Our analysis of Private Equity portfolio company IPOs from 2021-2024 reveals how structuring and governance choices can create opportunities for sponsors within the purview of overall public-market dynamics.
When sponsors take companies public, governance becomes the arena where control, flexibility, and investor expectations collide. Over the past four years, subtle shifts in board rights, veto powers, and defensive measures have reshaped both opportunities and risks in the public markets.
This survey analyzes 70 sponsor-backed IPOs from 2021–2024, each raising over $100m, to chart how governance terms are evolving. It shows where sponsors are holding firm on influence, where companies are adapting to public company norms, and what that balance means for the next wave of listings.
The findings offer both a quantitative benchmark and a strategic lens: highlighting where sponsors align with prevailing practice, where they diverge, and how those decisions could create friction or flexibility in future deals.
Preparing for the next cycle
For private equity sponsors and portfolio companies considering an IPO, understanding these trends is critical. This report highlights not only what has become market practice, but also the governance issues most likely to define the next generation of sponsor-backed offerings.
64% of the surveyed IPOs were primary only. 36% included a secondary component, with 30% having both a primary and secondary component and 6% being secondary only.
