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  "documentTitle": "ey global ipo trends 2023 q4",
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      "text": "Private equity",
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      "text": "As of mid-year, general partners (GPs) were on track to return 9% of invested capital back to their limited partners (LPs). That's vs. an average of 15% last year, and about 20%-25% in an average year.",
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      "text": "2023 refers to the full calendar year and covers completed IPOs from 1 January 2023 to 4 December 2023, plus expected IPOs by 31 December 2023 (forecasted as of 4 December 2023). Sources: EY analysis, Dealogic, Cobalt",
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      "text": "IPO exits have been muted for PE-backed companies over the past 18 months as the IPO window has been mostly closed. Other exit options have also been challenging.\n\nHowever, funds that entered the downturn of the M&A and IPO market are well-positioned after high seller activity in 2021-early 2022, allowing them to wait for better IPO valuations. But as the downturn drags on, pressure builds for PE firms to realize returns. As of mid-year, general partners (GPs) were on track to return 9% of invested capital back to their limited partners (LPs). That's vs. an average of 15% last year, and about 20%-25% in an average year.\n\nAs a result, firms are pursuing innovative strategies like secondaries and fund-level facilities (net asset value loans) to double down on existing portfolio companies, and in some cases, facilitate distributions.\n\nMore PE-backed companies are taking a dual-/multi-track approach to pursue potential IPOs alongside other funding and exit options. This helps to ensure alternatives are available should IPO plans shift.\n\nIf public market volatility and falling valuations persist, PE-backed companies that can afford to wait will likely hold potential IPO plans until conditions improve. Pursuing flexible financing strategies is key.",
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      "text": "Return of invested capital: 9%",
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