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Private Equity Firms Explore New Exit Strategies Post-IPO, Reports Bloomberg

Summary generated with AI, editor-reviewed
Heartspace News Desk
Source: Bloomberg.com
TL;DR

Private equity firms struggle with exiting investments due to limited IPO cash-out opportunities and the risks associated with leveraging portfolio companies' balance sheets for payouts. Hellman & Friedman addressed this challenge with Verisure Plc, conducting a partial IPO while extracting a €1 billion payout. They achieved this through debt issuance from a special-purpose vehicle, isolating the debt from Verisure’s balance sheet.

Key takeaways

  • Private equity firms face a significant challenge in exiting investments, as highlighted in a recent Bloomberg report
  • Traditional initial public offerings (IPOs), although gradually recovering, offer limited avenues for complete cash-out strategies
  • Simultaneously, leveraging portfolio companies' balance sheets to fund payouts through debt issuance poses risks, potentially deterring future equity investors
Private equity firms face a significant challenge in exiting investments, as highlighted in a recent Bloomberg report. Traditional initial public offerings (IPOs), although gradually recovering, offer limited avenues for complete cash-out strategies. Simultaneously, leveraging portfolio companies' balance sheets to fund payouts through debt issuance poses risks, potentially deterring future equity investors. Hellman & Friedman demonstrated an innovative solution to this "double dilemma" with its investment in security company Verisure Plc. The firm successfully reduced its stake through an IPO while simultaneously securing a €1 billion ($1.2 billion) payout. This was accomplished by issuing debt from a special-purpose vehicle (SPV), a separate entity designed to isolate the new debt from Verisure’s core balance sheet.

Related Topics

private equityIPOinvestmentexit strategyfinance

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