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...Since the earliest days of the movement, the idea of recommissioning a cruise liner had seemed the fastest route to libertarian utopia....
...The three continuation funds include two managed by the Chinese group Legend Capital and one by US-based L Catterton....
...I bought an S&P 500 fund a few weeks later, selling again in September for a tidy 12 per cent profit. I felt smug after share prices dropped almost a tenth over the subsequent two months....
...Both of them only learnt of these anecdotes when their families discovered they were working as guides on the new route....
...Cities such as Kabul or Herat were important stops along ancient Silk Road trade routes that facilitated the spread of goods and ideas, from gold and spices to Buddhism and Islam....
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...“PE compensation is predominantly derived from the P&L of the firm — which is based on the management fee of the fund, and this is locked in for the life of the fund,” said Tom Thackeray, a partner at Heidrick...
...PE giants Blackstone and KKR are also in the process of raising new flagship funds....
...at the heart of a busy new trade route for consumer goods....
...The best paper on this is probably Jean-François L’Her, Rossitsa Stoyanova, Kathryn Shaw, William Scott, and Charissa Lai’s paper “A Bottom-Up Approach to the Risk-Adjusted Performance of the Buyout Fund...
...I can report that Los Angeles in January is a lot more pleasant than New York in January, and that the best song to blast out of your rental car window on Rodeo Drive is the Decemberists’ “Los Angeles, I...
...Swinging for the fences Hedge fund billionaire’s bold bets on the New York Mets and a Queens casino have shown that not every risk reaps a reward, New York Magazine writes Deadly supply chain From China...
...Tapping global markets should help New Delhi reduce its cost of borrowing. Yet the downside could be the arrival of active investors who may sell faster than passive tracker funds in a downturn....
...In a way that’s already happening, as seen in the public markets. The S&P 500 has not made a new high in two years, and is now 20 per cent above its 150-year trend, down from 45 per cent in late 2021....
...If you’re going down that route, it can start to feel like active management again....
...Under pressure The new interest-rate environment will be a particular test for some of the buyout firms that have grown rapidly over the past decade on the back of strong fund returns....
...They include the Silk Road Fund, the China-LAC Industrial Cooperation Investment Fund and the China-Africa Industrial Capacity Cooperation Fund....
...“It would be a big jump for the Dutch to move from DB to individual DC accounts,” said Swinkels. Funds must complete the transition to the new system by 2028....
...Turkey, which would be bypassed by the new route, is negotiating with regional partners over an alternative, the Iraq Development Road, highlighting its traditional role as a bridge between Asia and Europe...
...Morgan Lewis & Bockius O: 5; L: 6; I: 8; Total: 19 The firm devised a financing structure for Chinese state-owned financial investment fund Silk Road Fund, as part of an international investor consortium...
...CSG is trading at P/TBV of 0.2x 2024E, UBS is trading at 7.6x P/E and Julius BAER at 9.6x PE 2024E on our forecasts....
...UK chipmaker Arm choosing to IPO in New York over London this month was a bitter blow for a government pushing a growth agenda, and the weak pound means there’s an ever-present threat of foreign takeovers...
...Biggest risk The conflict in Ukraine and tension in east Asia have boosted defence spending around the world: total global military spending increased by 3.7 per cent in real terms in 2022 to reach a new...
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...And finally The Pippy Houldsworth Gallery in London is showing a collection by Angela Heisch, comprising a new body of paintings and works on paper....
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