Exits – secondary buyouts, trade sales and IPOs
The challenging macro condition have affected private exits in China as GPs pivoted from tried-and-true strategies and focused on selling to those that truly understand the opportunity…other GPs. According to AVCJ Research, secondary exits accounted for 55.9% of total Chinese PE exits from just 16.3% in 2021. By contrast, the more traditional routes of trade sales and IPOs accounted, respectively for 28% and 15% of 2022’s $4.8 billion tally. Will exits may quickly bounce back in 2023/24 as economy improves, GPs get more comfortable with secondary deals and IPO market returns. Our panel discuss the outlook for exits in China.
- How are GPs and LPs looking at exits and generating liquidity during uncertain times?
- Will secondary transactions become the mainstream of deal flow? What are the challenges and how did the players overcome?
- Will M&A exits become more common due to regulatory restrictions and the long IPO backlog?
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