IPO Market & Policy - IPO window is opening, but sustainability is uncertain, requiring policy stability [1][2] - Over 100 IPOs occurred, with 80% higher issuance in the first half of 2025 compared to the previous year, signaling market improvement [2] - Many companies are in "watch and wait" mode, especially regarding trophy assets in private equity, awaiting a clearly established window before launching IPOs [3] - Tariff policies pose a risk to the IPO pipeline, causing investors to adopt a "watch and wait" approach until policy stability is confirmed [3][4] - The market is awaiting clarity on the Fed's path and the implications of tariffs on the economy to ensure stability before fully opening the IPO window [5] Private Markets - Subdued public capital markets have altered behavior in private markets due to limited IPO exits and liquidity [7] - Private equity operates on a cycle of 4-5 years for buying and selling assets, but a bearish cycle has impacted asset sales [7] - Assets bought in the 2019-2022 period in private markets need to be sold, raising questions about how [8][9] - Retail investors are being pitched private market assets based on historical performance, but current performance may differ [10] - Retail investors need to understand the specific private assets they are buying, considering factors like duration and liquidity [11] - Strategies like private credit and secondaries offer shorter durations and quicker returns, attracting retail investors [11][12][13] - Investors should match the liquidity profile of assets with their investment horizon, understanding that long-dated funds have limited short-term liquidity [13][14]

Market Trends - Sales are increasing to continuation funds, indicating a growing trend in private equity [1] - Continuation funds allow private-equity firms to retain businesses [1] - Original fund investors have the opportunity to cash out through continuation funds [1]

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Industry Trend - Private equity firms' "on-cycle" recruitment is happening earlier, causing dissatisfaction among banks [1] Talent Acquisition - Banks invest millions in training junior employees [1] - Junior employees are being recruited by private equity firms as soon as training programs end [1]

Private Equity Trends - Secondhand stakes are gaining popularity in private equity [1] - Continuation funds are significantly reshaping the deal landscape [1]

Talent Retention Strategies - Goldman Sachs is implementing a policy requiring analysts to disclose potential conflicts of interest, including external job offers, every 3 months [1] - The firm aims to retain top talent and ensure employees are committed for the long term, contributing valuable intelligence and networks [2] - Banks have explored various methods to retain talent, including deferred compensation packages [3] Private Equity Talent Acquisition - Private equity firms are reportedly easing off on poaching junior bankers, partly due to concerns about the quality of talent they were receiving [4] - PE firms prefer banks to train recruits for 3-5 years to ensure they develop necessary skills and experience [5] - Private equity firms acknowledge they have "pissed off" banks in recent years by hiring their talent [4] Compensation Dynamics - Young bankers are motivated to earn high salaries quickly, and private equity is perceived to offer more lucrative compensation packages [3][4]

Private equity firms are bringing their portfolio companies back to the US IPO market, testing investor demand for firms that have more debt than other recent listings https://t.co/YafBeQ23Qq ...

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