2024 Co-Investment Year In Review
2024 Co-Investment Year In Review In 2024, our co-investment team achieved significant milestones, closing 12 new platform co-investments in the second half of the year, while increasing the average check size without raising the average Total Enterprise Value (TEV). We also strengthened our team with senior and junior hires and expanded our network by adding…
Read MoreTech Entrepreneurs: Are You Maximising the Value of Your Personal Wealth?
Many tech entrepreneurs lack the tools to optimally manage the wealth they generate from their businesses. This leaves them overexposed to market volatility, while also missing out on return-enhancing opportunities. Here’s why a customised, professionally managed multi-asset class approach is often a good match for this group of individuals. After spending years building successful businesses,…
Read MoreAdvanced Endowment Model: The Right Building Blocks
How can investors build resilient portfolios in today’s evolving markets? Our latest article dives into the first spoke of our Advanced Endowment Approach (AEA), uncovering strategies like optimizing risk, leveraging private markets, and fortifying with inflation protection.
Read MoreReinventing the Endowment Model – taking a dynamic approach to an established classic
For over 25 years, endowments and foundations have been applying the principles of the endowment model to secure the futures of some of the world’s most prestigious institutions. Thanks to their advocacy of healthy diversification across traditional and alternative assets, many endowments have outperformed over the long-term, but pressure to switch to cheaper, simpler alternatives…
Read MoreAdvancing the Endowment Model
This is a financial promotion. Your capital is at risk, the value of investments may fall and rise and you may not get back the full amount you invested. Past performance is not indicative of future returns. The endowment model of investing, which advocates healthy diversification across traditional and alternative assets, has come under fire.…
Read MoreFive Key Strategies for Navigating UK Tax in Investment Portfolios
The UK General Election will be a catalyst for change right across the political and financial landscape. Post 4 July, the next government will likely need to make spending cuts or tax increases in order to meet its manifesto and political targets. While the full wave of the impact will take a few months to…
Read MoreSetting a Portfolio’s Long-term Illiquidity Budget
The top performing endowments and foundations generally exploit their long-time horizon with sizeable allocations to Private Equity, Real Estate and Private Debt, enabling them to harvest the illiquidity premium and greater alpha potential that we believe is inherent in these more inefficient private markets. Given the higher expected risk-adjusted returns and the long time horizon…
Read MorePortfolio Deployment: Immediate Deployment or Dollar-Cost Averaging
Investors with substantial uninvested capital face two key decisions: determining the optimal investment strategy for their needs, and deciding when this should be implemented. This article analyses the immediate deployment (or lump-sum investing) and dollar-cost averaging approaches in liquid equity markets and investigates whether it’s possible to improve the outcomes associated with dollar-cost averaging by…
Read MoreApples and Oranges: The Power of Equity-Like Risk Measurement
There is a common saying when comparing unlike things – that comparing them is like “apples and oranges”. Nevertheless, those fruits are usually sold the same way, by weight or by count. Similarly, in this post, we explore how to compare securities across asset classes through the lens of equity-like risk. Risk is complex. Threats…
Read MoreThe Future of Private Equity Investing is all about Post-Acquisition Operational Value Add (PAOVA)
Over the past decade, almost any private equity (PE) firm has been able to generate outsized returns. Falling interest rates have boosted returns in most asset classes, including buyouts that benefit from high leverage and low borrowing costs, as well as venture capital and growth equity that benefit from low discount rates, inflating back-ended cash…
Read MoreAsia as a source of diversification for global investors
Diversification was hard to come by for global investors last year. Rising U.S. interest rates sank almost all boats in a coordinated sell-off across capital markets: U.S. equities were down 18.1%, U.S. investment-grade bonds were down 15.6%, nominal Treasuries were down 12.5% and inflation-linked Treasuries were down 11.8%. European assets followed a similar path, with…
Read MoreWhat is an Outsourced Chief Investment Office (OCIO)?
What is an Outsourced Chief Investment Office (OCIO)? A full-service OCIO should offer comprehensive investment program management including an agreed overall investment policy, strategic and tactical asset allocation, portfolio construction, asset manager selection, risk monitoring and management, performance reporting and attribution, and middle and back-office operations. OCIOs are fiduciaries and, as such, must provide assurance to…
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