Stack Capital Group Inc., an investment firm that’s targeting retail shareholders, is looking to buy more stakes in late-stage unicorns that could list in the coming months as the market for initial public offerings is thawing.
The Toronto-based company, which went public in 2021, promises individuals who buy its shares access to privately-held businesses, including Elon Musk’s SpaceX. Stack’s goal is to have 10 to 15 businesses in its portfolio, focusing on technology companies that are valued at $1 billion or more and that could go public within the next six to 30 months, Chief Executive Jeff Parks said.
A more stable outlook for interest rates, following multiple hikes by central banks around the world is leading private equity investors to review their assets and reprice them as needed, resulting in new bids in the private markets and a restart of the IPO pipeline, according to Parks. “The velocity of capital will increase with companies coming public,” he said.
Unlike in an illiquid fund, Stack shareholders can exit their investment whenever they want by simply selling their stock, Parks said. The company has about 9.2 million shares outstanding. Its share price has declined 34% since the company went public, closing at C$7.20 on Wednesday. Private equity assets are expected to return more than any other major asset class in the coming 10 years, averaging 8.8% per year, according to the Horizon Actuarial 2021 Survey of Capital Market Assumptions. Expected returns for the next 20 years are 9.7% per year, also higher than any other asset classed surveyed.
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