[kbenson]

Well, I'll definitely defer to your actual knowledge on the subject as others should rather than following my ramblings given I'm honestly (and obviously) just speaking from what it looks like on the outside. Thanks for putting a bit more detail and knowledge into the motivations underlying this.

[jacquesm]

In well over 200 deals that I did DD for I have seen exactly zero IPOs (this is Europe though, in the US it may well have been a different mix).

On my own investments (quite a few by now; > 20) I've seen one big exit, one smaller one but still successful, and a number of acquihires. Besides the ones that crashed the remainder is still in play and probably will be so for years to come. And probably there will be one more big exit in there, I don't expect any of them to IPO.