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17 Jan 2024

Private Equity Trends 2024

Our 13th annual Private Equity Trends report looks at the outlook for the industry after the toughest year in more than a decade. We polled close to 150 general partners (GPs) to get their perspectives on the current state of the market and future predictions on decreasing valuation, fundraising, GP commitments, ESG, Asset level financing, tax and dry powder. 

 

The report provides a unique opportunity to learn what general partners (GPs) think of key industry trends, including the challenge of higher interest rates and the increased focus on environmental, social and governance(ESG) considerations in investment decision-making. We also explore more personal perspectives on career satisfaction and partner diversity.

For our survey, we polled close to 150 GPs at a time when the market has faced the stiffest headwinds in more than a decade. GPs have accepted a new reality of higher interest rates, tighter liquidity and slower deal markets. Our findings show that GPs expect returns and valuations to decline in the months ahead. Fundraising is set to take longer and deals are expected to become harder to source and close. There are no illusions about the challenges that lie ahead.

 

Download the Private Equity Trends 2024 report PDF 1.92 MB
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5 insights into a changing landscape

Investec’s Kate Gribbon, Jonathan Harvey, and Helen Lucas discuss the main themes of the Private Equity Trends 2024 report.

Five insights into a changing landscape

6 min video

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Get in touch with our expert team to help you navigate into the changing Private Equity landscape while fulfilling your business goals.

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  • Jonathan Harvey

    Jonathan Harvey

    Jonathan Harvey

    Fund Solutions

    Jonathan is one of the original members of the Fund Solution team and has bene involved directly in its strategic development since inception. During this time, Jonathan has been responsible for setting up the European Fund Solution business and developing the Capital Call product. Jonathan currently heads up the relationship management function within the Fund Solution’s team, with responsibility for providing the full Fund Solutions product set to the existing client base.
     
    Jonathan has been with Investec since 2007 and has experience working in the Structured Property Finance, Specialised Lending and the Fund Solutions business.

  • Helen Lucas

    Helen Lucas

    Helen Lucas

    Co-Head of UK Origination, Direct Lending

    With over 16 years’ experience within the leveraged finance, restructuring and credit markets, Helen is responsible for sponsor coverage, origination and structuring of bespoke financing solutions for UK lower mid-market corporates and PE, with a particular focus on supporting sponsors with primary buy outs and buy and build opportunities. She also leads the sustainability initiative within our Private Equity group.

    Helen now Co Heads the UK Direct lending origination business having joined Investec in 2014 from the Debt Finance team in Barclays where she worked as a Vice President of Origination. She joined Barclays in 2007 and undertook a variety of restructuring and lending roles across all size businesses, having graduated from Loughborough University with a Bachelor of Chemical Engineering degree and completed a Graduate Programme with Total UK.

  • Kate Gribbon

    Kate Gribbon

    Kate Gribbon

    Head of Financial Sponsor Coverage & Origination

    Kate is Head of Financial Sponsor Coverage & Origination team in London, advising ambitious fast-growing companies seeking growth capital, with a focus on the technology and consumer sectors. She typically works with established businesses who have reached £10m+ revenue, seeking £10m+ in funding, offering them access and connections to the right private capital (debt and equity). She offers a focused process, targeting specific and appropriate potential investors ranging from family offices, to VCs, private equity through to larger institutional funds. Kate enjoys building long-standing client relationships and positioning entrepreneurial businesses to achieve maximum value at their eventual exit point. Kate has had previous roles at Deloitte and finnCap Cavendish with a particular focus on sell-side M&A deals in the consumer sector. She has also spent many years on deal origination, building earlier stage long-term relationships with owners of private companies, intermediaries and investors.

Contact us

Jonathan Harvey

Jonathan Harvey

Fund Solutions

Jonathan is one of the original members of the Fund Solution team and has bene involved directly in its strategic development since inception. During this time, Jonathan has been responsible for setting up the European Fund Solution business and developing the Capital Call product. Jonathan currently heads up the relationship management function within the Fund Solution’s team, with responsibility for providing the full Fund Solutions product set to the existing client base.
 
Jonathan has been with Investec since 2007 and has experience working in the Structured Property Finance, Specialised Lending and the Fund Solutions business.

Helen Lucas

Helen Lucas

Co-Head of UK Origination, Direct Lending

With over 16 years’ experience within the leveraged finance, restructuring and credit markets, Helen is responsible for sponsor coverage, origination and structuring of bespoke financing solutions for UK lower mid-market corporates and PE, with a particular focus on supporting sponsors with primary buy outs and buy and build opportunities. She also leads the sustainability initiative within our Private Equity group.

Helen now Co Heads the UK Direct lending origination business having joined Investec in 2014 from the Debt Finance team in Barclays where she worked as a Vice President of Origination. She joined Barclays in 2007 and undertook a variety of restructuring and lending roles across all size businesses, having graduated from Loughborough University with a Bachelor of Chemical Engineering degree and completed a Graduate Programme with Total UK.

Kate Gribbon

Kate Gribbon

Head of Financial Sponsor Coverage & Origination

Kate is Head of Financial Sponsor Coverage & Origination team in London, advising ambitious fast-growing companies seeking growth capital, with a focus on the technology and consumer sectors. She typically works with established businesses who have reached £10m+ revenue, seeking £10m+ in funding, offering them access and connections to the right private capital (debt and equity). She offers a focused process, targeting specific and appropriate potential investors ranging from family offices, to VCs, private equity through to larger institutional funds. Kate enjoys building long-standing client relationships and positioning entrepreneurial businesses to achieve maximum value at their eventual exit point. Kate has had previous roles at Deloitte and finnCap Cavendish with a particular focus on sell-side M&A deals in the consumer sector. She has also spent many years on deal origination, building earlier stage long-term relationships with owners of private companies, intermediaries and investors.