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10 Investment Must Reads This Week

Private equity funds are facing a massive backlog on exits, according to a new report from Bain & Co. Publicly listed REITs are trading at a 15% discount to their consensus NAVs, based on S&P Global Market Intelligence data. These are among the investment must reads we found this week for wealth advisors.

  1. Private Equity Outlook 2024: The Liquidity Imperative “Private equity continued to reel in 2023 as rapidly rising interest rates led to sharp declines in dealmaking, exits, and fund-raising. The exit conundrum has emerged as the most pressing problem, as LPs starved for distributions pull back new allocations from all but the largest, most reliable funds.” (Bain & Co.)
  2. NAV Monitor: US REITs end February at lower discount to net asset value “Publicly listed US equity real estate investment trusts traded at a median 15.0% discount to their consensus net asset value (NAV) per share estimates as of Feb. 29, down from a median discount of 15.8% as of Jan. 31, according to S&P Global Market Intelligence data.” (S&P Global Market Intelligence)
  3. Carlyle’s David Rubenstein sets sights on individual investors “Speaking at PEI Group’s NEXUS 2024 summit, Rubenstein said Carlyle ‘is going to try and be at the forefront’ of opening up PE to individual investors.” (PE Hub)
  4. House Passes Expanding Access to Capital Act, Broadens Accredited Investor Definition “The House of Representatives recently passed the Expanding Access to Capital Act of 2023, a package of bills which includes legislation loosening the definition of an accredited investor for nonpublic offerings. The act passed along party lines with a vote of 212 Republicans to 205 Democrats.” (The DI Wire)
  5. SEC Commissioner Blasts Private Funds Rule “Mark Uyeda, a commissioner for the Securities and Exchange Commission, railed against the agency's private funds rule Tuesday, charging that the SEC relied on a ‘very expansive’ interpretation of federal law.” (FundFire)
  6. In Defense Of The 60-40 Portfolio “While two years of rising rates have shaken investors, in order to believe that losses will continue in bonds, one would need to trust that interest rates will continue to rise. It is more likely, however, that bonds will move with the economy.” (Financial Advisor)
  7. The allure of GP-led secondaries “Muted M&A activity and liquidity demands are prompting more sponsors to consider moving assets into continuation funds, but successfully completed a GP-led deal is more easily said than done.” (Secondaries Investor)
  8. Vanguard’s Recent Active ETF Expansion Worthy of Celebration “While advisors and end clients have long used active management in fixed income through mutual funds, VettaFi is seeing growing demand industrywide for active fixed income ETFs. The Vanguard Ultra-Short Bond ETF (VUSB) has $4.4 billion in assets despite launching less than three years ago. VUSB has an average duration of one year and has a 5.1% 30-day SEC yield.” (VettaFi)
  9. Nomura Revamps US Biz Amid Private Credit Push “The company will combine its public and private credit capabilities into a new unit – Nomura Capital Management – and is ‘actively’ looking to acquire additional capabilities in the private credit space, said Robert Stark, head of the new unit.” (FundFire)
  10. VanEck waives fees for Bitcoin Trust to spur investment “The fee waiver applies from today until March 31, 2025, for the first $1.5 billion in assets under management within the Trust. Should the Trust's assets exceed this threshold before the end date, a 0.20% fee will be imposed on the excess. Post-March 31, 2025, the sponsor fee will standardize at 0.20%.” (
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