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06
Extraordinary outcomes
Outcomes are exceeding projections in both public and private markets
Extraordinary outcomes
Europe continues to produce more tech IPOs than the US, $1B+ IPOs are becoming the norm, and exit value is now in excess of $250B for 2021. Still, Europe is only in the first innings of its tech journey, with all indicators now pointing towards many trillions in value to be added over the next decade, even in a conservative scenario.
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06.1 Private markets
European tech is on track for a record year - with over $100B in total M&A exits, $55B of which were VC-backed. Public US tech companies are most active in M&A, with 55% of deal value, the highest for the past three years. Private equity is more interested in VC-backed companies - seven out of 13 PE acquisitions in the past two years were VC-backed.
06.2 Public markets
In public markets, Europe continues to produce more tech IPOs than the US (but they’re much smaller on average). 2021 has seen 50 more unicorns join Europe’s public herd - but a substantial share of Europe's largest $1B+ companies are listing in the US.