Tapping private markets in search of added returns is common practice among defined benefit pensions and other institutional investors. However, many pensions still avoid private investments (PI) out of fear that long-term capital lockups could elevate liquidity risk. Some also remain alarmed by the potential consequences of the “denominator effect.” This refers to situations in […]
April 2024
Yes, we believe that the euro area’s economy bottomed either in fourth quarter 2023 or first quarter 2024. The abatement of headwinds that saw GDP flatline during 2023 should allow for some expansion in 2024. Nonetheless, the growth impulse is likely to remain muted and growth should underperform the United States. Therefore, despite comparatively subdued […]
April 2024
Co-investments allow investors to make opportunistic investments that can enhance and complement their total portfolio. In this video series, our co-investment team discuss the opportunity set, the role of co-investments in a portfolio, guidelines for implementation, and what we believe are keys to success. Explore our collection of videos and resources:
March 2024
Philanthropy and impact investing, while different, can be aligned and complementary in their intents. Understanding the nuances between the two can help families gain clarity about how to positively influence the world while maintaining their unique investment goals and engaging family members across generations. In this video, Nick Rees, Managing Director in the Private Client […]
March 2024
Higher costs and higher rates of endowment spending are the major story lines of the 2023 Endowment Radar Study. In 2023, the endowment provided a stable source of funding for the growing costs of private college and university business model (Figure 1). The four components of Endowment Radar measure the endowment’s role in supporting the […]
March 2024
No. While recent developments may be a sign that bitcoin is gaining credibility, it remains a highly speculative investment that offers no cash flows. Gold—a more stable and defensive option than bitcoin—also offers no yield. Investors looking for portfolio defense should look to long US Treasury securities, which offer reasonable yields and protection in a […]
March 2024
For decades, many institutional investors with private investment (PI) exposure have generated strong long-term returns. However, defined contribution (DC) plan participants have not been able to benefit in the same way, as employers have historically been limited to investment line-ups featuring predominantly public market asset classes. Although greater flexibility is emerging, the question remains how […]
March 2024
No, we anticipate performance will broaden out beyond mega-cap tech stocks, which have driven US equity performance in recent years. Tech giants are vulnerable to disappointment by the elevated expectations reflected in valuations. Even well-run tech giants that continue to dominate their sectors and maintain high profitability may not deliver strong returns if their stock […]
March 2024