It was hits and misses for private equity in 2021. For all the talk of an M&A boom and record M&A activity, the big end of town largely kept their guns in their holsters, either unable or unwilling to keep up with strong equity market valuations and the new wave of private capital.

When they moved on a public target, often it was something they couldn’t stack up; TPG Capital couldn’t justify a big price for Smartgroup, EQT walked away from IRESS, BGH Capital left Hansen Technologies at the altar, while PEP bolted from Link Group. Selling assets proved easier, for some at least.