An uptick in deferred interest payments and covenant breaches could signal underlying health problems among private equity portfolios.
Listed alts giants have recently attempted to temper expectations when it comes to tapping US defined contribution capital – a prudent move that behoves an enormous responsibility.
Steep discounts to NAV and a slowdown in exits have likely contributed to a rash of secondaries processes involving listed PE trusts.
An explosion of hefty – and, in some cases, repeat – continuation fund processes underscores the increasing maturation of Europe’s secondaries landscape.
Though the healthcare sector’s headline deal values may look healthy enough, policy upheavals in the US and ongoing fundraising pain may be weakening its underlying condition.
LPs in drawdown funds are right to question how their exposure to investments will be affected by semi-liquid capital investing in the same deals.
Whether there are more or fewer emerging managers vis-Ã -vis consolidations will depend greatly on when sustainable levels of fundraising return.
The US administration’s One Big Beautiful Bill Act is causing a raft of headaches for PE managers and LPs.
A careful approach to selling and deploying semi-liquid products will help mitigate the most acute threats associated with raising ‘retail’ capital.
Exchange platforms must contend with a multitude of alternative liquidity paths for holders of private company stakes.