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NEWSLETTER | 14 Aug 2020  
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Amid stark economic figures, "recovery may hinge on investments into SMEs"



The UK is facing its deepest recession to date as a consequence of the pandemic. As the second quarter showed the worst quarterly fall in output ever recorded in the UK, investors point to how the recovery of the economy as a whole may rely on the prosperity of SMEs, start-ups and high-growth firms.

On Wednesday, Private Equity Wire reported on what a recovery might look like and how SMEs could play a vital role in aiding the economy. 

“The UK’s fall into recession feels like the longest movie spoiler in history, with the Bank of England predicting a more than 20 per cent fall in output a week ago,” said Adam Vettese, analyst at multi-asset investment platform eToro.

PEW had an interesting discussion with Lisya Bahar Manoah, who was recently promoted to partner at Tel-Aviv based firm Catalyst Investments. In this interview she outlined her views on navigating risk during the pandemic, the private equity climate in Israel, and why it's so important for women in the PE industry to climb the ladder of leadership.

Crestbridge’s Michael Johnson also addressed how Covid-19 has forced PE practitioners to change their approach to fundraising and what GPs can do to stay ahead of the competition during this unprecedented moment, in PEW’s Q&A with him on Thursday.

Similarly, in a guest article, Natasha Head, business development manager at ManCo service, Maitland, discusses how the pandemic has brought about positive changes within the global PE space, and what key behavioural trends have emerged as a result of the lockdown.

Meanwhile, PitchBook Data released its healthcare focused Q2 European M&A Report, showing European M&A totalled an impressive EUR563.6 billion in H1 2020, keeping pace with 2019 figures despite the pandemic.

PitchBook believes the continued strong deal value figures in the second quarter could be a result of pre-pandemic deals now closing, as the deals that closed in Q1 and Q2 were negotiated back in 2019 when there was "no pandemic in sight", and the economy was stabilised, said Dominick Mondesir, EMEA private capital analyst at PitchBook Data. 

Launched by the United Nations in 2006, the UN Principles for Responsible Investment (UN PRI) is a global impact initiative in support of responsible investment. Late last week it was announced that investment company Eurazeo received A+ in each of the four assessment categories relating to its professions within the UN PRI’s most recent survey.

This week saw UK-focused primary buyout specialist Kester Capital close its latest fund, Kester Capital II, at its hard cap of GBP90 million within a nine month fundraising period.

InnovHeart received EUR20 million in a round of equity financing from a syndicate of investors. The Series B round was raised from existing Milan-based investor Genextra, and a syndicate led by Panakes Partners, with CDP Venture Capital and Indaco Venture Partners joining the round.

In other news this week KKR, Cinven and Providence Equity Partners look set to finalise their agreed EUR2.96 billion buyout of Spanish telecoms operator Grupo MasMovil, Epic Games raised another USD1.78 billion from investors, while Carlyle considers exiting USD1.2 billion packaging firm Logoplaste. 

Blackstone is set to acquire Prestige assets in India for USD1.7 billion, Airbnb is preparing for its IPO filing later in August, and Advent bought a stake in UK’s parcel delivery group Hermes for EUR1 billion.

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Karin Wasteson
Editor, Private Equity Wire

 



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Covid-19: A shift in private equity operational behaviours
Fri | 14 Aug 2020, 12:57
By Natasha Head, business development manager, ManCo services & PERE, Maitland – The impact of Covid-19 on the global private equity market is uncertain. December 2019 concluded a very strong decade, a period of significant growth with overwhelming fundraising figures and outperformance of public markets. There was a bright path ahead: a time for real consolidation, focus on operating models, ESG and diversity, growth of the secondaries market and increase capital flow to new jurisdictions.
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Eurazeo bags top UN PRI scores
Fri | 14 Aug 2020, 12:57
Eurazeo received A+ in each of the four assessment categories relating to its professions within the UN PRI’s most recent survey.
  READ MORE  >
Kester Capital closes second fund at GBP90m hard cap
Fri | 14 Aug 2020, 12:57
UK-focused primary buyout specialist Kester Capital has closed its latest fund, Kester Capital II, at its hard cap of GBP90 million within a nine month fundraising period.
  READ MORE  >
Panakes Partners-led syndicate invests EUR20 million in InnovHeart
Fri | 14 Aug 2020, 12:57
InnovHeart, a developer of novel transcatheter mitral valve replacement systems for the treatment of mitral valve disease, has received EUR20 million in a round of equity financing from a syndicate of investors.
  READ MORE  >
Calling all private equity CFOs and COOs!
Fri | 14 Aug 2020, 12:57
Join leading practitioners and colleagues at the PEWlive Europe Digital Summit (2-3 Sep) as we uncover and resolve the operational issues facing GPs in an increasingly competitive marketplace.
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“We do not run away – we face the crisis and we deal with it” - Q&A with Lisya Bahar Manoah, Catalyst Investments
Fri | 14 Aug 2020, 12:57
Lisya Bahar Manoah (pictured) recently joined Catalyst Investments as a partner, based in Tel Aviv in Israel. The firm was founded in 1999 by Edouard Cukierman, Yair Shamir and Boaz Harel.
  READ MORE  >
UK economic recovery may hinge on investments into SMEs – investors comment
Fri | 14 Aug 2020, 12:57
As the second quarter showed the worst quarterly fall in output ever recorded in the UK, investors point to how the recovery of the UK economy as a whole may rely on the prosperity of SMEs, start-ups and high-growth firms. 
  READ MORE  >
“This could be the call to arms which the industry has been waiting for” - Q&A with Michael Johnson, Crestbridge
Fri | 14 Aug 2020, 12:57
Michael Johnson (pictured) is responsible for continuing to grow and evolve Crestbridge’s overall funds proposition. Here he discusses how Covid has created barriers to private equity fundraising, what challenges GPs are facing going forward beyond Covid and how managers can best position themselves to address these.
  READ MORE  >
Strong deal figures in Q2 down to pre-pandemic deals closing now - Pitchbook
Fri | 14 Aug 2020, 12:57
PitchBook Data has released its healthcare focused Q2 European M&A Report, showing European M&A totalled an impressive EUR563.6 billion in H1 2020, keeping pace with 2019 figures despite the pandemic.
  READ MORE  >
 
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