The Valt Journal #08
What did you miss this summer?
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.
In this monthly round-up, we capture all relevant reports and research published in August – a lot to catch-up on. There have been some great reports and articles released during a month which we thought would be relatively ‘quiet’.
This issue has dedicated sections on private equity, private credit, real estate, infrastructure and final one on asset allocation which discusses what family offices and other LPs are thinking. Selection of reports📝, articles✏️, podcasts🎙and videos🎥. Lets dive in!
Disclaimer: It’s a long list so feel free to bookmark. We have also highlighted the items that we found the most compelling – watch out for the TVJ spotlights.
PRIVATE EQUITY
TVJ Spotlight 🔦
✏️ Where could $374 billion in dry powder go? Six themes to watch (McKinsey)
✏️ How Generative AI accelerates the vSaaS flywheel? (Permira)
✏️ Now is the time to buy private equity secondaries (Institutional Investor)
✏️ How imbalance in a niche private equity market may spur opportunity? (Northern Trust)
✏️ Private equity firms turning to sale-leasebacks to finance M&A (Angelo Gordon)
✏️ Where do you go for growth? (FS Investments)
✏️ Private equity deal volume down 36% yoy in July (S&P Global)
TVJ Spotlight 🔦
📝 Private equity investing: Improving operations to create value (Brookfield)
✏️ Private equity investments in tech services: Three considerations (McKinsey)
✏️ Bankruptcies among private equity portfolio companies on track for 13-year high (S&P Global)
✏️ How first-time fund managers can gain fundraising edge (Pitchbook)
✏️ Private equity firms’ return expectations remain high despite M&A slow down (Institutional Investor)
✏️ Innovation cycles continue to create compelling opportunities in venture capital (HarbourVest)
✏️ The state of PE and M&A in the paper and packaging industry (Bain)
✏️ Healthcare private equity midyear update (Bain)
📝 Pulse of Fintech H1 2023 Report (KPMG)
TVJ Spotlight 🔦
🎥 Private Markets: Q2 2023 Preliminary Valuation Summary & Analysis (Neuberger Berman)
PRIVATE CREDIT
✏️ There was one bright spot in private market fundraising (Institutional Investor)
✏️ Private credit: Rising above the storm clouds (Monroe Capital)
TVJ Spotlight 🔦
✏️ Private credit firms build cash hoards to gain share of $5.2 trillion consumer debt market (Bloomberg)
✏️ Private equity’s woes spur rise in NAV loans — and managers offering them (Institutional Investor)
✏️ Fund finance: a marriage of convenience for asset owners (Aberdeen)
✏️ What AI could mean for fixed income (Wellington Management)
✏️ Back to school with optimism in the air (Barings)
✏️ Family offices are patiently watching these asset classes for opportunities (Institutional Investor)
📝 Evergreen structures remain a work in progress (Barings)
TVJ Spotlight 🔦
📝 Global High Yield Whitepaper (Barings)
✏️ Why cash won’t cut it for long: The case for bonds (Wellington Management)
📝 Leveraged Credit High Yield, Investment Grade and European Credit Update (TCW)
📝 Performance and trends across securitized products (TCW)
TVJ Spotlight 🔦
✏️ How does falling inflation impact UK mortgage-backed securities? (M&G)
✏️ Defining sustainable investments in European leveraged finance and CLOs (M&G)
TVJ Spotlight 🔦
🎥 Unlocking Alternatives: Seeking opportunities in Specialty Finance (PIMCO)
🎥 The Case for Junior Capital - Part 1; Part 2; Part 3 and Part 4 (The Lead Left)
🎙 Asset-Based Lending: Take advantage of equity-like return potential (PIMCO)
INFRASTRUCTURE
✏️ Real Assets benefit from advancements in AI (Morgan Stanley)
TVJ Spotlight 🔦
✏️ Climate Finance needs a push - Asset owners can supply one (BCG)
✏️ Leveraging carbon markets for climate investing (Robeco)
📝 Impact of physical climate risks on infra portfolios (EDHEC Infra)
✏️ One part of the battery market is showing classic signs of a bubble (Man Institute)
🎙 Can Sustainable Finance fuel the energy transition? (Latham & Watkins)
🎙 The $100 trillion opportunity for energy investors (Schroders)
🎙 Infrastructure Debt: The growing attraction (Barings)
🎥 Unlocking the power of infrastructure assets (Blackrock)
REAL ESTATE
✏️ How UK real estate could offer potential value for investors (M&G Investments)
✏️ Global Real Estate Market Outlook Q3 2023 (Aberdeen)
TVJ Spotlight 🔦
📝 Private Real Estate Debt: A portfolio risk-return enhancer (PGIM)
✏️ Window opens for real estate debt funds as fundraising lags (S&P Global)
✏️ Commercial property values shrinking? No problem for big cities (Wellington Management)
📝 T(r)ough Times: Have European property yields peaked? (Barings)
📝 U.S. Real Estate: Fundamentals under pressure as values correct (Barings)
📝 Global Real Estate: One size doesn’t fit all (Morgan Stanley)
🎥 The opportunity in private real estate credit (Goldman Sachs)
🎙 Real estate in a time of uncertainty (Neuberger Berman)
ASSET ALLOCATION
TVJ Spotlight 🔦
✏️ What the SEC’s rule changes mean for private funds (Carta)
✏️ Private equity and private credit have a competitive edge during times of inflation (Hamilton Lane)
✏️ Nearly three-quarters of LPs plan to cut back on VC (Institutional Investor)
TVJ Spotlight 🔦
✏️ No time for extrapolation (Blackstone)
✏️ No take-off, no landing - a tale of two unprecedented shocks - Part 1 and Part 2 (Blackrock)
✏️ The return of volatility: Why 2023 is bringing renewed interest in hedge funds (Goldman Sachs)
TVJ Spotlight 🔦
✏️ Assessing private market manager stability (Goldman Sachs)
TVJ Spotlight 🔦
📝 Highlights from the Private Wealth Investment Playbook (KKR)
📝 Family Office Investment Report: Q2 2023 Capital flows & insights (Citi)
✏️ 2023 Global Investor Survey: Priorities in an uncertain market (BCG)
✏️ Private markets attractive in market drawdowns? (FS Investments)
✏️ Investor Confidence Index (State Street)
✏️ No Going Back: Private markets growth in the insurance industry (State Street)
✏️ Private Market Insights - August 2023 (UBS)
📝 Three key factors for businesses to succeed in any economy (Churchill AM)
🎥 Investing before the all-clear with Jon Gray (Blackstone)
🎥 Investing across the spectrum - Part 1; Part 2; Part 3 and Part 4 (PIMCO)
🎥 Priced for a soft landing with Joe Zidle and Byron Wien (Blackstone)
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