30
Apr
US private equity outlook – cautious optimism
Private equity dealmaking in the US continues to be impacted by heightened interest rates, inflationary pressures and economic and geopolitical instability, affecting fundraising, deployment and exit activity. According to Mergermarket data, North American leveraged buyout volume dropped to 21% to USD 176bn in 2023, the lowest total since 2020, spurred by high financing costs and a valuation gap between buyers and sellers. However, with expected interest rate cuts and dealmakers facing increased pressure by their investors to put dry powder to work, it is predicted that the deal market will return, with the PE market entering a new growth cycle in 2024. Our panel of leading GPs will unpack what to expect in the year ahead.
- How are macro and regulatory headwinds continuing to impact dealmaking and what are the main drivers of deal flow in the US? Will we see more corporate-carve outs and add-ons?
- Which sectors still show promising growth in the next six months?
- How are GPs dealing with the pressure from LPs to return capital in the year ahead?
- Exit challenges- how are GPs finding ways to keep capital flowing, and what are some paths for liquidity for both GPs and LPs? Is 2024 set for a potential rebound?
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SpeakersNeha Champaneria Markle Managing Director and Head MORGAN STANLEY PRIVATE EQUITY SOLUTIONSFayez Muhtadie Co-Head of Private Equity and Managing Director STONE POINT CAPITAL
Kathy Reiland Investor INTEGRUM
Dave Tayeh Head of Private Equity – North America INVESTCORP
David Silverman Partner COOLEY
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Neha Champaneria Markle is a Managing Director and the Head of Morgan Stanley Private Equity Solutions. Prior to joining the firm, Neha served on the investment teams at Apax Partners and Pomona Capital. She also served on the management team for Springboard Enterprises, Inc., a non-profit organization focused on improving female entrepreneurs’ access to venture capital. Neha started her career as part of the financial analyst program at Morgan Stanley. Neha received a B.S. magna cum laude in economics from the University of Pennsylvania and an M.B.A. with honors from the Wharton School of the University of Pennsylvania.
Fayez Muhtadie is Co-Head of Private Equity and a Managing Director at Stone Point Capital. Fayez helps to lead Stone Point’s global investments in asset management, business services and wealth management & fund administration. He sits on a number of portfolio company boards, including Ascensus, Focus Financial Partners and Kroll.
Prior to joining the Stone Point platform in 2003, Fayez was an Analyst in the Financial Institutions Group at Credit Suisse First Boston from 2000 to 2003. Previously, he was a Financial Analyst at Aon Capital Markets. Fayez holds a B.S.B.A. from The Ohio State University and an M.B.A. from the Columbia University Graduate School of Business.
Kathy Reiland is a member of the Investment Committee at Integrum.
Kathy has over thirty years of investment and acquisition experience most recently during her tenure at Standard Industries (“Standard”) and 40 North Management (“40 North”) and Evercore Partners (“Evercore”).
Kathy joined Standard and 40 North in 2016 as Head of Strategy and Development and a member of the executive leadership team. Standard is a privately held global industrial company with a broad array of investments, technologies and holdings including building materials assets and next-generation solar solutions. 40 North, a related investment business of Standard Industries, is a fundamentally based investment platform that takes concentrated, long-term positions across a range of sectors to create value for all stakeholders. During her tenure, Kathy was involved in both public and private investments totaling more than $10 billion in enterprise value and ranging from early to late stage including Braas Monier, W.R. Grace, Clariant, Hover, and Hippo.
Prior to joining Standard, Kathy spent eighteen years as a Senior Managing Director at Evercore, a global independent investment banking advisory firm, and Evercore Capital Partners, Evercore’s private equity platform. During that time, Kathy was a general partner of the private equity funds, and ultimately served as the Chief Operating Officer of the firm’s investment businesses that included private equity, traditional asset management and wealth management. Later, she served as head of Evercore’s international joint ventures in Asia. Kathy was involved in Evercore Capital Partner’s investments in Fidelity Information Services (FIS), Sedgwick, Bollinger, and Causeway Capital. In addition, Kathy was actively involved in Evercore’s diversity and recruiting efforts responsible for launching the Women’s Forum which was designed to establish relationship networks and training to position women for senior leadership roles.
Prior to joining Evercore, Kathy was a buy-side equity analyst at Sanford Bernstein and a consultant at Bain & Co.
Kathy earned her B.A. degree from Duke University and an MBA from the Tuck School of Business Administration at Dartmouth.
David Tayeh joined Investcorp in 1999 as a Partner in the Private Equity team. From 2003 to 2005, David served as the Chief Financial Officer of Jostens, Inc., a former Investcorp portfolio company. Prior to Investcorp, David was a Vice President with DLJ. In 2015, David rejoined Investcorp as the Head of North American Private Equity from CVC Capital Partners where he was a Partner from 2011. David is a member of Investcorp’s Operating Committee, Investment Committee and the Financial & Risk Management Committee.
He currently serves on the board of directors of AlixPartners, Best in Class Technology Services, CrossCountry Consulting, Fortune International, Health Plus Management, ICR, KSI Auto Parts, RESA Power, Revature, Roadsafe, Sunrise Produce, Shearer Supply, Alex Lee, and Arab-American Family Support Center.
David holds a BA degree in Politics, Economics, Rhetoric and Law from the University of Chicago and an MBA from the Wharton School of Business at the University of Pennsylvania.
David is a Partner in Cooley’s Private Equity and M&A groups. He represents private equity and strategic investors in a wide variety of transactional matters, including mergers and acquisitions, leveraged buyouts, divestitures and other complex business transactions. David’s experience spans across several high-growth industries and his clients include technology, software, ecommerce, healthcare IT, telecommunications, media, consumer, retail and services companies.