January 5, 2013
Interviewed by: David Snow
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Outlook 2013: Exits and Uncertainty

A Privcap Conversation With Gary Crittenden, Managing Partner, Huntsman Gay Global Capital

A Privcap Conversation With Gary Crittenden, Managing Partner, Huntsman Gay Global Capital

Privcap: What are your predictions for the big themes in 2013 in the private equity industry?

Gary Crittenden, Huntsman Gay Global Capital: One thing for next year is clearly going to be exits and liquidity. So we had a long period of time with the start of the financial crisis, up until a couple of quarters ago, where the exits had lagged investments. And although that caught up a little bit in the second quarter, I think you’re going to continue to see a desire on the part of LPs to get liquid in their investments. And so I think a continued focus on having the right kind of exits that lead to successful outcomes from LPs are going to be a big theme over the next year or so.

There was a lot of talk at the end of last year about the fiscal cliff, and needing to solve the fiscal cliff. The reality in small companies, they have to plan far enough in advance for an adverse financial circumstance that it really doesn’t matter. The fact that it was unresolved, in large measure, already creates action taking place in companies to lower their cost, maybe to bring in their growth ambitions a little bit more than it otherwise would. And so, some of the damage gets done just by having uncertainty. And I suspect that part of 2013 will be a recovery from the uncertain period that we had during the end of 2012.

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