Katie Greifeld

COLUMN: The Nareit index is among the several standards many real estate securities investors now use to benchmark the performance of their U.S. REIT securities portfolios. And the FTSE EPRA Nareit Global Real Estate Index, likewise, has become the standard that many real estate securities investors use to benchmark the performance of their European real estate securities portfolios.

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MY LATEST ON PRIVATE CREDIT: Blue-chip asset managers known primarily for their private-equity businesses have significantly increased private credit as a percentage of their assets under management within the past year. Private-equity giant Blackstone, with assets that rose about 7% to more than $1.06 trillion in the first quarter, increased its credit and insurance assets 13% to $329.6 billion at the end of March from $291.3 billion a year earlier. At buyout firm KKR & Co., assets managed by its credit business rose almost 12% to $260 billion at the end of this year’s first quarter from $233 billion a year earlier. Other publicly traded asset managers have also noted the increasing importance of private credit. In recent earnings reports and conference calls on the results, firm leaders cited strong returns as well as significant investor and borrower interest in debt offerings as driving forces of growth in the asset class. https://lnkd.in/ebDbhWw2

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This is the latest installment of our Year of Descending Dangerously series, on interenational central banks' attempts to retreat from high interest rates. Just in time for the FOMC, and written with Richard Annerquaye Abbey and Carolyn Silverman Hope it's of interest. #interestrates #inflation #centralbanks

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This is a comprehensive deep dive into how some private equity are linking their carried interest to impact objectives by Snehal Shah on New Private Markets, including a list of the funds we have come across with such a mechanism in place, and an exploration of why investors are divided over the merits... https://lnkd.in/dqRqNifi

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A kaleidoscope of opportunity: Investing in rainbow bonds 🌈 I spoke to Nuveen, a TIAA company's Stephen M. Liberatore, CFA about the colorful world of sustainable fixed income for Citywire Selector's most recent In Focus. Read all about the bonds that build up rhino populations, reduce greenhouse gas emissions, protect marine ecosystems, and promote women's empowerment while delivering a financial return. Image: Thunderstorm in the Alps (1868) by Frederic Edwin Church https://lnkd.in/eXui9m6f

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ARTICLE: LPs have embraced secondaries to rebalance portfolio exposure across strategies, geographies, vintages and funds. They can now securitize positions via structured portfolios traded on the bond market. GPs are using direct secondaries, continuation funds and “strips” of portfolios to generate liquidity when exit markets sputter (as they’re doing today). Tools are also available to raise cash for firm-level objectives such as succession management or expansion.

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In our latest issue, out today, we spoke with Morgan Stanley's head of private credit and private equity, David Miller, the chief investment officer of the TARP program, about addressing challenges during the GFC and the current opportunities in private debt. #privatedebt #MorganStanley #GFC #TARP

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MY LATEST: A Q&A with the CEO of Castlelake. Asset-based lender Castlelake is selling a majority stake in itself to publicly traded Brookfield Asset Management, making it the latest private credit specialist to align itself with a larger global asset manager. The Minneapolis-based firm has agreed to sell a majority stake in itself to Brookfield, which is investing around $1.5 billion, both to acquire the management company stake and in commitments to Castlelake funds, according to Castlelake Chief Executive and Managing Partner Evan Carruthers. Established in 2005, Castlelake has invested or committed more than $39 billion since its founding, according to the firm. The firm’s aviation strategy, including aircraft leasing and aviation infrastructure, accounts for the largest percentage of those assets with a total of $20 billion invested in such deals since the firm’s inception. However, the firm also manages investments in real assets, including real estate and infrastructure debt, as well as special finance, including consumer credit and other forms of asset-backed lending. https://lnkd.in/gsAdpbVF

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Brevan Howard's $12 billion flagship fund is down 2.4% this year. 🏢 Despite gaining 0.77% in May, Brevan Howard's Master Fund is falling behind the industry average. 🏢 Hedge funds have averaged 5% gains year-to-date, according to data from research firm HFR. 🏢 Macro hedge funds have beaten equity and emerging market funds to post average gains of 6.5% this year. #hedgefunds https://lnkd.in/eBNMyhMX

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I enjoyed this discussion with three very knowledgeable secondaries market experts about capitalisation, the future of the continuation fund and LP markets and how we get to a larger annual deal volume figure that starts with a "T". The latest episode in our Decade of Secondaries Investing podcast series

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A good reminder that there are many ways to capture illiquidity premiums and some, namely private credit, offer that premium but with regular contractual cash flows that minimize issues around distribution timing and can avoid the problematic “J Curve.”

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"This is about how individuals and institutions invest in private equity, rather than the sorts of companies and projects in which private equity invests." Dan Primack of Axios covers how Securitize is working with asset managers like Hamilton Lane and KKR to digitize the private markets for new opportunities to expand retail investor participation. If you're still looking to learn why the future of private equity will be tokenized, check out Dan's newsletter from this morning: https://lnkd.in/dyniwxDk

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Thanks for sharing your insights into stranded assets and what constitutes a desirable real estate property.

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What does US Equity outperformance over the last ten years mean for asset allocation and opportunities moving forward? Jim Masturzo, CFA, CIO of Multi Asset Strategies at Research Affiliates spoke on “Immovable Forces: Inflation, Growth, and Valuations” in his Inside ETFs+ (Part of Wealth Management EDGE) visionary address to Wealth Management EDGE’s advisors. #assetallocation #valuations #RIAs #investing

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Central banks in emerging markets are hamstrung by the Fed's reluctance to cut rates and may need to slow their own easing. My story on WSJ, with Anthony Harrup.

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WATCH: At Citywire's Monteux retreat in May, 12 CIOs from Europe's private banks shared their best investment calls over the past 12 months. Allocating to gold, CAT bonds and US equities proved popular, according to the panel, as recession and interest rate risk made investment calls challenging. Stay tuned for the next video in the series, covering CIOs' worst investment calls.

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The challenge for family offices is that elevated interest rates bode well for holding cash but also create a high hurdle for allocating to other asset classes. Canadian Family Offices #familyoffice #investing #cash #Bitcoin #USD #CanadianFamilyOffices #cima #cfa #cpa #cim #ca

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The latest in our four-part series of Fixed Income Building Blocks is now live with Richard Rauch, CFA from Brandywine Global Investment Management discussing the reasons to think about adding global bonds to your portfolio. In this educational podcast episode, Richard and Fixed Income News Australia Editorial Director Elizabeth Moran take a deep dive into government and corporate bonds and active and passive investment. #fixedincome #bonds #fina

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There's been a bit of coverage/discussion about PE valuations over the last few days and whether the secondaries market is a good proxy for more accurate valuations of private markets funds' portfolios. We looked at this last year across Secondaries Investor and Private Equity International, particularly here https://lnkd.in/evsrdR5G As we explored, there are multiple elements to take into account such as a buyer's view on a GP, exit prospects, trading volatility, GP alignment, manager track record, return requirements among others. Would welcome any latest thoughts on this topic adam.l@pei.group

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