Derek Schmidt, CFA, CAIA
Director of Private Equity
The IPO market in 2019 generated a record amount of exit value for venture capital investors as large and anxiously awaited IPOs from Uber, Lyft, Slack, Peloton, Smile Direct, Chewy, Pinterest, and Beyond Meat drove the market and dominated the headlines. Entering 2020 — a presidential election year — the markets braced for another round of anticipated IPOs expected to come before the election. However, following the COVID outbreak in Q1 and the resulting global pandemic during Q2, the IPO market ground to a halt. This disruption resulted in a significant backlog of companies waiting to come to the public markets.
In this newsletter, we look at the recent reversal of this IPO backlog with companies coming public at a feverish pace during the third quarter and take a look at further expectations for the remainder of the year.
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