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Institutional investors in Private Equity

By Institutional Investors, (November 06, 2020) From 10% in 2008 to 22% in 2020, public pension funds and sovereign wealth funds have increased their investment in private equity, a steady growth over the last 12 years demonstrating quite significantly their newly found appetite for risk. Undeniably, this newfound partners for the sector holds significant weight, with globally $27 trillion of asset under management and who have become in the past few years one of the largest private equity investors. An important new place held that can be corroborated by almost all the reports and statistics published on this website. In […]

The impact of COVID-19 on US Venture Capital.

From the PitchBook article : “How will COVID-19 impact US venture” PitchBook has just published the first note on the impact of COVID-19 on the US VC market. Key takeaways: 1/During the last recession, angel & seed activity actually increased as interest in the stage began to boom during a period of prolonged growth. 2/ It’s become a common belief that companies formed during a recession end up being some of the most successful. 3/“How is the pullback in public markets going to affect allocations and commitment pacing to private markets?” For allocators to private funds, sell-offs in public equities […]

What will this “new world” be made of ?

Regardless of the depressing news on the Covid 19 and the difficulties of confinement, our thinking inevitably turns to tomorrow, whether it is at the end of April or June, the question, that we will be asking is: what will this “new world” be made of, how will I practice my profession, what is going to change. But before projecting ourselves forward, a few thoughts inspired by the traditional Bain Global Private Equity Report 2020 A comment in passing, it is no longer so global as that, out of the 10 lessons I have pointed out, 7 are related exclusively […]

The challenges facing PE for the next fifteen years

Relying on multiple effect and leverage is no longer enough to generate profit. European private equity must not only adapt to the challenges of digitalization and new technologies, but also to the ageing of the European population and comparatively lower growth economies. Increasingly investors look towards Asia as the macroeconomic center of gravity shifts East. Without being able to read from a crystal ball, we can say the coming decade holds a lot of promise for Private Equity: We are finally recognized as a profitable asset class (perhaps the MOST profitable) in a downpour of liquidity continuing to rain down […]

Private Equity, a contested success.

Gilles MOUGENOT – January 2020 There was a saying in ancient Rome: “It is not far from the Capitoline Hill (where consuls took their oaths) to the Tarpeian Rock (from which criminals were thrown to their death) Is this not a most appropriate expression to apply to the situation of Private Equity? It is generally used to mean that after honours, the downfall can come quickly.  Private Equity (PE), which is regularly the subject of fundamental criticism that can largely be attributed to anti-capitalism, is today exposed to threats that come from the system itself, even as falling interest rates […]

Calpers wants to increase its investments by 20 billion dollars in Private Equity: good news ?

Gilles MOUGENOT – March 2019 Calpers wants to increase its investments by 20 Billion dollars in Private Equity: good news? The California Public Employees’ Retirement System, (CalPERS), one of the largest pension funds in the United States and in the world. The fund that has already 354 billion dollars of assets under management in 2018 has just announced its intention of increasing its exposure to Private Equity by 20 billion dollars. This announcement did not remain without causing a certain number of comments whose overall tonality was overall positive. Marcie Frost, her CEO, stated in June 2018 that the PE […]