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For more than a decade, the stock market has been shrinking, thanks to share buybacks, leveraged buyouts, cash-based M&A and bankruptcies. That’s all changed recently with the massive supply of IPOs — both of traditional companies as well as SPACs.
Patrick Healy, CEO of private equity firm Hellman & Friedman, discusses whether this environment signals a sustainable shift away from privatization toward the public markets.
(The below has been edited for length and clarity.)
Leslie Picker: This pendulum seems to have swung toward the expansion of the equity markets this year. Do you think that’s a durable trend or will it…