Hints and tips:
...The case was “in respect of his conduct as a director of Greensill Capital (UK) Limited and Greensill Limited”, the agency said. Full details of the claim were not immediately available....
...Separately, Lex this week looked at the woes of Princeton University’s endowment in private equity, with its chief calling this the “worst environment ever” for private markets in terms of liquidity....
...Investors will put money in — and take limited quantities out — at the net asset value at that time....
...The jump comes just as the masters of the universe are labouring to return cash to limited partners amid an IPO and M&A slump....
...The Pisces plan to run periodic auctions that concentrate activity over a short time window is sensible, given the likelihood of limited demand....
...Private credit deals, in addition to generating interest income, also charge management fees to limited partners....
...Fix-and-flip private equity is coming around to the merits of buy and hold....
...Private investors may find it hard to commit their money for the traditional decade or so, and such funds offer limited liquidity....
...Kuvare, on the other hand, targets investment grade instruments in private markets or securitised bonds....
...Have a great weekend, Helen ThomasHead of Lex...
...Helen ThomasHead of Lex...
...Deals and underwriting flow can only improve as financial sponsor firms — private equity — will eventually need to distribute cash back to their limited partners....
...As such, they paid healthy distributions that compensated for their limited liquidity. BXPE will make equity investments in leveraged buyouts and the like. Here payouts are more erratic....
...Take Monzo, the UK’s largest in this group: it just raised £340mn at a £3.9bn valuation from private investors, which suggests a limited appetite to test the public market soon....
...Disclosure is limited by constraints of professional privilege. The opacity creates a “market for lemons” problem, a US academic argues....
...If a sale were limited to US users, the revenue used in the calculation would be smaller....
...Videos show consumers stampeding through stores to get limited-edition versions of the cup and owners flaunting their collections....
...Created with perfumer Fueguia 1833, which was founded in 2010 in Buenos Aires by Julian Bedel, the limited edition batch will consist of 315 bottles of each genderless perfume, which cost £450 for 100ml....
...Six years ago, a dramatic reshaping of US tax law meant that Americans were limited in the amount of federal deduction they could take for payments of separate state and local taxes....
...Public utilities should mirror that structure, even if they are private. Disclosure proves our honesty....
...The dearth of M&A and IPOs have kept managers from returning cash to their limited partners. In turn, those LPs are proving unwilling to commit new money to funds....
...Lex is, therefore, sceptical of reports that a limited secondary sale of shares in OpenAI would value the US start-up at $90bn....
...Rather, it will buy limited partner interests in other funds, a transaction known as a “secondary”....
...Investors might fret about looming writedowns in private markets. Moreover, other measures of the deficit are more alarming....
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