Katie Koch

[PODCAST] Higher for longer interest rates are having profound effects on endowment and foundation portfolios across the US. The volatility this creates is making it more challenging to construct portfolios for the long-term and creating questions around liquidity management. Bill Burns and Meggan O'Shea join Texas Hemmaplardh in the latest episode of Critical Thinking, to discuss how these investors are navigating regime change. bit.ly/4cjOGXY

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I really think Soteria Market Inc. (founded by NYU Stern School of Business TRIUM alumn Ofer Shapira) is about to take off! This AI-driven platform matches buyers and sellers of distressed debt — a function that today is still done laboriously (and expensively) with investment bankers making phone calls. Soteria can create massively higher liquidity in this market, and can do it faster, cheaper, and with more precision. This will do for distressed asset trading what Mike Bloomberg did for bond trading. #fintech #AI #distresseddebt #innovation

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Liquidity and diversification from the secondary market helping PE ecosystem scale and shine. Franklin Templeton Institute’s Senior Strategist Tony Davidow, CIMA® explains why private equity is looking more attractive to a wider swath of investors, and the vital role secondaries are playing. #Secondaries #Secondary #SecondaryMarket #AlternativeInvestments #PrivateMarkets #PrivateEquity #PE https://lnkd.in/eK4KYRPS

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In MFS’ view, sustainability considerations are jigsaw pieces of the fundamental research puzzle and need to be integrated when material. Learn about our approach, 2023 engagement activities and more in our latest Annual Report. bit.ly/3UWXH2a.

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What is Power-to-X and how can it fill the gaps in the renewable energy journey and help technologies extend into new sectors in the future? Read our latest digital article. #nuveeninfra

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This year's thematic winners reflect a change in market leadership. Here are some of the themes performing well YTD. https://lnkd.in/gkiStbdf VettaFi #etfs #themes

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Check out the latest business cycle update, for the second quarter of 2024, from my colleagues on Fidelity’s Asset Allocation Research Team. https://bit.ly/3RaH3eu Many major economies, including the U.S., remained in the late-cycle expansion phase and registered hints of stabilization and even reacceleration in some areas. Expectations of monetary easing have contributed to improving global financial conditions, and worldwide manufacturing activity has firmed. China remained an outlier, as it continued to ease policy in hopes of reaccelerating from its growth slump.

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Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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Private markets are drawing in new participants as retail investors scrutinize the traditional 60/40 portfolio and find access to alternative markets increasingly easy, says Joanna Berg, CFA Senior Alternative Investments Specialist at BNY Advisors. Check out other great sound bites from BNY Pershing’s INSITE conference on our Bites website: https://lnkd.in/eVTRannZ #realinsite #bny #aerialview #aerialviewbites

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BlackRock’s Secondaries & Liquidity Solutions team recently published their semiannual Secondaries Market Outlook 1H 2024. Increased adoption of secondaries by both LPs and GPs has led to 4x market growth over the last ten years, and we believe the market is well positioned for continued expansion.   In 2023, the continued search for liquidity resulted in the 2nd highest year of closed transaction volume on record at $115bn, and the 3rd straight year over $100bn. This volume is being accelerated by lower M&A and IPO activity causing sellers to look for alternative sources of liquidity. Buyers are also achieving meaningful discounts (avg. 85% of NAV in 2023) for high-quality assets. We are keeping our eyes on opportunities for investors and believe 2024 will be a big year for the secondaries markets. Another way that BlackRock is meeting our clients’ liquidity and performance needs. Well done, team! Read the full publication here: https://1blk.co/4bhUUXM #Secondaries #PrivateEquity

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One thing I value about Meradia is that I am always learning from my colleagues. This brief article by Ryan Bond, CFA, MBA, PMP reminding us about the value of collateral management is just another example of the expertise Meradia can bring to the table. #meradia

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Excited to Host Panel #4 at Our PEC Conference: “Is Value Creation the Holy Grail?” As we aim to be the most transparent event in the Private Equity space this should be an interesting one 😉 I’m thrilled to be joined by distinguished panelists Nathalie K. (Pictet Group), Christian Ramme (Tenzing), Philipp M. Becker (THF), and Nick Miles (Lazard). Together, we'll delve into the intricacies and GP/LP perspectives on establishing value creation entities within Private Equity. Expect a lively discussion on the essence of value creation in Private Equity, challenging its celebrated position as the industry's ultimate goal. With insights from both General Partners and Limited Partners, our panel will explore various value creation models, their strategies, effectiveness, and impact, from different viewpoints. This session promises to challenge traditional beliefs, illuminate the complex and diverse methods of value creation, and enhance our understanding of its significance in driving successful investments. 📧 Interested in joining the conversation? Secure one of the last remaining invitations to PEC on April 25th, 2024, by emailing joinus@pec.berlin for your personal invitation. Let’s challenge the status quo together! cc Project A Ventures, Christoph Rösler, Christoph Jost, Michelle Charlotte Gerstberger, Ben Fischer #PEX2024 #PrivateEquity #InvestmentStrategy #SoftwareSector 

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Thanks to Paula Campbell Roberts from KKR for joining us this month on our How Should I be Positioned podcast. We great conversation about the current state of the US economy, as well as the outlook for inflation, growth, interest rates, and market volatility over the next five years. One thing that we agree on is that the US economy is in a new macro regime. This has implications for strategic asset allocation decisions, which we also discuss. Listen to the podcast for all the details. #shareubs https://lnkd.in/eJasj_EZ  

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Head of Portfolio Strategy David Dali spoke on a panel of industry experts at Portfolio Summits’ New York RIA Summit, sharing insights on global market outlooks and opportunities. They provided their perspectives on evolving markets, AI’s impact on the global supply chain, how to optimize client portfolios in response to macroeconomic developments and the importance of active management in emerging markets and Asia. #RIASummitNYC #PortfolioSummits

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While many participants have a solid understanding of some target date features, others may need some more education. Learn more about how participants are approaching TDFs. bit.ly/4a2nXO4.

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