Jill Klinvex’s Post

"Stonepeak executives, including Chairman and CEO Michael Dorrell and Co-Presidents @Jack Howell and Luke Taylor, will sit on the fund’s investment committee." #PrivateWealth #WealthManagement #RealAssets #PrivateMarkets #AlternativeInvestments #Alts #UHNW #HNW #FamilyOffices #IBD #RIA #PrivateInvestments #PrivateCredit #PrivateEquity #RealEstate

Congratulations to the 20 managers, investors, lawyers and advisers all under the age of 40 who made it into Infrastructure Investor’s second Rising Stars list of the most promising young names in #infrastructure investing today! Want to find out who made the cut? Check out the full list 👇 https://lnkd.in/dGPcpV6Q

Get to know the future leaders of private infrastructure with this year’s Rising Stars list. Each individual was hand-picked based on a diverse range of career achievements across dealmaking, fundraising, asset management and relationship-building. Discover the full list here: https://okt.to/bMTgX9 Learn more about the evolution of the asset class and where investors see the greatest opportunities and challenges in the months and years ahead in the full Future of Infrastructure special report, found here: https://okt.to/GxgSad #futureleaders #IIRisingStars #infrastructure #privatemarkets #InfrastructureInvesting

We are pleased to announce that Skrine represented Blackstone Inc. (“Blackstone”), the world’s largest alternative asset manager, who, together with the Canada Pension Plan Investment Board (CPPIB), entered into an agreement to acquire AirTrunk Operating Pty. Ltd. and its group of companies (collectively, “AirTrunk”) from Macquarie Asset Management and the Public Sector Pension Investment Board on 4 September 2024. AirTrunk, headquartered in Sydney, Australia, the preeminent data centre platform across the Asia Pacific region, has an extensive footprint in key markets including Malaysia. With over 800MW of capacity committed to customers, the data centre platform possesses land holdings strategically positioned to facilitate more than 1.0GW of prospective growth. The deal is Blackstone’s largest investment in the Asia Pacific region for an implied enterprise value of over A$24 billion (US$16.1 billion), which also represents one of the biggest deals in the data centre industry. The completion of the transaction is contingent upon receiving approval from the Australian Foreign Investment Review Board. Simpson Thacher & Bartlett LLP is the lead international counsel for this transaction. Skrine acted as the Malaysian counsel for Blackstone. Our deal team was led by Partner Wei Xian Tan, and supported by Partners Sheba Gumis, Natalie Lim and Sara Lau, Senior Associates Rachel Chiah, Engy Tan, Beatrice Yew and Pooi Ling Fan, and Associates Samson Kong, Zhi Jun Tham, Sarah Azahar and Siti Ayenaa Mohd Anis and Paralegal JJ Teh 鄭嘉浚 . Further details on the transaction can be accessed here: (1)    https://lnkd.in/gRPiuPUd (2)   https://lnkd.in/gTUqkRJu (3)   https://lnkd.in/gr3YU94Y (4)   https://lnkd.in/eYwm2qVG

Where are the opportunities in global infrastructure equities? Co-founder and managing director of the Maple-Brown Abbott Global Listed Infrastructure strategy, Andrew Maple-Brown spoke with Kate Burgess from Capital Brief on which infrastructure sub-sectors he focuses on, what the opportunities are in listed infrastructure, and why many infrastructure companies have been taken private in Australia. Read more in this Capital Brief article: https://lnkd.in/gQfcyE_m #infrastructure #listedequities #outlook

Firms are aggressively marking up private equity stakes bought in secondary market Funds are claiming big one-day windfalls in the secondary market for private-equity stakes. For example, "the last day of September 2023 was very good for Hamilton Lane Private Assets Fund. It recorded a 39% gain on a group of investments it bought the day before for $52 million, giving a quick boost to the fund’s performance. Of the three dozen investments it bought on Sept. 29, nearly half had more than doubled in value on Sept. 30. The Hamilton Lane fund’s stake in a fund that focuses on Latin America rose eightfold in 24 hours," according to the Wall Street Journal. StepStone Private Venture and Growth Fund report even more remarkable gains, marking up investments by multiples in a single day. "Other secondary investors that have reported significant markups include Pomona Investment Fund and Ares Private Markets Fund. On June 30, 2023, for example, the Pomona fund bought a stake in an Asia-focused Bain Capital fund for $3.1 million and wrote it up 62% the same day. The Ares fund paid $32.8 million on Dec. 29, 2023, a Friday, for a stake in a Blackstone fund and said its fair value was 70% higher two days later." Although an investor who wants out early may be willing to sell its stake at a big discount, "...the significant markups raise questions about the true fair value of the investments. The secondary market volume for private-equity funds hit $112 billion in 2023." 💰 “With such large day-one gains, investors may take pause to consider whether such fair-value figures are too good to be true,” said Tom Linsmeier, an accounting professor at the University of Wisconsin and a former member of the Financial Accounting Standards Board, which sets U.S. accounting rules. "Under U.S. accounting rules, an asset’s “fair value” is the price it would sell for in an orderly transaction on a given date. The classic example is a public company’s stock. For holdings that don’t trade regularly, estimating fair value often is more difficult and more subjective." "The markups also point to a potentially broader issue: What if the discounted prices on the secondary market are the more accurate gauge of the investments’ real-life values? Then the asset values for stakes on countless other investors’ balance sheets may be inflated. The NAVs reported by private-equity funds have been long questioned because of their lack of volatility."💡 Overly generous valuations are a risk often overlooked by private equity fund investors. #PrivateEquity #Investments #FinancialMarkets

"Blackstone Inc. debuted an infrastructure fund, dubbed BXINFRA, targeting individuals with at least $5 million of investments, departing from the paths of rivals such as KKR & Co. and Apollo Global Management Inc. that have courted the less-wealthy “mass affluent” for such funds. While this may narrow the potential pool of investors, it provides the fund with more flexibility than the conglomerates in regard to the types of assets that it can hold. Blackstone Infrastructure Strategies will not only invest in private infrastructure projects and companies, but it will also provide structured-debt financing to the sector and acquire interests in infrastructure funds run by third-party managers and the firm itself. In addition, BXINFRA will deploy as much as 20% of its net assets in debt securities, publicly traded equities, loans and derivatives, which, among other things, can be more easily cashed in when the fund needs money to buy back shares from exiting investors. The new fund will charge an annual management fee of 1.25% and take 12.5% of total returns, with the profit allocation kicking in after the fund has generated a 5% annual gain. While the fund’s shares won’t be publicly traded, it will offer to buy back as much as 3% of its units after each quarter ends, according to the filing."

"A large majority (92 per cent) of clients with more than £200,000 ($253,000) of investable assets now have an allocation to infrastructure, according to research from UK-based TIME Investments, which specialises in asset-backed income-producing funds. The study highlights what appears to be a growing wealth and asset management focus on the asset class." #PrivateWealth #RealAssets #Alts #AlternativeInvestments #PrivateMarkets #RIA #IBD #FamilyOffices #HNW #UNHW

Pantheon, a leading global private markets investor, today announced that it has filed for registration of the AMG Pantheon Infrastructure Fund (P-BUILD), an innovative evergreen fund offering private wealth investors access to Pantheon’s specialist approach to private infrastructure secondaries investments. P-BUILD will be offered in a registered interval fund structure and become the latest addition to the firm’s growing, global evergreen platform." #PrivateWealth #WealthManagement #RealAssets #PrivateMarkets #AlternativeInvestments #Alts #UHNW #HNW #FamilyOffices #IBD #RIA #PrivateInvestments #PrivateCredit #PrivateEquity #RealEstate

Here is part II of my conversation with Brett Chatfield and Justin Pascoe of Cbus Super Fund, talking about introducing relative value into the dynamic asset allocation process #investment #superannuation Gerry Costigan