Meme - All aboard the evergreen express

Investing monthly…forever…always!

News, WEEKLY SPIN

Evergreen funds which offer investors an open-ended fund route in to private markets are gaining momentum. By allowing clients to invest monthly, rather than sweat over when the next capital call will come, the evergreen fund means that capital commitments are regular and predictable – and a great way to further democratize the private market funds industry. Could this be a time to hop on board the evergreen express? HarbourVest Partners is hoping so, following news that last month it partnered with AP7, the Swedish government pension fund, to launch a PE-focused perpetual fund solution. The backing of such a prominent institution could mean that it is a case of Anchors Away! as more institutions look to bring their own evergreen funds to market.

inspired by WealthBriefing

Private Capital FC

News, WEEKLY SPIN

US private capital investment in Europe’s biggest football teams puts a whole new spin on ‘club deal’. According to Pitchbook data, more than one-third of the 98 clubs it analyzed across Europe’s five biggest leagues have US minority or majority ownership, with private equity dollars accounting for 21 of those deals. US investors have shown their preferred colors in England, owning half of the English Premier League’s clubs; even Tom Brady, the NFL goat, has decided to wade in and invest in Birmingham City FC in the country’s second tier of football. Chelsea FC has been the biggest deal inked after Todd Boehly’s Clearlake Capital led a consortium to acquire the club last year for £4.25 billion. Sports team ownership is fast becoming the ultimate club deal.

inspired by Pitchbook

AXA and Finerge: ‘Watt’ a team

News, WEEKLY SPIN

The alternatives division of AXA IM has swept into Portugal to acquire a 25% stake in Finerge, a renewable energy platform, from Igneo Infrastructure Partners. Watt a team this could be. AXA IM is in its element with this strategic investment. It perfectly aligns with the firm’s strategy of investing in decarbonization-focused assets, and underscores the importance of infrastructure investment as Europe transitions to a net zero economy. The Finerge platform invests in, and operates, a series of wind farms and solar cell plants across Portugal and Spain. The winds of change are growing in strength, so expect to see more investment managers acquiring energy transition assets over the coming years.

inspired by Funds Europe

Meme - Tables have turned. Smaller buy in

Powder puff

News, WEEKLY SPIN

Buyout groups find themselves at a crossroads. Even though M&A deal volume is strong, deal value is falling.Purchase price multiples have fallen 20% from their 2021 peak. And as GPs consider where to put their record amount of dry powder to work, high interest rates mean that a greater frequency of smaller deals are being completed: causing a divergence between deal value and deal count. Year-to-date, the dollar value of M&A activity is down a third. Shopping around for cheaper transactions is likely to be a temporary fashion trend, as buyout partners come under increasing pressure from LPs to put more of their dry power to work. For now though, it seems bargains rather than trophy assets are the preferred option.

inspired by Pitchbook