The Milken Global Conference in Los Angeles (May) and SuperReturn International Conference in Berlin (June) remain seminal events each year for private market managers (general partners, or “GPs”) and investors (limited partners, or “LPs”). Presentations and conversations continued to focus on the lack of monetizations from vintage private equity funds. While trade policy-induced public market volatility has not immediately impacted valuations, it has kept floating rate borrowing costs elevated and left both the IPO window and the ability to sell to other financial buyers effectively shut. The resulting lack to distributions to LPs has compromised fundraising efforts, and in turn, the ability to sell existing portfolio companies to new buyers.

Read Geof Marshall’s commentary

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