Private equity have been taking stock market-listed companies private for many years. But now public-to-private (P2P) deals have a special twist: many now involve companies that have recently gone public and have performed well post IPO. That is a sign of public market failure.
2023 has so far featured more take-private announcements than IPOs. According to Ernst & Young, take-privates have accounted for around 80 per cent of all private equity transactions so far this year and for the ten largest deals. This is the opposite of what you’d expect; after all, stock market indices are up in 2023 and flirting with all-time highs, and it has become more challenging for private equity funds to raise debt to fund their purchases.
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