PitchBook News - A wave of PE firm IPOs in 2024?

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The Weekend Pitch

December 17, 2023

Presented by Masterworks

(Julia Midkiff/PitchBook News)

This week it was reported that General Atlantic made its first step toward going public by filing its intention with the SEC. It is a preliminary step, but it is understood that an IPO could happen as soon as early next year.

The New York-based growth equity investor joins a handful of PE fund managers that have been mulling over stock market debuts during the past two years, among them: Luxembourg-headquartered CVC, French asset manager Ardian and LVMH-backed luxury goods investor L Catterton.

These offerings may take time to materialize. We have yet to hear updates from Ardian and L Catterton, and last month the Financial Times reported that CVC delayed its Amsterdam IPO due to market volatility. Regardless, the public-offering route can be an attractive one at a time when liquidity is tight.

There are risks, too. Aside from getting the timing right—particularly in the current climate—going public means greater regulatory oversight and requires more transparency.

Nevertheless, a new wave of IPOs could be in the offing for 2024: the question is which asset manager firm will be the first to take the plunge and which others will follow suit.

This is the Weekend Pitch, and I'm Andrew Woodman. You can reach me at andrew.woodman@pitchbook.com or on X @adwoodman.

Trivia

Mistral AI, often called the "French OpenAI," raised a €385 million (roughly $415 million) Series A, bringing its valuation to a reported $2 billion. Which of the following VC firms invested in the startup to round out its AI strategy?

A) Sequoia
B) Andreessen Horowitz
C) Khosla Ventures
D) Greylock Partners

Find your answer at the bottom of The Weekend Pitch!

Stay plugged in with our latest Emerging Tech Research

(Surasak Suwanmake/Getty Images)

From transit tech to space tech, PitchBook's Emerging Tech Research dives into exciting new areas of opportunity within technology for investors. Tech moves fast as new developments reshape areas like generative AI, crypto and fintech. PitchBook's Emerging Tech Research keeps you up to date.

Recent coverage areas include:

How well are impact investments performing?

(Andriy Onufriyenko/Getty Images)

There are a litany of ways to change the world through investments, but climate, energy, infrastructure and agriculture have been the most common target areas this year for impact-minded GPs raising fresh funds.

With our third major Impact Investing Update, we've added new sections with data that shows which categories receive the most funding, and an exploration into the returns that impact funds deliver.

Sorting through the pluses and minuses of NAV loans

(Oxygen/Getty Images)

PE fund managers are turning to creative financing options as they grapple with a fundraising slowdown and an exit backlog. Net asset value (NAV) loans, one of these handy tools, provide GPs more liquidity and allows them to accelerate distribution or reduce cash burdens for their portfolio companies

Of course, this doesn't come without caveats. Our analyst note on NAV loans examines the pluses and minuses.

Quote/Unquote

Jerome Powell (Win McNamee/Getty Images)

"Prices of some goods and services are coming down, but overall, in the aggregate, the price level is not going to. So people are still living with high prices, and that's not—that is something that people don't like."

—Fed Chair Jerome Powell, answering questions about the economic mood at the latest Federal Reserve Meeting.

Stay tuned

Keep an eye out for these insights and research reports coming out this week:

Q3 2023 E-commerce Report
2024 US Venture Capital Outlook
2024 US Private Equity Outlook
2024 Healthcare Outlook
2024 Industrial Technology Outlook
Emerging Sustainable Investment Opportunities: Controlled-Environment Agriculture

Trivia

(SOPA Images/Getty Images)

Answer: B)

Andreessen Horowitz led the Series A into open-source large language model creator Mistral. You can explore the firm's AI portfolio and read more about how the investment rounds out their strategy in this PitchBook story.

This edition of The Weekend Pitch was written by Andrew Woodman, Madeline Shi, Emily Burleson and Jacob Robbins. It was edited by Ron Prichard.

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PitchBook News - A wave of PE firm IPOs in 2024?

Trivia

Stay plugged in with our latest Emerging Tech Research

How well are impact investments performing?

Sorting through the pluses and minuses of NAV loans

Quote/Unquote

Stay tuned

Trivia

Older messages

Impact investing + performance data

Navigating NAV loans

Investors hold out on healthcare IT

Mobility tech bounces back

What to do with CO2

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