BVCA Summit 2025: Owen Hunt’s take on the state of private equity and growth in the UK
At this year’s BVCA Summit, Owen Hunt, Senior Accountant at Altum Group, shares a sharp and timely perspective on the evolving dynamics of UK capital markets and private equity. In our latest thought leadership he reflects both on the challenges and the opportunities shaping the industry’s future.
UK capital & growth: a turning point
The UK’s capital raising environment is cooling, with IPO activity at a near standstill. Ambition across the market has dipped, and despite world-class research capabilities, funding remains insufficient. There is a need to shift focus toward energising private markets, which are increasingly seen as the engine for innovation and scale. In Owen’s opinion, the UK must position itself as a hub for business growth while remaining cautious, however, the general mood remains optimistic.
Economic outlook giving mixed signals
The UK economy is outperforming expectations, but the gains are uneven. Owen noted that while some sectors are thriving, others are weighed down by a looming tax burden set to reach post-WWII highs. This duality presents both resilience and risk, requiring careful navigation by investors and policymakers alike.
The political landscape
Political volatility continues to cast a shadow over fiscal certainty. While the environment remains unsettled, major shifts in fiscal policy are unlikely in the near term.
European PE market momentum building
One of the most encouraging trends Owen highlights is the growing interest from US LPs in European markets. Mid-market private equity in both the UK and EU is showing strong potential, with investors increasingly looking across borders for opportunity.
Private Equity and growth
Private equity continues to be a powerful force for company creation and innovation, however, Owen pointed out that capturing investment remains challenging. Long-term value creation is still the central goal, and firms must balance ambition with execution.
PE Strategy & Risk: Waiting for the Right Moment
PE firms are recalibrating their strategies, seeking stronger and more predictable returns. US investors remain cautious in Europe, preferring familiar markets. Capital is available—but it’s waiting for stability. Owen believes the UK is well-positioned to benefit once confidence returns.
LP Perspective: Selective but Active
LPs are slowing new investments but seeing high distributions. Internal scrutiny is tightening, co-investment is gaining traction, and retail access to private markets is expanding. Success, Owen noted, still hinges on top managers and perfect timing.
As the industry navigates this complex landscape, Owen’s insights offer a grounded yet forward-looking view of where private equity is headed—and how Altum Group is helping clients stay ahead.
