The Road to Next for private financial markets

Examining trends defining private market investing

The Road to Next report series explores trends defining the private financial markets and covers investor strategies, liquidity concerns, market dynamics, and more. Our latest edition provides an in-depth breakdown of the initial public offering (IPO) process.

A public forum for private financial markets

Deloitte and PitchBook have collaborated to produce a distinct methodology and array of data sets in order to answer some of the most pressing questions for investors and private companies. The Road to Next report focuses on critical issues companies and their backers face, covering liquidity concerns, investor strategies, macroeconomic pressures, important regulations, market dynamics, and more.

In each edition, Deloitte subject matter specialists discuss the issues dominating industry discussions in the current environment, especially the hurdles that growing companies face as they scale. As new trends develop, additional themes and data sets will be featured to address potential concerns that private companies may have, whether they are planning to stay private or prepare for the next phase of their journey.

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Second edition: The IPO process in an unparalleled environment

Tracing the development of the expansion-stage companies that went public in the past decade, especially in the past few years, sheds light on the traits that led to success, and provides insight into how those looking to list can navigate the current crisis.

The latest Road to Next edition explores the primary challenges and leading options for expansion-stage companies that were preparing for an IPO or already undergoing the process. It also breaks down the crucial role private equity funds can play in the COVID-19 environment, the full economic impact of the pandemic on the current expansion-stage IPO landscape, and critical fiscal and monetary measures and their effect on or viability for expansion-stage companies.

Learn how expansion-stage companies can grapple creatively with shoring up balance sheets, adapting business lines to capitalize opportunistically, and identifying leading methods to ensure continuity across operations.

What we don’t know just yet is how many capital calls made by investors will go unfunded. The emergence of smaller VC funds with lesser known limited partners over the past decade may incur that potential risk, so this dynamic becomes a more pressing question in this environment. For expansion-stage companies, the question becomes which growth equity firms could, and will, provide aid.

-Heather Gates, Audit & Assurance Private Growth Leader, Deloitte & Touche LLP

The COVID-19 impact on IPOs

First edition: An expansion-stage surge in the private financial markets

When the inaugural edition of the Road to Next series was released, the COVID-19 outbreak had yet to transform into a full-fledged pandemic. Now, months later, everything is different. The coronavirus crisis has created human tragedy at an unprecedented scale, infected millions, wreaked havoc on multiple segments of the economy, and cast a glaring spotlight on the weaknesses inherent in business models and systems across sectors worldwide.

But in the throes of any crisis lie the seeds of opportunity. Even amid the intense pressures brought to bear by the far-reaching ripple effects of lockdowns and other emergency measures, some companies are standing out for their resilience. Whether their response to disruption of their operations and strategies was swift and effective, or their core business lines proved particularly well-suited if not critical in the time of COVID-19, some companies have led by example.

This edition of the Road to Next series focuses primarily on the expansion-stage companies that were embarking on the pathway toward an IPO before the crisis emerged. In addition to addressing other principal obstacles and opportunities for expansion-stage companies—such as a spotlight covering PE during the pandemic—this report examines PitchBook data sets in depth to provide analysis and historical context for liquidity trends around IPOs. From there, Deloitte leaders address key strategies and tactics for business leaders and teams to foster resilience and lay the groundwork to thrive, no matter the broader market conditions.

Contact us to learn more about how our Emerging Growth Company practice can help your business

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COVID-19 accounting and financial reporting-related resources

COVID-19 and financial reporting trends

This Financial Reporting Alert takes a strategic look at what are likely to be the most common hot topics related to accounting for the COVID-19 pandemic in the current reporting quarter.

COVID-19: Accounting considerations

This Financial Reporting Alert discusses certain key accounting and financial reporting considerations related to conditions that may result from the COVID-19 pandemic as well as various industry-specific considerations.

Accounting for the CARES

Several of the CARES Act’s provisions and programs are designed to assist small and large businesses and include billions of dollars in loan and grant allocations, regulatory relief for certain industries, and income tax relief.

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