Partners Group’s Bilge Ogut: 2022 headwinds to last into first half; Brookfield’s Modulaire makes add-on

Mobile Mini UK is a supplier of steel storage and accommodation units across sectors including construction, retail, manufacturing, healthcare, and education.

Good morning Eurohubsters, Craig McGlashan here with the Dealflow.

On the line-up today we have a Q&A with Partners Group about the last 12 months and the year ahead, the next instalment of our podcast series on private equity and rising rates, an add-on for a Brookfield portfolio company and an expansion in private markets by Euroclear.

What’s next. We’re very excited to announce the launch of a new Q&A series where European private equity leaders share their reflections on 2022 and their outlooks for 2023.

Nina Lindholm kicks things off by chatting to Bilge Ogut, partner and head of the private equity technology industry vertical at Partners Group.

There’s plenty to enjoy – check out the full interview here – but I just wanted to share this snippet with you, on the biggest challenges to completing deals in 2022.

“Uncertainty around inflation, greater geopolitical turmoil and availability of financing impacted acquisition activity across all markets during most of 2022,” said Ogut. “These headwinds are likely to continue into the first half of next year. This is why managers need to adopt a hands-on, entrepreneurial approach to working with portfolio companies in order to steer them through these challenging times, as well as a proven thematic investing approach to identify new investment opportunities that are set to benefit from long-term transformative trends.”

For more, read the whole interview.

Our affiliate site PE Hub is also asking dealmakers in North America for their outlooks. Check out the Q&A session with The Riverside Company co-CEOs Béla Szigethy and Stewart Kohl here.

Limitations. The second instalment of PEI Group’s five-part podcast miniseries, Private Markets and the End of Cheap Money, is now online.

This episode looks at how higher interest rates are impacting limited partners and their ability to provide private equity funds with fundraising capital, the lifeblood of the industry.

Chris Witkowsky, editor of affiliate title Buyouts, spoke with LPs and consultants about how institutional investors are approaching the higher-rate environment, including by potentially shifting asset allocations.

Check out the episode here.

In case you missed the first episode, on the effect of rising rates on dealmaking, you can have a listen here.

Storing up. Brookfield Business Partners portfolio company Modulaire Group bought Mobile Mini UK from a subsidiary of WillScot Mobile Mini Holdings Corp.

Based in Stockton-on-Tees in England, Mobile Mini UK is a supplier of steel storage and accommodation units across sectors including construction, retail, manufacturing, healthcare, and education.

Read more about Mobile Mini, including its annual revenues, in our deal coverage here.

Digital access. Euroclear has bought Goji, a London-based provider of digital access and technology-enabled products to private markets, subject to regulatory approvals.

The investment allows Euroclear to expand into private markets, according to statement from the post-trade services provider.

And finally. Let’s finish on some exit-related news.

It’ll come as no surprise to anyone that global IPO volumes fell in 2022, but there are some firm numbers on that in the EY Global IPO Trends 2022 report – and some cautiously positive news.

Global IPO volumes dropped 45 percent this year after a record-breaking 2021, with proceeds down 61 percent year on year. But compared to pre-coronavirus times, the number of deals is up 16 percent.

When looking at next year, “IPO activity is expected to remain sombre through at least the first quarter, but there is a strong global pipeline on the horizon”, according to a statement.

That 2022 wasn’t such a bad year when leaving out the record breaking 2021 is something that tallies with some data we published recently on deal activity. Check it out here.

That’s it from me. I’m going to the office Christmas party later today and Nina will be on Dealflow duty tomorrow. The two are not related – Nina usually writes the Dealflow on Fridays, not just when I’ve been at a party the day before…