The private equity market continues to have high valuations and firms are having trouble exiting investments, according to a top BlackRock Inc. executive.
(Bloomberg) — The private equity market continues to have high valuations and firms are having trouble exiting investments, according to a top BlackRock Inc. executive.
“We’re still seeing demand for private equity,” Edwin Conway, global head of BlackRock Alternatives, told Bloomberg TV Monday at the Milken Institute Global Conference in Beverly Hills, California. “I just feel the valuations are still high.”
Smaller venture and growth-equity investments have been re-priced, according to Conway — but he hasn’t seen this at the larger end of the market.
“The exits for private equity right now are hard,” Conway said.
BlackRock oversees $320 billion of alternative assets, while the firm manages more than $9 trillion overall in clients’ money.
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