Random Ramblings
A bunch of thoughts with in particular order, for the 183 of you actually working today... *** The prospects for KKR portfolio company IPOs are not related to KKR’s inability to price its own IPO. Apples and oranges. A more legitimate question, however, is if a rush of PE-backed IPOs would be welcomed or viewed as too much too fast (the “glut” scenario)… *** Was on the phone last week with a fund-of-funds partner who is in a bunch of brand-name buyout funds. I asked about Q2 marks, and if portfolio valuations had jumped in line with the public markets. After all, mark-to-market should cut both ways. What he said, however, was that most of his GPs had only written their portfolios up modestly in the quarter. Five or six percent, compared to the DJIA increase of nearly 9 percent. Not sure if this reflects conservative accounting or was a byproduct of this LP’s particular portfolio…
