Independent investment adviser Moelis & Company is set to make the move from boutique to established market player with its US$100m NYSE IPO that comes just seven years after former UBS rainmaker Kenneth Moelis set up the eponymous shop.
Capital-committed stock offerings have seemingly become a fixture in US equity capital markets. Driven predominantly by private equity firms looking for a risk-free way to harvest legacy investments, investment banks last year committed a record US$54.8bn to block purchases, 23% of overall follow-on issuance, and US$7.9bn so far in 2014.
The world’s private equity firms are estimated to be sitting on more than US$1trn of dry powder, but that didn’t stop at least one of the industry’s leading firms, Carlyle Group, from tapping equity capital markets for new funds last week.
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