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Great expectations

Great expectations
  • Emanuel Eftimiu
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Itт€™s always interesting to gauge the mood of private equity practitioners and their expectations after the summer break. Two years ago, when the financial markets were in disarray following the Lehman collapse, deal activity came to a standstill and then trickled along for the subsequent quarters. Last year, the feeling in September was more akin to т€œthree quarters down, one to goт€ as most professionals couldnт€™t wait for 2009 to come to an end т€“ a year characterised by write-downs in portfolios and broken down deal negotiations.

This year, the post-summer holiday mood is distinctly different. Of course, this is no mean feat compared to the previous years, but nevertheless the industry has been busy over the summer months. Whether working on divestments, new deals or getting ready for upcoming fundraising efforts, the slight momentum in activity witnessed since the beginning of the year looks like it is here to stay and even to gather pace.

The mood is certainly more upbeat and, while the "cautiously optimistic" term continues to make the rounds given the remaining economic uncertainty, there are also market participants who are genuinely more positive about future prospects given their current deal pipeline. With the industry seemingly back on its feet, one does hope that the outcome of the upcoming AIFM directive vote does not deliver another blow to private equity.

 

 

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