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Oct 30, 2024 | 
msn.com | Polly Toynbee |Frances Ryan |Jon Moulton |Sahil Dutta |Sharon Graham |John Redwood
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Apr 10, 2024 | 
penews.com | Jon Moulton
I was reading the recently published and excellent Bain Global Private Equity Report. They somewhat bemoaned the adverse effects of interest rate rises that followed on from higher inflation and now see the coming of lower interest rates as good news for leveraged buyouts. Should they not be hoping for more inflation?
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Feb 13, 2024 | 
penews.com | Jon Moulton
Net Asset Loans: are they clever or too clever? I’m talking about loans made secured against the net assets of a fund (Net Asset Value loans). For those who remember the Global Financial Crisis, if you substitute “NAV loans” for “sub-prime housing” then much that happened in sub-prime lending could happen in the world of NAV loans. NAV comes in a wide variety of structures.
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Jan 22, 2024 | 
penews.com | Jon Moulton
A few weeks ago the government published The Independent Review of University Spin-Out Companies. Its oddest feature is its title. The review was initiated by the government and staffed, it seems, exclusively by people who are not independent. Vice chancellors, other industry academic investors and the like. Excellent and talented they hopefully all are – but independent they are not. As a group, the thing they are most likely to agree on is increasing the size of the cake. The...
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Nov 14, 2023 | 
penews.com | Jon Moulton
Numis have just done a poll of mid-market private equity firms in the UK. It shows some very interesting results. The compulsion felt by the need to do deals is illustrated by the odd fact that 53% of PE managers felt that private assets are more overvalued than public assets whereas their appetite for buying public assets has fallen drastically from 73% in 2022 to 14% today.
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Oct 5, 2023 | 
penews.com | Jon Moulton
I have lived in an evolving private equity world for more than 40 years and seen an immense growth in this asset class. Far and away the largest growth has been in buyouts, with the net asset value of the buyout universe increasing more than 100 fold in the past two decades. The aggregate portfolios are well in excess of $2tn. Much of the...
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Sep 15, 2023 | 
penews.com | Jon Moulton
The Financial Times recently ran an article on the earnings of senior private equity lawyers – it seems £2m per annum is far from rare and that there are individuals making up to £20m a year. For reference, according to the Sportrac web site, there is one UK Premier League footballer on £20m a year, 30 paid more than £10m per annum, 97 over £5m pa and 390 earning £1m or more – probably quite similar to UK based private equity lawyers it seems. Whether...
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Aug 14, 2023 | 
penews.com | Jon Moulton
I’m writing this immediately after watching the fantastic final match where a startup dramatically defeated a late-stage operation. A great privilege to watch. I’ve probably been to most of the Wimbledon tournaments since the 1980s and if you actually want to see private equity CEOs, its one of the most promising venues. Way back, it was...
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Jul 11, 2023 | 
fnlondon.com | Jon Moulton
New issues and placements rarely provide decent access to investing for private investors in the UK, argues veteran financier Tuesday July 11, 2023 12:13 pm Veteran financier Jon Moulton has been involved in buyouts, turnarounds and venture capital since 1979 with firms such as CVC, Permira, Apax, Alchemy and, most recently, Better Capital, where he has been the chair since 2009 Generally, the UK stock markets are going backwards.
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Jul 11, 2023 | 
penews.com | Jon Moulton
Generally, the UK stock markets are going backwards. The number of listed companies, full or AIM, is in long term decline. The main market has declined over the past decades with trading volumes down about 40% in the first four months of this year compared to last year. The AIM is down to 800 companies – it peaked at 1,347 companies in 2007 while volumes of trading have been awful recently. The...
