Private markets roundup: bfinance sees increase in Q1 manager searches

first_imgRecent research conducted by investment consultancy bfinance shows that rather than a slowdown in manager search activity, the first quarter of the year brought a rise in new mandates launched by the firm’s clients.This was particularly true in private markets, which represented 52% of all searches initiated in the quarter.The data is from a recently completed quarterly report assessing how different diversifying strategies have performed in Q1 2020, alongside equity, fixed income and private markets.Most equity searches in 2019 had a quality or defensive undertone and these styles were strongly rewarded in Q1: a composite of quality-focused active equity managers outperformed the MSCI World by almost 8% and also beat quality-tilted indices, the research showed. Private markets – which include private equity, real estate, infrastructure, private credit and others, accoding to bfinance – represented 43% of all searches initiated in the 12 months to 31 March 2020, and a record 52% of those initiated in Q1.“Indeed, Q1 has not only seen a surge in private markets activity but a surge in search activity overall,” bfinance said. The quarter saw 32% of the year’s new mandates, and the number of searches was up 17% against Q1 2019.“This activity falls into two main categories: investors proceeding with their previous plans across all asset classes despite the COVID-19 turmoil and investors seeking to position themselves appropriately for a new environment, although the latter is still at a very early stage and we have not yet seen activity based on terminations,” the firm said.It added: “Private markets strategies are a logical beneficiary of current conditions, given the historically outstanding results of post-crisis vintages and the lower sensitivity to market timing: the date of the commitment does not determine the date of entry, since – depending on the strategy – it can take months or years for money to be deployed.”Investors await valuation “capitulation” in private markets, with the buyer-seller expectation mismatch likely to take a further one or two quarters to resolve, bfinance disclosed.The study has found that it was a ”rough quarter for investment grade credit managers who struggled to beat their benchmarks due to high credit risk exposure”. Only 32% of European active managers beat the benchmark in March, as did 40% of US active managers.High yield bond managers, on the other hand, benefited from being conservatively positioned relative to their benchmarks, the consultancy found.The research also showed that multi asset strategies continue to dominate new mandates in the liquid alternatives sector, in part due to the trend towards “outcome-oriented” or “sector-agnostic” manager searches.Certain sectors within multi asset showed impressive resilience in Q1, with the global absolute return strategy (GARS) cohort down just 2.1%.Setter Capital survey shows managers expect a 18.5% decrease in fundraisingAdvisory firm Setter Capital has produced a special report that shows that fund managers expect fundraising in 2020 to decrease by 18.5% from the record level raised in 2019.Debt-related fund managers were the most optimistic, as they expect fundraising to increase by 5%, while venture managers felt it would decrease by 29.1%.The firm’s report summarizes the results of a 12-question survey completed by global managers of alternative investment funds conducted in mid-April 2020.“Given the recent market turbulence, we wanted to ascertain the likely effects the coronavirus pandemic will have on private market fund investors and managers,” the firm stated.Setter Capital asked general partners (GPs) the same questions that GPs, limited partners (LPs), and secondary buyers and sellers have asked the advisory firm directly relating to fundraising and capital calls under the current volatile climate.The firm received responses from 72 fund managers, who agreed to share their confidential views.According to the research, 94% of respondents thought “we are heading into a recession”, while only 1% were unsure and 4% thought a recession would be avoided.Results also showed that 69% of respondents expected public markets would retest March lows, sometime in the next six months, and respondents predicted that the public markets at the end of 2020, would be down 12.6% from the start of the year.Respondents on average felt capital calls would not change much in the coming nine months, as they estimated a 0.7% decrease versus the prior nine months.Debt-related fund managers were the exception, as they expected capital calls to increase by 20% on average, the study revealed.Over the next nine months, 35% of all capital calls would expected to be used to support existing portfolio holdings and the balance to make new investments, it showed.While this is the average across all strategies, venture capital (VC) fund managers expected 48.9% of capital calls would be used to support existing holdings, while buyout funds expected that figure to be 28.7%.The study also showed that respondents expect distributions to fall 34.3% over the three quarters, as compared to the preceding nine months.VC fund managers were most bearish, as they estimated distributions would drop by 43.5%, while debt-related fund managers felt they would only drop by 22.5%.Setter Capital also found that fund managers, across the board, expected an increased need to tap the secondary market over the next nine months, as an alternate source of financing and liquidity.To read the digital edition of IPE’s latest magazine click here.last_img read more

Lions Club and Hands Across the Seas Assist in Literacy Efforts

first_imgLocalNews Lions Club and Hands Across the Seas Assist in Literacy Efforts by: – December 1, 2011 Tweet Share Share Lion Glenda Joseph handing over supplies to Mrs Celia Nicholas, Principal of the Dominica Community High SchoolTwenty-six (26) schools and organizations were better equipped to improve the literacy efforts in Dominica through donations of schools supplies and reading material by Hands Across the Seas through the Dominica Lions Club.A number of preschools and secondary schools including CALLS, DYBT and education officials, among others, received supplies ranging from musical instruments, electrical supplies, photocopier, educational materials and books in what has become an annual partnership between the Lions Club and Hands Across the Seas, a charitable organization led by Harriett and TL Linskey of the US.The Lions Club and the various Peace Corps Volunteers on the island identify the school, which provide wish lists of items required to assist in the every day delivery of lessons to students of those institutions.These lists are prepared and presented at least six (6) months in advance to give the donors ample time to source the materials from business, organizations and individuals in the US through their site: www.handsacrossthesea.net/HandsWishLists.htm Dominica Lions Club members with the recipient of the school suppliesThe Lions Club would like to commend the efforts of Hands Across the Seas and their donors for the efforts which they put towards ensuring that all possible is done in assisting the literacy efforts on islands and to the schools for taking up the challenge and partnering with the Lions, Peace Corps Volunteers and Hands Across the Seas. The schools, on their part, were enthusiastic about receiving their supplies and assured the partners that all efforts would be made and to put them to best use.Press ReleaseDominica Lions Clubcenter_img Share 926 Views   no discussions Sharing is caring!last_img read more

PH to assert sovereignty in disputed sea, says new Navy chief

first_img“That we will continue to replenish androtate our personnel in the West Philippine Sea and at all time, we will showthe flag in the West Philippine Sea,” he added. “We will continue to establish the Navypresence in the West Philippine Sea and maintain the occupied features of theWest Philippine Sea,” Bacordo said. In an interview with the media after theNavy’s change of command ceremony on late Monday, Bacordo said that PresidentRodrigo Duterte has ordered him to “take good care of this country.” The Ilonggo Navy chief added thatPresident Duterte’s order includes protecting the Philippines’ territorialrights in the West Philippine Sea. “We shall be a modern, multi-capablenaval force responsive to our maritime nation’s defense and development,”Bacordo said. Bacordo is the 38th Flag Officer inCommand of the Navy. He belongs to the Philippine Military Academy “Hinirang”Class of 1987./PN NEW NAVY CHIEF. Philippine Fleet commander Rear Admiral Giovanni Carlo Bacordo will take over the Philippine Navy as its Flag Officer-in-Command on February 3, 2020. Photo from the Philippine Fleet Aside from protecting the nation’sinterest in the contested sea, Bacordo also promised to continue themodernization efforts of the Philippine Navy. MANILA – The Philippines will stronglyassert its sovereignty over the contested West Philippine Sea, newly-designatedPhilippine Navy chief Rear Admiral Giovanni Carlo Bacordo said.last_img read more

Bahamian Minister calls for more regional cooperation

first_imgBahamian Minister of Financial Services, Trade and Industry and Immigration, The Honorable Brent Symonette called for more regional cooperation on trade at the final leg of JAMPRO’s Caribbean Market Mission in The Bahamas, which ended on June 30, 2017. Thirteen Jamaican companies promoted their products for export to The Bahamas on one of JAMPRO’s largest trade missions, which covered 3 key markets in the Caribbean region.Minister Symonette said The Bahamas was the perfect market to partner with Jamaica on trade, as the islands are home to one of the largest group of Jamaicans, over 10,000 persons, in the Diaspora. The new Minister stated it was critical for Caribbean countries to partner on trade to strengthen regional economies. He remarked, “It is only through developing trade in the region that we can grow the region as Caribbean nationals….we have to work together for the benefit of nationals throughout the region.” He also praised JAMPRO for the sophistication of the Caribbean Market Mission initiative and said he looked forward to positive outcomes from the visit to The Bahamas.last_img read more

Clash at Daytona 2019: Odds, prediction, sleepers, drivers to watch

first_imgAustin Dillon has been quietly solid at The Clash with fifth- and 12th-place finishes in his career there, and he is 30/1 to win the thing so he might be worth taking a chance on — emphasis on might.Denny Hamlin didn’t get his win last season, but he could easily start this one with a victory as he is tied with Harvick as the active leader in career wins with three. NASCAR’s season is so close to beginning and a select few drivers will get a chance to take home one title before the season even starts at the Advance Auto Parts Clash on Sunday at Daytona International Speedway.Any driver who won a pole will make their way to Daytona this weekend for the race and the usual suspects are all there. Denny Hamlin and Kevin Harvick, who are the active leaders with three wins at The Clash, are on the card as well as Joey Logano, who won the race in 2016. Brad Keselowski is also on the lineup and was the 2018 winner. MORE: Live stream Clash at Daytona on fuboTV (7-day free trial)There are some new drivers on the course too. Aric Almirola, who won at a similar track at Talladega last year, is racing and of course, Kyle and Kurt Busch are there as well.It’s hard to predict a 75-lap race such as this, one that doesn’t factor into the Cup Series race at all, but if last year is any indicator, this event may be a bit easier to predict than some might think.Taking that into account, we are picking Kevin Harvick to pick up right where he left off last season with his fourth career victory at The Clash and Joey Logano, who will defend his Cup championship this year, could be right on his heels.The Advance Auto Parts Clash at Daytona can be seen Sunday at 3 p.m. ET on FS1.What are the betting odds for The Clash?Kevin Harvick 7/1Brad Keselowski 7/1Joey Logano 7/1Aric Almirola 10/1Clint Bowyer 10/1Chase Elliott 10/1Denny Hamlin 10/1Ryan Blaney 12/1Kyle Busch 12/1Daniel Suarez 16/1Kurt Busch 16/1Martin Truex Jr. 20/1Alex Bowman 20/1Erik Jones 25/1Jimmie Johnson 25/1Kyle Larson 30/1Paul Menard 30/1Jamie McMurray 30/1Austin Dillon 30/1Ryan Newman 30/1Which NASCAR drivers should you watch at the Clash?Kyle Busch is always competitive no matter what track he is on and he has two top-10 finishes in his last two trips there, including a runner-up at The Clash two years ago.Ryan Blaney hasn’t had a ton of opportunities at The Clash, but he finished fourth there a year ago, and he loves wide-open racing.last_img read more