Investments
DACH investors turn to value creation to justify high multiples
Three of the five most active private equity firms based in the DACH region last year used non-standard investment models
Co-investment: Dancing to a new tune
Co-investment has evolved from a value-add into an industry staple, but debate remains as to whether the strategy favours LPs and GPs equally
VC fuels Europe's journey towards self-driving future
Despite the long-term nature of investing in autonomous vehicles and high barriers to entry, fund managers are finding routes into the segment
Video: Mandarin's Inna Gehrt on DACH opportunities
Inna Gehrt, partner and head of DACH at Mandarin, explores why the region is viewed as an LP magnet
Video: Triton's Marcus Brans on operational expertise
Triton's Marcus Brans discusses the most important way that investors can add value to companies
PE-backed UK IPOs outperform, but listings remain slow
Despite a strong track record, PE-backed listings have been few and far between in 2018, but signs of an increase in activity are emerging
LP competition heats up for stakes in GP management companies
One in six LPs is taking stakes in GP management companies via specialist funds
Dutch VC activity reaches all-time high
Biotech and pharma are driving record levels of VC investment in the Netherlands, while venture fundraising continues to perform strongly
Payments sector heats up across the Nordic region
PayPal's $2.2bn acquisition of VC-backed iZettle highlights the Nordic region's leading position in the payments tech market
Italian PE enjoys vibrant Q1 despite political uncertainty
Buyout and exit activity in the country ballooned in the first quarter of 2018, despite the prolonged uncertainty surrounding the general election
Alliance of equals: PE's evolving buy-and-build approach
Portfolio companies are increasingly making larger bolt-ons, as GPs look for new ways to boost returns in a market with high entry multiples
Local GPs rule the roost in Turkish mid-market
International investors struggle to gain a foothold in the Turkish mid-market as local networks provide domestic firms with a headstart
Sino-French PE relations move forward
Chinese trade buyers, GPs and LPs are increasingly active in the French market as the number of funds with Sino-French strategies increases
Mid-market leverage continues upward creep
High price tags, limited assets and cheap debt are helping to push up leverage boundaries in the European mid-market once again
Carve-outs return to prominence in Nordic PE
Proportion of Nordic buyouts accounted for by spin-outs rise in Q1 after two years of lower than average activity
PE activity flourishes in Portugal as economy picks up
Companies with strong export focuses and internationalisation strategies are attracting investment from institutional fund managers
UK and Ireland small-cap soars amid general buyout lag
Overall UK buyout activity in Q1 is down by almost a third year-on-year, though dealflow in the small-cap space remains near record levels
CEE exit activity picks up in Q1 as buyouts drop
First quarter saw a significant drop in both buyout volume and aggregate value in the region, though the number of exits is up, year-on-year
Nordic buyout market soars in Q1
Acquisitions in the region reached the highest aggregate value ever recorded in the first quarter of the year
Benelux's biotech and pharma buyouts market in rude health
Buyout houses are becoming more attracted to assets in the Benelux biotech and pharma spaces, typically the preserve of venture capital investors
Consumer uncertainty sees retail feeling the pinch
PE-backed retailers are increasingly following casual dining chains in showing signs of struggling under the downturn in UK consumer confidence
Secondary buyouts hit 10-year low in Q1
Proportion of deals sourced from fellow PE firms has ebbed back to the level last seen in 2007, according to Unquote Data
European entry multiples hit new high in 2017 despite Q4 cooldown
Average EBITDA multiple increased to 10.4x in 2017 compared with 10.2x in 2016, according to the latest Clearwater Multiples Heatmap
Mega-buyout volumes hit post-crisis Q1 high
Combined with Q4 2017, the past six months have represented the most active consecutive quarters for тЌ1bn-plus buyouts since 2007