WINNER: Bain & Company
Global Private Equity Report 2016
In this 64-page report, the authors examine the state of the private equity industry over the last year, and their expectations for the next ten. The report covers a range of themes: fund-raising; LP demand and GP supply; new private equity strategies; the deal-making marketplace; the backdrop for exits; the outlook for private equity returns; and more.
Factor Investing and Risk Allocation: From Traditional to Alternative Risk Premia Harvesting by EDHEC-Risk Institute
This comprehensive 62-page paper by EDHEC-Risk Institute examines factor investing beyond traditional factors. It seeks to analyse what the best possible approach is for harvesting alternative long/short risk premia. There is a growing interest in factor investing among sophisticated institutional investors. The replication of hedge fund factor exposure appears to be a very attractive concept. However, such strategies achieve relatively low out-of-sample explanatory power, regardless of the set of factors and the methodologies used.
Private Debt: The opportunity for diversification with illiquid assets by TIAA
Amid market uncertainty and record-low interest rates, private debt - an emerging asset class - addresses institutional investors’ desire for yield and lower volatility. This 15-page paper by TIAA discusses the opportunity for illiquid asset diversification.
Institutional Investors in Hedge Funds Survey 2016 by J.P.Morgan
This 76-page paper is the 13th annual survey of institutional investors in hedge funds by JP Morgan. It continues to help investors gauge the state of the hedge fund industry - trends and investment behavior. The report includes analysis of investors' criteria for selecting hedge funds, and examines investors hedge fund portfolios in 2015, before exploring future hedge fund flows and anticipated trends.
Why you should not invest in infrastructure by Deutsche Bank
Financing infrastructure investments in the era of constrained public finances is a complex problem. Harnessing private capital, particularly from life insurers and pension funds, with the expectation of steady long-term cash flows, is the oft-proposed solution to this dilemma. This essay by Deutsche Bank subverts all of this by arguing that this solution is wrong on multiple fronts. It suggests, for instance, that the apparently attractive risk-return profile for the infrastructure asset class is over-stated, the inherent risks are misunderstood and the lack of mark-to-market valuations is problematic.
Global Alternatives Survey 2016 by Willis Towers Watson
This comprehensive 99-page document examines current trends in ten different alternative asset classes including hedge funds, private equity, infrastructure, real estate, illiquid credit and insurance-linked securities. The survey reveals how the preferences for alternative assets vary between different types of asset owner, and lists the top alternative asset managers within each category.
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