All is not as it seems in the world of IPOs

What's behind the difficulties?

clock • 3 min read

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data potentially masks a worrying trend; of the five most recent planned investment company IPOs, all but one have been withdrawn or delayed.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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