Fund finance: Harnessing NAV finance in new ways | White & Case LLP
https://www.whitecase.com/publications/insight/us-leveraged-finance-road-ahead/fund-finance-harnessing-nav-finance-new-ways
https://www.whitecase.com/publications/insight/us-leveraged-finance-road-ahead/fund-finance-harnessing-nav-finance-new-ways
Whitecase
Fund finance: Harnessing NAV finance in new ways
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2021 Annual US PE Breakdown | PitchBook
https://pitchbook.com/news/reports/2021-annual-us-pe-breakdown
https://pitchbook.com/news/reports/2021-annual-us-pe-breakdown
Pitchbook
2021 Annual US PE Breakdown | PitchBook
PitchBook's 2021 Annual US PE Breakdown recaps the most important trends and themes shaping US private equity throughout 2021, providing a forecast of key factors for dealmakers in 2022.
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J.P. Morgan's 2022 Predictions for 5 Alternative Investments
J.P. Morgan’s annual outlook scrutinizes private credit, private equity, hedge funds, real estate, infrastructure, transportation and timber.
By Michael S. Fischer | January 14, 2022
1. Hedge Funds
Strong alpha opportunities exist in 2022, with VIX unlikely to settle back to its pre-pandemic levels of 15 to 20 in the next 12 to 18 months. Inflation is both a headwind and a trading opportunity for managers. Biotechnology, sustainability and cybersecurity are some key secular themes implemented.
2. Real Assets
Investors’ enthusiasm about long-term investments in infrastructure, particularly renewable energy, has been bolstered by governments’ commitments to transitioning to a lower-carbon world.
Transportation-related investment is needed for research and development of new technologies and modification of assets, for design and construction of new assets, and for a new global infrastructure to support new types of fuel.
As pent-up U.S. housing demand and low interest rates spur demand, a timberland portfolio can act as a portfolio diversifier, generating income from wood products while potentially serving as an inflation hedge.
3. Private Credit
Medium-sized companies — both publicly traded and privately owned — make up a less crowded niche that many investors focused on lending prefer. Multifamily real estate debt remains popular, given the stability and potential for rent growth as an inflation hedge.
4. Private Equity
Expectation of superior private (vs. public) market returns is driving investor demand. Investors are also rebalancing back to target allocations, given high distribution volumes, and nontraditional and crossover investors have increased their participation, specifically in pre-IPO opportunities. Technological innovation and adoption is driving attractive valuations across venture capital and growth capital. Appealing opportunities exist in primary funds and co-investments in lower middle market buyouts.
5. Real Estate
This year, many asset owners will have the flexibility to raise rents at or above the inflation rate in real estate sectors characterized by moderate supply and robust fundamentals, while sectors with high vacancy rates and excess supply pipelines may see revenue fall below the inflation rate unless rents keep pace.
Although there is a growing acceptance that offices will remain at the center of our working lives, the pandemic has accelerated the sector's ongoing transformation. European office properties now afford the greatest potential mispricing opportunities.
J.P. Morgan’s annual outlook scrutinizes private credit, private equity, hedge funds, real estate, infrastructure, transportation and timber.
By Michael S. Fischer | January 14, 2022
1. Hedge Funds
Strong alpha opportunities exist in 2022, with VIX unlikely to settle back to its pre-pandemic levels of 15 to 20 in the next 12 to 18 months. Inflation is both a headwind and a trading opportunity for managers. Biotechnology, sustainability and cybersecurity are some key secular themes implemented.
2. Real Assets
Investors’ enthusiasm about long-term investments in infrastructure, particularly renewable energy, has been bolstered by governments’ commitments to transitioning to a lower-carbon world.
Transportation-related investment is needed for research and development of new technologies and modification of assets, for design and construction of new assets, and for a new global infrastructure to support new types of fuel.
As pent-up U.S. housing demand and low interest rates spur demand, a timberland portfolio can act as a portfolio diversifier, generating income from wood products while potentially serving as an inflation hedge.
3. Private Credit
Medium-sized companies — both publicly traded and privately owned — make up a less crowded niche that many investors focused on lending prefer. Multifamily real estate debt remains popular, given the stability and potential for rent growth as an inflation hedge.
4. Private Equity
Expectation of superior private (vs. public) market returns is driving investor demand. Investors are also rebalancing back to target allocations, given high distribution volumes, and nontraditional and crossover investors have increased their participation, specifically in pre-IPO opportunities. Technological innovation and adoption is driving attractive valuations across venture capital and growth capital. Appealing opportunities exist in primary funds and co-investments in lower middle market buyouts.
5. Real Estate
This year, many asset owners will have the flexibility to raise rents at or above the inflation rate in real estate sectors characterized by moderate supply and robust fundamentals, while sectors with high vacancy rates and excess supply pipelines may see revenue fall below the inflation rate unless rents keep pace.
Although there is a growing acceptance that offices will remain at the center of our working lives, the pandemic has accelerated the sector's ongoing transformation. European office properties now afford the greatest potential mispricing opportunities.
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