Investors in private markets have flipped their view on the valuation of companies that were in vogue just a few months ago, mirroring a pullback in listed technology stocks.
At the end of last year, 70 per cent of so-called growth investors — in between early stage venture capital funds and private equity investors that target mature companies — said they expected valuations to hold steady or rise, according to a survey of the top 25 investors in the field by Numis.
Now, 95 per cent of investors anticipate offering lower valuations in the coming 12 months — an abrupt shift for the fastest-growing corner of the private capital industry.
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