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The Institutional Limited Partner

@holistic_pm

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Institutional Investor. Private Markets (PE, PD, Infra, Real Estate): €1Bn+ invested. Primaries & direct Secondaries. Sharing insights on markets, deals & GPs

Paris, France
Joined April 2020
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 year
This is the story of the most profitable private equity buyout of all time and it’s French 🇫🇷 Company : Polyplus-Transfection Sector : Healthcare 💊 Sponsor : Archimed Here is a thread on how Archimed achieved a 300x MOIC on its initial investment 🧵👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Some interesting slides about data centers and the impact of IA from Blackstone
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
I got my hands on two other interesting slides from Blackstone about data centers highlighting the difference between the US and Europe
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
KKR North America PE funds gross to net track record
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
2 months
Blackstone is back at it again. It has agreed to buy AirTrunk, the Australian data center operator, for $16B, the biggest acquisition in the industry.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Some interesting slides about data centers and the impact of IA from Blackstone
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
Current private equity environment. The ratio of distributions to capital calls stands at the lowest level ever. Bain estimates it at 0.7x, but some investors are well below that; our portfolio was closer to 0.5x in 2023. This pushes both LPs and GPs to turn to the secondary
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
26 days
I am an LP in a PE and a Private Credit fund from 2 distinct GPs. The Private debt fund granted a unitranche to one of the PE portco PE fund super excited to announce a dividend recap at 6x net leverage… PC fund super excited to announce a new deal at 5.2x net leverage 🙄
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 month
Got some nice goodies at IPEM
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
I spoke with a guy at Partners Group yesterday. « We are aware that some continuation funds want to realize exits through continuation funds 2 » 🤦🏻‍♂️
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
2 months
Private Market GP tiering made by a GP-staker
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
Q1 2024 Private Market Performance Listed GPs (notably Blackstone, KKR, Carlyle & Apollo) have published Q1 funds gross performance. We will get more precise data from providers such as Preqin or Burgiss in the coming weeks. Average gross perf / (range) Private Equity: +2.5% (0
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Spoke with a guy at Goldman this morning regarding a large secondary deal highlighted in the press. « We gave up after the first round, deal priced 10 points higher than our initial bid at hardly no discount to NAV. There is a complete irrationality in pricing here. » Large
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
2 months
Blackstone Strategic Partners' historical track record. Blackstone SP is one of the most significant PE secondary players and plans to raise the largest secondary fund ever in the coming quarters
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
2 months
Interesting slides from PIMCO on multiple arbitrage opportunities in European Data Centers. Development spread and cap rates vs other real estate classes
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
KKR—For those interested in the gross-to-net spread, here are the net performances (as of Q3 2023) for some of the funds. KKR NA XI : 2.2X / 19.8% KKR NA XII : 1.82x / 18.9% KKR Europe I : 2.1X / 19.73% KKR Europe II : 1.3x / 4.81% KKR Europe III : 1.6x / 11.01% KKKR EUrope V :
@BoringBiz_
Boring_Business
@BoringBiz_
6 months
KKR delivering 26% gross IRR over 48 years is impressive, no matter how you cut it Even more impressive is that none of their funds (out of 25) have lost money 22 out of 25, or 88%, have outperformed the benchmark
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
@paroles_la Tristesse! Merci d’avoir mis la lumière sur ces courageux inconnus et d’avoir fait vivre le devoir de mémoire.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
9 days
💊🇫🇷Sanofi has sold its consumer health division to Clayton Dubilier & Rice (CD&R) for €15.5 billion, marking the largest LBO in France's history. Sanofi will sell a 50% stake in Opella, its over-the-counter (OTC) health business, valued at €15.5 billion (about 12x EBITDA)
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity - Mapping of the Spanish middle market 🇪🇸
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Interesting data from Stepstone about direct lending default rates and realized loses.
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@BoringBiz_
Boring_Business
@BoringBiz_
3 months
The Milken Institute recently held a private credit panel with speakers from some of the top firms in the world, including SVP, PGIM, Oaktree, Goldman and Monroe Here are some of my key takeaways > The asset class of private credit has grown at a ~20% CAGR since the GFC >
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Some of you have asked more specific questions about power demand from data centers. I am sharing in the comment section the link to a recent Goldman Sachs study: AI, data centers, and the coming US power demand surge
@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Some interesting slides about data centers and the impact of IA from Blackstone
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 month
Very few firms have a true competitive advantage and barriers to entry in the secondary market. These guys have found their niche and are good at it. They probably have one of the best value proposals in secondaries. Congrats to them for their first and only close at $765M.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
9 months
@PrivatEquityGuy Invest in good funds, use the income for a living and never start working
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
7 months
This is what big allocators target by going into large funds low return dispersions
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
4 months
92% of LPs think that their GPs are likely to use continuation funds to generate liquidity in the next 18 months per the latest Coller capital survey
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
Following the CVC IPO, we compare carried interest attributable to employees vs shareholders for different European Private Equity listed management companies
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
Private Equity Market Update Exit activity has shrunk in Q1 2024 to a 3-year low. No wonder why secondary volumes are increasing both LPs & GPs turn to the secondary market for liquidity reasons.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
In private equity secondary deals, effective discounts at closing often differ from the agreed discount with the seller. Learn how to bridge the gap between agreed and effective discount in the 6th article of secondary series :
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Partners Group’s CEO about secondaries: «  pricing for high quality inflection assets has tightened from around 90% last year to 95%+ of NAV » « You have quite a few players on the secondary market today, it’s a competitive market… »
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
SMALL SIZE, BIG GAINS #3 Highlighting private equity deals on tiny titans. Company: Neoxam Sponsor: BlackFin Capital Partners Sector: Financial Software MOIC 5.4X - IRR 47% Blackfin's Bold Move to redefine Asset Management Software Solutions 👇 In 2014, BlackFin Capital
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
@BoringBiz_ Take a look at their natural ressources funds perf, in their annual report. They clearly have lost money they just don’t show it in these slides!
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
4 months
I am having a break week in Chamonix. No GPs, no discounts, no SPAs, no KYC…
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
SMALL SIZE, BIG GAINS #1 💪 Highlighting private equity deals on tiny titans. Company: Proxiserve 🇫🇷 Sponsor: Latour Capital 🇫🇷 Initial equity check: €9M Final MOIC : 11,2x / IRR : 88% Latour Capital unleashing the Power of Transformation: The Proxiserve Journey 👇 In
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
Starting 2024 with a new series of threads HEAVY ASSETS, HEAVY RETURNS #1 Infrastructure & industrial chronicles 🚉 Company: NGD Sector: Data Centers Sponsor: Infravia Capital Partners MOIC: 4.6X - IRR: 46% Infravia was early in what has now become a core infrastructure
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity - Mapping of the middle market in the UK 🇬🇧
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
7 months
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 year
🏁🏎️The CVC Capital x F1 Journey : A Private Equity Masterclass! 🚀🏁(1/9) @F1
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 year
$ORGN potential multi-bagger. My father works in the bottling industry at Danone. He always says that this type of materials is the future for bottlers, there is a great push for carbon negative and 100% recyclable materials
@OriginMaterials
Origin Materials
@OriginMaterials
1 year
Today we announced a breakthrough in recycling. Origin created sustainable PET bottle caps, enabling “all-PET” bottle and cap solutions using recycled PET or bio-PET. With “mono-material” products, no need for recyclers to separate caps from bottles. $ORGN
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
11 months
Real Estate 🇫🇷 - this morning I attended the board of a RE fund in which my company is invested. I can tell you that there is liquidity crisis in French RE that is brewing and that will have massive consequences in 2024. Explanations 👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
Private Equity - new study from EY/France Invest released last week breaks down value creation in small and mid market deals exited in France recently. 67% of value creation come from EBITDA growth (of which 54% is organic, 32% build-ups, 14% margin expansion)
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
🚨 We have a Q2 secondary pricing update for more than 80 infrastructure funds If you want to receive the pricing list just comment « infra » 👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
11 months
🚨Private Equity - European Mid-Market update Q3 2023. Data from the latest Argos Index ( @ArgosWityu ) 1. Transactions multiples are down 8% on the quarter to 9.1 x EV/EBITDA
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
I needed off to load some of my 54 days of annual paid leave 😅 Enjoying one of the many wonders this country has to offer
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
Top 10 - Secondary Firms I have also established a more extensive mapping covering managers that have raised 100M$+ in secondaries. Comment "Listing" if you want to receive it.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
EQT Infrastructures, fund size evolution & perf
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private equity - Formula 1 is back this week-end. Good to remember that the true champion will always be CVC with a 6.85x MOIC and a 80% IRR
@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 year
🏁🏎️The CVC Capital x F1 Journey : A Private Equity Masterclass! 🚀🏁(1/9) @F1
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity - Mapping of the middle market in the Nordics 🇸🇪🇩🇰🇳🇴🇫🇮
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
This is my breakdown of the secondary market. Find out more in the latest secondary series released today.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity - Mapping of the French Middle Market ecosystem 🇫🇷🐓
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
We have agreed to sell an infra fund to a US-based investment firm. We are in the middle of the legal phase, and I am starting to regret it. The amount of unnecessary legal complexities in the US is mind-boggling. What should be a relatively straightforward transfer of limited
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Private Debt Secondaries - is an increasing market with $6bn volume in 2023 and $7bn+ expected this year. Here are 10 secondary funds currently in fundraising that are 100% dedicated to Private Debt Dorchester has a clear edge, a differentiated strategy, and an extensive track
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
SMALL SIZE, BIG GAINS #2 Highlighting private equity deals on tiny titans. Company: Alliance Etiquettes 🍾 Sponsor: Activa Capital MOIC 3,9X - IRR 35% A Toast to Prosperity: Activa Capital's Sparkling Investment in Alliance Étiquettes 👇 With the festive season approaching,
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Embarrassing true story. I became friends with the founder of a high-performing small-cap PE Firm. He wants to raise his next vintage in 2025 and asked if I could refer to names of relevant Placement Agents I like. This fund is an easy raise; many sales would love to sell it. I
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
2 months
Public vs Private company universe. Companies with $100M+ in revenues. Globally, there are over 140K companies, of which 19K are listed
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
2 months
Despite what one might think, 80% of NAV financing facilities have been used to invest in portfolio companies rather than distribute money back to LPs
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Project Hillary update - Got a very good news this morning, one of the underlying portcos is being exited a 5x MOIC. With our secondary discount, we will make 2,5x on it without bearing any risk. We will receive the distribution just after our secondary closing. It will
@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity Secondaries - I have secured exclusivity to purchase a portfolio of good small French Buyout Funds from a regional bank. Very limited competition —> very good price. Took over 2 months to DD. More info as we close, this one will be called project Hillary
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
9 months
Private Equity - I met with an impressive GP I didn’t know, 1st decile 20 year long track record, good sourcing and value creation strategy. Problem: the founding partner is really an unbearable human being, complacent attitude, a total jerk. The head of IR (she) is the same.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity - Mapping of the DACH middle market 🇩🇪🇨🇭🇦🇹
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity - Italian Middle Market Map 🇮🇹🍕
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
@BoringBiz_ This deal ultimately resulted in a 11.4x gross multiple The true numbers: 👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
🔴⚫️ AC Milan x FC Internazionale Milano 🔵⚫ 2016 🔵 Chinese electronics giant Suning acquires ~70% of FC Internazionale Milano from Massimo Moratti and Erick Thohir for €270 million. 2017 🔴 Silvio Berlusconi sells AC Milan to Chinese businessman Li Yonghong for €740
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 year
Nowadays, it’s market practice for private equity funds to charge a 20% carried interest. But do you know the origin of this mechanism?! Your ancestors might have been merchants or worse pirates! Explanation 👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
9 months
@WallStCynic Clearly not the same risk, the best direct lenders out there focus on LMM or MM and have had loss rates close to 0% for nearly 2 decades. Even, the best performing PE firms often get zeroed on deals.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
2024 Secondary Market Comment - Lately pricing on the secondary market is increasing relatively fast. Here is a comment which I find pretty relevant from an intermediary: Risk appetite has returned, with buyers showing increased optimism about medium-term prospects. Over the
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
2 months
I forgot to tell you about this private credit fund that lent money to an eSport team and took their League Of Legends seat in a closed competition as collateral… 🤨
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
🚨Private Equity - European Mid-Market update Q1 2024. 1.  Transaction multiples slightly declined to 8.9x EV/EBITDA, down from 9.0x 2. Decrease in multiples mainly driven by multiples paid by funds. Strategics remain stable. 3. Record proportion of deals made below 7x EV/EBITDA
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
7 months
Private Markets - How does catch-up affect your gross-to-net performance as a LP? For the same gross performance, different catch-up terms may result in different net performance for LPs. 🧵👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
Today, for the first time in 18 months, I heard a growth investor casually mentioning a potential 25xARR exit
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
H1 2024 Secondary Market Review: Record-Breaking Semester Record Volume: The market achieved $72 billion in H1 2024, a 73% increase vs H1 2023. LP-led transactions accounted for 57% of total volume, and GP-led transactions for 43%​​​​. LP-Led transaction pricing improved by an
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
2024 Exit data +33%, the average uplift from prior NAV seen by a Top 10 secondary firm on 2024 YTD on all exits across its portfolio. This is significantly up from 2023, which stood at +19% and above the long-term average of +27%.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
I just spoke with a partner at a direct lending LMM fund I like. “We haven't started our next vintage fundraising, and we already secured a €500M commitment from a CFO (collateralized fund obligations). The full structure senior, mezz, and equity was raised and oversubscribed
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
Just spoke with a PE placement agent I know well working on his own. He raised €800M alone in 2 yrs. This is €15M in revenues with practically no expenses. « I have nothing to do anymore, money prints itself »
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
26 days
@BigJohn043 Or a so-called « PF adjusted EBITDA » for the credit fund, which makes the facial leverage more acceptable for their LPs. Seeing both sides of the equation is funny; you can see how GPs will present you with a reality that better fits their narrative
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Private Equity Secondaries - I have secured exclusivity to purchase a portfolio of good small French Buyout Funds from a regional bank. Very limited competition —> very good price. Took over 2 months to DD. More info as we close, this one will be called project Hillary
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
9 months
SMALL SIZE, BIG GAINS #4 Highlighting private equity deals on tiny titans. Company: Sterne Sponsor: Meanings Sector: Transport / Logistics MOIC 5,8X - IRR 48,3% Fast-Track Success: Meanings' Brilliance in Express Logistics 👇 In 2017, French primary buyout specialist Meanings
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
@RecoveryTrade The 2022 vintage is very new, and performances are meaningless for such a young vintage
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
7 months
Secondaries - « Discount is like Cholesterol there is the good one and the bad one » Someone just made my day haha 😂
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Real Estate - Two weeks ago, I received a deal opportunity from a GP to acquire 4 Casino supermarkets in France. You have to know that this company Casino is under restructuring and change of ownership. The strategy was to buy the assets as Casino is in distress and resell it a
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
VC - One exit worth mentioning in the French VC ecosystem today is Ventech cashing out €175M of Believe or a 36x MOIC.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
7 months
We are approaching closing. Meanwhile there was a massive intermediary distribution in one underlying fund. This one in particular will be handed out to us at a negative price. Unbelievable.
@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
Project Hillary update - Got a very good news this morning, one of the underlying portcos is being exited a 5x MOIC. With our secondary discount, we will make 2,5x on it without bearing any risk. We will receive the distribution just after our secondary closing. It will
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Secondary deals have shorter durations, but this is not always true for secondary funds. Sometimes, the cash flow profile for a secondary fund might be worse than that of a good buyout fund. And I am not even talking about the tail-end distributions, which can be so long.
@BigJohn043
John Caple
@BigJohn043
3 months
One of the things driving the growth in the secondary market generally is retail. Secondaries have shorter duration making them much more appropriate for the typical retail investor. I think this will continue to grow….
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
4 months
🚨H1 2024 Private Market Update Our portfolio, roughly 90 funds, had a ratio of distributions to capital calls of 55% during H1 2024. It is very similar to what we achieved in 2023. The portfolio is still growing in terms of the relative size of the balance sheet. So, you can
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
Q1 2024 - Secondary Market Update ~20% growth in deal volume vs Q1 2023. Volume is estimated between $27-32 billion, according to PJT Park Hill. FY2024E projected at $135Bn. LP-led deals account for 65%, GP-led deals for 30%, and Structured solutions for 5% of the market
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
8 months
@marketplunger1 A very successful European Infra fund (Infravia Capital Partners) is launching a €2Bn fund to invest in metal & minings related assets. The fund is backed by French gov for €500M
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
11 months
Real Estate - Debt rather than equity is where you want to be in CRE right now. Attractive relative value profile at the moment. Higher spread, lowest LTC/LTV in the last 20 years, high base rates. Chart below is for the French CRE market
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
🚨 Private Equity - European Middle Market update Q2 2024 1. The Argos Index stabilized at 8.9x EBITDA, slightly above its 20-year average. Funds' multiples rose to 9.3x EBITDA, and strategic buyers' multiples were stable at 8.7x EBITDA. 2. The slow recovery in mid-market M&A
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
11 months
Private Equity secondary true story : 2 weeks ago a placement agent asked me if I could bid on a LP-interest in an Ardian Fund. Started working on it and inquired for the exact past flows (drawdowns and distributions) of the current investor. Days later the broker tells me : «
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
9 months
Real estate - Remember this 👇Got a call today from a SCPI sales asking if I would be interested in buying back some institutional on the secondary market because they can’t match the redemption themselves and insurers need liquidity. The liquidity crisis in French Real Estate is
@holistic_pm
The Institutional Limited Partner
@holistic_pm
11 months
Real Estate 🇫🇷 - this morning I attended the board of a RE fund in which my company is invested. I can tell you that there is liquidity crisis in French RE that is brewing and that will have massive consequences in 2024. Explanations 👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
Want to know more about Private Equity secondaries? Check out my last article covering GP-led deals :
@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
7 months
Following @carrynointerest thread. Some of you ask for more specific content about private equity secondaries. I am starting a series of articles covering everything you need to know about it. Tell me if you prefer this format or if I should go back to traditional threads
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
11 months
Real Estate 🇪🇺🇺🇸- yesterday I warned of a brewing liquidity crisis in French RE. Here are some more global data underpinning this point : 1. Net redemptions in open ended funds stand at their highest level since the GFC. Fund managers will need to sell assets to meet redemptions
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
@createthisbiz There are still GPs/Teams that can deliver operational performance and organic growth out there. One need to find specialists in their field and not just subscribe to Blackstone/KKR of this world for convenience. Take a GP like Archimed, with a team full of Doctors, pharmacists,
@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 year
This is the story of the most profitable private equity buyout of all time and it’s French 🇫🇷 Company : Polyplus-Transfection Sector : Healthcare 💊 Sponsor : Archimed Here is a thread on how Archimed achieved a 300x MOIC on its initial investment 🧵👇
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
Median DPI by Strategy. You'll be stunned that median secondary funds take nearly as long as buyout funds to reach 1.0x DPI. I like it to be faster. Focusing on specialists and niche/smaller funds is undoubtedly a way to improve this metric. Doing direct deals is also a way.
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
5 months
I got kicked out of a secondary process on a relatively old European direct lending fund. 11 Bids, ranging from 40% to 95% of Q4 2023 NAV 🤔 Extreme spread; I don’t understand both bounds
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
3 months
Real Estate - Paris area offices investment activity was 73% below the 10year average during H1 2024, according to JLL
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
SECONDARY SERIES ARE BACK! This second article covers this LP-led transactions providing a general overview of the market
@holistic_pm
The Institutional Limited Partner
@holistic_pm
6 months
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
7 months
@runaway_vol True. Chanel is also one of last independent big luxury house
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
1 year
@MichaelAArouet 👀👀
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
10 months
@HighyieldHarry Sounds like a maverick mindset for a credit guy
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@holistic_pm
The Institutional Limited Partner
@holistic_pm
9 months
@HarryStebbings IPO volumes tend to be cyclical peaking every 6/7 years. IPO window for VCs will probably need some time. In the meantime VC secondary specialists have a nice opportunity set
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