Our Managing Director Nico Zeifang spoke to Institutional Money about the exit backlog in private equity — and why it reads very differently depending on which end of the market you look at.
“In the small-cap segment we see far less of an exit backlog than in mid and large caps. There, the market is still very much intact.”
— Nico Zeifang, Managing Director at Penguin Capital
Much of it comes down to the exit route. Small-cap companies are mostly sold to other financial sponsors, and that market has kept working. In the German-language interview Nico takes that apart — what it means for entry multiples, for holding periods, and for the bid-ask spread the segment is seeing now.