The Big Picture: The end of globalisation is nigh... [more]B. G., Opalesque Geneva: "Historically speaking," says Peter Zeihan, "we live in an embarrassment of riches and peace… we have been living in a perfect moment. And it is passing." Geopolitical strategist Peter Zeihan is forecasting the end of globalisation, and in the wak

Pomona soars past its target to reach over $2.4bn for its tenth flagship fund... [more]Laxman Pai, Opalesque Asia: Secondaries-focused alternative manager, Pomona Capital has soared past the tenth flagship fund goal to reach over $2.4bn of commitments. Pomona Capital X (PC X) is oversubscribed and capped, exceeding its $2 billion target by 30% and is about 50% larger than its pr

Apollo raises $2.35bn for its first direct lending fund... [more]Laxman Pai, Opalesque Asia: The global alternative asset manager Apollo Global Management Inc. has closed on its first-ever $2.35 billion direct lending fund. The American global private equity firm said in a press release that Apollo Origination Partnership Fund I (AOP) contributes to Apollo'

Hedge fund industry AUM declined by $78.8bn in H1-2022... [more]Opalesque Industry Update - The Eurekahedge Global Composite Index was down 5.4% for H1 2022. There was a contrast in performance between $1bn-plus funds and sub-$1bn funds as larger funds saw lower losses of 1.9% compared to losses of 5.5% for the sub-$1bn category. AUM has declined by $78.8bn

Maverick posts strong July results... [more]From Institutional Investor: Maverick Capital rebounded sharply in July, posting double-digit gains in three of its main funds and topping most of its Tiger Cub peers. The firm still lags Viking, Valiant, and other Tiger-related funds this year. Even so, the firm headed by Tiger Cub Lee Ainslie

Emerging hedge fund managers hoping to win investors... [more]From Business Insider: Investors hunting for the best hedge fund managers amid the volatile market cycle could turning to smaller, more nimble managers. Big-name hedge fund managers have been experiencing steep declines and redemptions over the last few months due to the current bear market and

New Launches: Canyon Partners closes third CLO equity fund, HSBC launches biodiversity screened ETF, Green Generation Fund raises $103m, OneVentures kicks off raising for new $200m credit fund, Menlo Equities announces final closing of oversubscribed sixth value-add fund... [more] Canyon Partners closes third CLO equity fund Canyon Partners, a $25 billion global alternative asset manager, today announced the $230 million close of the Canyon CLO Fund III (CLO Fund III), a collateralized loan obligation (CLO) equity fund. CLO Fund III is Canyon's third CLO e

Brazil's hedge funds switch tactics on end of bold rate hike cycle... [more]From Bloomberg: After profiting from one of the world's most aggressive monetary tightening cycles, some Brazilian money managers are switching tack and starting to bet on the opposite trade. SPX Capital, whose Raptor fund is beating 99% of peers this year, and Ibiuna Investimentos, which manage

Next financial crisis likely to centre on private markets... [more]From FT: Just as US subprime mortgages were at the heart of the 2008 financial turmoil, a future crisis may centre around booming private markets. Believing they had found the latest formula for success, investors have ploughed about $9.8tn into unlisted equity, private credit and early stage or

Institutional Investors: Sacramento County allocates $184m to 5 alts managers, Private equity allocations increased from 2-8% to 5-10% by ADIA, Canada Pension Plan discloses billions in investments, New Mexico Educational records a rare positive fiscal year 2022 return... [more] Sacramento County allocates $184m to 5 alts managers From PIonline.com: Sacramento County (Calif.) Employees' Retirement System disclosed new commitments totaling $184 million in June and July transaction reports included with the pension fund's upcoming Aug. 17 board meeting materials

Investing: Hedge funds rushed to snap up stocks during CPI-fueled rally, Equity skeptics that missed stock rally may miss even more... [more] Hedge funds rushed to snap up stocks during CPI-fueled rally From Bloomberg: Theories that this week's big runup in stocks was fueled by equity skeptics getting forced out of bearish positioning are borne out by the data. With the S&P 500 mounting a 2% gain Wednesday, professional

SPACs: 'SPAC king' Palihapitiya to seek extension for pair of blank-check deals as sector reels, HK Acquisition to raise $127.48m in Hong Kong via SPAC listing, Secrets to completing a SPAC merger and what's next for D-Wave, Selina files paperwork to move a step closer to going public through SPAC... [more] 'SPAC king' Palihapitiya to seek extension for pair of blank-check deals as sector reels From Bloomberg: The "SPAC King" Chamath Palihapitiya is asking investors for more time to complete a pair of blank-check deals as the industry is plagued by a regulatory crackdown and broader malai

People: Mark Carney to chair Brookfield Asset Management post-spin out... [more]From Reuters: Canadian investor Brookfield said former Bank of England Governor Mark Carney will become chair of its asset management division when it separately lists on the Toronto and New York exchange in November. His was one of several senior appointments flagged to investors on Thursday. C

Crypto: Asset managers bet big on crypto despite market rout, BlackRock launches spot bitcoin private trust for U.S. clients, What crypto winter? The demand for finance talent is booming, Coinbase's stock rebound obscures market share loss to peers, 'Floodgates of capital' - crypto is braced for $21tn boom, Crypto lender tied to Chinese rig giant throws miners a lifeline... [more] Asset managers bet big on crypto despite market rout From FT: Big-name money managers are stampeding into digital assets, finding new ways to monetise investor interest even as trading volumes and prices for bitcoin and other cryptocurrencies have slumped. FTSE 100-listed Abrdn thi

M&A: Barings snares Altis platform in $6bn move, Wafra takes minority stake in Thompson Street... [more] Barings snares Altis platform in $6bn move From IPE: Global investment manager Barings has agreed to buy Australia-based real estate firm Altis Property Partners for an undisclosed sum. Altis, founded in 2008, currently manages A$6.1bn (€4.2bn) assets. The company has expertis

U.S.: Multiemployer pension funding fell to 80% in 1H 2022, down from 91% last half year, All the banks, billionaires and VCs sucked into Twitter v. Musk... [more] Multiemployer pension funding fell to 80% in 1H 2022, down from 91% last half year Milliman, Inc., a premier global consulting and actuarial firm, released the 2022 mid-year results of its Multiemployer Pension Funding Study (MPFS), which analyzes the funded status of all multiemployer

Asia: Top India mortgage lender executes rare trade to hedge rate risk, Chinese money market fund market to continue expanding, How investors will need to tiptoe around Taiwan troubles... [more] Top India mortgage lender executes rare trade to hedge rate risk From Bloomberg: India's largest mortgage financier used an unusual trade to hedge some of its borrowings against interest rate volatility as it sought to expand its range of tools to manage risk, according to people famil

PE/VC: Is private credit a bubble, or just a little frothy?, VC interest in European pet tech ebbs, GP-led secondaries, hybrid and credit funds show how asset classes are evolving... [more] Is private credit a bubble, or just a little frothy? From Institutional Investor: It seems that every investment shop out there is coming to market with a private credit fund. In fact, as I write this column, two more firms - an asset management firm and a global investment bank - issu

ESG: ESG engagement rises to top of agenda for Asian investors, Growing ESG focus expected to drive greater investment in property, ESG in transition: Can sustainability still save the world?... [more] ESG engagement rises to top of agenda for Asian investors From Asian Investor: Recent shareholder activity suggests that investors in Asia are intensifying the pressure on investee companies on a range of issues, pushing for greater transparency and more meaningful action on climate ch

Legal: U.S. SEC investigating hedge fund Melvin Capital Management... [more]From Reuters: The U.S. securities regulator is looking into Melvin Capital Management's risk controls and investor disclosures after the hedge fund was hammered by the meme-stock rally last year, the Wall Street Journal reported on Thursday. The Securities and Exchange Commission (SEC) contacted

Regulatory: FCA issues warning to alternative investment bosses via open letter... [more]From IPE: The FCA has written an open letter to CEOs of alternative investment firms, setting out its supervisory strategy for those managing and dealing in alterative assets. In an extract from the letter, its author Nike Trost, the FCA's head of asset management and pensions policy, issues a s

Activists: ValueAct takes 7% stake in New York Times with call for new approach... [more]From FT: ValueAct Capital, the activist hedge fund, has acquired a 7 per cent stake in The New York Times Company and is putting pressure on the media group to boost digital sales by pushing subscribers towards a higher-priced bundle of its products. Shares in the global news media group popped

News Briefs: 3 tips from trillion-dollar investors on sealing the co-investment deal, The hedge fund industry has been abuzz this summer about the fate of Millennium's index-rebalance king, Miami becomes the new boom town for corporate lawyers... [more] 3 tips from trillion-dollar investors on sealing the co-investment deal From Weforum: Co-investing is a financial model that sees smaller investors collaborate with larger partners, avoiding fees, exchanging knowledge and opening up new investments. In 2012, 24% of Limited Partners

And, finally: Can't we all just get along?... [more]From CNN: If you order the plant-based sausage with your breakfast at Cracker Barrel, better do it sotto voce: The company's addition of the Impossible Foods product to its menu is causing an uproar among loyal restaurant fans, CNN Business reported. "I just lost respect for a once great Tennes