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Alternative Market Briefing

Alts managers sitting on over $2.5tn+ of dry powder

Friday, June 24, 2022

Laxman Pai, Opalesque Asia:

In the current rising interest rate environment, investment activity in the private markets has continued to grow, revealed a study.

"With alts managers sitting on over $2.5T+ of dry powder and continuing to enjoy premium valuations and interest rates on a precipitous rise for the first time in several years, we expect private credit managers, in particular, will come to the forefront as attractive targets not only for traditional asset managers looking to penetrate the private markets sector but also for other members of the private markets ecosystem, such as private equity (PE) firms," PwC said in its 2022 midyear look at asset and wealth management (AWM) deals.

While deal markets in the first half of 2022 have cooled slightly relative to the scorching hot activity seen in 2021, AWM deal volume continued at a strong pace in the first half of 2022, with 109 announced deals in YTD May 15, 2022, up 11% as compared to the same period in 2021.

"That said, we did see deal momentum slow in the second quarter on the back of increased global macroeconomic and geopolitical uncertainty, which could be a harbinger for activity in the second half of the year," it said.

Notable deals announced during the first half of the year include UBS' acquisition of robo-advisor Wealthfront ($1.4 billion), AllianceBernstein's acquisition of private credit manager CarVal Investors ($1.4 billion), and Carlyle's acquisition of a portfolio ......................

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