Both 2013 and the first half of 2014 have seen great enthusiasm from private equity investors for using initial public offerings as an exit strategy. If the market appetite for IPOs slows down, M&A exits may increase, so there may be particular advantages in taking a twin-track approach. This involves running the processes for an M&A sale and an IPO simultaneously, allowing the exiting company owners to hedge their bets and leave the final choice as late as possible.