Inside private equity’s race to go public | Financial Times London-based Bridgepoint, New York-based Blue Owl and Paris-based Antin Infrastructure Partners all listed last year. One of the largest privately held buyout firms in the US, TPG, is expected to float this month at a valuation exceeding $9bn. European firms CVC Capital Partners and Ardian and US-based L Catterton have all had conversations with advisers about potential initial public offerings, people with knowledge of the talks said. “The market is consolidating and the larger platforms are getting larger,” said Michael Arougheti, chief executive of Ares Management, which has struck four large acquisitions since 2020, drawing in over $40bn in assets. “A lot of smaller managers are feeling disadvantaged.” “As the industry matures, then access to capital to drive that maturity becomes pretty important.” Stock analysts and investors are attracted by private equity groups’ management fee income, typically a 2 per cent charge that becomes more lucrative when buyout groups accumulate more assets. They usually place less emphasis on buyout groups’ 20 per cent share of profits, which is less predictable.