Matt Wolf

What is a likely bad or worst case scenario? And then how do we prepare for that? So in terms of deploying money, making acquisitions, I mean, it's

it's tough right ultimately private equity sponsor makes money by deploying capital but you know it's very difficult and the the hesitance to pull the trigger on deals has exploded uh over the past few weeks still certainly quality assets exist and there are reasons to be optimistic across sectors about making acquisitions and driving efficiency particularly in the lower end of the middle market

it's tough right ultimately private equity sponsor makes money by deploying capital but you know it's very difficult and the the hesitance to pull the trigger on deals has exploded uh over the past few weeks still certainly quality assets exist and there are reasons to be optimistic across sectors about making acquisitions and driving efficiency particularly in the lower end of the middle market

Aber man, es ist viel mehr Analyse muss in diese Verhandlungen gehen. Und Dinge werden wirklich extra berücksichtigt, wenn sie überhaupt geschaut werden.

Aber man, es ist viel mehr Analyse muss in diese Verhandlungen gehen. Und Dinge werden wirklich extra berücksichtigt, wenn sie überhaupt geschaut werden.

Yeah, thanks, Chanel. So, you know, we're watching capital market flows, of course, and particularly with lately looking at the actual public equity markets and what it might mean for IPO opportunities.

Yeah, thanks, Chanel. So, you know, we're watching capital market flows, of course, and particularly with lately looking at the actual public equity markets and what it might mean for IPO opportunities.

As we look at the S&P 500 as of this recording, we're back down to 55, 45 or so, essentially erasing the gains that public equity markets have made since the Fed began cutting rates back in September. Sort of a coincidence, I guess, but Markets are back down. There's a bunch of factors for this. It's very important as companies look to raise potential IPOs.

As we look at the S&P 500 as of this recording, we're back down to 55, 45 or so, essentially erasing the gains that public equity markets have made since the Fed began cutting rates back in September. Sort of a coincidence, I guess, but Markets are back down. There's a bunch of factors for this. It's very important as companies look to raise potential IPOs.

A lot of sponsors, a lot of companies have been looking to 2025 to be the year that the window, the IPO window would reopen and there'd be another way to access capital. But, you know, falling indices are not a good sign. And they're coming down for, like I said, multiple, multiple factors. So really, maybe in no particular order, you know, 2024 is

A lot of sponsors, a lot of companies have been looking to 2025 to be the year that the window, the IPO window would reopen and there'd be another way to access capital. But, you know, falling indices are not a good sign. And they're coming down for, like I said, multiple, multiple factors. So really, maybe in no particular order, you know, 2024 is

we saw a lot of solid growth given kind of a weak comparison to 2023, right? So we saw gains in 2024 given the, again, the weak or typical easy comp of comparing growth, 24 over 23. Well now, you know, showing growth over 24 is a much higher hurdle. So there are some fundamental sort of growth issues with a lot of companies not meeting targets or revising targets.

we saw a lot of solid growth given kind of a weak comparison to 2023, right? So we saw gains in 2024 given the, again, the weak or typical easy comp of comparing growth, 24 over 23. Well now, you know, showing growth over 24 is a much higher hurdle. So there are some fundamental sort of growth issues with a lot of companies not meeting targets or revising targets.

And that's brought equity prices down, certainly. Another one would be the uncertainty around tariffs and which tariffs will go into effect at what magnitudes when. Nobody really knows. There doesn't seem to be sort of a cohesive strategy or roadmap on tariffs. to answer really any of those questions.

And that's brought equity prices down, certainly. Another one would be the uncertainty around tariffs and which tariffs will go into effect at what magnitudes when. Nobody really knows. There doesn't seem to be sort of a cohesive strategy or roadmap on tariffs. to answer really any of those questions.

And we're seeing retaliatory tariffs across the globe on these, and that's creating a huge downward pressure on equity values and in equity markets, which will delay, deter, defer, cancel IPOs, certainly. IPOs generally need a robust

And we're seeing retaliatory tariffs across the globe on these, and that's creating a huge downward pressure on equity values and in equity markets, which will delay, deter, defer, cancel IPOs, certainly. IPOs generally need a robust

equity market you know the individual companies looking to go public will need obviously strong sustainable growth stories to sell investors but they also sort of need the uh tailwind of strong strong equity market strong equity valuations and they're just not there so we expect that you know companies will continue to look to private capital private equity private credit as they look to expand and navigate these challenges but um at least so far where we said as of this recording

equity market you know the individual companies looking to go public will need obviously strong sustainable growth stories to sell investors but they also sort of need the uh tailwind of strong strong equity market strong equity valuations and they're just not there so we expect that you know companies will continue to look to private capital private equity private credit as they look to expand and navigate these challenges but um at least so far where we said as of this recording

Equity markets are down back to September, August of 24 lows. And that does not bode well for companies and investors that are looking to tap the, you know, an initial public offering in 2025.