Goldman Sachs CEO says financial sponsors may boost dealmaking activity
BNN Bloomberg
Financial sponsors, such as private equity firms, may bolster dealmaking activity as they come under pressure to return capital to their investors before raising fresh funds, Goldman Sachs CEO David Solomon said on Tuesday.
“With respect to sponsors, we’ve all kind of been waiting impatiently for that to accelerate. I think we’re reaching a point where it’s accelerating,” Solomon said at the UBS financial services conference in Florida.
There is pressure on financial sponsors to return capital to their investors before they undertake fresh fundraising rounds; therefore, valuation for companies they want to sell is becoming less important, he said.
“Whether they’re going to the M&A market or they’re getting stuff public, they’ve got to return more capital,” Solomon said.
The Goldman CEO also said the strategic mergers and acquisitions activity led by companies was going to be “meaningfully higher” than it had been on average over the last five years.
“There’s very little to likely upset that path on the strategic stuff,” he said.
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