Private Equity Confidence Survey (PECS)
This fifth survey covering the outlook for the first half of 2009 has been mapping expectations of private equity professionals in Turkey since 2007. In line with the daily coverage in the financial press, this survey shows that confidence of private equity investors has further declined compared to summer 2008. Investors are now more pessimistic than in any of our previous surveys. No investors at all responded that they expect an improving economic environment, and only 21% believe it will be unchanged.
Key findings are;
- In line with 2008, survey participants expect that the overall economic climate will continue to decline;
- Nobody expects improvement. Nobody expects the performance of their investee companies to improve in the coming six months, and 63% expect declining performance.
- Debt availability expected to contract further. Only 4% expect easier conditions for raising new funds or debt finance.
- When it comes to overall transaction volumes for the coming months, participants expect increasing market activity in small to midmarket deals.
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