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...“I would always be cautious about any company that does not have its dividend covered,” said Nate Koppikar, a partner at hedge fund Orso Partners, which has bet against Blackstone shares....
...Blackstone, Stonepeak and I Squared Capital have also flagged their rising interest in the space as governments’ ability to fund infrastructure has come under pressure....
...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....
...Law firm Pallas, which counts some of the hedge fund industry’s best-known names among its clients, told the Financial Times that it was exploring a legal challenge to the practice....
...“I think we’re still in the early stages of the recovery phase that will ultimately allow private equity investors to return capital....
...After resigning in 2016, former prime minister and now foreign secretary David Cameron went to work for finance group Greensill Capital, and also tried (but failed) to set up a $1bn UK-China investment fund...
...I don’t know why shareholders would take that risk,” he added....
...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....
...A resurgence in initial public offerings or sales would allow LPs to recoup their invested capital and recycle it....
...It is now attempting to navigate the twists and turns towards retail capital. The latest effort is the semi-liquid buyout fund....
...“The more I get exposed to private equity, the more that I believe that this is a really crucial part of the overall societal puzzle to get right.”...
...Why do I need an all-Black cast?”...
...But as the fund lost value last year, Blackstone’s liability to UC has grown to $560mn....
...“The declining cost of capital with rates coming down and spreads coming down for real estate borrowing is very helpful.” *This story has been changed to correct the percentage figure...
...The hedge fund manager getting all the attention, of course, is Nelson Peltz, the octogenarian co-founder of Trian Fund Management....
...And in the past year, there have been multiple signs of froth: BlackRock reckons that private funds are sitting on $4tn of capital (aka “dry powder”) they have been unable to deploy; funds are shuffling...
...“I would hope that we do see that, venture firms cutting their fund size and forgiving commitments to their investors and resizing. That would be a really good outcome.”...
...The figures suggest that top managers prioritise careful deployment of investors’ capital, rather than making the fund as large as possible....
...However, Rokos Capital Management, run by former Brevan Howard co-founder Chris Rokos, ended 2023 up 8.8 per cent....
...Private assets offer higher returns in part because fund managers need the benefit of more permanent capital that cannot easily flee during the deployment phase....
...“Firms desperately need capital to transform the business,” he said....
...Blackwells Capital, the second activist, has put up its own slate of three directors for the board....
...But the direct lending funds they manage may begin to post lower returns, investors said....
...I’ve been playing a lot lately, I’ve been proper stinky [?!], I‘ve been playing it a tonne....
...I am not willing to still pay the same multiple,’” said Todd Miller, global co-head of private capital advisory at Jefferies, referring to a company’s price in relation to its earnings....
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