Coronavirus and private equity
All our latest coverage on the ongoing coronavirus crisis, and its impact on the European PE industry
The coronavirus (Covid-19) pandemic sweeping across the globe is presenting the private equity industry with its most daunting challenge in more than a decade.
First of all, we hope all our readers and our wider community are safe and sound, and managing to go about their daily lives as best they can under these extraordinary circumstances.
The Unquote team is currently working remotely but striving harder than ever to continue bringing you valuable intelligence, data and insights, in order to help you navigate the rapidly evolving situation.
This page will allow you to quickly access all of our latest coverage on the topic, helping you stay up to date with the challenges, but also the opportunities, that will come to define 2020 and beyond.
It will only display our most recent content, however our entire archive of coronavirus-related content can be accessed here
Do not hesitate to get in touch to discuss these topics, and, more generally, how your firm is adapting to the situation – our team is as keen as ever to keep interacting with you as much as possible.
Greg Gille
Editor, Unquote
CEO Joachim Høegh-Krohn speaks to Unquote about the report's key takeaways
Bowmark exits Oxford International in split deal
Schools division goes to Nord Anglia Education, while the rest of the business undergoes an MBO backed by THI
Unquote Private Equity Podcast: Venture's immunity
Simon Philips, CEO of ScaleUp Capital, joins the Unquote podcast to explore recent trends in the European venture space
BGF invests more than £380m in 2020
BGF exited 20 businesses in 2020 with an average money multiple of 1.9x and an aggregate IRR of 26%
Covid-19 impact expected to be more severe than GFC – survey
Almost all Dechert survey respondents expect distressed deals to increase, while 82% cited more deal delays as an ongoing effect
Here's to a merrier 2021
The Unquote team wishes you a restful break and will be back to cover European private equity news on 4 January
2021 Preview: Dry powder drives DACH prospects for 2021
DACH players adopted increased portfolio management and defensive investment decisions in 2020, but dry powder is set to drive 2021
29% of LPs have decreased interest in emerging managers – survey
Placement agent Eaton Partners’ latest LP Pulse Survey collected responses from 61 LPs globally
2021 Preview: Southern Europe looks for 2021 rebound
Covid-19 hit both dealflow and fundraising across the region – but local players are still looking forward to a gradual recovery in 2021
A year to remember - and learn from
Unquote recaps a year like no other, and maps out what market players expect when it comes to dealmaking and fundraising from 2021
2021 Preview: Nordic region weathers brunt of pandemic
Nordic countries lived up to their reputation as PE stronghold in 2020, with strong H2 recovery and record VC investments in the region
Q3 Barometer: Green shoots emerge
Aggregate value of deals was noticeably up in Q3 as the reopening of debt markets boosted transaction sizes
2021 Preview: UK activity on the up, but market braces for tax hit
UK market players are finding solace in investment volumes pulling back towards pre-Covid-19 levels
Clessidra launches fourth buyout fund
Fund will acquire majority stakes in profitable companies with high-growth potential
Consilium launches €100m fourth fund
Fund targets Italian mid-market companies and provides equity tickets in the €15-20m range
Värde Dislocation Fund closes on $1.6bn
Fund has a global mandate to pursue a mispriced, stressed and distressed credit
Buyout rankings: who has invested most across Europe since April?
EQT, Ardian and KKR remained very active and struck sizeable deals amid the coronavirus turmoil
Archeide launches €50m VC fund
Fund will target Italian startups developing innovative products and applications
Clessidra buys Coefi from Archeide
Sale ends an eight-year holding period for Archeide, which has supported the growth and expansion of Coefi since 2012
360 Capital to launch €50m Square II fund
360 Square II will deploy equity tickets of €500,000-3m, primarily across France and Italy
Nordian Capital completes J-Club acquisition
Deal follows M&A litigation initiated after coronavirus uncertainty and financing difficulties
Unquote Private Equity Podcast: Partnering for portfolio management
Oliver Jones and David Wardrop discuss the potential for new investment opportunities in a post Covid-19 environment
Mandarin backs hair care specialist Nuova Fapam
GP intends to boost the company's expansion internationally, primarily in Asia, the Middle East and the US
Indigo Capital II holds €300m final close
Fund provides private bonds and preferred equity to European mid-market businesses
Capdesia Structured Equity targets £100m; aims to close in Q1 2021
European food-service-focused fund was registered and launched in May 2018 with a target of €200m
White Star holds first close for $30m Digital Asset Fund
Fund invests in blockchain-enabled businesses at each layer of the tech stack, with a focus on Europe and the US
Arcano Secondary Fund XIV launches with €300m target
Fund will invest in mid-market buyout and growth capital vehicles across Europe and the US
Clarks in refinancing provided by LionRock - report
A deal would see Clarks raise an investment in exchange for a dilution of the Clark family's holding
Unquote Private Equity Podcast: Allocate 2020 special
The Pod discusses our upcoming LP/GP conference, Allocate, touching on illiquidity solutions, secondaries, and ESG
PE players await DACH carve-outs uptick
With corporates under pressure due to the coronavirus pandemic, opportunities are likely to open up for sponsors interested in carve-outs
Anima Alternative launches €200m direct lending fund
Fund will deploy financing to support the recovery and expansion of Italian SMEs operating in a wide range of sectors
Talde launches €150m fund
Fund targets Spanish companies operating in a wide range of sectors, with revenues in excess of €20m
Astorg's Aries Group to offload two subsidiaries – reports
Beleaguered aerospace sub-contractor is looking to sell ACB and Dufieux, according to local reports
Dawn closes fourth fund on $400m hard-cap
Dawn Capital III closed on £165m in April 2018 and has now made its final initial investment
FIEE holds €127.5m first close for second fund
Fund targets the energy efficiency, renewables, lighting, co-generation, pollution control and smart city sectors
Nexxus Iberia buys STM
GP invests in the company via Nexxus Iberia Private Equity Fund I, which closed on €170m in February 2020
Unquote Private Equity Podcast: H2 Preview
The Unquote Podcast gathers the whole team this week to go over H1 statistics, look at early recovery signs and share insights from across Europe
Panakes to launch €120m second fund within months
VC expects to start raising capital by the end of the year and hold a first close in H1 2021
Private Equity Pitch: Funds exposed to UK consumer services providers
Unquote and Mergermarket look at individual funds' exposure to UK businesses in the consumer services space
DACH holds up under pandemic pressure, but recovery doubts remain
Market players suggest it is unlikely that H1 figures reflect the extent of the damage done to portfolios and M&A
Q2 Barometer: Coronavirus ravages European M&A market
After the first effects of the Covid-19 crisis were felt in March, the European private equity market decelerated sharply in Q2
Southern Europe bounces back amid pandemic uncertainty
Southern European market has regained vigour and confidence in July following a catastrophic H1
EQ Asset Management eager to deploy following double fund close
EQ says it has completed five acquisitions through its secondaries fund since the outbreak of Covid-19
DACH venture and growth deals reach volume high in H1 2020
Growth and VC deal volume exceeded that of all previous half-yearly figures, although average deal size and fundraising activity declined
GP Profile: FPE Capital
FPE Capital is now gearing up to begin making investments again in the technology sector, says managing partner David Barbour
Debt funds making inroads in DACH amid Covid-19, says GCA
GCA's Mid Cap Monitor shows that debt funds financed 71% of German LBOs in H1 2020, with the firm expecting an activity uptick in Q4
Venture, tech keep UK market afloat in H1
Buyout and exit volume dropped dramatically in the first half of 2020, while GPs are doubling down on technology-driven strategies
France, southern Europe drive dealflow uptick in July
Buyout market is picking up again following one of the worst slumps on record, with some of the regions originally hardest hit becoming busier
ICG launches second recovery fund
Second vehicle will be larger than its predecessor, which closed on €843m in March 2010
How the crisis could affect fund T&Cs
In a tough funrdriasing and deal market, GPs will be looking for all the incentives they can possibly provide
Marcol invests in Fernarzt, launches new HealthHero platform
Seed investor Heartbeat Labs will retain a 10% stake in Fernarzt
Finland’s VC industry remains buoyant despite pandemic
Dealflow in the Finnish VC market remained strong in the peak months of the coronavirus outbreak, with local players cautiously optimistic
EQT closes acquisition of Schülke
Deal values the hygiene products producer at €925-1bn, subject to an earn-out provision
Programma 102 closes on €100m
VC will launch a new vehicle by the end of the year, with a €100m target, to focus on complementary asset classes
Fashion victims: GPs face a tough year in the clothing & accessories sector
Unquote explores dealflow expectations and potential silver linings for the segment, which has been one of the hardest hit by the pandemic
PE exits hit decade low in Q2
Volume of exits by PE players across Europe fell by 43% year-on-year in Q2 2020 as the coronavirus crisis took hold, according to Unquote Data
GP Profile: Emeram Capital Partners
DACH-focused GP anticipates the launch of its second fund following a portfolio assessment and digital AGM
QIA et al. invest $162m in CureVac
mRNA vaccine developer is valued at $1.6bn and also secured backing from the KfW and GlaxoSmithKline
Apax VIII and Apax IX post higher valuations than Q4 2019
Both funds have valuations of more than 14% higher compared with valuations in March 2020
BGF-backed Xercise4Less prepares for administration
Gym chain recorded losses of £10.4m on £40m revenues in the most recently available accounting year
UK fundraising update: pausing for breath
A number of GPs that closed more than three years ago have delayed fresh fundraises, or have altogether decided to explore new options
Market sentiment improving but dealflow likely to remain bifurcated – Baird
Baird MDs Vinay Ghai and Paul Bail discuss deal-making amid the pandemic and emerging trends for the months ahead
Mercia invested £17.5m in 2019/20
Mercia's NVM VCTs raised £38.2m in new capital, while the BBB also allocated an additional £54.3m
LDC’s makes 18 investments in H1 2020
In a half-year update, the firm announced the majority of the deals were completed since March
Moira invests in logistics operator Goi
Moira intends to support the company's growth and expansion both in Spain and internationally
Nauta Tech Invest V holds €120m first close
Fund deploys tickets of €1-5m in seed and series-A rounds to support European B2B SaaS startups
Wise Equity buys Fimo from IGI
This is the first deal inked by the GP via Wisequity V, which closed on its €260m hard-cap in July 2019
B Capital closes second fund on $820m
Fund invests in series-B, -C and -D rounds to support B2B and B2C startups based across Asia, Europe and the US
Antares launches €300m UTP fund for fashion sector
Fondo Lusso & Lifestyle is dedicated to bank credits, with a special focus on UTP exposures
Lockdown impact derails French buyout momentum
Even as France is now moving on, the uncertain road ahead is threatening to undo months of improving activity and market sentiment
Aldea Ventures launches €150m fund-of-funds
VC house expects to hold a €35-45m first close by the end of July and a final close in around one year
Alcedo to launch €230m fifth fund
Alcedo V will target Italian companies with high-growth potential and an export-orientated approach
Most German PE firms say 75% of portfolio unimpaired by Covid-19 – survey
Survey was conducted in June 2020 by Finance Magazine on behalf of Deutsche Beteiligungs AG
Equinox closes third fund on €360m
Equinox III targets Italian companies operating in the food, retail, technology and healthcare sectors
Nordic e-commerce confident "silver krona" uplift will persevere
Lockdowns have – out of necessity – introduced a new age group to online shopping, boosting prospects for several PE-backed assets
Connect Ventures closes $80m seed fund
Fund deploys capital in companies operating across all B2B and consumer software segments
Mediobanca, Russell Investments launch third private market fund
Fund invests in secondaries, distressed assets and opportunities in dislocated industrial sectors
RJD to invest up to £12.75m in Improve
Improve most recently reported revenue and adjusted EBITDA of £10.1m and £1.7m respectively
Video: Cambridge Associates’ Marcandalli on impact investing moving centre stage
In a new instalment of Unquote's Lockdown series, Annachiara Marcandalli explains why it is unlikely that coronavirus will sideline impact investing
Sherpa Special Situations III closes on €120m
Fund targets distressed companies based in Iberia and active across a wide variety of sectors
Piper to launch next fund in 2021
Managing partner Chris Curry told Unquote the fund is expected to target £150-175m
European fund closes slump by 42% amid lockdown
Unquote recorded 44 first or final closes of European PE funds between March and May, a 42% drop on the three-month average seen across 2019
Go Capital taken over by management
As part of this deal, Jerome Guéret is appointed as CEO and Bertrand Distinguin takes on the role of president
Corten closes debut fund on €392m
Corten began raising in January 2019, thus avoiding potential delays in the current market
Swedish institutions set up Covid-19-focused JV
Sindre Invest will start operating from 1 July and will invest in companies facing liquidity problems
Gradiente buys three companies, creates Argos Surface
GP deploys capital from Gradiente II, which held a final close on its €135m hard-cap in 2019
Cerea to launch third buyout fund
Cerea also plans to launch its fourth mezzanine vehicle with a €250-275m target next month
Video: CPPIB's Delaney Brown on improved LP/GP relations
In the fourth of Unquote's Lockdown series, Delaney Brown, managing director of CPPIB, discusses improved GP/LP relations since lockdown began
Ysios Capital raises €155m for third biotech fund
Ysios BioFund III provides financing to early- and mid-stage, highly innovative life sciences companies
Nordic GPs find solace in demand for tech deals
Buyout activity in the Nordic region has nose-dived in 2020, while venture capital activity surged in some countries
K Fund launches €70m second vehicle
Fund targets companies operating in the internet and mobile technology sectors
Pillarstone Italy launches €600m turnaround fund
Responsible & Sustainable Corporate Turnaround Fund intends to support the recovery of Italian companies
Panoramic delays fundraising to H1 2021
Panoramic Growth Fund 2, which closed on £65m in May 2016, is around 60% deployed currently
Enterprise Investors fully exits Novaturas
Following a high of PLN 55 in 2018, Novaturas' share price has been on a downward trend, further accelerated in February
Polaris exits Danish fashion brand PWT Group
Covid-19 ends a 12-year investment period during which the company grew to acquire five other brands
Video: Coller's Francois Aguerre on PE's reasons to be cheerful
In the third of Unquote's Lockdown series, Francois Aguerre discusses how long-term secondaries prospects are still strong despite the turmoil
Ardian closes eighth secondaries mega-fund on $19bn
ASF VIII intends to provide the necessary liquidity to investors amid the global Covid-19 pandemic
Q&A: Pemberton's UK head Eric Capp on direct lending's future
Private debt professional Eric Capp discusses his long-term view of the direct lending landscape
Commercial due diligence: Adapting to the new landscape
Three CDD practitioners discuss dealflow, and how their offering is shifting as PE houses contemplate post-Covid scenarios
Spectrum Equity IX hits $1.5bn hard-cap
Fund targets investments in internet-enabled software and information service companies