Private equity deal news and insights from the London newsroom

LP pressure refining exit strategies; EY expects rise in PE-backed IPOs; Stone Point invests in Ardonagh

Morning all, Craig McGlashan here with the Europe Wire from the London newsroom.

Many in the private equity industry have been hoping that the exit market will get back to the levels of a few years ago, allowing them to return liquidity to LPs and aid their next rounds of fundraising.

With signs that sales are indeed picking up, this morning we look at some of the trends that shaped the exit market over 2024.

One exit route is of course the IPO market – we’ve got some fresh analysis on private equity participation courtesy of a new EY report this morning.

Next, Stone Point Capital is making a play in the insurance sector by investing in Ardonagh Group, an independent insurance distribution platform and a global broker.

Finally, we’ve got an update on Clayton Dubilier & Rice and Permira’s take-private of global cybersecurity company Exclusive Networks.

Exit trends

European private equity exits gained renewed momentum in 2024, with the resurgence of IPOs, heightened LP pressure and the growing prominence of GP-led secondary deals transforming the exit landscape, writes Irien Joseph this morning.

Find out the trends in the premium version of the Wire.

IPO push

EY’s latest Global IPO Trends report, released this morning, found that in the EMEIA region listings “appear to have become a higher priority for PE firms seeking profitable exits” in 2024.

Read more in the premium version of the Wire.

Insurance play

News now of yet another private equity deal in the insurance sector.

Stone Point Capital will invest in Ardonagh Group, an independent insurance distribution platform and a global broker.

Details including the valuation are in the premium version of the Wire.

Take-private nears

Clayton Dubilier & Rice and Permira’s take-private of global cybersecurity company Exclusive Networks is nearing completion.

Find out more in the premium version of the Wire.

Right, that’s all from me today. Rafael Canton will be on US Wire duty in the New York morning and I’ll be back again in the Europe chair tomorrow.

Cheers,

Craig

Read the full Wire commentary on PE Hub ...

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“We remain strategic about exit timing, prioritizing bids from the right potential sponsor or strategic buyer to ensure our portfolio companies transition to owners who can support their further growth.”

— Steven Tredget, partner, Oakley Capital

Today's letter was prepared by Craig McGlashan

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