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The era of growth at all costs is over. Bear markets require patient capital

Patient Capital

This year has been defined by economic turbulence. With rising inflation, interest rates and energy costs, the outlook appears to be at best uncertain. The public market has been suffering, with tech stocks in particular experiencing significant and consistent valuation drops since the start of the year.

The private market, thus far, seems to be holding up. But how long this will continue is one of the key questions exercising the minds of investors across the UK and the world.

On the face of it, private capital has enjoyed a strong 2022. Pitchbook data reveals company valuations in the first half of 2022 are above those of 2021, and both deal activity and investment levels remain at historically high levels. So far, so good....