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...The wave of redemptions reflects a tougher environment for active fund managers, who charge investors a fee in return for selecting a portfolio of stocks....
...KKR has raised a record $6.4bn for its latest Asian infrastructure fund, capping a month of frenzied investment activity in the sector at a time when broader private equity fundraising has slowed....
...credit hedge fund Beach Point....
...Continuation funds can also be controversial with LPs, because they have to decide whether to lock up capital with a VC for another lengthy period or cash out potentially at a discount....
...Alongside Warburg, a group of older private equity managers such as Clayton, Dubilier & Rice, CVC Capital Partners, TA Associates and GTCR have all recently closed large funds above their targets....
...It is a new source of funds. As of October 2023, 4,000 funds were on the road, looking for an aggregate of $1.2tn according to Preqin....
...It eclipses a $3.8bn loan Hellman & Friedman and Permira raised to fund their buyout of Zendesk in 2022....
...Instead, these investors have received just a trickle of money over the past five years, even as they committed enormous sums to fund new buyout deals....
...Chris Rossbach, a fund manager at J Stern & Co, said it had voted in favour of Disney’s board recommendations....
...To alleviate pressures on the fund’s liquidity as it met redemptions, Blackstone a year ago took a $4.5bn investment from the University of California that came with a high return promise....
...Blackwells issued a presentation this week estimating that ValueAct, which has been a supportive investor of Disney, has made up to an estimated $95mn in fees from managing pension funds of company employees...
...Blackstone owes the University of California twice as much as it did last quarter as part of a complex transaction to shore up its flagship real estate fund....
...So, too, with hedge funds a decade earlier. Some private equity leaders understand this, and have tried to counter unpopularity....
...It is a significant milestone for a vehicle that might be a difficult fit for ordinary, if affluent, Joes....
...The macro fund takes more concentrated bets than the flagship. Caxton did not immediately respond to a request for comment....
...The inflows came even after Blackstone was forced to limit withdrawals from a similar $67bn property fund just over a year ago....
...GTCR declined to comment....
...AllianceBernstein has launched five new exchange traded funds, including a buffered ETF, bringing the company’s year-old line-up to 12 ETFs....
...The hedge fund manager getting all the attention, of course, is Nelson Peltz, the octogenarian co-founder of Trian Fund Management....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...Brad Amiee, director and head of research at LCH Investments, said the stock market’s strong performance was a contributory factor for some of the biggest funds....
...GTCR, which took a minority equity investment from Blackstone two years ago, recently closed an $11.5bn fund that was double the size of its 2017 fund — a sign of investor confidence....
...Miller, a co-founder of Crown Castle, said the “co-operation agreement” that Crown Castle signed with Elliott, which gave the fund a board seat, was a ploy by the incumbent directors of the telecoms 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....
...In contrast to some M&A, there can be room for both sides to think they are getting a marvellous deal....
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