Hints and tips:
...So-called secondary market transactions, where investors can privately trade their existing stakes, have become increasingly central to the private equity industry in recent years and are now gaining traction...
...That move, amid pressure from the Biden administration and growing US-China trade tensions, marked a decisive break from Sequoia’s past....
...Their assets are hard to trade; the London Stock Exchange, say, is still waiting for permission to start an “intermittent trading venue” for privately owned companies....
...Analysts said the restructured company was likely to be a consolidation target for a large trade buyer or a private equity company....
...And under chair Lina Khan, the US Federal Trade Commission brought its first lawsuit targeted at serial acquisitions by private equity firms, targeting Welsh, Carson, Anderson & Stowe over its takeovers...
And private equity’s insurance trade
...By contrast, local rival Treasury Wine Estates trades on 16 times trailing ebitda. With Chinese tariffs expected to end in 2024, wine oversupply should diminish....
...As a trade-off, Carlyle is transferring more of its lucrative but episodic performance fees — carried interest — to its dealmakers....
...“It’s certainly up there in this modern activism era in terms of the best trades anyone has done.”...
...It debuted in a 2007 IPO priced at $31 a share and now trades at slightly more than $120. It has paid $33 a share in total dividends, all with virtually no leverage at the asset manager level....
...Even more specifically, it’s a online game set in a medieval-ish world in which you control a character who can do things like put on clothes, chop down trees, fight dragons, talk to other players, trade...
...“These reckless attacks by the Iran-backed Houthis have not only disrupted global trade and commerce, but also taken the lives of international seafarers simply doing their jobs,” said White House press...
...Global macro funds trade moves in bonds, currencies, commodities and equities on the back of economic trends. The performance figures punctuate a challenging year for macro hedge funds....
...During his speech in Athens in 2006, European Central Bank vice-president Lucas Papademos quoted Adam Smith’s warning against collusion: “People of the same trade seldom meet together even for merriment...
...An insurance broker suffers a midlife crisis and returns to his highly-specialised former career, where he plies his trade alongside his wife and children....
...The gains from Ackman’s recent trade are dwarfed by the $2.3bn he netted from another bond market short last year....
...Curiously, funds that trade in secondaries are having no trouble raising cash. So far this year, secondaries’ fundraising of nearly $47bn has beaten all of 2022....
...Some multi-strategy firms, which trade a range of strategies, also performed well — including Citadel....
...“So the LPs have more leverage today than they’ve often had.” Questions over questionnaires One of the things LPs are looking for is better disclosure on ESG performance....
...“They are much smaller credits, harder to trade and wrap your head around,” Dan Ko, a portfolio manager at Eagle Point Credit Management, said of middle-market CLOs....
...Most of the LTCM trades were attractive. Unfortunately for the LTCM investors and partners, our decisions on the size of the trades divorced us from their eventual profitability....
...But a bid from KKR would sidestep regulatory concerns that a trade sale could lead to monopsony and suppress author pay. KKR for its part would be getting a prized asset....
...Uncertainty around the order has curtailed American LP interest in China....
...If that happens then the volume [of trade] will start spiking.”...
...HSF shareholders will vote later this month on whether to persist with a fund that has tended to trade at a ~50 per cent discount to its published net asset value....
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