Michael Sonnenfeldt, Tiger 21 Scott Mlyn | CNBCPrivate equity is currently "king" among members of Tiger 21 — a network of ultra-high net worth entrepreneurs and investors — according to its founder and chairman, Michael Sonnenfeldt.
The private equity industry had an especially tough 2022 after a decade-long bull run, but has picked up so far this year.
Sonnenfeldt told CNBC on Friday that Tiger 21 members, who collectively manage around $150 billion in assets, have increased their allocation to private equity threefold over the last decade, and see further opportunities amid an expected boom for companies exposed to AI and climate.
Most Tiger 21 members are entrepreneurs who have sold their companies and are now in the business of wealth preservation.
According to a quarterly report from EY, private equity activity climbed 15% in the second quarter of 2023 versus the first, with total deal values hitting $114 billion on the back of a steep rise in Europe.
Persons:
Michael Sonnenfeldt, Scott Mlyn, Sonnenfeldt, —, Dan Rasmussen
Organizations:
CNBC, Tiger
Locations:
EY, Europe