Dominic Hibbert

Highlights from Intermediate Capital Group (ICG) trading statement for the three months ended 30 June 2024: 📈 AUM of $101bn 🗓️ Strong quarter, with $4.7bn of new capital 🤝 Elevated transaction activity compared to Q1 FY24 🔭 Expectations remain unchanged from our FY24 results 🌿 Marking a decade of responsible investing at ICG with the publication of our latest Sustainability and People Report #PrivateMarkets #PrivateCapital #Alternatives Capital at risk. Past performance is not a reliable indicator of future results.

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Shaw and Partners is pleased to be appointed as a Joint Lead Manager to a capital raising by Bowen Coking Coal Ltd. The Company is raising approximately A$70 million comprising 2.66 for 1 pro rata renounceable entitlement offer with 1 free attaching new option for every 2 New Securities subscribed for to raise approximately A$70 million before costs (“Entitlement Offer”). The Entitlement Offer is partially underwritten by the Joint Lead Managers up to $40.5 million. New securities issued under the Offer will be issued at $0.009 per share. The Offer Price reflects a 25.0% discount to the last traded price on 13 September 2024 of A$0.012 and 8.3% discount to TERP of A$0.0098. Proceeds from the entitlement offer will provide Bowen with balance sheet flexibility to fund the Plumtree North mine development costs at the Company’s Burton Mine Complex, pre-payments, guarantees and general working capital. Bowen Coking Coal Limited has established a strategic position in Queensland’s Bowen Basin. The Company’s Burton Mine Complex (90% owned) near Moranbah encompasses multiple operations with the Ellensfield South, Plumtree North and Broadmeadow East Mines serving a co-located Coal Handling and Preparation Plant and train load out facility connected by a dedicated haul road. Additionally, Bowen fully owns the Bluff PCI Mine near Blackwater (in care and maintenance) and holds the Isaac River (100%), Hillalong (85%) Cooroorah (100%), Carborough (100%) and Comet Ridge (100%) coking coal projects and is a joint venture partner in Lilyvale (15% interest) and Mackenzie (5% interest) with Stanmore Resources Limited. The issuer of the securities is Bowen Coking Coal Limited. Offers of the securities will be made in (or accompanied by) a copy of the Prospectus, available at https://lnkd.in/gzavA3ek and you should consider the disclosure document carefully before deciding whether to acquire the securities. To acquire securities under the offer investors will need to complete an application process detailed in the disclosure document.

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Really enjoyed being on the panel at Private Equity Insights conference in London last week discussing best sectors for Private Equity going forward. PE investments are long term and it’s important for PE to invest in sectors with long term positive trends. Operational improvement is key for PE managers to deliver best returns and hence specialization is a key trend we can observe in the industry. In our selection of managers, Cubera Private Equity focuses on their sector expertise and ability to improve businesses.   #privateequity

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This month, I appeared on the FT Advisor podcast speaking with Simoney Kyriakou at the Financial Times about the growth of Independent Investment Management Initiative and what this means for the outlook for specialist asset managers. We touched on regulation, DE&I, innovation and the opportunities for the most entrepreneurial firms and the most active, active asset managers in our sector. What a pleasure, thank you Simoney Kyriakou. #boutiques #assetmanagement #growth

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The private capital landscape is seeing some exciting shifts, especially when it comes to giving fund managers more flexibility. Take the recent partnership between Investec and Ares Management—an approach designed to support fund managers with much-needed subscription line facilities in the UK, Europe, and beyond. This sort of collaboration shows how innovative finance can help meet the increasing demand for liquidity, particularly in the mid-market. For fund managers, having the right financial guidance can be invaluable. The structuring them in a way that aligns with growth ambitions and gives managers the confidence to act quickly when opportunities arise. That’s where strategic advisory comes in, helping to craft bespoke financial solutions that serve immediate needs while supporting long-term stability. It’s clear that as market demands evolve, so too must our financial solutions. With tailored advice, fund managers are better placed to secure sustainable growth in a way that makes sense for their strategy. https://lnkd.in/ek3TkgwR

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Over 240 firms added 450+ strategies to the Nasdaq eVestment platform in 1Q24 for visibility with consultants, intermediaries, and investors. The newly marketed strategies were added by firms domiciled across 30 unique countries spanning from Australia to Singapore to Switzerland, and 28% indicated integration of ESG considerations into their respective investment processes. From a geographic standpoint almost 200 were broadly diversified (i.e. had a global investment focus) in nature, however, in total the newly promoted strategies spanned over 30 different regions across #balanced, #equities, #fixedincome, #hedgefund and #realestate capabilities. Please see the link below for further details… (managers please do contact the Nasdaq eVestment team should you have questions regarding optimizing presence/visibility, opportunities, and relevant trends/insights of those areas where your firm has expertise!).

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Panel 2 of the Hedgeweek European Emerging Managers Summit is titled, 'Recruitment and retention: How founders can staff up their new businesses'. Will Wainewright, Head of Hedge Fund Research at Hedgeweek, Fahd Ahmed, CEO at Iguana Investments, Fabio D., Managing Partner at Stalwart Holdings and Declan McEvoy, CEO at Nazaré Point discuss the most efficient ways of hiring talent. Points include: Which functions are most important to have in-house – and where does outsourcing help? Retention: once you have attracted talent, how to keep them? Culture - how to build a strong foundation of belonging and drive success #HWEmergingManagers #hedgefunds #emergingmanagers

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I listened to Russ Robert’s Econtalk on this multiple times to bed down this idea which makes so much sense in examples but for which a simply definition proves so elusive. The example Luca gave to Russ that finally cemented it for me was playing Russian roulette with a 6-shooter... Whilst you might have a 1/6 chance of ‘winning’ on any given shot, if you introduce time as a factor - whereby you must play repeatedly - the chances of dying quickly become a racing certainty. Or just as instructively it reminds me of the old motor racing adage – ‘to finish first, first you must finish’. Just appreciating the impact of a blow-up is helpful, and anything to lower the chances of that is valuable. Whilst I’ve long since tried to think probabilistically when looking at potential investments, I’ve more recently started to add a ‘pre-mortem’ into an investment case – thinking about of likely ways a thesis might be fail and their chances, and also what could be lurking in the tails. Away from our LO Equity world, I do wonder how VC investors think about this – I recall hearing Marc Andreessen once saying that in their world investments going to zero was a feature not a bug, but missing the 100-bagger was the cardinal sin. 

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A different way to play the AI & semiconductor theme.

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It was great to see Portfolio Manager, Helen Mason and Kellie Wood, Head of #FixedIncome featured in the Financial Standard recently (https://okt.to/H7V5Sd). In the article, they discuss the forces at play in the Australian credit universe and the launch of the Schroder Australian High Yielding Credit Fund. If you would like to find out more about the Fund, please register for our upcoming webinar: https://okt.to/gdzGDm #Investing #Insights #Schroders #Credit

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In late 2022 and early 2023, a lack of secondary demand meant investors were taking steep discounts to get out of positions, with stakes selling for 80 cents on the dollar and sometimes less, according to industry sources. Now, PJT estimates sales of buyout fund stakes are priced between 93 per cent and 98 per cent of a fund’s reported value, up three percentage points from the beginning of the year. That figure includes deferrals, in which the seller does not receive cash for as long as 18 months, which can boost prices by up to four percentage points.

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📢 Schroders’ latest multi-asset investment views for September 2024 are out. The Multi-Asset Team continues to maintain a positive outlook on #equities, driven by robust underlying fundamentals. Read more: https://okt.to/xpePQy #MultiAsset #Equities #MarketViews

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Last month (Sep 2024), the Hollard BCI Conservative Growth fund reached R 1 billion in assets size, thanks to our clients and investors for their consistent support and alignment of expectations! Over the past decade, the fund has consistently delivered on it's multiple objectives, helping clients, retirement members, and financial advisers move closer to their goals. For key insights on how we manage this fund, please read our latest #CitywireSA article below 👇. #HollardInvestments #Hollard #IFAs #Investingstories #HollardUnitTrusts #Retirementsolutions

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The latest monthly report from Phenix Capital Group shows growth of more than 10% in both the number of infrastructure impact funds on its database and the amount of capital raised by them over the last year, writes Ian Lewis. #impactinvesting #infrastructure #realassets https://lnkd.in/ewzizs_U

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Great insights from my colleagues, Alisa Wood and Chris Harrington, on the key drivers behind private equity's long-term out performance relative to public markets. Plus, they share perspectives on the future -- give it a read here: https://go.kkr.com/3YIAjr1

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StepStone Group’s venture and growth evergreen fund made 10 secondary purchases in Q4 FY24. The fund’s top three investments included stakes in Lightspeed, Amaranth, and 137 Ventures funds, making up 67% of the quarter’s purchases. Bob Long #Secondaries #Secondary #SecondaryMarket #AlternativeInvestments #PrivateMarkets #RetailInvestors #Venture #VentureCapital #VC https://lnkd.in/eGT_H-Hi

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The popular VC Secondary Series interviews have been compiled into a free book available at the Point Capital website. Expanding the series to include PE Secondaries interviews. In this release, Joseph Marks, the Global Head of Secondaries at Capital Dynamics having started his career with Coller Capital, offers his knowledge and perspectives. Published on SecondaryLink. For a copy, DM with your email. “I think we are going to look back and see that this time period was still the early innings. I can see a stable state with these GP-led vehicles becoming a constant and reliable source of liquidity for private equity managers, helping to address the DPI challenges seen recently. We may see GP-leds essentially becoming the third leg of liquidity for GPs (alongside IPOs and M&A transactions), happening when it is needed most…although at a market clearing price.” https://lnkd.in/eZzPTVQe

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A must watch (or transcript read) for anyone interested in the role of #commodities in a #MultiAsset portfolio. Jeff Currie sets everything in a clear long term context. We’re heading into a rerun of the Revenge of the Old Economy from 2000 onwards. Underinvestment in capacity faces a multi year surge in demand driven by de-carbonisation, geopolitics and the sheer amount of physical stuff needed to build out #AI. In the meantime, fossil fuel prices will become more volatile as it’s impossible to phase out capacity at the right speed for the real economy. Energy price surges are a key mechanism behind this new era of #Spikeflation, making inflation hedges more critical. Both stocks and bonds suffer when inflation spikes, as we saw in the 1970s and again in 2022.

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