We conclude our special series on private market valuation myths with: Myth 3: Leveraged capital structures lead to conflicts of interest amongst private equity sponsors and lenders that can create negative outcomes and lower valuations… ▶︎ Read May 1 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln Proprietary Database) (Any “forward-looking” information […]
We began our special series by dispelling the notion that privates should mimic publics. This week we tackle: Myth 2: Private equity valuation processes lack objectivity and transparency, which inflates values compared to public counterparts… ▶︎ Read Apr 24 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln International) (Any “forward-looking” information may […]
In our special series last month on why private debt valuations should not be viewed through the same lens as those of public debt (“Glasses Half-Full”), we dug into the various characteristics of illiquid loans that make them particularly attractive in the current market… ▶︎ Read Apr 17 2023 newsletter: here ▶︎ Chart of the […]
Besides private credit, there’s growing volume in Singapore around private equity, real estate, and even venture capital. And investors there are researching specialty finance areas such as royalty financings, asset-backed, aviation, and legal settlement… ▶︎ Read Apr 10 2023 newsletter: here ▶︎ Chart of the Week: here (by IMF World Economic Outlook and IMF staff […]
In our second visit to Asia this month, we again found both variety and vitality of interest among managers and investors in private markets. Two stellar industry conferences in Singapore, the PDI’s APAC Forum and Asian Private Banker’s Alternatives in Focus… ▶︎ Read Apr 3 2023 newsletter: here ▶︎ Chart of the Week: here (by […]
In conversations with dozens of institutional investors over the past several months, consistent themes recur. First, there’s the sense of continually being bombarded by unexpected bad news rocking markets… ▶︎ Read Mar 27 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln Proprietary Database (Interest Coverage Ratio = Ebitda – Capex/Actual LTM Interest)) […]
As we continue our series examining the effects of interest rates and a potential recession on private credit, we now need to add bank failures. Economic and market indicators – Treasury spreads, the forward curve, asset prices, to name a few… ▶︎ Read Mar 20 2023 newsletter: here ▶︎ Chart of the Week: here (by […]
The collapse of Silicon Valley Bank and Signature Bank gave flashbacks to those of us who lived through the financial crisis. It also raised concerns about the underlying health of bank balance sheets overall… ▶︎ Read Mar 13 2023 newsletter: here ▶︎ Chart of the Week: here (by The Daily Shot) (Any “forward-looking” information may […]
Our friends at Lincoln International produce a superb report on private market insights from their valuations and opinions group. Derived from their database of hundreds of borrowers from portfolio valuations, it provides helpful guidance… ▶︎ Read Mar 6 2023 newsletter: here ▶︎ Chart of the Week: here (by Lincoln Proprietary Database) (Any “forward-looking” information may […]
This past week we visited our clients and friends in Tokyo. The last time we did, three months before Covid, Japan’s GDP had ended modestly down 0.2%. During 2020 it plunged 4.3%; about twice as sluggish as the US… ▶︎ Read Feb 27 2023 newsletter: here ▶︎ Chart of the Week: here (by The Daily […]