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Private Equity Beat
Trends and insight from Dow Jones LBO Wire and Private Equity Analyst
Deals</p>
KKR Sets Sights on Europe With New Fund Targeting EUR3 Billion
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Public Markets Are A Risky Option For Some Private Equity Firms
Fundraising Deal-making Mid-market Exits private equity
12:44 pm ET Apr 25, 2014
Exits
Public Markets Are A Risky Option For Some Private Equity Firms
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Carlyle Group Cinven Permira TPG Capital
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Commentary By Ayesha Javed
Biography
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Biography
<p><strong><a href="http://www.monclerjacketspro.com">moncler</a></strong> Getting exits done in the public markets has been particularly popular amid optimism and investor appetite. But IPOs can be a risky option for many private equity firms.</p>
<p><strong><a href="http://www.monclerjacketspro.com">women moncler boots</a></strong> Not only does a public exit rely on favorable market conditions at the time of listing, but it also relies on the continued strong performance of the stock to enable firms to sell their residual positions down at a later date.</p>
<p><strong><a href="http://www.monclerjacketspro.com">cheap moncler jackets</a></strong> There are also reputational issues to take into account. Speaking to Private Equity News, Marco De Benedetti, co-head of Europe at Carlyle Group , said that having a strong track record of IPOs was important for future listings of other portfolio companies. He added that portfolio companies’ reputations could also suffer if stocks underperform.</p>
<p><strong><a href="http://www.monclerjacketspro.com">women moncler boots</a></strong> London-listed annuity providers Partnership Assurance , which was taken public by Cinven in June 2013 and Just Retirement , which was floated in November by Permira, both suffered a massive blow to their share prices after U.K. Chancellor George Osborne outlined plans to reform pensions in the budget in March this year.</p>
<p><strong><a href="http://www.monclerjacketspro.com">moncler sale</a></strong> Meanwhile, Russian hypermarket group Lenta, listed by TPG Capital earlier this year, saw a drop in its share price amid concerns over tensions in Ukraine.</p>
<p><strong><a href="http://www.monclerjacketspro.com">moncler kieds</a></strong> “There are clearly some macroeconomic trends with volatility in the market and a sense that there is more to come with Crimea,&#8221; said one private equity executive. &#8221;When you are holding quoted paper it makes you vulnerable to that.”</p>
<p>Mr. De Benedetti attributes the success of Carlyle’s recent IPOs to preparation. “Companies have to be prepared for an IPO. If you just wake up and list something because you read in the Financial Times that the market is hot I guarantee you’ll be too late. For companies that we take to the IPO market we prepare for one to two years.”</p>
<p>Carlyle has listed portfolio companies including fashion group Moncler and cable operator Numericable, the largest IPOs in Italy and France respectively. The firm is also gearing up for a listing of Spanish materials testing group Applus.</p>
<p>But not every firm has been so successful. “We’ve seen a number of companies [in the market] float that were probably not ready and we have seen the results after the fact. It’s not luck that one IPO goes wrong and one doesn’t,” said Mr. De Benedetti. “We are very conscious of the fact that the market is very volatile. Markets open and shut. We know by definition that it’s a very volatile window.”</p>
<p>With the IPO market being so volatile it’s no surprise that opting for an M&amp;A process, particularly when running a dual track process, is becoming more popular.</p>
<p>Corporates are flush with cash, have access to cheap credit and are in need of growth: for these strategic players, M&amp;A is a preferred option. If they can get involved with competitive processes quickly enough, we may see more exits to trade buyers.</p>
<p> (This commentary also appeared in Private Equity News, a U.K. trade publication owned by Dow Jones &amp; Co.) </p>
<p> Write to Ayesha Javed at ayesha.javed@ </p>
Carlyle Group Cinven Permira TPG Capital
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