Alternatively, the banks owned by PE funds would be in a stronger position to continue standalone operations through an initial public offering. The private equity solution has a firm foundation. Several funds have invested in banking over the past five years, and the prospects so far look sound. For example, AnaCap Financial Partners has expanded in small and midsize enterprise (SME) banking through investments in Aldermore Bank in the U.K. and FM Bank in Poland. Advent International and Bain Capital deepened their expertise in payments through investments in ICBPI, Nets and Worldpay. During their Worldpay ownership, Advent and Bain Capital built its value by £3.2 billion over a five-year period—an 11% compound annual growth rate in underlying earnings during a challenging period for financial services. Besides experience growing the value of financial services companies, PE funds have other characteristics that make them logical buyers.