The Ledger
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Toomey: Broad Buyout Valuations Declined Only 5% in 2022
“And frankly, we didn't see that underlying in company performance continue to be strong even in the second half of the year. And we saw, I'd say, low single digit declines even at year end. For the broad buyout market, probably plus or minus five percent.”
Toomey: Crossover and Mutual Fund Tech Managers Saw 25% Valuation Drops
“And I think certain managers, particularly the crossover investors, the mutual fund investors that publish their company valuations every quarter now, they really invested into that and took those valuations up to full value. That's where we saw the greatest d…”
Toomey: PE Managers Are Fully Equitizing Deals to Refinance Later
“We've seen managers essentially fully equitize their companies today. With the view that they're just going to refinance out in a better market instead of taking it as much or at the same level of debt that they've used.”
Toomey: Private equity is the only asset class driving excess pension returns
“And if anything, it's the only place over the last decade where That has contributed the excess return when they're trying to meet their eight percent or seven and a half or seven percent total asset return. They're not getting returns in a lot of places, and …”
Toomey: Venture Debt Market Faces a Retrenchment
“I think the venture debt business, the same thing, you'll have a bit of a retrenchment there.”
Toomey: 2004–2006 Buyout Vintages Had Lower IRRs Than 2007–2008 Vintages
“When you look back, people think the oh seven, oh eight vintage years were the trough years in the bio world, and in fact, they weren't. When you look at the top quartile returns, they got to over two X. Almost 20% IRRs. Median returns were one, eight, one, ni…”
Toomey: Private equity co-investment deal flow is rising despite overall deal declines
“We've seen already an uptick in the deal flow on the co-investment side. So although overall private equity deals are down, managers, because they're either overcapitalizing from the equity standpoint, or they're reserving more than they once did, or they now …”
Toomey: Western Capital Flowing to China PE and VC Slowed Dramatically
“I think from an investable universe, half of the private equity in Asia had really ultimately been within China, and a lot of that was actually USD offshore. What's been interesting to watch is the size of the China private equity and venture market from a fun…”
Toomey: Secondary buyouts in private equity did not exist before 2002-2003
“And the fact that for the last 20 years, there's been secondary buyouts in this industry. That didn't exist before 2002, 2003.”
Secondaries shifted from distressed LP sales to GP-led liquidity solutions over 20 years
“And for 20 years, it was largely a distressed seller market. For the most part, the secondary market existed only because An owner of a limited partnership interest decided it didn't want to own that asset anymore. And what has changed in the last, say, five t…”
Japan has the lowest developed-market private equity penetration but is becoming attractive
“A place like Japan, where the private equity as a percentage GDP is probably the lowest of any developed market in the world, as you see some of the daily headlines, that is changing, that is evolving, and so that's a quite attractive market today.”