FIRSTavenue’s Post

Citywire about Q3 results of #Blackstone, #Apollo, #Ares, #KKR, #TPG and #Carlyle . 2 Take Away : - #PrivateWealth expansion : they all have highlighted private wealth as a #growth area. - #PrivateCredit push : all the groups’ private credit divisions have attracted #inflows. All six have said their #credit business has more room to #grow and is an area of increased #focus. 

The private credit strategy in private markets is one of the most active for fund manager deployments as well as limited partner commitments. The 22 team member exodus from one of the market leaders Barings to recently formed private credit specialist fund manager Corinthia Global Management Limited could be one of the more sizeable single team departures in private markets in this era, especially from a market leader. It looks like Japanese financial institution Nomura are an initial backer of Corinthia Global Management Limited. I would imagine other LPs have committed for this significant onboarding of staff. And again, 22 people departed a firm together! While players like Barings are well capitalized and have deep capital markets networks via their parent MassMutual, the allure of management company economics in a newly-established, specialized firm, versus the omission working at a larger multi-asset manager can and will likely cause further shifts out of the big firms in this overall market inflection period. But there is also no doubt the argument and vaildity of being part of a scaled and established platform to endure market challenges and uncertainty, and utilize economies of scale especially in fundraising and capital to endure as many smaller, independent players are closing shop. Tough decision either way - what would you do? Remain with a well-established market player for lower comp/upside, or join a new firm for the juicy management company upside but the higher risks of building a business in turbulent times for capital markets? Choices, choices.... #alternativeassets #privatecredit #fundmanagers #privatemarkets #hiring #compensation #equityincentives #ownership #credit #fundraising #institutionalinvestors #capitalmarkets

We've hit a milestone at Gray Capital as we have distributed more than $5.7M in regular (non-capital event) distributions to investors for 2023 performance! Q4 distributions and reports are scheduled to be sent tomorrow totaling over $1.5M in regular (non-capital event) distributions! If you're a Gray Capital investor, tomorrow is (passive) pay day! (Ask about the Class A Core+ deal distributing 18% annualized and has distributed 15% YTD!) All assets are cash-flowing, all deals and fund members are receiving a distribution. Also, we've never had to issue a capital call and have no need to do so in the future. All that good stuff being said - we're not perfect and neither is our portfolio. We've missed quite a few projections for 2023 performance. Specifically, we had projected that we could be distributing close to 7% to our B-unit "growth" investors in The Gray Fund - unfortunately YTD returns are only 2% due to cash being eaten up by rate cap escrows, higher expenses, and slower growth. However, given the state of the rest of the market we're proud that we have effectively protected and preserved our partners capital and the assets we manage - it's now our continued responsibility to drive performance to exceed our proforma projections. https://lnkd.in/gX2nJ3Zj #investing #multifamily #distributions #realestate

NEW DEAL ALERT - An exciting new Gray Capital project has been placed under LOI. A class. Waterfront. Our favorite market. Being acquired at a fraction of replacement cost. Assumable debt @ 5%. Most importantly, returns that provide an excellent risk adjusted return that has not existed for some time. Exploit market uncertainty with us. If you have an upcoming 1031 looking to place get in touch with us ASAP. Sign up for the Gray Capital portal to get access to all of our upcoming opportunities. https://lnkd.in/gX2nJ3Zj Not an offer to invest. Accredited investors only. #realestate #multifamily #midwest #cashflow #investing

At Davis Square Capital, LLC, we continue to see investor demand for quality, cohesive co-investment opportunities led by top caliber GPs within certain industry sectors. With that in mind, private equity sponsors, including both those investing on a deal-by-deal basis and through a committed vehicle, benefit by taking a more strategic, tactical approach to co-investment syndication. Whether that is vetting the proposed co-investment transaction by their existing investor base for feedback earlier in the diligence process, or sharing the opportunity with investors that are not current LP relationships as a means to build new capital relationships, co-investments are a vital tool for gaining captive mindshare with investors. #davissquarecapital #privateequity #privatefunds #coinvestments #independentsponsors #familyoffices #generalpartners #limitedpartners #lowermiddlemarket #buyout https://lnkd.in/eDbuYAQK

There are very few universal truths that apply to all people. We have clients who built their wealth through a company IPO and have no real estate holdings. We have clients who built their wealth through real estate only and need more equities to hedge that exposure. There's no such thing as a silver bullet, so make sure you're working with someone who remains flexible as life moves forward. #BuildWithBrophy #OwnTheHighGround

The secondary market is expanding with new strategies and growing in size. This article from Goldman Sachs is insightful and will broaden your understanding of this ever developing market segment which Turnstone operates in. In short, the secondary market has developed beyond providing liquidity to LPs. We cater as much to the GPs who need to develop and restructure their funds. About 50% of the deals Turnstone did last year was so called GP-leds, i.e. deals where we provided a solution to a GP's need. In the future I expect the market to grow in such segments as private credit as well at providing new financial innovations to both LPs and GPs in PE. #privateequity #secondaries #alternatives

STONEHAVEN, LLC had a successful Q4, closing 40 new investment banking and placement agent mandate engagements (capital raises, M&A and secondaries) across a wide range of asset classes. 👏 Our mandate onboarding and management team, led by Brian Gaffney, CPA, has built robust systems, teams, and technology to support onboarding 150+ mandates annually through contracting and due diligence and 250+ total mandates.  We are proud of the work the team is doing to support our platform. Check out the breakdown of our total and new mandates below. #capitalraising #placementagent #investmentbanking #fintech #fintechnews #privateequity #venturecapital #venturefinancing #fintechfinance #hedgefunds #realestatefinance #infrastructureinvestment #capitalmarkets

Market is well-capitalized, says Matthew Wesley, as Jefferies advises on $11 billion of deals in Q1. “Our Q1 2024 deal value reflects a market that is continuing to grow and be healthy. It is also reflective of the fact that the market pricing is attractive to sellers, which is evidence of a very well-capitalized market,” Wesley, Global Head of the firm’s Private Capital Group told SecondaryLink. #Secondaries #Secondary #SecondaryMarket #AlternativeInvestments #PrivateMarkets https://lnkd.in/ejaq4mTW

I’m excited to share a new #multifamily #investment opportunity from Gray Capital - the first in over a year in the very near future. Want to review? Make sure you have access to the Gray Cap investment portal https://lnkd.in/gX2nJ3Zj … I can’t share much at this point in the process (accepted LOI) but I can tell you that this property checks all of our boxes, from vintage, to quality of the asset, to market fundamentals, and most importantly appropriate risk adjusted returns (15%-19% LP IRR). This will be a simple common equity offering with little financial engineering (no pref equity, no tiered returns, no special incentives, etc), just a simple 8% pref with a 70/30 split. More details to come. Click the link to request access to our portal - this will be a first come first serve offering. Not an offer to invest - any opportunity is only available to #accredited investros. No debt/insurance/JV solicitations, please. #multifamily #midwest #indiana #valueadd #realestate #investing #cashflow