UBS’s decision to create a global team dedicated to private capital markets is symptomatic of a shift in how companies finance themselves and time their IPOs. With vast pools of private capital available, companies are going public later in their lifecycles, leading to stretched valuations and fewer listed companies. Aidan Gregory reports.
Sustained low interest rates have led an increasing number of investors to move into the private capital markets in search of higher returns. Private equity funds have raised billions over the last decade and sit on more than $2tr of dry powder globally, according to the consultancy Bain
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