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...Leverage has been applied ‘downstream’ at the portfolio company level, ‘upstream’ with recourse to GPs and LPs, and ‘midstream’ to the funds that own portfolio companies in the form of NAV loans....
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...Private pension funds constitute half of the UK institutional market and the rise in bond yields since the pandemic is now delivering a double whammy to managers’ revenues....
...A key change is the expansion of the coverage to include a much wider range of non-public assets, including private debt funds, directly held private debt and directly held real estate funds....
...The leader of the UK’s biggest private sector pension scheme has urged the government to refrain from excessive intervention in how retirement funds are managed....
...Asset managers also say the mutual fund structure works better than ETFs for giving smaller investors access to alternatives, such as private equity and private credit, which have been growing in popularity...
...Yet Vanguard’s popular LifeStrategy funds range (which also feature within my own Isa) have an inbuilt bias towards the UK, which accounts for 25 per cent of the equity component....
...One of his final acts has been to obtain board approval for a controversial $30bn of borrowing to help manage the fund’s giant illiquid portfolio....
...While bids for Direct Line and Currys have fallen away, interest in UK companies from international investors, private equity and trade buyers is expected to continue, offering a short-term fillip for investors...
...But, unlike traditional investments in, say, infant health or early childhood education, the approach takes into account anything that might affect their wellbeing....
...A series of academic studies have shown that asset allocation accounts for the lion’s share of investment performance, with stock selection and market timing only adding a little extra on top....
...Private capital executives argue that taking some liquidity risk, with strict asset-liability management, is a safe option. Athene’s fixed-income portfolio is 97 per cent investment-grade rated....
...It also comes as giant funds have tied up a larger share of their assets in illiquid investments such as private equity....
...equity fund....
...Today, DFA manages about $677bn, and a decent chunk of that is invested in its suite of small-cap funds. such as its $15.4bn US Small Cap Portfolio....
...This means more interest in international smaller companies and overlooked emerging markets — but also private assets with a low correlation to stocks and bonds, such as agriculture and forestry, alternative...
...Apollo told him: “Apollo’s accounts receivable department never knowingly, or as a matter of practice, improperly billed any Apollo-managed funds for expenses that should have been accounted for as management...
...a series of questions.”...
...For Elliott, a bid for Currys fits nicely into a UK private equity portfolio that already includes consumer investments such as the bookshop Waterstones and the food chain Wasabi....
...Asset management is one of the sectors where Gen AI offers great promise, pointing to a series of changes to how the industry operates and is organised....
...says Pimco. Here’s Goldman Sachs on the global economy, the US economy, the UK economy, artificial intelligence, dealmaking, 60-40 portfolios, and US stonks....
...I tell any US investor with some international diversification: you’re doing the right thing. It’s just the timescales these things work on. Unhedged: Let’s talk about private markets....
...on ultra-safe short term savings accounts....
...Private equity group CVC Capital Partners, F1’s previous owner, has a similar broad portfolio spanning tennis, rugby, cricket and football, while Saudi Arabia’s Public Investment Fund has its own collection...
...Jain said that China’s crackdowns on industries that are often dominated by private sector companies made investing there tough....
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