Paul Bird, M&A partner at Debevoise & Plimpton LLP, is quoted in an article in Mergermarket titled, “PIPEs Kept in Reserve as Market Unclogs”. The article discusses trends in private investments in public equity (PIPEs), how the current level of activity compares to 2008 and insights into the current investment landscape. In the article, Mr. Bird is quoted saying that the combination of a slow buyout landscape and a need to invest large funds that were raised prior to the pandemic has made financial sponsors avid PIPE investors: 

“In the past four to six weeks, we’ve been in discussions involving at least a dozen PIPEs, two or three of which are currently active. There is somewhat of a herd mentality around this opportunity, and financial advisors are eager to promote them to companies and boards while buyout activity has been put on the middle burner to a large degree and public capital markets activity is quiet.”