{"id":564350,"date":"2023-08-03T07:27:29","date_gmt":"2023-08-03T06:27:29","guid":{"rendered":"https:\/\/ibsintelligence.com\/ibsi-news\/the-deep-dive-private-equity-in-the-middle-east\/"},"modified":"2023-08-03T07:27:29","modified_gmt":"2023-08-03T06:27:29","slug":"the-deep-dive-private-equity-in-the-middle-east","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/the-deep-dive-private-equity-in-the-middle-east\/","title":{"rendered":"The deep dive: Private Equity in the Middle East"},"content":{"rendered":"

\"Private<\/p>\n

The deep dive\u2019 is our bi-weekly exploration of a relevant topic, hot trend, or new product. For Prime subscribers only.<\/em><\/p>\n

How does it work?<\/h4>\n

Bain & Company\u2019s Private Equity<\/a> Midyear Report 2023 shows that after four quarters of relative inactivity, investors have ample incentive to get moving. With the clock ticking on a record $3.7 trillion in dry powder and buyout funds sitting on $2.8 trillion of unexited assets, limited partners (LPs) are feeling a liquidity crunch.<\/p>\n

A recent survey revealed that most LPs are more inclined to choose liquidity today rather than hold out for incremental gains. This suggests that the industry’s primary focus in the months ahead will be restarting the capital flywheel by increasing distributions to LPs\u2014whether through exits, general partner (GP)-led secondaries, recaps, or other liquidity solutions.<\/p>\n

\u201cUnwarranted\u201d concerns about too much dry powder<\/strong><\/p>\n

Bain\u2019s study shows that concerns about \u201ctoo much dry powder\u201d appear unwarranted, as the volume is holding steady at $3.7 trillion across all private asset class strategies, with about 75% of that defined as \u201cfresh,\u201d meaning less than three years into the investment period. While there are challenges to getting deals done, particularly large deals, private credit is stepping in as commercial bank lending becomes tighter.<\/p>\n

Who is under the radar?<\/h4>\n

A $2.8 trillion exit backlog<\/strong><\/p>\n

Buyout funds alone are sitting on a record $2.8 trillion in unexited assets\u2014over 4 times the level held during the global financial crisis. While investments were down, exits fell more sharply during the first half of the year, with 2023 annualized global buyout-backed exits on pace to drop by 54% versus 2022, and exit count is tracking toward a 30% decline. For cash-strapped LPs, DPI (distributed to paid-in capital) is becoming new the IRR (internal rate of return).<\/p>\n

\u201cThe macro environment has shifted in the past 12 months, largely altering the assumptions behind many portfolio company deal theses,\u201d said Brenda Rainey, executive vice president of Bain & Company\u2019s Private Equity practice<\/strong>. \u201cThe decision to sell or hold an asset could come down to a pair of questions: Do you believe that exit conditions will be meaningfully different over the next several months? And does generating the return you were counting on require a value creation plan reset to account for all that\u2019s changed on the macro front? Smart dealmakers won\u2019t be betting on a wait and see approach, rather they know now is the time to make a move.\u201d<\/p>\n

In the Middle East, LPs prioritize liquidity over incremental gains, aligning with the region’s economic climate. Private equity firms will adapt their strategies to enhance distributions to LPs and restart the capital flywheel through exits, GP-led secondaries, and recaps. The region’s favorable conditions may lead to increased distributions and attractive investment opportunities in resilient sectors.<\/p>\n

Why does it matter now?<\/h4>\n

\u201cPrivate equity in the Middle East is facing an opportunity,\u201d said\u00a0Katia Lattouf<\/strong>, associate partner at Bain & Company Middle East.<\/strong> \u00a0\u201cPublic markets in the US have rebounded strongly in 2023 and the IPO window is beginning to open, allowing several private equity-backed companies to file offerings. Inflation is moderating in most major economies and banks are cleaning up their balance sheets. Private equity funds have always found ways to turn end-of-cycle dynamics to their advantage, the region\u2019s players need to be ready to act.\u201d<\/p>\n

Investments:\u00a0<\/strong>Buyout funds generated globally hit $202 billion in deal value during the first half of 2023, a 58% decline from the first half of 2022. Annualized, it netted out to be a 41% drop from 2022\u2019s total. The 863 deals closed over the first half signal a 29% full-year decline from the pace in 2022, with add-ons continuing to represent a significant share of the global buyout market, accounting for 9% of total deal value in the first half of the year and 56% of deal count.<\/p>\n

Exits:<\/strong>\u00a0GPs are feeling significantly more pressure on the sell side. Buyout managers have a backlog of unrealized assets that has slowed distributions to investors. Over the year\u2019s first half, buyout-backed exits fell to $131 billion, a 65% decline from the same period a year ago. On an annualized basis, exit value is tracking down 54%, and exit count is off 30% compared to 2022.<\/p>\n

With about 26,000 portfolio companies sitting in buyout funds for almost six years, GPs need a schedule and a strategy to unlock the $2.8 trillion in unrealized value those companies represent. Most of those assets are coming up against, or have passed, the typical five-year timeframe for a private equity exit. Nearly one quarter have been held for longer than six years, and more than half have been held for more than four years.<\/p>\n

Fund-raising:<\/strong>\u00a0After a decade of growth in private capital fund-raising, with nearly $12 trillion raised since 2012, 2023 fundraising has been unsurprisingly challenging. LPs remain in a cyclical squeeze, with a large amount of existing unfunded commitments, cash flow in negative territory due to the sharp decline in exits, and a notable supply\/demand imbalance as nearly 14,000 private capital funds compete for an aggregate $3.3 trillion in capital.<\/p>\n","protected":false},"author":35621,"featured_media":548729,"parent":0,"template":"","categories":[11395,19264,11387],"tags":[27773,21069,31424,28958,21391,12921,31297,11888,16819,22592],"class_list":["post-564350","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-analytics","category-ibsi-flagship-offerings","category-investment-management","tag-bain-capital","tag-commercial-banking","tag-exits","tag-fintech-funding","tag-fintech-news","tag-ipo","tag-limited-partners","tag-liquidity","tag-private-equity","tag-private-equity-investment"],"acf":[],"yoast_head":"\nThe deep dive: Private Equity in the Middle East - IBS Intelligence<\/title>\n<meta name=\"description\" content=\"IBS Intelligence (IBSi) is the world\u2019s only pure-play Financial Technology focused research, advisory, and fintech news analysis firm, with a 30-year track record and clients globally. 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