Key 昀椀ndings Finally, we examine the state of the public markets, IPOs and M&A to understand liquidity prospects for companies and their investors. We also consider the value of listed tech as a health indicator for the ecosystem. This year’s IPO landscape was particularly quiet, while not Exits remain muted completely dormant. In contrast, the M&A market has displayed and led by M&A higher levels of activity, although the volume and value of transactions are still far from the peaks of 2020 and 2021. Globally, the dry powder held by PE 昀椀rms is at record levels, Enormous cash reaching $2.3 trillion as of 30 September 2023. Meanwhile, 昀椀repower sitting on corporate buyers are also sitting on huge cash balances that could be deployed to fuel M&A activity. the sidelines Judging by the number of VC-backed tech companies that have Europe’s never had raised a minimum of $300M over the course of their lifetime, a stronger pipeline Europe already has more than 120 companies that are viable future candidates for billion-dollar exits. of billion-dollar exit candidates