Hints and tips:
...It calls them “PE-influenced” insurers....
...[MUSIC PLAYING] So the US Treasury market is the biggest and most liquid in the world. But in recent years, it’s been on shaky ground....
...Here comes the sun, and I say ‘it’s alright’ Smaller companies are often seen as a bit of a murky area, with less liquid securities and sparser analysis....
...The other factor is that fund flows into direct lending have been stable and growing, especially from high-net-worth investors putting money into semi-liquid BDCs [business development companies]....
...And recoveries in this space are faaar below what they are in large liquid public debt markets....
...These funds are complex and come with PE-like fees and liquidity restrictions....
...Antares Capital has made three senior hires on its liquid credit team: Alcentra’s Rob Davis, HPS Partners’ Amy Ecker and LoansIntel’s Jonathan Rogers. Smart reads How bad are PE valuations, really?...
...On the whole, our PE program has delivered strong returns that have exceeded other asset classes and its public market equivalents....
...“Increasingly for big deals, PE funds have to tell US and UK regulators who is behind them through national security filings,” said McDermott Will & Emery’s Peter Lu....
...Semi-liquids For Hope, the answer to this quandary is a relatively new type of fund known as “semi-liquid”....
...Because PE returns are often quoted in IRRs, such return manipulations can even permanently window dress the PE fund’s end-of-life returns, which possibly protects LP investment managers in bad states....
...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....
...It was a wealth management operation for the VC and PE industry.” SVB’s lending to unprofitable start-ups surprised not only the short sellers, but also some of the bank’s own staff....
...The market was liquid, volatile and promised hedge funds alpha, measureless to man. Spreads were wide. Commissions were high. Standards of execution were uniformly low....
...A service called Lido creates a liquid derivative called stETH. For Celsius to match its liabilities, stETH and eth need to be treated as a one-to-one equivalent....
...“The carried interest model for private equity and venture capital is the longstanding global market standard for aligning PE/VC managers’ interests with their investors,” it said....
...“There’s going to be less money flowing into the energy PE space — probably down 50 plus per cent in term of capital available . . ....
...Chief investment officer Ben Meng was bullish on the asset class, telling the fund’s investment committee that Calpers needed more exposure to PE “and we need it now”....
...Producers’ margins have almost halved in the US for high-density PE, since touching peaks in 2017....
...And the noise around H2O’s investments has been almost deafening since the FT revealed that the subsidiary of French bank Natixis has been dipping its toes into bonds that may not be as liquid as the fund...
...The group trades at 9.5x FY22e PE, cheaper than peers William Hill at 11x and Flutter at 16x....
...“It feels like the world is falling apart,” says a partner in one PE firm....
...That’s all good for the restructuring theme, Barclays says: Liquidity is strong with >£3bn of liquid resources....
...Our screens of the 40 most liquid stocks (based on the average bid-ask spread) have outperformed sharply in the last few weeks, a phenomenon which has been consistent across each of the major regions....
...We have found that aero typically has bottomed at a high-single digit trailing PE and ~50%+discount to market as the group prices in large forthcoming EPS cuts....
International Edition