TSL Express Daily News
The Secured Lender
SFNet's 80th Annual Convention Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
October 14, 2024
Source: S&P Global
Middle-market transactions are powering a rebound in exits as private equity-backed IPOs track for their best year since 2021.
Buyout funds tallied 1,700 exits this year through end of the third quarter, a total 10% higher than the 1,530 exits through recorded in the same period a year ago, according to an S&P Global Market Intelligence analysis of Preqin data. Private equity-backed IPOs and private placements, a related exit route, totaled 155 through three quarters of 2024, just one deal shy of the full-year 2023 total.
Private equity's rising exit count comes with a caveat: the size of the average deal shrank to $477.73 million over the first three quarters of 2024, down 36.7% from the 2023 average of $754.78 million, according to Preqin data.
Declining deal size indicates smaller deals in the middle market are driving exits, said Kevin Desai, private equity leader for PwC's advisory business.
"The ability to get things done at the large-cap size is a little bit harder. The quality of the assets we're seeing is not as strong, and they're spending a lot more time on carveouts than whole [company] sales," Desai said.
IPO window
With a looming US presidential election injecting fresh uncertainty into public markets, it may be some time before big-ticket private equity-backed IPOs return in force, said Jeremy Swan, managing principal in advisory CohnReznick's financial sponsors and financial services industry practice.
But the growing number of firms testing the IPO waters "bodes well" for the large-cap private equity (PE) firms and tech-focused investors most likely to choose that exit route, he added.
The IPO window continued to widen in third quarter, with buyout funds taking 44 companies public on global exchanges, according to Preqin data. That was the industry's highest quarterly IPO total since fourth quarter 2021, as well as an 18.9% jump over the 37 PE-backed IPOs recorded in second quarter 2024.
Exit momentum overall, however, appeared to slow in third quarter. The data tracked 576 exits globally in third quarter compared to 574 in the second quarter.
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