Tech investor Baillie Gifford has warned of a tough 2023 for private companies as the market has not felt the "gravitational force" of higher...
Tech investor and asset manager Baillie Gifford has warned of a tough 2023 for private companies as the market has not felt the “gravitational force” of higher interest rates yet.
Baillie Gifford’s head of private companies Peter Singlehurst told delegates at the Financial Times Future of Asset Management event in London while the Nasdaq index COMP has declined over one third so far this year from rising interest rates, it hasn’t reflected in private markets yet. “That would lead you to estimate that the peak frequency of down rounds will be in the middle of next year,” he said.
Future of investment in Chinese tech Baillie Gifford has made investments in private tech companies since its first in Chinese e-commerce giant Alibaba BABA in 2012. Any macro-economic growth “will help or hinder at the margin” in the above three companies, Singlehurst says.
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