PRINT THIS PAGE The London markets and private equity-backed IPOs04/06/2008. Source: The BVCA – The British Private Equity and Venture Capital Association, Cass Business School, London Stock Exchange. Professor Mario Levis, Cass Private Equity Centre (CPEC)
A report published by Cass Business School and commissioned by the BVCA – The British Private Equity and Venture Capital Association and the London Stock Exchange (LSE) provides new evidence on the strong performance of private equity-backed IPOs. The British Private Equity and Venture Capital Association (BVCA) and the London Stock Exchange (LSE) sponsored Cass Private Equity Centre (CPEC) to assess the attractiveness of the London markets for private equity-backed initial public offerings (IPOs). The assessment is based on two key aspects of performance.
First, the relative importance of different exit routes used by private equity firms for divestment of their holdings. Second, the initial and long-term aftermarket performance of private equity-backed IPOs.
Section 2 provides an analysis of the various types of exit routes used by private equity firms to divest their holdings from portfolio companies in the UK during the period 1998 to 2006; it also compares UK patterns with the pan-European experience.
Section 3 then compares the key characteristics of private equity-backed IPOs with their non private equity-backed counterparts, during the period January 1995 to December 2006.
Section 4 provides detailed analysis of the 12-month aftermarket performance of private equity-backed and non private equity-backed IPOs in aggregate and the Main and AIM markets independently.
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The BVCA – The British Private Equity and Venture Capital Association – is the industry body for the UK private equity and venture capital industry. With membership of well over 400 members, the organisation represents the overwhelming number of UK-based private equity and venture capital providers and their advisers. The BVCA has 25 years of experience representing the industry, which currently accounts for 57 per cent of the whole of the European market, to government, the European Commission and Parliament, the media, regulatory and other statutory bodies at home, across Europe and around the world. The organisation promotes the industry to entrepreneurs and investors, as well as providing services and best practice standards to members. For more details, visit www.bvca.co.uk.
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