The champagne corks are popping for investors riding the IPO wave, but a less rosy reality awaits those holding pre-IPO funds from the booming 2020 and 2021 vintages.
That’s the lesson we took from Perennial Partners, which put out a score of quarterly fund updates for its five private investment funds. These funds invest across private growth, pre-IPO, IPOs and ASX-listed placements.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
