With the recent news from the Association of Investment Companies that fundraising in 2021 to date (both IPO and secondary) has already surpassed the previous records seen in 2019, investors – and indeed corporate brokers – might be forgiven for thinking that it is all beer and skittles in the world of investment companies right now.
But the headline data potentially masks a worrying trend; of the five most recent planned investment company IPOs, all but one have been withdrawn or delayed. The one that ‘got away' was Petershill Partners, a Goldman Sachs-backed private equity general partner with a focus on backing alternative asset management firms. It attracted £547m of new money alongside £465m from existing investors, meaning it is responsible for 78% of the IPO funds raised in Q3 this year as a whole. Conventional wisdom has it that unconventional investment company strategies are the place to be when raising new...
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