Capital Performance

• Since lockdown, there have been 802 secondary fundraisings for companies with a market capitalisation below £500m, raising a total of £5.8bn.
• There were only 44 completed public takeovers from March 2020 to 2021, opposed to typically 50 per year.
• In M&A, the average EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) multiple for UK deals hit an all-time high of 11.7x.
• Since October 2020, 12 new listed funds were launched, raising more than £2bn. Secondary issuance has also been strong, with over 60 capital raise events for existing funds, raising over £7bn overall.