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...Pre-split performance for some of Sequoia Capital’s funds, revealed by one of its limited partnerships last year, showed that some of the India and south-east Asia funds had poorer returns than the group...
...“Public pension funds have for many years poured money into private equity on the premise that it was high-return and low-risk while illiquidity was deemed not to be an issue,” said Richard Ennis, co-founder...
...The 10-year-old company has now raised $100mn in total. Donnelly will use this funding to expand its commercial workforce and believes the funds will sustain the company until it is profitable....
...The BSE Sensex index hit a record high this month, having risen every year since 2016, while the total value of its equity market has now eclipsed Hong Kong....
...limited liability partnership....
...It concluded that Apollo’s limited partnership agreements, with pensions and sovereign wealth groups, stated that such travel and dining expenses should be borne by Apollo, not the funds and its investors...
...Rents earned by the funds from making private direct loans accrue to the general partners, not the limited partners....
...“You give up a lot of returns that you could have accrued for your clients,” said Elisabeth Kashner, director of global fund analytics at FactSet....
...and sales have slowed and returns from venture fund managers have cratered....
...In 2021 he was severely injured in a single-car wreck in California that limited his return to play....
...According to its disclosures, total net annualised returns have been in the mid-teens....
...Index fund manager Vanguard closed its China office last November after its partnership with Jack Ma’s Ant Group fell apart....
...“Smaller companies have more capacity to grow, but this is a reminder of how in the UK market in particular, reinvesting that dividend yield is a major contributor to total returns,” he says, adding that...
...While this approach is useful for calculating fund returns, it means that the quantity of private credit loans outstanding will be undercounted, assuming that some funds employ leverage....
...Others are undertaking “strip sales”, a form of restructuring in which a slice of a fund’s assets are sold to new investors, as pressure increases to return money to limited partners....
...A large-scale return of mainland Chinese tourists to the city, which welcomed a total of 1.36mn visitors during the weeklong lunar new year holiday in February, has fuelled growth, despite an economic slowdown...
...These are admittedly price returns, since no total return indices go back this far. But including dividends wouldn’t change the picture....
...Over the past decade the total return on the S&P 500 of more than 200 per cent is three times higher than the UK market....
...It’s the latest sour note to be struck between the fund’s chief executive Merck Mercuriadis, who once managed Elton John before pitching music rights to investors as a way to make reliable, bond-like returns...
...But now VCs are coming under increasing pressure to return capital to their own backers — institutional investors, foundations and pension funds, known as “limited partners”....
...They have matched the total returns of Wall Street’s Magnificent Seven tech stocks since the start of 2021....
...I will return to this quite soon....
...The fund will seek commercial returns, without concessional financing, said Tomasz Telma, global head of the IFC’s financial institutions group....
...Additionally, limited partnership agreements seemed to indicate that Apollo should be paying expenses even as the funds and LPs were getting the bills at the time....
...When a client (the Limited Partner, or LP) signs up to invest $100mn in private equity, they don’t immediately assume $100mn of exposure....
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