The Private Equity (PE) market in 2023 has been challenging and was particularly impacted by higher interest rates. In spite of the year's difficult economic and geo-political landscape, the Mishcon PE team acted on a number of high-profile deals in 2023.
Notable examples include advising the management team of Rockpool investee company TrustedHousesitters on their management buyout (MBO) backed by Mayfair Equity Partners LLP, advising the founder of Direct Ferries on the secondary buyout backed by ICG and advising management and the company on the sale of Autovista Group to Thoma Bravo backed by J.D Power.
We saw an upturn in transactions at the end of 2023. With PE investors holding capital that requires deployment to generate investor returns, and an acknowledgement that higher interest rates - albeit down from their recent peak - are here to stay, we expect to see an increase in transactional activity through 2024.
Nadim Meer, Partner, Head of Private Equity