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Best of Friday Letters 2021In a year when there was no shortage of developments to dissect, here are five of our favourite editorial commentaries from the last 12 months.
Side Letter: PE retail overhaul?; Lenders get edgy; Secondaries forecastAn SEC subcommittee is recommending an overhaul of the rules governing, and limiting, retail participation in the private markets. Plus: Why fund finance lenders are getting edgy and a secondaries forecast from Greenhill. Here's today's brief, for our valued subscribers only.
Side Letter: PEI Media's acquisition; CVC's second chance; Novalpina's replacementPEI Media makes its latest acquisition to enhance its sustainability offering. Plus: CVC revives its interest in secondaries with the upcoming acquisition of Glendower Capital and LPs have lined up a potential replacement for Novalpina. Here's today's brief, for our valued subscribers only.
Side Letter: UK VC's unusual LP trade; secondaries GP flies solo; KIC's 25% alts goalA UK VC firm has arranged an unusual trade with its LPs before going public. Plus: Three execs from one of Japan's few secondaries teams are spinning out, and Korea's sovereign wealth fund wants a lot more alternatives. Here's today's brief, for our valued subscribers only.
Side Letter: Apollo's rebound; KKR's long-term relationships; Fund finance 'unknowns'Apollo has rebounded from its tough 2020 with a storming first quarter. Plus: KKR is pursuing long-term relationships and how fund finance lenders are reacting to recent alleged fraud. Here's today's brief, for our valued subscribers only.
LPs stand to lose from the alleged sub line fraudThe idea of having to foot a bill to the tune of millions of dollars to a loan secured by a fiction serves as a wakeup call to investors, lenders and GPs alike.
Side Letter: Aussie LPs lose sleep over alts; PE sub line fraud; PAI's latest raiseA performance test for Aussie supers has drawn criticism for the way it benchmarks unlisted assets. Plus: alleged fund finance fraud has lenders rethinking DD and PAI Partners closes its debut mid-market fund. Here's today's brief, for our valued subscribers only.
Subscription credit’s shifting landscapeEveryone in the subscription credit facility market is ‘busy’, but it is far from business as usual. Industry players wonder what the future of the sector looks like, and reveal critical changes that may suggest a new, if still evolving, normal for the market.
Side Letter: CVC's €22bn, five forces shaping fund finance, Exponent pref playWe are taking a close look at forces acting on the fund finance market today. The bad news is: your next credit facility will probably cost more than your last one. Here's today's brief, for our valued subscribers only.
Florida SBA’s secondaries sale boosted 2018 private equity returnsOffloading a $1.3bn portfolio to Ardian helped push the pension system to a since-inception DPI capital ratio of 1.0x.