Happy Holidays from the Unquote team

Dear readers,

We're reaching the end of another thrilling year for private equity investment. If this wasn't a record-breaking year like 2021, it was certainly packed with events that have the potential to transform the industry for years to come.

As we argued in our 2022 review, PEs are now looking for a sure footing after a period of macro headwinds. The war in Ukraine, which continues to shock us all, has exacerbated geopolitical instability. Inflationary pressures set central banks on a series of interest rate hikes that is shaking financial markets. For private equity, this has meant the end of an era cheap debt, as well as fundraising challenges, with the plunge in public markets valuations affecting LPs' allocations to private assets.

The good news is that private equity's ability to deliver strong results is far from being questioned. If anything, its intrinsic focus on the long term will be seen as especially fit for these uncertain times. The industry has shown in the last few months it can reach new levels of sophistication and adapt, with sponsors seeking further sector specialisation, a rise of GP-led secondaries as a mechanism of value creation, and a burgeoning market for LP stake sales. This – and record amounts of dry powder waiting to be deployed – makes us confident that 2023 will keep us all very busy.

To round off this exciting year, and before the team returns on 4 January to resume covering the latest European private equity news, here is a selection of our most impactful recent content.

The Unquote team joins me in thanking you for your continued support and wishing you an excellent festive season as well as a great 2023!

Joao Grando
Editor, Unquote

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