Unquote's 2017 digest

Despite continuing political uncertainty across Europe, 2017 has been an incredibly active year for the private equity industry. Indeed, in both volume and aggregate value terms, 2017 has seen the highest level of buyout activity since 2007, according to unquote" data, with 829 deals valued at a combined €137.9bn. Fundraising has also continued apace, with 137 buyout, venture and generalist vehicles holding final closes, accounting for aggregate commitments of €158.7bn, the highest figures since 2008.

However, reflecting on the past 12 months during our recent end-of-year roundtable (which will be published online in January), industry professionals voiced concerns over the growing prominence of fund financing and the continuing rise in entry multiples.

Another enduring theme has been the growing appetite from LPs for co-investment and direct investment opportunities, as the roundtable participants acknowledged. Hermes GPE's Peter Gale argued the trend is driven by a desire for greater control over investment strategy and governance, rather than simply being a fee reduction exercise.

Other notable developments throughout the year have been a significant rise in the number of debut vehicles raised by new market entrants and the return the IPO as a viable exit route for GPs. There was also continuing conversation surrounding a lack of gender diversity in the higher echelons of the private equity industry, though signs of progress are beginning to emerge.

Below is a collection of highlights from the unquote" 2017 archives. We look forward to reporting on these interesting times ahead. On behalf of the whole team, I would like to thank you for your continued support and wish you a very fruitful New Year.

Kenny Wastell
Features editor, unquote"