The Valt Journal #02
The Valt Journal #02
Featuring Asset-based finance by KKR, Castlelake, The Evolving Private Credit Opportunity Set by HPS, Family Office Report by BlackRock
Hi, Welcome to the new edition of The Valt Journal. In every issue, we cover the best and the latest insights into the global private markets. The Valt Journal is a repository of time sensitive and timeless research, delivered to your inbox every 2 weeks, so you don’t have to look anywhere else! Clicking the headlines is all it takes.
REPORTS AND RESEARCH
2023 Global Family Office Report
Blackrock
Read the latest report by Blackrock on how family offices approach a challenging environment and what are the opportunities that they see in alternatives.
The Evolving Private Credit Opportunity Set
HPS Partners
Latest insights in private credit and how investors see the market in the changing macroeconomic environment.
Post-Inflation realities for Institutional Investors
State Street
As financial markets begin to assess monetary policy cycles, the new narratives that have the potential to change financial markets are beginning to emerge. In this report, explore how institutional investors and sovereign wealth funds plan to navigate the current markets.
Asset-based Private Credit (Q2 2023)
Castlelake
Castlelake’s whitepaper is a quick guide to private credit and explores the benefits and opportunities of asset-based private credit.
Global macro and market review (May 2023)
LGT Capital Partners
The latest monthly report by LGT gives insights into public and private markets and how they have performed over time.
Asset-Based Finance: A Fast-Growing Frontier
KKR Private Credit
The outlook for private ABF is promising, with the market expected to grow from $5.2 trillion to $7.7 trillion by 2027. Higher inflation, the pullback of traditional lenders, and volatility in the banking system are likely to increase the need for private ABF, says the latest KKR report.
ARTICLES
Private Market Fundraising insights
Institutional Investor
The fundraising environment continues to deteriorate for managers of private capital funds. Secondaries are the only private market category in which fundraising activities have surged above their usual levels.
What Got Us Here Won’t Get Us There
Blackstone
In this piece, Blackstone explains how to tackle the market and the need for positive behavioral change to grow and achieve better results.
Allocating to Alternatives
Goldman Sachs
Market conditions presented severe headwinds to 60/40 portfolios in 2022, highlighting the potential benefits of less familiar return-enhancing asset classes like alternatives. Understand the role private markets play in a portfolio.
Negotiating power back for investors?
Institutional Investor
Investors are getting some negotiating power back. Limited partners in private equity funds expect the scales to tip a bit back into their favor amid challenging market conditions.
Gap Analysis: Private Junior Debt
KKR
KKR’s analysis suggests that the syndicated debt market is only open for issuers with relatively high ratings and very large equity cushions, creating an opportunity for junior debt.
Long live the 60/40 portfolio!
Charles Schwab
In spite of the ongoing global challenges, Charles Schwab’s empirical research suggests that bonds should continue to play a supporting role in well-balanced portfolios and the 60/40 portfolio is alive and well.
PODCASTS, VIDEOS AND WEBINARS
Inflation in the Rearview Mirror
Blackstone (Video)
Blackstone President Jon Gray discusses slowing inflation, the commercial real estate landscape and more in this latest video. (~3 min)
What Quantitative Tightening Means for Asset Allocation
Blackstone (Video)
Global Head of Blackstone Alternative Asset Management, discusses how Fed policy has changed the landscape for multi-asset investing on this video. (~2 min)
Private Equity investing amid market dislocation
Apollo Global Management
Listen to Co-Head of Private Equity Matt Nord, Apollo Global and Chief Economist Dr. Torsten Slok discuss the current private equity investment landscape and how capital markets dislocations have helped create an attractive entry point into the asset class. (~26 min)
Cutting Through the Economic Noise
Oaktree Capital
In this podcast, Oaktree Investment Risk Officer Wayne Dahl explains why economic statistics can tell conflicting stories and what this means for credit investors trying to make sense of today’s noisy data. (~35 min)
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