Best Alternatives Paper 2019
- 09 Dec 2019
Bain & Company wins "Best Alternatives Paper 2019"
Prior to the onset of the global financial crisis, many private equity firms were in the process of expanding into adjacent strategies like hedge funds, venture capital, and distressed debt. But those that strayed furthest from their core specialities during this expansionary period fared worse than others, especially when liquidity dried up and they were forced to retrench during the crisis years. One of the topics covered in Bain & Company’s winning paper is the forthcoming second wave of expansion by PE firms into adjacent strategies. Will they remain relatively close to the core the second time around by diversifying into long-hold funds, growth equity, or mid-market funds?
WINNER: BAIN & COMPANY
Global Private Equity Report 2019
At 82 pages, Bain & Company's Global Private Equity Report is a monumental annual document. Produced early in 2019, it contains insights on 2018 activity within the global private equity industry, including data on significant exits, fundraising, and returns. It also details trends forseen for the upcoming year such as advanced analytics, and specific strategies such as adjacency and buy-and-build.
Private Assets: The Tradeoff Between Liquidity and Performance (PGIM Institutional Advisory & Solutions)
Institutional investors sometimes struggle to find the optimal mix of public and private assets. Part of this struggle involves the illiquidity premium. Private assets typically have higher yields, yet investments are tied up for longer periods of time. How much liquidity can institutional investors afford to sacrifice in order to achieve the yields offered by private assets?
How hedge funds and investors continue to strike the right note in aligning their interests (AIMA)
The traditional '2 and 20' model for hedge fund fees is dead. Hurdle rates, tiered fee structures, and other creative arrangements are now much more commonplace. This AIMA paper provides updates on hedge fund fees and expenses, as well as the new approaches that hedge funds are taking in order to work together with investors.
The Keys to Private Equity Portfolio Assessment (Callan Institute)
Callan elaborates on how private equity portfolios should be evaluated - using the right metrics to make comparisons at the partnership level, the vintage-year level, and the portfolio level.
Private markets coming of age (McKinsey & Company)
This McKinsey & Company report looks at private market investments in 2018, including private equity, venture capital, and other fund vehicles. Private equity deal volume in 2018 finally surpassed the height of deal volume in 2007, yet dry powder is also at record levels. Further updates are provided on capital deployment, exits, and other aspects of the private equity industry.
Capital Formation: The Evolving Role of Public and Private Markets (CFA Institute)
Companies are staying private for longer and in some cases choosing never to go public. This paper by CFA Institute examines how public markets and public corporations have evolved over the years, as well as the regulatory pressures and shareholder concerns that burden the management of public firms. It also touches on the rise of intangible assets, the sheer amount of private capital presently available, and other factors that favor private markets.
Reducing the cost and complexity of supporting alternatives (SimCorp)
SimCorp discusses back-office solutions for the support of alternative asset allocations. Institutional investors such as insurers and pension funds may find operational efficiencies in the use of cross-asset platforms for portfolio management.
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