Morgan Schmit-Sobeck

Marathon Asset Management is pleased to announce the reset of Marathon CLO 2020-15. The reset reinstated the CLO's reinvestment period for another five years and upsized into a $462 Million structure. The fact that a CLO manager has the ability to lower its liability cost via refinancing, while also extending maturities through a reset is one more factor while CLO Equity is viewed as a compelling investment opportunity. Resets and refinancings have the potential to add additional cash-flow that accrues to the CLO Equity.

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We're proud to celebrate Sector Lead, Matt Witheiler's fourth consecutive naming to Forbes’ ‘The Midas List: The World’s Best Venture Capital Investors in 2024'. Kudos Matthew Witheiler - this is testament to your enduring impact on the late-stage VC industry. https://lnkd.in/eBdHwBG4 Wellington Management did not pay a fee to be considered. Winners were selected by a data-driven approach, the Midas List is produced from a combination of public data sources and the submissions of hundreds of investment partners across hundreds of firms each year. This award was announced on June 4, 2024, a submission made in January 2024 and is based on 5 years of trailing data. The award may not be representative of any one client’s experience. The award is not indicative of Wellington Management’s future performance. Past performance is no guarantee of future results.

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Is the U.S. Economy Stronger Than We Think? At Yale's recent CEO Caucus, 84% of top CEOs expressed optimism, predicting a "soft landing" for the U.S. economy. Surprisingly, 81% were taken aback by the economy’s resilience, despite widespread pessimism in public polls. With inflation dropping and unemployment at historic lows, real wages are growing, and GDP surpassed expectations. CEOs agree: the economy is outperforming the gloomy forecasts. What’s your take on that? Source: https://bit.ly/47Sds0i

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As the DOW Jones closed above 40,000 for the first time in its history, Olaolu Aganga recently joined the team on CNBC’s Closing Bell to discuss our playbook in alternatives and current strategic and tactical asset allocation views. Through what many have described as a “supercycle” election year, we see large asset owners seeking out stability in longer-term allocations to alternatives – including private credit and private equity. Typically marked to market at a slower rate, exposure to alternatives can provide important stability through more volatile periods. Balancing strategic and tactical decision making across portfolios is all about assessing risk and return relative to time horizon. Strategically, we’ve been neutral on Europe for some time, but tactically, we’ve been looking internationally to capture opportunities across emerging markets, most recently in China where we see valuation distortion. Join the Mercer Investments team and Olaolu Aganga LIVE in Nashville for the Global Investment Forum June 10-12: bit.ly/3Vm71yw

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🔥 Emerging Fund Managers: Elevate Your FoF Strategy 🔥 Pearls Capital and BackFuture Ventures are thrilled to host an exclusive fireside chat designed for emerging fund managers eager to refine their strategies and stand out in the competitive Fund of Funds (FoF) landscape. 🎙️ Speakers: • Munder Shuhumi – General Partner, Pearls Capital • Dave Neumann – Molten Ventures • Anu Adebajo – LP, with experience from British Business Bank, British Patient Capital and Atomico 🗓️ What to Expect: ✔️ A deep dive into Fund of Funds strategies and the current landscape ✔️ Practical advice for emerging managers on building relationships with FoF investors ✔️ An interactive Q&A with seasoned industry leaders 🌟 Why Attend? This event is tailored specifically for emerging fund managers who want to sharpen their insights, refine their approach, and elevate their engagement with Fund of Funds investors. Seats are limited, and our last event was oversubscribed. Don’t miss this opportunity to gain exclusive insights and network with industry peers. 🔗 Secure your spot: https://lu.ma/4f9wq74p #VentureCapital #FundOfFunds #EmergingManagers #PearlsCapital #BackFutureVentures #Networking

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Congratulations to our friends at $150 billion+ AUM private markets multi-strategy fund manager StepStone Group on closing on $3.3 billion for its sixth venture capital secondaries fund, far surpassing its target of $2.6 billion. It is the largest VC #secondaries fund raised to date, eclipsing the $1.45 billion that Industry Ventures raised for 10th venture secondaries fund last September. The 2021 acquisition of Baltimore-based venture capital #specialist Greenspring Associates has been a brilliant, complementary and highly successful partnership for both firms. And yes, I really like the fact that Greenspring Associates originated and still has a strong base in the #baltimore area. While GP-led secondaries have been far more common in private equity, it is noteworthy that the firm sees a more balanced set of investments across LP-led, GP-led and direct secondaries deals than its predecessor venture secondaries funds. The limited partner list is also remarkable: #Taiwan-based FUBON LIFE INSURANCE CO., LTD. committed $70 million, UK-based Border To Coast Pensions Partnership committed £45.7 million and the NSIA: Nigeria Sovereign Investment Authority and Montgomery County Public Schools Pension Fund both invested undisclosed amounts. Yes, #Nigeria has a sovereign wealth fund investing in alternative assets, private markets and venture capital secondaries - amazing! Prior fund limited partners included the Community Foundation of Greater Memphis, #Finland’s LUT University, the Memorial Hermann Health System, Mercy Health Foundation, @New Zealand Superannuation Fund (NZ Super Fund), #Oklahoma Police Pension and Retirement System, Samford University, School Employees Retirement System of #Ohio and State of Wyoming Treasury. I am sure many of them re-upped and even increased commitment sizing. A world-class list of global limited partners across allocator categories. Well done StepStone Group and see you again somewhere in the world sometime soon! #fundraising #alternativeassets #privatemarkets #venturecapital #capitalmarkets #sovereignwealthfunds #insurancecompanies #pensionfunds #hospitalsystems #superannuation #endowments #foundations https://lnkd.in/gUdJXRw3

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Great to see RSF Social Finance's flagship loan fund, the Social Investment Fund, in today's ImpactAlpha The List: Impact fund managers steer private credit to places equity fears to tread. #changemakers #socialinvestmentfund #regenerativefinance #impactinvesting #wealthmanagement

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The last several years have witnessed a significant increase in the use of continuation funds as the capital markets dried up. Now, per PitchBook, there has been a meaningful uptick in exits from those funds. Per the article: "Continuation funds have roughly doubled their quarterly exit activity, enduring as a viable liquidity solution for PE firms." Any uptick in liquidity activity is a hopeful sign that a recovery is underway. While the Pitchbook article specifically addressed activity in private equity, hopefully we will begin to see signs in the Venture space as well. Endeavor Colorado #privateequity #venturecapital #innovation #investing #founders #startups #entrepreneurship https://lnkd.in/gRW6WPNm

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Now available - StepStone Private Markets (SPRIM) quarterly fund commentary! Since inception, SPRIM has generated an annualized net return of 23.11% and reached $2.8B in AUM.* The fund is focused on strategic portfolio construction, capitalizing on pricing dynamics and favoring resilient assets. Learn more about SPRIM's strategy and recent investments in the Q2 2024 Fund Commentary. https://bit.ly/3UPIQb7 *Inception date was Oct 1, 2020. AUM as of Jun 30, 2024. Past performance is no guarantee of future results.

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One of the most exciting questions from this interview was "what key attributes do private equity firms seek in targeting healthcare, biotech, and life science companies for acquisition?". Private equity firms are increasingly attracted to the healthcare, biotech and life sciences industries due to their resilience against economic cycles. Attributes that PE firms prioritize include: Stability and Growth Potential: Companies that demonstrate consistent revenue growth and have a solid track record of performance are highly attractive. The ability to withstand economic downturns and maintain steady growth is a crucial factor. Service and Software Focus: Companies that provide essential services and software solutions within the healthcare ecosystem are less vulnerable to regulatory changes and scrutiny, making them reliable investment targets. Regulatory Compliance and Low Risk: PE firms typically avoid companies with high science risk. Instead, they favor businesses with well-established products, services and technology. Specialization and Expertise: Many PE firms seek companies with specialized knowledge and capabilities that align with their strategic focus areas, ensuring they can add value and drive growth post-acquisition. Thank you to the Los Angeles Times for inviting me to participate in this issue! I am honored to be able to contribute to this piece. If you'd like to discuss any of the insights from this issue, reach out to me directly. #privateequity #lifesciences #healthcareservices #biotech #investmentbanking #businessvaluation

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With ImpactAlpha our analysts at HIP Investor Inc. have published climate risk and climate resilience analysis on several muni bonds issued in 2023 and 2024, https://lnkd.in/gTrmhvEi #cop29 #climateaction #resilience #futurerisk #munibonds

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𝗜 𝗳𝗼𝘂𝗻𝗱𝗲𝗱 𝗮 𝗻𝗲𝘄 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗳𝗶𝗿𝗺 𝗰𝗮𝗹𝗹𝗲𝗱 Nodem Capital! Nodem will manage funds offering fast liquidity to LPs and GPs holding portfolios of “Next Wave” companies. We see the global adoption of technology as a force for good and will strive to be a genuine ecosystem-ally, unlocking capital for recycling and growth. Subject to FCA approvals, we intend to start investing in Q125. Thanks again to those who helped me design and set up Nodem. Special shout-outs to Alexis Koumoudos, Olivia Hamilton-Russell, Michael Joyce, Philipp von dem Knesebeck, Tien Leong Tan, CFA, James Fournier, Roman Fuzaylov and Steve Chaves. Thanks also to Robert Eke for his support in creating our innovative deal structuring playbook. I have transitioned to an advisory role at the amazing Sturgeon Capital. I want to thank Kiyan Zandiyeh and Robin Butler CFA Butler for their understanding and support in my new endeavour. 𝗟𝗼𝗼𝗸𝗶𝗻𝗴 𝗳𝗼𝗿 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆? Sourcing is now live. Schedule an intro call through the website (nodem.com). 𝗠𝗲𝗲𝘁 𝗺𝗲 𝗼𝗻 𝘁𝗵𝗲 𝗿𝗼𝗮𝗱: East Coast from Nov 10-17, West Coast Nov 18-23, Europe/MENA in mid-December. I have two open slots: focusing on LPs and/or co-inventors. #emergingmarkets #NextWavemarkets #Brazil #Mexico #SoutheastAsia #India #EasternEurope #Baltics #Indonesia #Vienam #secondaries #venturecapital #preferredequity #LPs #GPs #liquidity https://lnkd.in/ejXtekaQ

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Changing your investment fund administrator can be challenging. SlowRoll is the way to go. Low risk, less expensive, and accurate. Let your improvements be integrated and inspirational. Move away from disruptions. #slowroll #impact #privatecapital #investing #makeadifference #changemakers Natalie Ann Hazen Lisa Harris Jason Caya

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I had the privilege of attending and speaking at the GuideWell + Flare Capital Partners AI Conference last week in Jacksonville, along with fellow industry leaders, Chris Lehane, Michael A. Greeley, Bryan Koch, Tarun Mehra & Ben Hall. Here are my top five takeaways from the event: 1. The pace of AI advancements, particularly from OpenAI and others, is astonishing. We've quickly moved from predictive models (ChatGPT's original LLM interface) to more advanced reasoning models like O1, which have the potential to reshape the way we even think about applying AI across various industries. 2. The real transformation will come as we approach level 3 with agents capable of managing complex tasks, ultimately reinventing how we currently do things. 3. For AI in healthcare, outdated regulatory frameworks in the US such as HIPAA will likely prevent ecosystem-wide adoption in the near term. Privacy and PHI remain important to preserve, but we will need to modernize the way we use the data, preserving the privacy that is most important to us. 4. Healthcare is generating over 30% of all data available, yet our ability to utilize this new resource is currently quite limited because of outdated regulatory frameworks. 5. The AI opportunity in healthcare is there for those who pursue creative solutions and novel applications. Organizations with this mindset will create immense value for the industry at large.  Special thank you to Florida Blue for the invite and look forward to participating in this important conversation again in the future. #AI #Healthcare #Innovation #DataTransformation

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At the end of 2024 diversification remains a cornerstone of family office strategies, but the definition of a "diverse portfolio" is evolving. Q3 saw a notable shift towards alternative investments and life insurance policies aimed at preserving wealth across generations. https://lnkd.in/g-N4qnw4

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In the season finale of Brex's Controllers Classified podcast, BCV partner Sarah Hinkfuss spoke with Erik Zhou to discuss the VC investment landscape and how BCV approaches due diligence for growth-stage companies. For founders, there are three things that are important to share with investors: 1. Your unit economics, or how you think about your business drivers. It’s by far the most important thing today and those inputs (e.g. customer cohort data, gross margin, sales and marketing costs) give you a complete picture of the business. 2. Your business model, or how you think about your future. It doesn’t have to be a huge, complicated spreadsheet. Rather, it’s an important instrument to show people how you think about the business. What is your view of the future and what do you believe are the most important drivers of the business? 3. Your memo, or your narrative. A popular format today is to tell your story in a memo, not a deck, and it’s great because the writing process forces more complete thoughts to give investors a full view of your business and vision.

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Financial markets continuously adjust and readjust as new information and events unfold. Markets are intrinsically predictive, taking into account the likelihood of future scenarios. Recent times have seen a cascade of changes. Currently making headlines are the unfolding events of the Republican Convention following Butler, PA, including JD Vance being named as VP candidate. Yesterday’s speeches struck a chord of unity, which I personally see as positive. However, when wearing an international lens, the sentiment appears more insular, isolationist, pro-tariff, and against geopolitical involvement. While this stance may seem logical initially, historical evidence indicates that the ripple effects can be perilously profound. The United States has previously tried to adopt an isolationist approach, best exemplified by the implementation of Smoot Hawley Import Duties in 1930 and its withdrawal from the League of Nations back in the 1920s, despite President Woodrow Wilson's leadership position in the committee. Such actions contributed to the rise of fascism. The subsequent economic turmoil of the 1930s is well-documented. Given today’s heightened global interconnectivity, isolationism would certainly diminish America’s sway and provide opportunities for nations like Russia and China to expand their influence and aggression unchecked. Domestic divisiveness only amplifies our global vulnerabilities. It is imperative for U.S. political dialogue to steer away from incendiary rhetoric and divisive “us versus them” narratives towards a culture of respectfulness and reasoned debate characterized by courtesy and informed reasoning. This approach should form the foundation and starting point. From there, we should strive for a foreign policy that prevents the U.S. from becoming isolated and instead allows it to maintain a significant role in the international community, promoting the advancement of human civilization to its greatest capacity. #politics #foreignpolicy #POTUS #geopolitical #markets #RNC

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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

PE - Hedge Funds Hit by Lack of PE Exits (and one way that PE firms can boost exits) Financial Times: https://lnkd.in/edACss_X FYI - one way to get more PE exits is for the PE fund to have a domain expertise GTM and have deep knowledge on how to increase the Revenue Growth of portfolio companies which boosts cash, profits and margins. --- #pe #privateequity #business

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