Today's Exclusives

• Opalesque Roundtable: Bahamas busy updating financial regulation [more]

  B. G., Opalesque Geneva: The Bahamas has been working on enhancing and updating its jurisdiction offerings for financial services of late. "In the last two years, we have seen a change in the approach of the government," said Brent Symonette, a member of parliament and a former minister of

• Blackstone racks up $11.1bn for eighth secondary market fund [more]

  Laxman Pai, Opalesque Asia: Strategic Partners, Blackstone's secondary private equity platform, closed its eighth fund on more than $11.1bn. Strategic Partners VIII L.P.'s investors included pension funds, sovereign wealth funds, financial institutions, endowments, foundations, fam

• Equistone buys Moody's analytics arm [more]

  Laxman Pai, Opalesque Asia: UK private equity firm Equistone Partners Europe has struck a deal to acquire Moody's Analytics Knowledge Services (MAKS). The London-based company provides bespoke research, analytics and automation technology to the financial services sector. With nine delivery

• Oakley Capital raises $1.64bn fund [more]

  Laxman Pai, Opalesque Asia: Western Europe-focused private equity firm Oakley Capital has smashed the target of its fourth buyout fund, after raising €1.46bn ($1.64bn) for its final close. "Following strong investor demand, the Fund closed above its target size of €1.2bn and is Oakley's

• Hedge funds reverse two-month redemption trend in May [more]

  Opalesque Industry Update - Hedge funds reversed a brief two-month redemption trend in May with $800 million in industry inflows, a turnaround from April's $9.4 billion in redemptions. While the fund flow needle turned upward in May, the month's inflows represented a negligible portion of indus

Today's Other Voices

• Other Voices: ILPA Principles 3.0 reflect changes in the alternatives industry [more]

  By: David Warburg, Seyfarth Shaw Overview ILPA Updates Its Best Practices Guidance in "Principles 3.0." Responding to private equity and other alternative asset investment trends and new issues, the Institutional Limited Partners Association (ILPA) recently released "ILPA Principles 3.

More Exclusives

• 15. Jul. | Opalesque Exclusive: Structural Alpha Holdings launches to offer hedge funds permanent capital solutions [more]

  Bailey McCann, Opalesque New York: Taussig Capital is launching a new vehicle - Structural Alpha Holdings. Structural Alpha Holdings builds on Taussig Capital's expertise advising hedge funds on how to create banking, insurance, and reinsurance companies to generate permanent capital. St

• 15. Jul. | Opalesque Roundup: Hedge funds report strongest first half of a calendar year: hedge fund news, week 26 [more]

  In the week ending July 12th 2019, HFR reported that hedge funds rose 5.7% from January through June, according to Hedge Fund Research Inc.'s asset-weighted index of managers. Funds posted broad gains "to conclude the strongest first half of a calendar year, with varied and wide range of leadership

• 10. Jul. | Opalesque Exclusive: Emerging manager Parplus Partners argues investors should only pay fees when funds outperform [more]

  Bailey McCann, Opalesque New York for New Managers: Should investors only pay fund managers when they outperform? One emerging hedge fund manager says yes. Parplus Partners, a New York-based hedge fund manager, argu

• 08. Jul. | Opalesque Video: The CTA trader that checks trades manually and wants to stay small [more]

  B. G., Opalesque Geneva for New Managers: Raffi Sosikian, principal of Pinnacle Quant, a CTA based in Los Angeles, CA, recounts his journey from his teenage years

• 08. Jul. | Opalesque Roundup: All hedge fund strategies show sweet gains in June: hedge fund news, week 25 [more]

  In the week ending July 5th, 2019, Lyxor said that all hedge funds strategies delivered positive returns in June 2019 - L/S Equity Directional, L/S Credit and Market Neutral L/S out

• 01. Jul. | Opalesque Exclusive: Sancus Capital's Chernova pioneers a new way forward for CLO refinancing [more]

  Bailey McCann, Opalesque New York: Investor interest in CLOs is on the rise and Olga Chernova, Founder and CIO at Sancus Capital Management is working to make the market more transparent. Alongside her work at Sancus, Chernova developed a process that is designed to make CLO refinancing easier an

• 01. Jul. | Opalesque Exclusive: For one cannabis fund, the volatility in pot stocks is a feature not a bug [more]

  Bailey McCann, Opalesque New York for New Managers: The cannabis market can be tough to invest in. Many of the opportunities are privately held and the public stocks are prone to volatility. A new firm - Measure 8 - is

• 01. Jul. | Opalesque Roundup: Hedge fund performance dispersion narrows significantly in 1Q19: hedge fund news, week 24 [more]

  In the week ending June 28th 2019, Hedge Fund Research showed that hedge fund performance dispersion narrows significantly in 1Q19 with the top decile posting an average gain of +21.12%, up from

• 27. Jun. | Opalesque Exclusive: June 28 deadline looms for investors considering opportunity zones [more]

  Bailey McCann, Opalesque New York: Investors have a mere 48 hours to defer tax year 2018 gains into opportunity zone investments. Individuals that want to defer taxes from a K-1 flow through entity or 1231 gains by investing in an opportunity zone will need to fund a qualified investment account

• 24. Jun. | Opalesque Exclusive: Gender diverse private equity investment committees significantly outperform all-male teams, study shows [more]

  Bailey McCann, Opalesque New York: New research on private equity shows that having gender diverse investment committees is not only a blindingly obvious thing we need to do in 2019, it's also good for business. The report, entitled, "Impact of Gender Diversity on Performance of Private Equit

• 24. Jun. | Opalesque Roundup: Investors redeem $46.4bn from hedge funds in Q1 2019: hedge fund news, week 23 [more]

  In the week ending June 21st 2019, the June 2019 Eurekahedge report said that the global hedge fund industry AUM has grown by $0.5bn as of May 2019 year-to-date. Final Q1 2019 net outflows fi

• 19. Jun. | Cheyne European Strategic Value Credit Fund closes on €1bn [more]

  Bailey McCann, Opalesque New York: London-based Cheyne Capital Management has closed its inaugural European Strategic Value Credit Fund at the €1bn hard cap. The fund was significantly oversubscribed. The vehicle will invest in loans from middle market European banks that they are selling dow

• 17. Jun. | Opalesque Exclusive: ESG is not good enough for investors who want to make a real impact [more]

  B. G., Opalesque Geneva: Dr. Walter Schindler is one of the first to be involved in sustainable investing. Indeed, straight after he left law school in the early 80s, he was the legal advisor to the first renewable power project devel

• 17. Jun. | Opalesque Exclusive: All about impact at AIM Summit [more]

  B. G., Opalesque Geneva: There were many speakers on sustainable and impact investing at the Geneva AIM Summit last week, all agreeing that the trend in such investments, while it began many years ago in obscurity and misinterpretation, i

More Other Voices

• 26. Jun. 2019 | Other Voices: SEC fines hedge fund $5 million over undervaluation of assets [more]

  By: Brian Hooven, Joshua Newville, Proskauer A recent action where the SEC focused on the presumably conservative undervaluation of assets suggests that it is more than willing to use valuation as a hook to deter "smoothing" of returns. As we previously noted, while the SEC consistently announces

• 11. Jun. 2019 | Other voices: Impact of the evolving relationship between investors and managers on fund structuring [more]

  By: Justin Savage, Ogier A combination of diminished returns across the hedge fund industry amid challenging market conditions for generating alpha and a continued and increased focus on performance has given rise to a shift away from more traditional hedge fund products to the more attractive r

• 30. May. 2019 | Other Voices: ICOs and digital assets: a new and optional legal regime in France [more]

  By: Philippe Goutay, Linda Hesse, Jones Day The Situation: ICOs and digital assets have become a new phenomenon that has impacted many aspects of our modern economies and created an alternative way of financing for start-ups or small and medium-sized enterprises. The Result: T

• 22. May. 2019 | Other Voices: Show me the data: investors demand better ESG disclosures [more]

  By Jessie M. Gabriel and Lauren T. Attard of BakerHostetler Asset managers are always looking for a valuation edge. But even when key factors are identified, the data may not be available. This is particularly true with environmental, social and governance (ESG) issues. No one will dispute their

• 17. May. 2019 | Other Voices: A round up of key trends in health care private equity investments [more]

  By: Foley & Lardner This conference season, private equity (PE) investors and provider compared notes on the current state of the markets, trends, opportunities and challenges. Below is a summary of key trends that have been discussed. A recent Health Care Private Equity Panel during the Yo

• 24. Apr. 2019 | Other Voices: Shareholder activism trends in the 2019 proxy season [more]

  By: Skadden, Arps, Slate, Meagher & Flom, In 2018, robust U.S. and global M&A activity substantially mitigated the downside risk for activist investors. With political uncertainty ahead of the 2020 presidential election, unsettled questions on trade and tariffs, and the late 2018 market correcti

• 11. Apr. 2019 | Other Voices: Private equity and activism [more]

  By Amadeus Moeser, Sidley Austin LLP The relationship between private equity funds and activist hedge funds has always been double-edged. While in the past, engagements of activists often led to the sale of a target company or less profitable operations of a company to private equity funds, man

• 10. Apr. 2019 | Other Voices: Game changing fund of fund reforms ahead [more]

  by Carlton Fields On December 19, 2018, the SEC proposed rescinding most so-called fund of funds (FoF) exemptive orders and Rule 12d1-2 under the Investment Company Act of 1940 (Act) and replacing them with new Rule 12d1-4.1 Some of these reforms may have significant consequences for both fu

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FAVORITE “TELLS”:

Copper Prices: Bouncing ahead of move to 2.36?

Baltic Dry In.: Continues to be more bullish. UPS & FDX: Bouncing, but lagging S&P badly.

ADP & PAYX: Each acting a little toppy here.

FAANG: FB now headed to 210? AMZN now headed to 2,100? AAPL has hurdles @ 215 & 230; NFLX to 425? GOOGL resistance at 1176.17.

EEM: Needs to clear $43.42 before continuing to $46 ST.

INTU / CRM: Both have ST upside ahead – INTU more bullish, though.

JNK / LQD spread: JNK still weakening vs. LQD

OVERALL: More bullish than bearish – but still in doubt.