In this month’s podcast:

The summer got off to a roaring start with strong share prices and enhanced corporate activity, but August rolled back much of the gains. Overall, UK tech sector share prices were broadly flat across July and August, modestly underperforming the wider market, and the picture was similar in the US. Public company valuations have largely stabilised at their lower levels but there is still some price discovery going on in the private equity world. Kerridge’s buyout by CapVest was a particularly interesting case in point. Indeed, it was surprising strong period for PE transactions, especially MBOs, and we also saw the return of the P2P after a few months’ absence. After a torrid few quarters, VC also looks like it’s over the worst but M&A activity remains somewhat subdued. Overall, the outlook feels a lot stronger than it did in June and evidence is growing to support a meaningful recovery next year.