Vishnu Amble’s Post

According to Dechert’s 2025 Global Private Equity Outlook, co-investment deals appear to have entered “overdrive” with around 60% of private equity firms surveyed offering a co-investment programme. Read more here: https://lnkd.in/dqcNCP7D

Explore how Antoine Drean’s Mantra Investment Partners is shaking up the private equity landscape with new US-focused direct investment and GP stakes strategies. Dive into the details of their plans to surpass $1 billion in AUM by year-end. Published by Mergermarket, this story includes insights from Antoine Dréan on their unique approach to PE opportunities. https://lnkd.in/edA_xkee #GPStakes #GPStake

The curtains have now closed on Q1 and there’s a whole host of green shoots on display that suggest the private equity dealmaking pipeline may finally be unclogging. For one, the total value of global M&A increased by 15% year on year to $722bn in Q1, according to Mergermarket data [https://lnkd.in/gFv9zC9H], as big-ticket transactions have come back on the menu. This is being supported by a comeback of leveraged loan markets as investors are taking on more risk. IPOs are also showing signs of thawing as stock markets march higher, particularly in the US, Europe, Middle East, and India, while Asia at large is lagging as China attempts to stem its macro issues. In the Americas, for example, there were 52 deals and $8.4bn in proceeds, up 21% and 178%, respectively, year on year, according to EY [https://lnkd.in/g6wDZj_t]. This all points to liquidity flowing back to investors in private equity over the coming quarters as funds begin to seize on the opportunity to exit investments. Which begs the question – is the secondaries market, which has served as a critical avenue for channeling cash to LPs, due a slowdown? Don’t bank on it. Last week, AXA Investment Managers agreed to acquire W Capital Partners, a New York-based private equity firm specializing in GP-led and direct secondaries transactions. Speaking to PitchBook (https://lnkd.in/gDANJ-zz) regarding the strategic purchase, W Capital’s co-founder and managing partner David Wachter said that secondaries are in a secular growth phase that won’t be knocked off course by improving exit conditions. “There’s no way that the IPO and M&A markets can solve the liquidity needs of the 28,000 companies that are currently held by private equity firms. Even in the best market conditions,” he told the publication. “The private equity asset class is three times bigger than it was 10 years ago. You have an industry that has completely exploded in size and will only continue to grow.” Exit channels opening back up will be music to LPs’ ears, but secondaries have cemented their position. The growth of the private equity industry over the past decade has far outpaced the capacity of traditional exit routes like IPOs and M&A to provide sufficient liquidity for investors. For that reason, the secondary market will only grow further. #PE #privateequity #secondaries

Carta 🤝 Kayne Anderson, a middle-market private equity firm with a 40-year track record and $35 billion in assets under management. Many of Kayne Anderson’s portfolio companies use Carta to manage their cap tables. When their growth capital team saw how Carta made life easier for those companies, they reached out to partner more closely. Working with standardized data and reports from Carta allowed Kayne’s investment team to stay on top of cap table information and generate quarterly reports more efficiently. “We already had some portfolio companies on Carta, so we decided to drive more adoption across the portfolio. That way, we could integrate some of Carta’s technology through the use of APIs to make our operational processes more standardized.” -Andrew DeYoung, Managing Director at Kayne Anderson “Carta definitely saves time. It’s always easier to work with a Carta cap table, because we know where everything is. You know exactly where to look when you’re looking at a Carta document.” -Ronald T. Pierre, Vice President at Kayne Anderson From managing complex equity structures to providing unparalleled transparency to their investment team, we’re excited for Carta’s partnership with Kayne Anderson. 🔗 Learn more about Carta’s support of this leading PE firm at the link in comments.

Aligned with the recent special report by Private Equity International, Michael Sidgmore's latest article delves into the growing merits of GP stakes investing. This strategy integrates key elements of private credit, private equity, and secondaries, offering a holistic investment approach. Key benefits include: - Stable revenue streams from consistent management fee income. - Diversification by strategy and vintages.  - Compounding secular growth in a strong industry. - Long-term upside exposure driven by carried interest and exits. Sidgmore also features insights from industry veterans like Blue Owl Capital's Co-President, Michael Rees, highlighting why GP stakes are an attractive option for investors seeking strong, risk-adjusted returns. #GPStakes #PrivateEquity #InvestmentStrategy #AlternativeInvestments #ROAMCapital #AlwaysRaisingTheBar Full article: https://lnkd.in/etvkZQY5 PEI's Special Report: https://lnkd.in/e9uFqjxh

Just as in public equity, private equity comes in a variety of flavours. Capital at risk*. Our colleague Colm Walsh talks through ICG Enterprise Trust’s approach to investing in private equity-backed businesses in the US and Europe, and how our deep understanding of the private markets landscape helps us to navigate different investment styles and economic cycles. We believe public market investors in listed private equity are increasingly looking to differentiate between these ‘flavours’ to meet their objectives. 🔗 https://lnkd.in/e6-D5sEM Colm writes for Trustnet: “Within private equity, an important distinction is between strategies focused on direct investment – involving high concentration to individual companies – and a partnership model investing alongside talented managers. The risk profile of each option is different, and the balance in which they are held in a fund is important for its overall risk/return characteristics.” #PrivateEquity #InvestmentTrusts #ListedPE *Investing in private markets involves substantial risks, including the risk of capital loss.

"Mercer Advisors has expanded its private investment leadership team. Bob Burlinson will take on an expanded role as Senior Director, Private Markets. Burlinson brings nearly three decades of experience investing in private markets. He leads the private markets team and its manager sourcing, due diligence, and monitoring efforts. Also joining the investment team is Will Rockett, CFA, Senior Director, Investment Strategy Group. Rockett, whose 25 years of asset management experience includes roles with Morgan Stanley, Charles Schwab, Nuveen, US Trust, and Barclays Capital, now leads the team of investment strategists tasked with helping advisors build, implement, and monitor private markets allocations for clients. Burlinson and Rockett will join the investment leadership team, under Calcagni. Christopher Casdia also joins the team as Vice President, Private Markets Compliance and Operations. He brings 15+ years of financial services experience from Homrich Berg, Gratus Capital, and AXA Equitable." "Mercer Advisors built Aspen Partners in partnership with Opto Investments. “Our core aim in launching Aspen Partners was to unlock the potential of private markets to help boost the performance potential of client portfolios, with structurally lower platform costs, low minimums, and streamlined access,” said Gourvitch. “In Opto Investments, we found a true partner who shares our fiduciary-first approach and provides the end-to-end technology and operational platform that enables us to realize this vision at scale.” #PrivateWealth #WealthManagement #RealAssets #PrivateMarkets #AlternativeInvestments #Alts #UHNW #HNW #FamilyOffices #IBD #RIA #PrivateInvestments Dave Welling Donald Calcagni StreetCred PR William Ruben Kamal JafarniaMatt Dunn Matthew Malone, CFA Daniel Gourvitch

I find private equity's activities in the wealth management / RIA space fascinating, especially given the industry's increasing assets (recurring fee-paying) under management and the access and distribution to the growing asset base of individuals and families across the US. This also plays the role as an intriguing capital access portal for private markets fund managers to raise funds. Advent International is one of the most successful, highest-performing private equity fund managers in the world, and acquiring a marquee leading wealth manager such as Fisher Investments is a remarkable transaction and partnership, plus involves some very interesting capital partners including Abu Dhabi's largest sovereign wealth fund Abu Dhabi Investment Authority (ADIA). The other investors in the Advent International vehicles include #AbuDhabi sovereign wealth fund Lunate Capital, CHANEL family office Mousse Partners, and Fisher Investments' longtime largest institutional client, South #Korea’s largest institutional investor, KOREA NATIONAL PENSION SERVICE (NPS). This is the first outside investment in Fisher Investments, with previous ownership solely among #family and #employees. After the deal closes, Fisher Investments Founder Ken Fisher will retain a majority of beneficial ownership and of voting shares exceeding 70%. Fisher Investments manages $275+ billion for over 150,000 clients globally, including 120,000 US private clients and 185 of the world’s largest and most well-known institutional clients. And an additional distinguishing feature of Fisher Investments is its substantial international institutional and high net worth operations—currently serving over 30,000 private clients across 16 countries and offices on four continents, with plans to continue expanding its global #footprint. The one challenge I have had and seen with private equity ownership in wealth management and RIAs - what happens to the alignment of the client-facing wealth managers, firms' leadership and direction and most importantly, client alignment and service? This has been a mixed bag in other private equity-backed situations in wealth management. Do private equity's investment timelines of 4-7 years match longer-term objectives of underlying wealth management clients? #welathmanagement #alternativeassets #fundmanagers #privateequity #ria #capitalmarkets #sovereignwealthfunds #investmentadviser https://lnkd.in/gR9zQ9CW

Registered investment advisory firms should learn some new terms and M&A dynamics that reflect a much different market from only a few years ago, according to a new study. Here’s a look at the latest “RIA Deal Room” report by Advisor Growth Strategies LLC, with insights from Brandon Kawal of Advisor Growth, Liz Koelher of BlackRock and Kris Carroll of Wealth Enhancement Group. #mergersandacquisitions #rias #wealthmanagement

1. Alignment of Interests: • Short-term profitability focus can misalign with client relationships and firm mission. 💼🔄 2. Investment Timelines: • PE’s 4-7 year horizon may conflict with clients’ long-term financial goals. 📅⚖️ 3. Mitigating Strategies: • Align wealth manager incentives with client outcomes. 🎯 • Communicate clearly with clients about changes. 🗣️ • Favor PE firms with sustainable, long-term growth focus. 🌱📈 4. Overall Impact: • Varies by PE firm; alignment with long-term client goals is crucial for maintaining service quality and client satisfaction. 🏆🤝 #Avestix #avxi #PrivateEquity #WealthManagement #ClientAlignment #InvestmentStrategy #FinancialPlanning #LongTermGoals #RIAs #ClientSatisfaction