Barwon’s review of more than 300 global private equity exits shows a clear trend: median uplifts have declined from c. 30% historically to c. 10% since 2023.
This whitepaper from Barwon’s Listed Private Equity team examines the key drivers behind this shift, from delayed valuation adjustments and prolonged sale processes to the increasing prevalence of continuation vehicles, equity rollovers and the growth of evergreen AUM.
While NAVs may no longer be as understated as they once were, the evidence suggests that they are not materially overstated. With listed private equity vehicles continuing to trade at wide discounts to reported NAV, the asset class offers a compelling opportunity.
Read the paper here.
The Barwon Global Listed Private Equity Fund was established in 2007 and provides wholesale investors with a high conviction, global portfolio of private equity investments while offering daily liquidity in a fee efficient manner.
The Fund invests in publicly – traded stocks that offer exposure to the equity and debt of private equity-backed companies. The strategies span private equity buyouts, private debt, growth equity, and venture capital.
The portfolio typically consists of 20 to 25 securities at any one time, seeking the best opportunities from the investment universe while providing diversification across geographies, deal stages, and vintages.
Media Enquiries
Mekala Shanker
Marketing & Communications Manager
Barwon Investment Partners
0402 897 339
