This episode is sponsored by Nuveen Infrastructure and NextEnergy Capital Clean energy is key to turning the world’s net-zero ambitions into a reality, an argument few would contest. So the IEA’s 2023 World Energy Investment report, which showed that clean energy investing rose at a faster rate than investment in fossil fuels in the period between 2021 and 2023, offers plenty of cause for optimism that the world is on the right path to tackling the climate crisis. But it’s not moving fast...

Post-global financial crisis, many institutional investors were forced sellers, offloading private markets exposure at hefty discounts. More than a decade on, these same institutional investors have become repeat sellers on the secondaries market, using the tool as a way to proactively manage their portfolios. How has LP sentiment toward the secondaries market changed, and what is the outlook for this mainstay of the sub-sector? In this sixth episode of the Decade of Secondaries Investing...

This episode is sponsored by the Credit Investments Group (CIG) Private credit has expanded exponentially in recent years, with most citing the contraction in syndicated markets as the cause of that growth. But now those markets are opening back up, and questions linger about how that will affect private credit. So what do continued inflation and elevated interest rates mean for today's managers? What does private credit look like now, and how will it adapt to a new macroeconomic landscape?...

The US Securities and Exchange Commission’s recently passed rules relating to the GP-led secondaries market have put these deals squarely on LPs’ radars. “[These rules] raise the visibility of GP-led transactions to LPs and they signal how important and risky those transactions might be,” Igor Rozenblit – managing partner and founder of governance, risk and regulatory services provider Iron Road Partners and the former private equity expert in the Division of Enforcement of the SEC – told...

This episode is sponsored by Ares Management, Dawson Partners and Proskauer Rose The North American secondaries market remains the deepest and most active area for secondaries trading of all the global regions. Around $114 billion-worth of alternatives exposure changed hands last year and North America accounted for around two-thirds of global secondaries trading. In this fourth episode of the Decade of Secondaries Investing miniseries, we sit down with Eddie Keith, a partner and head of...

Single-asset continuation funds have surged in popularity in recent years. While the technology isn't new, it took persistence from secondaries market advisers to show both private equity managers and buyers that vehicles associated with the moniker 'zombie funds' could be used to keep hold of star-performing assets. Last year, single-asset continuation fund vehicles took out the largest share of GP-led transactions, accounting for around 39 percent of the $48 billion of volume seen in this...

What's in a name? The process of moving an asset or assets from an existing private markets fund into a separate structure has been happening for some time now – some say as early as 2006 and possibly even prior to that. The so-called 'continuation fund' market was worth around $40 billion last year, according to advisory estimates. Yet, this market was not always seen as a positive and constructive tool with which fund sponsors could deliver liquidity, via an option, while retaining their...

This episode is sponsored by Blackstone Private credit has seen significant growth over the past year, with some of the largest asset managers increasing their allocations to the sector. It comes as volatile market conditions and geopolitical tensions have plagued most industries, revealing private debt as a more secure source of capital. So, how are firms looking to take advantage of this uptick in activity? And what areas will they be focusing on going forward? In this episode, we're joined...

On this episode, François Trausch, CEO and CIO of PIMCO Prime Real Estate, reflects on the behavior of the central banks, refinancing and the demands of decarbonization. Recorded at the PERE Europe conference as part of his keynote address, he speaks with PEI Group’s Jonathan Brasse about the outlook for the market.“I think learning to be a good investor is also learning to do nothing from time to time,” he said. “That doesn't mean [investors are] not busy… There's work to be done, and I...

A decade ago, in the aftermath of the global financial crisis, anxiety around unknowns was still rippling through financial markets, including within secondaries. Similarly, there was a great deal of concern around the Volcker Rule that came into effect in 2014, which essentially prohibited banks from investing in private equity with their own funds. In 2013, secondaries volume sat at around $28 billion. The following year, volume leapt to $42 billion. While regulation should not be...

In this episode, Brian Thies and Christopher Wolfe of Fitch Ratings speak with PERE Americas editor Miriam Hall about the outlook for multifamily real estate in the US and how banks may be exposed. Banks’ multifamily lending has grown 32 percent since the end of 2019, per a Fitch report last month, to hit $613 billion at the end of 2023. That is a complicating factor for some regional banks, especially those with significant exposure to rent-controlled assets or areas facing oversupply. “The...

Specialisation in the private equity industry has become part and parcel of its growth, with almost half of the roughly $785 billion raised for private equity strategies last year focused on non-buyout strategies. In this episode, senior editor Adam Le sits down with Richard Anthony, chief executive of investment bank Evercore’s private funds group, to hear his advice for GP clients wanting to launch so-called 'ancillary' strategies. For more, check out privatequityinternational.com.

Across the globe, EVs are seeing an uptick in both usership and government support. They stand to deeply reshape power grids, so the infrastructure supporting them has become top of mind for forward-thinking infrastructure investors. In this episode, we sit down with Benjamin Bygott-Webb, a managing director at EQT, and Gregory Remec, head of North American infrastructure at Fitch Ratings, to explore the investment opportunities – both direct and indirect – and how those investments may...

In this episode of Second Thoughts, our bi-monthly take on the biggest trends and developments in secondaries, Secondaries Investor's Madeleine Farman, Adam Le and Hannah Zhang cut through the headline figures in 2023's advisory reports to break down geographic trends and key themes in the market. Total deal volume sat somewhere in the region of $109 billion to $115 billion in 2023 with LP-led volume making up $56 billion to $66 billion. Farman, Le and Zhang delve into topics including APAC...

It's no secret that raising Asia-Pacific private equity funds has become extremely difficult, with regulatory uncertainty, geopolitical tensions and shifting risk appetites contributing to one of the region's toughest-ever fundraising environments. According to Private Equity International data, funds in the region raised $49.2 billion last year, down substantially from $77.6 billion in 2022 and less than half the $122.9 billion raised in 2021. Only 187 funds held a final close in 2023 –...

For more, be sure to also check out PERE's February cover story "Private real estate’s collision course with geopolitics." Geopolitical tensions topped the list of near-term downside risks for businesses in the latest global risk survey by economic forecasting firm Oxford Economics. It is also a risk of particular relevance for the private real estate industry, given how geopolitical conflict stands to have a detrimental effect on property returns on both a macro and micro level. In this...

Endowments and foundations are some of the most consistent investors in private equity, and they often have some the highest allocations to the asset class. But have the challenges private equity has faced over the last 12 months dented their appetite? What are some of these investors thinking when it comes to their private equity portfolios? In this episode of Spotlight, senior editor Adam Le sits down with Jill Shaw, a managing director at global consultancy Cambridge Associates, to find...

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have...

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have...

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have...

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have...

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have...

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have...

This episode is sponsored by Arcus Infrastructure Partners and Meridiam That the world is on the path to climate catastrophe, and that urgent action is needed to reverse it, is widely agreed upon. Yet, a sudden weakening of resolve at the political level has been evident in 2023, with some European governments delaying or diluting their previous climate policy commitments amid challenges like the cost-of-living crisis and geopolitical tensions. In the United States, ESG has even become part...

This episode is sponsored by Withum Artificial intelligence has become far more than just a buzzword in the realm of finance and accounting. In this episode of Spotlight, we explore the latest advancements and challenges that AI brings to the sector, as well as how fund managers and service providers are leveraging it to push boundaries while staying mindful of the risks. Joining us is Colleen Fay, a seasoned tax partner at Withum with over two decades of experience in accounting and a keen...