03
Feb
The Rearview Mirror
Robust multiples and fear that the Biden administration might succeed in passing tax laws resulted in 2021 being one of the busiest years ever in the private equity space. Within the capital markets, while the year was strong, the speculative market cooled off tremendously in the 4th quarter, particularly in pharma and biotech.
Headwinds appeared toward the end of the year as buyer-side representations and warranty insurance (RWI) coverage became tough to get, and very expensive when available,...