In the second video of Unquote’s Lockdown series, Joe Topley, head of European funds at Ontario Teachers' Pension Plan (OTPP), shares his LP perspective on the current state of the private equity market.
Topley joined Denise Ko Genovese to talk about falling valuations and the lack of visibility in portfolios, getting comfortable with meeting first-time managers on video call, and more.
Investors were expecting significant distributions to come out of their portfolios this year and since those won’t be anywhere to be seen for the next 12-18 months, some LPs are facing the prospect of a significant liquidity squeeze, he said. Topley also shared his concern that some GPs may end up investing in sub-optimal deals in a push to deploy capital, and warned fellow LPs to be suitably vigilant.
Amanda Good joins from Hg as partner; she has prior experience with Bain & Company
New fund is more than double the size of its €550m predecessor, IK Small Cap II Fund, which is now almost fully invested
Company intends to launch a new round of funding later this year, with the goal of raising around $250m
Private debt fund focuses on lower-mid-market companies; its predecessor closed on €706.5m in 2018