Private Equity’s Horrible, No-Good ’23 Set to Continue Into ’24

The value of initial public offerings fell almost 60% in 2023 from their peak two years ago, according to research house Dealogic. While there are some signs of a thaw in private equity activity, Blackstone Inc. President says any economic slowdown in the first half of the year could further snarl deal flow by boosting volatility. The real catalyst for any turnaround will be an assurance that the Fed is done raising rates. “What you need for transactions is confidence,” Gray said at a December financial conference. “You need terra firma.”