Yes. We believe co-investments are an attractive opportunity in the current market for three primary reasons. First, the challenging fundraising environment has increased the incentive for general partners (GPs) to offer co-investments. Second, in a slow-paced environment, the ability to control capital deployment is increasingly valuable for limited partners (LPs). Third, a co-investment offered today […]
June 2024
Yes, we believe it will. Excitement around artificial intelligence (AI) and its related technological advancements has been a key market driver since early 2023. Investors are rightly enthusiastic about the potential for AI to support labor productivity and growth. We share this enthusiasm, while acknowledging the uncertainty in quantifying these benefits. Despite AI’s long-run promise, […]
June 2024
On June 6, the European Central Bank (ECB) cut its main interest rates by 0.25%, becoming the first major developed markets (DM) central bank to cut rates. This follows recent decisions by central banks in Canada, Sweden, and Switzerland to reduce their policy rates, and it marks a change in the interest rate cycle that […]
June 2024
Many families who have succeeded in building wealth or experienced a major liquidity event find themselves in uncharted territory. This includes families who are thinking through how to separate the management of their finances and investments from those of their company, as well as those who have recently sold a business. In some cases, a […]
June 2024
No. The Japanese yen has been on a weakening trend for several years. For most of that time, it has been a lynchpin of Japanese equity outperformance in local currency terms. We believe there is limited further downside for the yen, which, while removing a headwind for USD returns, also removes the main pillar of […]
May 2024
Today, private investors and wealthy families are facing uncertainties related to economic growth, inflation, interest rates, and private investment exit opportunities. Yet, these same market challenges are serving as tailwinds for certain asset classes, including private credit. In today’s environment, we believe private credit can deliver attractive returns, supported by a strong foundation in protected […]
May 2024
While there has been much debate around whether active managers can outperform passive indexes overall, a more relevant question is whether investors should pursue active management in public, long-only equities at all. Despite the challenges, we believe active management, especially in less efficient markets, can be worthwhile if investors: 1) employ a rigorous manager research […]
May 2024
Unsteady markets can cause unexpected liquidity demands and impede, or even undo, hard-earned long-term portfolio growth. Stress testing your portfolio can help avoid the unexpected sale of assets and may enable you to take advantage of opportunities during market downturns. Adam Barber, Senior Investment Director in the Private Client Practice, explains how—and why—a portfolio stress […]
May 2024