Download the November 2020 issue of Unquote

At the onset of the crisis, placement agents noted increased interest from LPs in turnaround, special situations and distressed debt funds, where allocations to other strategies, including traditional buyout funds, had often been postponed or cancelled.

Nevertheless, turnaround deal volume continued at a low pace throughout spring. March 2020 saw one turnaround or special situation investment in Europe, while April saw two, according to Unquote Data. In May, sponsors were still waiting for the promised wave, with five deals occurring against four in May 2019. 

One restructuring adviser believes turnaround investors do not yet have the data they need: "Everyone has difficulty understanding how companies are rebounding. You would need to get two or three months' worth of data on what sales could look like and then a buyer would be more informed."

Also in this issue:

• Digital doctors here to stay as telemedicine deals surge
• Sponsor-lender relationship faces stiff Covid-19 test
• GP Profiles: Sparring Capital, Searchlight Capital Partners
• German PE assesses opportunities in crisis
• Our usual in-depth coverage and statistical analysis of activity in each regional market

To download the latest issue of Unquote in PDF format, please click here

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