Grant Nachman

The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://lnkd.in/eusPKPYK #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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Executive Pay is seeing changes due to the "anti-woke" backlash against ESG. The following Bloomberg article cites data analysis by Farient Advisors LLC. Bloomberg spoke with our ESG Leader Brian Bueno to get his take on what might really be happening. Brian says, "Companies and boards are especially trying to be careful when they're setting these goals. It's possible we could see movement away from diversity or movement towards broader measures of human capital or workforce-related measures." https://lnkd.in/gbFsgUzM #execcomp #corpgov #ESG

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The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://bit.ly/45clwYu #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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Highlights from some recent Fountain Gate Advisors “summer reading” (and listening) touching on the interplay of credit spreads and rate cuts: Pitchbook - Q2 2024 US PE Breakdown (7/13/24) Report packed with a ton of data, but particularly love the editor’s headline “The Fed may be on hold, but PE got its rate cuts in H1”, referring to the loan spread compression phenomenon in broadly syndicated and private credit financing markets that occurred in the first half of the year. https://lnkd.in/eT-xFPYM Bloomberg - Surveillance TV Podcast (7/12/24) Commenting on the recent CPI data fueling increased expectations for rate cuts later this year, Mohamed El-Erian (Queens’ College, Cambridge, former CEO of PIMCO) noted that the very broad based, benign inflation numbers from last week provide evidence of “demand destruction and loss of pricing power…” that is being echoed in commentary from companies, investor expectations for earnings season, and macro data that is starting to weaken. https://lnkd.in/eJev9wE9 The factors above provide a setup for lower effective borrowing costs in the back half of the year and into 2025 for the predominantly floating rate borrowers in the middle market. These lower effective borrowing costs would help absorb some erosion in profitability without fully impacting free cash flow and debt service coverage metrics.

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If you think portfolio risk management is just about diversification, think again. This article sheds light on some surprising strategies that challenge common perceptions. Here are some thought-provoking takeaways: - Did you know that reducing the number of investments in a portfolio can sometimes actually decrease risks? It's all about strategic selection. - Contrary to popular belief, actively managing risk doesn't necessarily mean more frequent trading. In fact, a hands-off approach can be a smart move. - One of the key points discussed is the importance of understanding the correlation between investments, a factor often overlooked in risk management strategies. - Asymmetric risk and the role it plays in portfolio management is explored, offering a fresh perspective on balancing risk and return. - Ever considered tail risk hedging? This article dives into this lesser-known strategy that can enhance risk management effectiveness. Share your thoughts and feelings on these unconventional risk management strategies. https://lnkd.in/ecgSpH93

Banc of California shareholder expectations were dashed this morning as the financial servicces company reported lower revenue, lower cash, and significantly lower earnings than expected—reporting 12 cents in the second quarter versus analyst estimates around 19 cents—the disappointing results are sending shares back down this morning to price levels of two weeks ago. Shares are down -7.6%. Running Point and I were quoted this morning by Boursorama and TradingView in an article titled, "Banc of California shares fall on concerns over rising provisions." Reporting by Manya Saini. QUOTED EXCERPT "The hike in their provision for credit losses may unnerve some investors, especially if they feel that the bank may be playing catch-up with reserves and not getting ahead of the game," said Michael Ashley Schulman, chief investment officer at Running Point Capital. 🔜 --> In other words, they may need to increase real estate loan provisions again over the next couple quarters. #banks ~~ Disclosure: The opinions expressed are those of Running Point Capital Advisors, LLC (Running Point) and are subject to change without notice. This is not investment advice and this is not a recommendation to buy or sell a security. The opinions referenced are as of the date of publication, may be modified due to changes in the market or economic conditions, and may not necessarily come to pass. Past performance is not indicative of future results. Forward-looking statements cannot be guaranteed. Running Point is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Running Point’s investment advisory services and fees can be found in its Form ADV Part 2, which is available upon request. RP-24-104

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The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://bit.ly/45brDfG #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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In the November issue of Moelis's Clean Technology Monthly, we highlight the continued focus on powering load growth and take a closer look at some recent data center announcements for SMRs. We also sit down with Anil Tammineedi to discuss Angeleno Group’s view on trends, challenges and opportunities in the clean tech ecosystem. Learn more about Moelis’s dynamic advisory practice here: https://bit.ly/3O3VbUT

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Lower middle market M&A continues to show robust activity in 2024. GF Data reports 180 deals closed in 1H, set to outpace 2022 and 2023. Average multiples up to 7.4x EBITDA in Q2 from 6.9x in Q1. Seller-friendly environment emerging. Smart business owners are aligning with the right advisors to navigate these shifts. Wondering where you fit in? Reach out to learn more: https://lnkd.in/e6yVTpb4 #growthstage #REAG #mergers #business #acquisitions #lowermiddlemarket #investmentbank

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Once considered the unpopular and neglected counterpart to men's leagues, women's sports now draw a new, profitable fan base. The excitement has been predominately centered around women’s basketball and soccer, which have shifted from being mainly grassroots-driven to attracting significant commercial investments. The Women's National Basketball Association (WNBA) is anticipated to reach revenues of up to $200 million this year, doubling its 2019 figures. Additionally, the National Women's Soccer League (NWSL) saw a 33% year-on-year revenue increase in 2023. While the valuations of men's professional teams continue to rise, the commercialization of women's professional sports is in the early innings and has the potential to achieve extraordinary success. Learn more about the commercialization of women’s sports in our latest insight: https://lnkd.in/ePH8n-rF #paris2024 #womensports #prosports #privateinvestments #olympics For financial advisors only. IMPORTANT DISCLOSURE: https://lnkd.in/e3VJtU2q

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The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://bit.ly/3V911rb #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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Apollo Global Management, Inc. and Marc Rowan have been true pioneers in changing the way financial markets now operate. They've made private investing mainstream and shifted our thinking around alternatives. Their innovation is something every Silicon Valley start-up should be proud of (and at massive scale!). https://lnkd.in/gH8rKAnu - this clip sums it up perfectly. Also ties in nicely what Matt Clifford was mentioning around PE innovating more than VC. https://lnkd.in/gDarqs3h Selected 5 year share price increases: Apollo Global Management, Inc. - 260%+ Meta - 218%+ Microsoft - 198%+ Google - 170%+ Amazon - 118%+ 🤷‍♀️

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Opportuna and infinitas capital highlighted in Bloomberg's latest article on the evolving secondaries market, which speaks to the demand for innovative approaches to liquidity in private markets. We think there is 15-20y of backlog in both the US and Europe. 👉 For those interested in deeper insights and the trends shaping private markets, I share exclusive updates through my Beehiiv newsletter. Join our community here: https://lnkd.in/e4Y4qjhN 👉 For those interested in selling a stake or simply knowing more about the asset class, you can contact us here: https://lnkd.in/e5f658cG #VentureSecondaries #FamilyOffices #BloombergFeature #Newsletter #PrivateMarkets

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The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://bit.ly/3Vs6via #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://bit.ly/4aVwB1f #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://bit.ly/4aSk9zB #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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The M&A market has been impacted by regulatory challenges that have widened spreads and created uncertainty in deal closings. Anusha Rodriguez, Head of Research & Due Diligence and Head of Alternative Investments for Oppenheimer Asset Management, is joined by Jake Turner, an Associate Portfolio Manager at Kite Lake Capital Management, to discuss the drivers of merger arbitrage and the potential risks and returns. Together, they cover catalysts for deals such as technological innovation, revenue cliffs, growth expectations, and synergies. Additionally, they evaluate cross-border deals and consider regulatory complexities and geopolitical tensions. https://bit.ly/4caB5Cs #ThePowerofOppenheimerThinking #LetsTalkFuture #EventDrivenInvesting

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