John Wylie says unlisted valuations have further to fall, but the return of sanity to venture capital and private equity after the era of “costless capital” is not a bad thing.
can reveal, Wylie’s firm, Tanarra Capital, will raise a private equity fund focused on helping Australian and New Zealand companies target rebounding Asia economies.
Private equity, Wylie says, faces “the prospect in the years ahead of being sold in an environment of valuation multiple compression, not expansion”.“The days of easy wins fuelled by multiple expansion and high leverage are probably over in PE, and asset managers are going to have to work harder for their returns,” he writes.
Wylie argues the reckoning in valuations answering this question will be good for his private equity and venture capital funds, which have time horizons of a decade or more. If US interest rates do settle below 5 per cent Wylie says Powell and his predecessors, Ben Bernanke and Janet Yellen, “deserve to be elevated to the stature of Paul Volcker as all-time great Fed governors” for their management of the global economy since the global financial crisis.
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