WINNER: Cambridge Associates
Co-investing (or making direct investments in portfolio companies alongside a financial sponsor and at the invitation of the GP) is gaining favour, and can theoretically provide institutional investors with lower fees and higher returns. This 29-page report from Cambridge Associates examines co-investing; the opportunities presented and the pitfalls to be avoided. The paper suggests that, although implementation must be undertaken carefully, co-investment returns do have the potential to improve upon private fund returns.
Private Equity Risk: New insights on the risks associated with a private equity fund portfolio by the British Venture Capital Association (BVCA)
The nature of risk within private equity differs from that of mainstream asset classes. In this 40-page report from the BVCA, in conjunction with Montana Capital Partners, the main components of private equity risk are explored.
Global Market Outlook 2016: Trends in real estate private equity by Ernst & Young
This 36-page paper by EY provides an overview of the increasingly complex environment in which real estate fund managers operate. The report examines the changing landscape for both primary and secondary investment, with helpful regulatory/compliance sections on AIFMD, BEPS and reporting requirements, and the US FIRPTA regulations.
Private Equity Investments - Financial Markets, Macroeconomic Trends and the Return of Leveraged Buyouts by Goldman Sachs
With fundraising in Europe recovering momentum, many participants anticipate a rise in private equity investment and buyouts. But to date, buyout activity has been relatively subdued, compared to the availability of credit and equity market performance. Why is this? In this 20-page report, the authors examine the relationships between value creation, buyout activity, investor confidence, equity valuation and credit availability.
This 36-page document from UN PRI is informed by interviews with 40 private equity firms worldwide. It looks at how ESG factors might be integrated within a GP organisation and how they might be incorporated into the investment process.
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