Unable to convene this year for our Joint Spring Seminar with Inquire Europe in Riga, we’re bringing our keynote speakers straight to your screens this spring.
Per Strömberg and Ludovic Phalippou will host separate webinars to showcase their research speaking to the relevance of private equity (PE) in the institutional investment landscape.
This comes on the back of a very interesting year for the asset class. According to a recently published Bain & Co. report, there was a slump in transactions due to the pandemic, but the largest PE managers ‘sprinted to the finish’ in the second half of 2020. PE firms closed a total of $592bn in deal value in 2020, up 8% from 2019 and 7% higher than the five-year average of $555bn. The percentage of debt used in buyout transactions accelerated in 2020; nearly 80% of transactions were leveraged at more than six times earnings before interest, taxes, depreciation and amortisation.
2020 was also a year in which special purpose acquisition companies (SPACs) garnered intense interest from investors. Many SPACs are sponsored by PE, and they raised more than $40bn last year for the purpose of mergers. In 2020, 248 SPACs raised a total of $83bn, up from a mere 19 SPACs raising less than $20bn the year before.
With these dynamics in mind, it is rather auspicious timing to host these two webinars.
The webinars are open to INQUIRE UK and Inquire Europe members only. We hope you will join us!
Per Strömberg, Stockholm School of Economics, will join us on 23 March 2021 (16:00 CET) to discuss how private equity strategies are relevant for institutional investors.
During his webinar, he will touch upon the size of the investable market; estimates of returns, risks, and diversification benefits as well as the different strategies Limited Partners use to enhance risk-adjusted return.
Per has decades of experience as an academic researcher in finance, where he is known for combining the field of corporate finance and governance with private equity and venture capital.
His current research interests include the impact of climate regulation on firms, economic models of risk-premia for illiquid assets, private equity value-creation strategies, determinants of wages in the financial industry, and the importance of business angels for financing start-ups.
Register now to secure your place.
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