Sponsors have held assets longer than planned, and the listing window is being tested again for the first time in eighteen months.
A market of two speeds
Companies with predictable cash flow and a credible equity story are getting done at discounts sponsors can live with. Everything else is being recapitalised rather than sold, which pushes the return question to a second owner.
The next twelve months
More continuation vehicles, more structured minority stakes, and a steady supply of quality assets to the public market. Our view is that the window stays open for the best assets and closes quickly for the rest.