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Private by Choice: Why Europe’s Biggest Companies Are Leaving Public Markets
Europe is on track for one of its strongest years ever for public-to-private buyouts, but this isn’t a repeat of 2022’s bargain hunting. Our latest analyst note argues the boom is being driven by two deeper forces: megafunds that have outgrown the private market’s biggest deals and public markets that are becoming less attractive places to list. We unpack why the UK has become ground zero for this shift, which sectors are most exposed, and what it means for GPs, LPs, and boards weighing their next move. Read on to find out why going private is now a choice, not a last resort.
Table of contents
| Key takeaways | 1 |
| Introduction | 3 |
| Two peaks, two stories | 3 |
| The shrinking public universe | 5 |
| Megafunds have grown | 6 |
| UK as the epicentre of take-private activity | 8 |
| Country split beyond the UK | 9 |
| Sector split shows focus on financial services, B2B, and IT | 10 |
| Implications for GPs, LPs, and boards | 12 |
| Looking ahead | 13 |
| Appendix | 14 |
