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In response to our Reflections on Wimbledon two weeks ago, a long-time Lead Left reader informed us that the famed tournament is expanding. While we had opined “no one is building new grass courts,” he learned that the All-England Club has purchased an adjacent 100-acre golf course. “Subject to zoning approvals,” he wrote, “plans include 39 new grass courts, a 9,000-capacity stadium court and lots of corporate hospitality.” Thanks, dear reader: 15-love.
While our comment was meant generally, this news supports our thesis that growth and sophistication is coming to the game, both tennis and asset management. Putting points on the board remains necessary to win, and reducing mistakes puts you in the best position to do that.
Back to our survey results, 164 private equity executives revealed new confidence in both their deal activity and returns. Along with expectations that M&A will see restoration over the next twelve months to normalized levels, is the resumption of exits from portfolio companies. Most GPs see two portfolio exits within the next year, with over 33% predicting three exits or more.
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