
1. Intro (00:00)
2. Nordic Forum roundup & bifurcated UK fundraising market (02:12)
3. Interview with Alliott Cole and Richard Court, Octopus Investments (06:35)
4. Strength of UK venture fundraising (15:47)
Theme music: ©2012 Kick Up The Fire
The Unquote Private Equity Podcast returns after the summer break eager to get our teeth into activity figures for the first six months of 2019. But some lacklustre growth and relentless Brexit uncertainty herald gloomy times ahead. Oscar Geen hosts editor Greg Gille, and reporters Katharine Hidalgo, Francesca Veronesi and Alessia Argentieri, with special guest Merrick McKay, head of private equity in Europe at Aberdeen Standard Investments
1. Intro (00:00)
2. Cloudy with a chance of slowdown (01:11)
3. Interview with Merrick McKay, Aberdeen Standard Investments (10:05)
4. DACH & UK gloom, southern Europe boom (20:54)
Theme music: ©2012 Kick Up The Fire
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.
1. Intro (00:00)
2. Disruption, Jomo and the Gen Z game (01:01)
3. Interview with Post-Lean Institute's Frode Odegard (05:00)
4. Transforming the food chain (14:03)
Theme music: ©2012 Kick Up The Fire
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.
1. Intro (0:00)
2. Defining generations; Millennial motivations (0:33)
3. Interview with Gail McManus, PER (7:10)
4. Cultural change; gaining agency (12:29)
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.
- Intro (0:00)
- Influence of sector specialists; macro factors (0:53)
- Interview with Janet Brooks, Monument Group (7:42)
- Operational expertise trumps financial engineering (15:19)
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.
- Intro (00:00)
- Big hitters enter; demographic and societal drivers (00:53)
- Interview with Bridges Fund Management's Michele Giddens (06:39)
- External rate of return, reporting standards convergence (17:11)
Theme music: ©2012 Kick Up The Fire
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.
- Direct-lending perspectives (0:52)
- Interview with Certior Capital’s Timo Hara (8:15)
- Reload facilities and regional funds (14:09)
Theme music: ©2012 Kick Up The Fire
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.
- Intro (00:00)
- Fund stakes on the market (01:02)
- Interview with Campbell Lutyens' Immanuel Rubin (07:20)
- GP-led processes and intermediation (16:24)
Theme music: ©2012 Kick Up The Fire
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.
- Intro (00:00)
- Building a brand as a PE firm (01:13)
- Interview with MVision's Mounir Guen (07:16)
- The evolving identity of European PE (17:05)
Theme music: ©2012 Kick Up The Fire
The team hits the road, taking in trips to IPEM and SuperReturn to catch up on all the hottest topics in European private equity. Kenny Wastell hosts Oscar Geen, Greg Gille and special guest Michael Collins, CEO of Invest Europe.
- Intro (00:00)
- Bright outlook in Cannes and Berlin (01:17)
- Interview with Invest Europe's Michael Collins (08:46)
- Consistency, evolution and international influence (16:57)
Theme music: ©2012 Kick Up The Fire
The Unquote team decodes the intricacies of securitised token offerings and explores what role they might play in the future of venture capital. Kenny Wastell hosts Oscar Geen, Denise Ko Genovese, Gareth Morgan and special guest Ryan Hanley, managing director at token investment platform TokenMarket.
- Intro (00:00)
- STOs and ICOs: distinguishing between acronyms (01:08)
- Interview with TokenMarket's Ryan Hanley (05:32)
- Risky business for VC? (15:31)
Theme music: ©2012 Kick Up The Fire
The pod navigates the bifurcation in private equity fundraising, with large-cap and brand-name GPs raising faster than smaller and less established players. Oscar Geen hosts Kenny Wastell, Gareth Morgan and special guest Karl Adam, managing director at placement agent Monument Group.
- Intro (00:00)
- Bifurcation in fundraising pace (00:52)
- Interview with Monument Group's Karl Adam (08:15)
- Placing in a two-speed market (14:55)
Theme music: ©2012 Kick Up The Fire
The Unquote Precogs envision private equity's future of non-controlling stakes. Kenny Wastell hosts Oscar Geen, Julian Longhurst and special guest Johnny Colville, managing director in the financial sponsors group at Houlihan Lokey.
- Intro (00:00)
- Minority investing: What's in it for GPs? (00:53)
- Interview with Houlihan Lokey's Johnny Colville (08:19)
- Exterminating 'locust' perceptions (15:02)
Kenny Wastell hosts Oscar Geen, Gareth Morgan, Julian Longhurst, Francesca Veronesi and Chris Papadopoullos for the second instalment of the Unquote podcast 2018 roundup. The panel discusses the upcoming Annual Buyout Review, the Nordic region's record year, and sums up activity in the DACH, Benelux and CEE regions.
- Intro (00:00)
- Annual Buyout Review update with Julian Longhurst (01:42)
- Nordic round-up with Gareth Morgan (07:08)
- DACH round-up with Oscar Geen (13:38)
- Benelux round-up with Francesca Veronesi (20:51)
- CEE round-up with Chris Papadopoullos (27:32)
- Intro (00:00)
- 2018 European private equity round-up with Greg Gille (01:47)
- UK & Ireland round-up with Kenny Wastell (07:14)
- France round-up with Francesca Veronesi (14:26)
- Southern Europe round-up with Alessia Argentieri (21:59)
- Looking to 2019 (29:59)