Browsing: Other Issues in Private Investments

Private Equity Liquid Alternatives
Management of Liquidity
Performance Measurement of Private Equity Funds

Other Issues in Private Investments

Funding a Covid ‘Long Shot’

Apr 2nd, 2020 | Filed under: Newly Added, Venture capital, CAIA Alternative Viewpoints, Other Issues in Private Investments, Structured Credit Products, Private Investments, Structured Products

Every venture exists to solve a problem. Since the dawn of the Covid-19 pandemic, pharmaceutical companies and investors have been scrambling to solve what has quickly become one of the biggest problems in modern history. But as the Financial Times observed earlier this month: “For most biotechs, success will beRead More


The Perils of Late-Cycle Investing

Feb 11th, 2020 | Filed under: Hedge Fund Industry Trends, Private Equity, Debt Types of Private Equity, Newly Added, Equity Types of Private Equity, Credit Derivatives, Other Issues in Private Investments, Alternative Investments in Context, The A.I. Industry, Structured Credit Products, Hedge Funds, Private Investments, Structured Products

It is widely believed that much of the world is now experiencing the late stages of a bull market. There will be a downturn because no tree grows to the sky. Forecasting the nature and severity of the coming downturn is tricky, but perhaps that is not the right question.Read More


Fossil Fuel: Divestment By the Numbers

Jan 16th, 2020 | Filed under: Private Equity, Social investing, Debt Types of Private Equity, Newly Added, Venture capital, Socially responsible investing, Equity Types of Private Equity, Alternative energy, Other Issues in Private Investments, The A.I. Industry, Private Investments, SRI and Clean Energy, Allocating to A.I., Finance & Economics, Other Topics in A.I.

Bill Gates, the founder of Microsoft and one of the world’s wealthiest humans, attracted a good deal of attention last fall by saying, “Divestment, to date, probably has reduced about zero tons of emissions.” He thereby put his finger on a key fault line amongst those who regard ESG investmentRead More


An Alternative View of Manager Selection Risk

Jan 16th, 2020 | Filed under: Performance, Analytics & Metrics, Newly Added, Institutional Investing, Risk management, Asset allocation, Benchmarking & Performance Attribution, Asset Allocation Models, Other Issues in Private Investments, Risk Metrics and Measurement, The A.I. Industry, Institutional Asset Management, Risk Management Strategies & Processes, Hedge Funds, Private Investments, Risk Management & Operations, Allocating to A.I.

By Aaron Filbeck, CFA, CAIA, CIPM & Hossein Kazemi, PhD, CFA, CAIA Association & CISDM This is a summary of the editor’s letter originally published in the Volume 8, Issue 4 of the Alternative Investment Analyst Review, a journal published by CAIA Association. The Problem with Studies Many studies onRead More


Hedge Fund Investors Respond to the Turning of the Business Cycle

Jan 13th, 2020 | Filed under: Hedge Fund Industry Trends, Private Equity, Hedge Fund Strategies, Investing in Commodities, Equity Hedge Funds, Debt Types of Private Equity, Newly Added, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Hedge Funds, Commodities, Private Investments

It is reasonable to expect that a diversified hedge fund portfolio will make more modest returns in 2020 than it did in 2019, according to Agecroft Partners, which has done its usual January crystal-ball gazing on the new year, looking for the top industry trends and how they may playRead More


Considering Investing in Qualified Opportunity Funds? Caveat Emptor

Dec 25th, 2019 | Filed under: Real Estate, Newly Added, Qualified Opportunity Zones, Other Issues in Private Investments, The A.I. Industry, Real Estate Equity Investments, Private Investments, Real Assets, Other Topics in A.I.

By David O’Brien, CFP, CAIA The Opportunity Zones Program, enacted as part of the Tax Cuts and Jobs Act of 2017, has great potential to create jobs and spur economic growth while creating a potentially powerful tax strategy for investors and asset managers. The Opportunity Zone Program is designed toRead More


Greenfields and Brownfields: Asian Investors Backing Infrastructure Investments

Dec 22nd, 2019 | Filed under: Infrastructure, Debt Types of Private Equity, Newly Added, Credit Derivatives, Other Issues in Private Investments, Operationally Intensive Real Assets, The A.I. Industry, Structured Credit Products, Private Investments, Real Assets, Structured Products

The Asian Infrastructure Investment Bank has taken a 30% stake in Bayfront Infrastructure Management. Clifford Capital, with the backing of the government of Singapore, has the other 70%. They have created Bayfront (with a combined capitalization of $180 million) to mobilize  a pool of infrastructure investors in the expectation thatRead More


Investment Management: Time for New Leaders and Exiting Comfort Zones

Dec 10th, 2019 | Filed under: Hedge Fund Industry Trends, Consultants, Private Equity, Industry Size & Managers, Newly Added, Institutional Investing, Socially responsible investing, Equity Types of Private Equity, Other Issues in Private Investments, Business News, The A.I. Industry, Institutional Asset Management, Hedge Funds, Private Investments, SRI and Clean Energy

Disruption is the trend of the moment in many industries and the investment world is no exception. Deloitte Insights has just posted an article that takes a comprehensive look at the investment world today, traditional and alternative. Its theme is that this world is in search of new leadership andRead More


Have Venture Capital Firms Created a Unicorn Bubble?

Nov 26th, 2019 | Filed under: Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Private Investments

A theory is making the rounds, as expressed for example in a Forbes piece last month by David Trainer, that the US economy in particular (perhaps the economy of other nation states as well) is in the throes of a “unicorn bubble,” comparable to the housing derivatives bubble of aRead More


Democratization Without Education

Nov 18th, 2019 | Filed under: Consultants, Retail Investing, Private Equity, Newly Added, Institutional Investing, Asset allocation, What about beta?, High-net-worth investors, Asset Allocation Models, Other Issues in Private Investments, Alternative Investments in Context, Endowments & Foundations, Institutional Asset Management, Family Offices, Private Investments, Allocating to A.I.

By Bill Kelly, CAIA Association CEO The American history buffs out there will know that we are just a few short weeks away from the 246th anniversary of the Boston Tea Party. Back in 1773, the British government was deep in debt and decided the very best course was toRead More


More ‘Greater Fools’ After WeWork

Nov 14th, 2019 | Filed under: Debt Types of Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, Other Issues in Private Investments, Business News, The A.I. Industry, Private Investments

The term “greater fool theory” refers to the many circumstances in which speculators buy a (potentially) productive asset, basing their buy decision not on the asset’s operational value, but on the notion that there is a “greater fool” out there who will pay even more. The term refers, then, toRead More


The Case Against REITs

Nov 9th, 2019 | Filed under: Real Estate, Liquid and Fixed Income Real Estate, Newly Added, Other Issues in Private Investments, The A.I. Industry, Real Estate Equity Investments, Real Assets

By Nicolas Rabener of FactorResearch (@FactorResearch) INTRODUCTION Surveys often reveal investor behaviour that is challenging to understand. For example, Preqin’s Alternative Investor Outlook for H2 2019 highlighted the following: 65% of institutional investors believe that real estate is overvalued and a correction likely to occur in 2019, 2020, or beyond.Read More


Investors Want Liquidity and They Want it Now

Nov 7th, 2019 | Filed under: Private Equity, Hedge Fund Strategies, Debt Types of Private Equity, Newly Added, Institutional Investing, Equity Types of Private Equity, The Global Economy & Currencies, Other Issues in Private Investments, Business News, Economics, The A.I. Industry, Institutional Asset Management, Hedge Funds, Macroeconomics, Private Investments, Allocating to A.I., Finance & Economics, Other Topics in A.I.

A recent publication from Fidelity Institutional Asset Management, while looking at the money markets in the US, emphasizes that investors are looking for liquidity. The report, written by Kerry Pope and Chris Lewis, each an institutional portfolio manager with FIAM, begins with a discussion of the Federal Reserve’s September rateRead More


A Harvard Education

Oct 28th, 2019 | Filed under: Newly Added, Academic Foundations, Institutional Investing, Asset allocation, What about beta?, Asset Allocation Models, Other Issues in Private Investments, Endowments & Foundations, Institutional Asset Management, Private Investments, Personalities in AI, Allocating to A.I.

By Bill Kelly, CEO, CAIA Association While Harvard the institution is legendary, much less is known about its founding other than by some who have taken those tedious Cambridge tours or the gifted alum who studied their way in through one of those 25 famous gates. Harvard College was foundedRead More


Improve Private Funds, Don’t Do Away with Them

Oct 22nd, 2019 | Filed under: Consultants, Private Equity, Debt Types of Private Equity, Newly Added, Institutional Investing, Equity Types of Private Equity, Other Issues in Private Investments, Endowments & Foundations, The A.I. Industry, Institutional Asset Management, Private Investments, Allocating to A.I.

By John L. Bowman, CFA This editorial first appeared on Sept. 18 in Crain’s Pensions & Investments online edition. It’s open season on private equity in the Democratic presidential debates. Senators Elizabeth Warren and Bernie Sanders and others have made attacking “Wall Street” a major plank in their campaign platforms.Read More


Bitcoin Derivatives Behaving Just Like Other Underlying Assets

Oct 15th, 2019 | Filed under: Derivatives, Newly Added, The Global Economy & Currencies, Digital currencies, Other Issues in Private Investments, The A.I. Industry, Risk Management Strategies & Processes, Frontier markets, Structured Products, Other Topics in A.I.

Bitcoin derivatives act a lot like the derivatives of other asset classes. Two scholars at the University of London recently looked at bitcoin’s “volatility smiles and skews” as found in the short and long dated maturity of options traded at the Deribit Exchange in 2019. Helyette Geman and Henry Price,Read More


Divestitures and Carve-outs in the Top Middle Market Deals

Oct 8th, 2019 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Private Investments

Private equity middle market deal-making did well in the first half of 2019, matching the pace of 2018, which was a record-setting year, according to a new report from Pitchbook. The authors credit the usual suspects with this continued vigor: lots of dry powder; low interest rates; and continued economicRead More


Valuation: A New Approach to an Old Financial Tool

Oct 7th, 2019 | Filed under: Equity Hedge Funds, Newly Added, Risk management, Event-Driven Hedge Funds, Other Issues in Private Investments, The A.I. Industry, Risk Management Strategies & Processes, Hedge Funds

Zane Swanson, an accounting professor at the University of Central Oklahoma, has been at work on a fascinating new approach to the valuation of firms and the valuation of their equity shares. This approach may be of great interest to risk arb hedge funds. Swanson is working with an establishedRead More


Washington, Don’t Bar the Door

Oct 3rd, 2019 | Filed under: Debt Types of Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Private Investments

PitchBook’s Adam Putz recently tackled the intensifying political scrutiny of Big Tech and the harm the scrutineers may do by trying to fix something that isn’t broken—the merger and acquisitions market for digital startups. The giants in the field (Facebook, Amazon, Apple, Google and its parent, Alphabet) are associated withRead More


Climate Change and Artificial Intelligence as Investment Mega-Trends

Sep 24th, 2019 | Filed under: Private Equity, Newly Added, Alpha Strategies, Venture capital, The Global Economy & Currencies, Technology, Artificial Intelligence, Other Issues in Private Investments, The A.I. Industry, Frontier markets, Emerging Alternative Investments, Private Investments, SRI and Clean Energy, Other Topics in A.I.

A report from CREATE in collaboration with BNY Mellon looks at two related megatrends in investing—climate change and artificial intelligence. It asks in each case: how is this trend perceived in terms of opportunities and risks? What are the specific investment issues involved or solutions likely to be adopted? AndRead More


‘Greenwashing:’ Why the Glass is Half Full

Sep 19th, 2019 | Filed under: Social investing, Newly Added, Socially responsible investing, Other Issues in Private Investments, Operationally Intensive Real Assets, The A.I. Industry, Emerging Alternative Investments, Private Investments, SRI and Clean Energy, Other Topics in A.I.

The term “greenwashing” is not a compliment. It isn’t supposed to be a good thing. Greenwashing means the re-spraying of old products and services so that they seem to comply with standards for socially responsible investment. Many investors want to put their money to work in ways that reflect theirRead More


Boone Pickens, A Trailblazer, Passes On

Sep 17th, 2019 | Filed under: Hedge Fund Strategies, Investing in Commodities, Newly Added, Socially responsible investing, Event-Driven Hedge Funds, oil, Alternative energy, Other Issues in Private Investments, Energy, The A.I. Industry, Hedge Funds, Commodities, SRI and Clean Energy, Other Topics in A.I.

T. Boone Pickens died quietly at home in Dallas, Texas on Sept. 11, 2019. In his long career Pickens did a good deal to give the current hedge fund industry, as well as the broader asset management industry and the energy commodities markets, their character, in a life that sometimesRead More


Can Sustainable Investing Sustain Itself in Japan?

Sep 15th, 2019 | Filed under: Social investing, Newly Added, Socially responsible investing, Alternative energy, Other Issues in Private Investments, The A.I. Industry, Emerging Alternative Investments, Private Investments, SRI and Clean Energy, Other Topics in A.I.

Advocates of sustainable investing in Japan are struggling, according to a new report co-authored by William Burchart and Jessica Ziegler of The Investment Integration Project (TIIP). Their research is based on a literature review and discussions with more than 50 industry experts. The paper was released Sept. 6 and isRead More


Back to the Near Future: 2019 Mergers & Acquisitions

Sep 5th, 2019 | Filed under: Private Equity, Hedge Fund Strategies, Debt Types of Private Equity, Newly Added, Event-Driven Hedge Funds, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Hedge Funds, Private Investments

Intralinks has put out its predictions for mergers and acquisitions activity through the remainder of this year. The Intralinks Deal Flow Predictor tracks early-stage deal activity to predict how many deals have reached public-announcement stage six months on. The latest issue of the SS&C Intralinks Deal Flow Predictor also includesRead More


Corporate Restructuring: United States vs. United Kingdom

Sep 2nd, 2019 | Filed under: Private Equity, Hedge Fund Strategies, Debt Types of Private Equity, Newly Added, Insolvency, Regulatory Environment, Event-Driven Hedge Funds, Other Issues in Private Investments, Business News, The A.I. Industry, Hedge Funds, Private Investments

David Stevenson, a US District Court Judge for the Northern District of Texas, has presented his analysis of the  differences between the law in the United Kingdom and the United States concerning “a debtor’s ability to approve a restructuring arrangement over the objection of creditors that disapprove.” This is moreRead More


Real Estate Investing: From Farmland to Berlin

Aug 18th, 2019 | Filed under: Real Estate, Agriculture, Liquid and Fixed Income Real Estate, Newly Added, Farmland, Natural Resources and Land, Other Issues in Private Investments, The A.I. Industry, Real Estate Equity Investments, Private Investments, Real Assets

A new study from Nuveen looks at how to assess properly the value of real estate and farmland. There are four key points: That a “doubleness” of vision is necessary. You need to take a macro view of the investment world and a micro view of the farms and otherRead More


Liquidity: Running for the Exits

Aug 15th, 2019 | Filed under: Newly Added, Risk management, Other Issues in Private Investments, The A.I. Industry, Risk Management Strategies & Processes, Hedge Funds, Risk Management & Operations

Liquidity vanishes when you need it most. That isn’t an especially original observation. It’s like saying that the exit doors are always jammed precisely when you need a quick exit quickly. Amin Rajan gives us a forceful statement of this point inspired by the “current travails at Woodford Asset Management.”Read More


Four Lessons from the Sale of Refinitiv

Aug 12th, 2019 | Filed under: Newly Added, Other Issues in Private Investments, The A.I. Industry, Structured Products

Less than a year ago, Thomson Reuters sold a majority interest in its financial and risk product portfolio, a critical part of that corporate domain, to a consortium led by Blackstone, in a deal that valued the assets, now renamed “Refinitiv,” at $20 billion. In April of this year, thatRead More


Quantum Computing Will Mess Up all Expectations

Jul 11th, 2019 | Filed under: Algorithmic and high-frequency trading, Newly Added, Technology, Other Issues in Private Investments, Business News, The A.I. Industry, Private Investments, Risk Management & Operations

There are reports that Google is preparing an announcement of “quantum supremacy” for later this year. If true, this is the biggest tech story since the transistor replaced vacuum tubes. It could be a disruptive development for just about every business with an IT department. Among much else, quantum supremacyRead More


Private Equity and the Law in India

Jul 9th, 2019 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Private Investments

A forthcoming article in the University of Pennsylvania Journal of International Law discusses the investor control rights typically negotiated in the private equity context in India. The article, by Arjya B. Majumdar, an associate professor at Jindal Global Law School, begins with the quantity of assets under management by theRead More


Oil & Gas: Where is the Capital Flowing?

Jul 7th, 2019 | Filed under: Private Equity, Commodities, Investing in Commodities, Newly Added, Equity Types of Private Equity, oil, Other Issues in Private Investments, The A.I. Industry, Commodities, Private Investments

The last two years have seen record low levels of mergers and acquisitions activity in the oil and gas sector in the United States. There are other signs of lassitude in the field: a record low volume of PE deals, (more of that in a moment), and only six initialRead More


The Dangers and Attractions of Infrastructure Investing

Jul 4th, 2019 | Filed under: Infrastructure, Newly Added, Institutional Investing, Natural Resources and Land, Other Issues in Private Investments, Operationally Intensive Real Assets, The A.I. Industry, Institutional Asset Management, Real Assets, Other Topics in A.I.

An arm of Brookfield Asset Management, Brookfield Infrastructure, announced that it is leading a group of investors to buy Genesee & Wyoming for a cash payment of $112 per share, a premium of nearly 40% over the pre-announcement stock price. This is a big infrastructure play. G&W is a freightRead More


Hedge Funds, Agency Capitalism, and Poison Pills

Jun 9th, 2019 | Filed under: Private Equity, Equity Hedge Funds, Newly Added, Event-Driven Hedge Funds, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Hedge Funds, Private Investments

A new paper in the Journal of Applied Corporate Finance looks at “agency capitalism” and its development in the United States during the past 15 to 20 years. The term “agency capitalism” refers in general to any system in which institutional investors dominate as shareholders of record for the votingRead More


Public to Private LBOs and Innovation

May 21st, 2019 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Regulatory Environment, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Private Investments

A new study considers the proposition that indebtedness can reduce innovation. It offers support for the view that indebtedness in a particular context reduces patent flow. But whether patent flow should be considered a good surrogate for innovation remains open to question. An argument that has long been aimed atRead More


The ‘Vortex of Volatility’ and the Merger Market  

May 16th, 2019 | Filed under: Private Equity, Equity Hedge Funds, Debt Types of Private Equity, Newly Added, Event-Driven Hedge Funds, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Hedge Funds, Private Investments

Intralinks, the provider of inter-enterprise collaboration products that is perhaps best known for its Deal Flow Predictor, recently interviewed Paul Aversano, a managing director at the consultancy Alvarez & Marsal. Aversano leads A&M’s private equity services practice, and he is the global practice leader of the transaction advisory group. HeRead More


Canada’s Venture Capitalists: A Gender Gap

May 13th, 2019 | Filed under: Newly Added, Venture capital, Other Issues in Private Investments, The A.I. Industry, Private Investments

Female Funders, a program within the venture capital company Highline BETA, with offices in both Canada and the United States, has produced a new Women in Venture report, which works with data gathered from more than 300 VC firms and corporate venture arms in both countries “to try to paintRead More


‘There You Go Again’

May 6th, 2019 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Equity Types of Private Equity, What about beta?, Other Issues in Private Investments, Alternative Investments in Context, Hedge Funds, Private Investments

By Bill Kelly, CEO, CAIA Association This now famous line was uttered by then citizen Ronald Reagan almost 40 years ago in a presidential debate with the incumbent Jimmy Carter. It was a simple and clever turn of a phrase acting as a counter-punch to Carter’s excoriation of Reagan’s priorRead More


State of the European Union: Alternative Lending

Apr 25th, 2019 | Filed under: Debt Types of Private Equity, Newly Added, Other Issues in Private Investments, The A.I. Industry, Hedge Funds, Private Investments

The state of alternative lending and pertinent regulation within the European Union is the topic of a new white paper co-authored by Allen & Overy, the multinational law firm, and the Alternative Credit Council (an affiliate of AIMA). The paper begins with the observation that over the last four yearsRead More


The Illiquidity Premium and the Market for Private Assets

Apr 14th, 2019 | Filed under: Real Estate, Private Equity, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, Other Issues in Private Investments, Operationally Intensive Real Assets, The A.I. Industry, Real Estate Equity Investments, Private Investments, Real Assets, Finance & Economics

The illiquidity premium is one of the most frequently discussed and hotly disputed subjects in financial economics. Speaking broadly, an investment is not a checking account. One generally cannot just “get the cash back” at a moment’s notice, by visiting some equivalent of an ATM. How long will it takeRead More


Dry, Drier, Driest 

Mar 11th, 2019 | Filed under: Newly Added, What about beta?, Other Issues in Private Investments, Private Investments

By Bill Kelly, CEO, CAIA Association When it comes to dryness there are degrees of gradation, especially when it comes to the most discriminating tastes amongst us. Whether we are talking martinis, snow, or our skin, dry doesn’t always mean dry. We slake, salve, or schuss our way through, alwaysRead More


Steps to Attain Sustainable Development Goals

Feb 19th, 2019 | Filed under: Social investing, Newly Added, Institutional Investing, Socially responsible investing, Other Issues in Private Investments, Climate change, The A.I. Industry, Institutional Asset Management, Private Investments, SRI and Clean Energy

Amber Fairbanks, a portfolio manager at Mirova, a division of Natixis, recently talked to Clarice Avery, a Natixis investment strategist on Asset TV about potential long-term investment opportunity in the ESG space. She described ESG as a way in which investors can benefit from long-term secular trends rather than tryingRead More


Top 5 Alpha Stories of 2018

Dec 30th, 2018 | Filed under: Private Equity, Hedge Fund Strategies, Newly Added, Regulatory Environment, Event-Driven Hedge Funds, Equity Types of Private Equity, The Global Economy & Currencies, Digital currencies, Other Issues in Private Investments, The A.I. Industry, Hedge Funds, Emerging Alternative Investments, Private Investments

Five stories stand out as the dominant stories for and about pursuers of alpha in the year just passed. There is nothing arbitrary about the list below. We admit, though, that the order in which we present them is arbitrary: that is, it is not a ranking, and it isRead More


Agtech: Comfort Zones and Value Chains

Dec 11th, 2018 | Filed under: Real Estate, Agriculture, Investing in Commodities, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Venture capital, Farmland, Equity Types of Private Equity, Natural Resources and Land, Other Issues in Private Investments, The A.I. Industry, Real Estate Equity Investments, Commodities, Private Investments, Real Assets

An agtech-focused venture firm has issued a report about global VC activity across agtech and its subsectors. The firm, Finistere Ventures, which describes itself as in the business of helping “ambitious founders transform food and agriculture,” collaborated with Pitchbook in preparing the review. Finistere looks specifically at: (a) macro trends,Read More


Jeff Diehl: The View from SuperReturn Japan 2018, Part II

Dec 6th, 2018 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, Other Issues in Private Investments, Alternative Investments in Context, The A.I. Industry, Private Investments

On Dec. 6, in Tokyo, Japan, the SuperReturn Japan 2018 event concluded. CAIA was a sponsor of this event, which was billed as “the world’s gateway to Japanese private equity and venture capital.” This is the second part and conclusion of our interview with Jeff Diehl, managing director at AdamsRead More


Jeff Diehl: The View from SuperReturn Japan, Part I

Dec 4th, 2018 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, The Global Economy & Currencies, Other Issues in Private Investments, Economics, The A.I. Industry, Frontier markets, Macroeconomics, Private Investments, Finance & Economics

On Wednesday, December 5, in Tokyo, Japan, the SuperReturn Japan 2018 event convenes. CAIA is a sponsor of this event. Jeff Diehl, managing partner at Adams Street Partners, a multi-national investment manager with more than $35 billion in assets under management, is attending. He will participate in a panel WednesdayRead More


Digitization of alternative investments: the rise of technology

Nov 20th, 2018 | Filed under: Private Equity, Newly Added, Venture capital, Technology, Operations, Other Issues in Private Investments, The A.I. Industry, Hedge Funds, Private Investments, Risk Management & Operations

KPMG, the auditing giant based in the Netherlands, has put out a white paper on the “digitization mandate” in the alternative investment space.  It maintains that fund managers who “dawdle” in digitizing their business are acting foolishly, falling behind the expectations of their actual and potential investors. Consider fees. PreqinRead More


Cracking the Illiquidity Code

Sep 26th, 2018 | Filed under: Performance, Analytics & Metrics, Private Equity, Newly Added, Benchmarking & Performance Attribution, Equity Types of Private Equity, Other Issues in Private Investments, Risk Metrics and Measurement, The A.I. Industry, Private Investments

By Tom Keck, Partner & Head of Research; Lisa Larsson, Vice President, Research Researchers at StepStone Group, a global private markets firm, recently released a white paper that puts the illiquidity of private equity into perspective. A fund’s life they reckon is too coarse a measure; the picture comes into focusRead More


Intralinks/Global Fund Media Survey of LPs Shows Satisfaction

Sep 25th, 2018 | Filed under: Real Estate, Private Equity, Debt Types of Private Equity, Liquid and Fixed Income Real Estate, Newly Added, Institutional Investing, Equity Types of Private Equity, High-net-worth investors, Other Issues in Private Investments, Endowments & Foundations, The A.I. Industry, Institutional Asset Management, Real Estate Equity Investments, Family Offices, Hedge Funds, Private Investments, Real Assets, Allocating to A.I.

Intralinks has once again collaborated with Global Fund Media in a survey of limited partners on their satisfaction with recent results and on how they see global investment opportunities near-term. As to satisfaction: 18% of LPs say that their results from alternative investments have been better than they expected. ARead More


Pitchbook 2018 Report: Where are the unicorns?

Sep 4th, 2018 | Filed under: Private Equity, Industry Size & Managers, Debt Types of Private Equity, Newly Added, Venture capital, Angel investing, Other Issues in Private Investments, The A.I. Industry, Private Investments

PitchBook has posted its 2018 VC Unicorn Report. The introduction explains the meaning of the term. (It has only been in use in its financial sense since 2013, so explanations may still be deemed necessary.) “Unicorn” refers to an entity upon which the private investment markets have bestowed a valuationRead More


HBS looks at 40 years of private equity performance

Sep 3rd, 2018 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Venture capital, Equity Types of Private Equity, Other Issues in Private Investments, The A.I. Industry, Private Investments

In a new study by Harvard Business School scholars looks into the performance of LPs invested with private equity over four decades. In the paper, Investing Outside the Box, the scholars found that it is generally better to invest inside the box. Specifically, they found that the performance of alternativeRead More