Hints and tips:
...The people also noted that any shortfall will not affect investors’ overall returns because it will be met with a corresponding drop in the fund’s net asset value....
...“For a lot of LPs [limited partners] that are overallocated to private equity or having liquidity issues, getting cash at hand through secondary sales is a sure thing,” said an executive at a public fund...
...LPs increasingly focus on how much value a VC returns to them compared with the amount they pay in — a metric called “distributed to paid in capital” — when deciding where to allocate their funds....
...The Concord offer was at a premium of about a third to the Hipgnosis share price before the bid was announced, and a 4.3 per cent premium to the fund’s September net asset value....
...GT has calculated a net present value for the retirement payments every former partner is owed....
...Without a competing offer to that of KKR, a path to value is hard to imagine. Vivendi has already lost about €2.5bn of value on its investment since 2015....
...But as the fund lost value last year, Blackstone’s liability to UC has grown to $560mn....
...KKR’s funds plan to house assets moving off the balance sheets of corporations, banks and insurers looking to simplify their operations or fund stock buybacks....
...The Financial Times reported last month that Blackstone has built a $560mn liability to the US as a result of its return promise after the fund lost value last year....
...Chris Rossbach, a fund manager at J Stern & Co, said it had voted in favour of Disney’s board recommendations....
...The answer, like the LP, has two sides....
...“It is a significant portion of the portfolio value. It is publicly listed, so on one hand it is very liquid, but changes in the market value of the company can change the overall portfolio value.”...
...“With the distracting proxy contest now behind us, we’re eager to focus 100 [per cent] of our attention on our most important priorities: growth and value creation for our shareholders and creative excellence...
...One sign of this emerged on Monday, when FT calculations revealed that the leaders of entities such as Blackstone, KKR, Apollo Global, Ares Management and TPG enjoyed a more than $40bn rise in the value...
...“It creates an equity culture so that partners are focused on how to grow the equity value of the business and not just their own individual book of business.”...
...“The valuations of BXPE’s assets may differ from liquidation values that could be realised in the event that BXPE were forced to sell assets,” its prospectus warns....
...Higher rates depress the value of the future cash flows music owners expect to earn....
...Among them were Canadian pension fund Ontario Municipal Employees Retirement System, as well as the Abu Dhabi and Chinese sovereign wealth funds....
...The funds’ bets on music rights have similarities to their wagers on commercial real estate....
...Schwartz has had to contend with a slowdown in large corporate deals due to sharply rising interest rates, and reluctance by institutional investors to back its new funds after a bungled succession from...
...Carlyle is raising new funds in Europe and Asia where predecessor funds have also posted net annualised returns of 10 per cent or lower, according to filings, though the funds still have a handful of years...
...The deal would probably value the group at a discount to its “own funds”, according to one market insider, referring to a measure of shareholder equity that was £6bn on an adjusted basis at the end of June...
...Some rivals, such as KKR and Apollo Global, by contrast have more stable dividend policies and retain some of their profits to fund future expansion....
...These value gaps are commonest during crises. UK closed-end investment funds, which hold on to assets even as their shares climb and fall in value, have raised just £1.7bn over the past year....
...Shares in Abrdn, which was formed by the 2017 merger of Standard Life and Aberdeen Asset Management, have shed two-thirds of their value since the merger....
International Edition