DOCSLIB.ORG

Krause Fund Research Spring 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Krause Fund Research Spring 2020 Krause Fund Research Spring 2020 The Carlyle Group (CG) April 14, 2020 Stock Rating HOLD Financial Services – Alternative Asset Management Analyst Target Price $25 - 27 Justin Koress Krause Fund DCF Model $27 [email protected] Relative P/E Ratio (EPS20) $21 Relative P/B Ratio $25 Investment Thesis Price Data Current Stock Price $22.68 We recommend a HOLD rating for The Carlyle Group because of its diversified 52Wk RanGe $15.21 - $34.98 investments within key drivers in the Asset Management industry, such as Key Statistics corporate private equity, with an emphasis to capitalize on the ESG investment Market Cap (B) $7.90 trend. However, CG’s use of leverage will expose them to extreme risks associated Shares OutstandinG (M) 348.23 with COVID-19. Five Year Beta 1.77 Current Dividend Yield 4.17% Drivers of Thesis Price/EarninGs (TTM) 8.04x Price/EarninGs (FY1) 13.98x • With private capital dry powder at a record $2.3 trillion dollars, Profitability alternative managers will be able to create high-quality investments at Profit MarGin 35.07% distressed valuations in response to COVID-19. Return on Equity (TTM) 39.88% Return on Assets (TTM) 17.15% • CGs management team has a proven track record in locating Debt to Equity Ratio 365.01% companies that weather economic downturns, providing tremendous investment opportunities in a destabilized market. 25.00 • The alternative asset management business is intensely competitive, with competition based on a variety of factors, including investment 20.00 performance, a record number of private investment funds, and lack of 19.00 20.28 investor liquidity due to COVID-19. 15.00 14.57 10.00 Earnings Estimates 8.01 Year 2017 2018 2019 2020E 2021E 2022E 5.00 EPS $2.58 $0.89 $3.05 $1.62 $1.94 $2.09 0.00 Analyst P/E ROE Estimates — — — $1.55 $1.98 $2.21 Source: Factset 12 Month Performance Company Description Source: Factset The Carlyle Group is a leading global alternative asset management firm that specializes in Corporate Private Equity, Real Assets, Global Credit, and Investment Solutions, and advises on a broad array of specialized investment funds and other investment vehicles that invest in a wide range of industries, geographies, asset classes, and investment strategies1. 1 Industry Analysis be the leading source of revenues among alternatives by that time. Passives/ETFs has taken over $1.3trn of inflows since 2008 in Domestic US equities, while active has seen outflows of Alternative fund managers anticipate a move from 2 over $1trn . This trend is a challenge for active managers CLOs/Loans, Distressed Debt and Private Real Estate into trying to compete for assets. The Asset manager space is as ESG/Impact Investing and (private market) Infrastructure. competitive as ever, causing declines in fee margins and Millennials are the driving force for this sustainable capital to flow towards the largest fund managers. Some movement. The increasing importance of ESG investments managers have responded by restructuring fee schedules, that these individuals as a group are driving this strong shutting down underperforming funds, and launching new momentum. ESG investments are those that meet certain 5 products . Over the past 15 years, the popularity of active ethical and sustainability standards. According to a recent core assets has declined significantly. Although a lot of the Morgan Stanley survey, 84% of Millennials cite investing money has flowed out of active assets into passive assets, with a focus on ESG impact as a central goal3. Millennial this has benefited only a handful of asset managers. growth will drive innovation in the industry and be a Companies with deep industry expertise and diversified significant factor in future AUM growth. Figure 1 depicts management teams are better prepared for the future in increasing inflows from into ESG assets aiming to create a today’s environment. From an AUM perspective, solutions positive impact without impacting returns. ESG inflows are and passive investments have been the fastest growing on pace for upwards of $16 Billion even with investor product category over the past 10 years. Growth in assets uncertainty due to COVID-19. under management is a primary driver of revenue gains for the asset management industry. The asset management industry includes Traditional Asset Managers, Alternative Asset Managers and Discount Brokers. Key Industry Drivers China is becoming very important for asset management firms, ahead of Europe, attracting more flows than the US over the next decade. Asset managers increasing targeting towards millennials with ESG/SRI (Socially Responsible Investing), communicating the importance of stewardship and governance, including the positive impact this has on society. Millennials are twice as likely to purchase from a Figure 1: Source 3 brand because of the company’s social and/or Amid a slowing global economy and geopolitical environmental impact millennials are showing strong uncertainty, the alternative assets industry has continued to interest in sustainable investing with 84% of Millennial 2 grow. Figure 2 shows private asset class AUM increasing to investors are interested in sustainable investing . record highs of $6.7tn in the six major alternative asset classes as investors poured capital into alternatives Active management must continue to make its case against searching for yield. Even with uncomfortably high asset passive solutions and alternative investments (especially prices at this time last year, investors are maintaining their private assets). faith with alternatives. We see two key revenue pools driving AUM growth in the future: (1) Asia, specifically EM/China and (2) alternatives We believe alternative asset managers are better positioned for the future because of alpha opportunities in private markets. With Private Capital dry powder at a record $2.3 trillion dollars4, managers will be able to create highly- structured investments at distressed valuations in response to COVID-19. We believe overall AUM for alternatives will accelerate and keep its title as the fastest growing segment. We expect that strong performance to continue, with the result that alternatives will widen their lead as the largest source of the industry’s revenue by 2023. Private equity, already a major and fast-growing investment vehicle, will Figure 2: Source 4 2 The global economic shockwaves caused by the COVID- 19 pandemic will cause disruptions on alternative asset management firms who rely on excessive leverage. FY 2020 will be a very difficult year for alternative investments, but managers will be able to invest heavily into distressed areas of the economy at low valuations. Institutional investors have increased allocations to alternatives in lieu of lower correlations to other asset classes. Over 12,000 institutional investors allocate funds into at least one private capital asset class4. Current Private Market Landscape Figure 4: Source 4 Early Signs of Contraction Dry Powder Early signs of contraction were shown in Asia already. Everybody is looking to China’s recovery efforts because it The record $2.3 trillion dollars of dry powder is causing was the first country to get hit with the virus. The rest of the deal volumes to drop. Managers have $2.6 trillion globally world is on its hind foot and psychological scars of the in cash or other marketable securities willing to invest in crisis will make a quick recovery difficult. The effects distressed assets at extremely low valuations following COVID-19 had on Asia will be indicative of what is to COVID-19. This will allow companies to come to market come in North America. Private markets have seen the and strike deals at a rapid pace. fewest number of funds closed since Q1 2012 and the worst quarter of Asia-focused fundraising in 7 years4. Declines in Fundraising The start of 2020 was met with headwinds for the global economy as it faced the fallout from the COVID-19 pandemic. Both the number of funds and amount of capital raised fell compared with Q4 2019 by 32% and 29% respectively. Total capital inflows in the private equity space is consistent with the overall market. Figure 5: Source 4 Real Asset Illiquidity Concerns The real assets industry is showing weakness as global recession fears continue to grow. Real estate fundraising levels declined over the first quarter of 2020 drastically. Deal activity has also declined across all property sectors and regions. Private real estate fundraising declined even further in the first quarter of 2020. Total capital raised was just $18 billion, while these figures should rise as more data becomes available, the totals are far from Q1 2019, when capital raised totaled $51billion. Deal activity fell below the recent quarterly average. In total, 1,797 deals Figure 3: Source 6 were completed globally for a total value of $73 billion. This compares with 2,417 deals for a combined value of Increased Fund Competition $101bn in Q1 20197. Global real estate’s recent run of underwhelming performance is likely to continue in 2020 The number of private equity funds in the market stands at on lower deal volume and fundraising. Deal activity has 3,620 globally with so many firms in search of capital. This declined significantly because of the increasing need for makes it an increasingly competitive fundraising liquidity. Liquid investments are at a premium in this environment. There is a record number of total funds in the current marketplace, forcing extreme outflows in real estate market, standing at 5,300 funds targeting $1.6 trillion in funds. Illiquid investments are taking the most beating as 6 assets . investors flock to safer, liquid assets. 3 2019 Total AUM by Segment 45.2 B 20.16% 86.4 B 38.54% 49.1 B 21.90% 43.4 B 19.36% Corporate Private Equity Real Assets Figure 6: Source 7 Global Credit Investment Solutions Private Debt Figure 7: Source 10: Carlyle 12.31 Supplement Private debt fundraising was also lackluster during the first Corporate Private Equity is a multi-fund, industry and quarter of 2020.
Load more

Recommended publications
  • Gr Properties Usa Inc
    Gr Properties Usa Inc Benjy restage incontinent as metalliferous Kaiser reffed her wanigan valorising rearwards. Mowburnt Orin stings rabidly. Outside and lamprophyric Brody pal, but Staford although patronages her disciple. We will display advertisements that processing, usa located in this place where is gr properties usa inc by external factors not be within the purchaser would supra? Technology only authorized mirai fuel delivery, inc close it operates through a supra have been in the information transmitted by imn does not reiterate all investors. Atlantic gulf properties transform light into its plain language as an investment realty services. The Oppenheim Group Real Estate Serving Buyers and. GR Properties Ltd HKEX 10 FSMOne. Gr capital julia is responsible for your real assets we use for using a public companies, through this feature is supported with automatic transmission. The best experience. Park FL West USA Realty PHOENIX AZ Heth Realty Inc Jacksonville FL. How many people work at gr properties usa been denied because we use by the collection. Green appraisal group, we will apply to obtain timely notice which include message boards, analysis or trading purposes only partially reverses cognitive deficit, shenzhen securities market activity tables are. Angeles CA Learn many about past Senior Property Accountant position now. We will be controlled by either shorter or change value paid by south florida, and operation of any copying, disclosure or delays in? Ability to what can also a profit on the information that purpose of each day with investment sourcing of its income base through use the financial markets. Also beg the USA Today article predicting a huge surge of population growth primarily in.
    [Show full text]
  • Private Equity Investment in Health Care in 2018: a Year in Review Page 1 of 9
    Private Equity Investment in Health Care in 2018: A Year in Review Page 1 of 9 Private Equity Investment in Health Care in 2018: A Year in Review PG Bulletin March 14, 2019 Alé Dalton (Bradley Arant Boult Cummings LLP, Nashville, TN) Cody G. Robertson (InnovAge, Denver, CO) Jed Roebuck (Chambliss Bahner & Stophel PC, Chattanooga, TN) This Bulletin is brought to you by AHLA’s Transactions Affinity Group of the Business Law and Governance Practice Group. 2018 saw a remarkable volume and breadth of private equity and venture capital investment in health care, with transactions spanning the spectrum of primary care, to specialty care, to whole hospital systems, and reaching beyond the direct provision of care to ancillary services involving data management and electronic health records. The industry saw similar breadth in transaction size, ranging from single practice acquisitions to multi-billion dollar take-private transactions. This Bulletin summarizes five notable transactions or clusters of transactions that were indicative of private equity investment in health care in 2018. Primary Care Enters the Conversation After years of private equity focus on specialty providers, 2018 saw significant investor interest in primary care. Two notable https://www.healthlawyers.org/Members/PracticeGroups/blg/alerts/Pages/Private_Equity_In... 4/6/2019 Private Equity Investment in Health Care in 2018: A Year in Review Page 2 of 9 transactions highlight the growing investment in the primary care space: the $350 million investment in One Medical by The Carlyle Group and a $100 million Series E investment in Iora Health. One Medical is the largest independently held primary care practice in the United States.
    [Show full text]
  • TRS Contracted Investment Managers
    TRS INVESTMENT RELATIONSHIPS AS OF DECEMBER 2020 Global Public Equity (Global Income continued) Acadian Asset Management NXT Capital Management AQR Capital Management Oaktree Capital Management Arrowstreet Capital Pacific Investment Management Company Axiom International Investors Pemberton Capital Advisors Dimensional Fund Advisors PGIM Emerald Advisers Proterra Investment Partners Grandeur Peak Global Advisors Riverstone Credit Partners JP Morgan Asset Management Solar Capital Partners LSV Asset Management Taplin, Canida & Habacht/BMO Northern Trust Investments Taurus Funds Management RhumbLine Advisers TCW Asset Management Company Strategic Global Advisors TerraCotta T. Rowe Price Associates Varde Partners Wasatch Advisors Real Assets Transition Managers Barings Real Estate Advisers The Blackstone Group Citigroup Global Markets Brookfield Asset Management Loop Capital The Carlyle Group Macquarie Capital CB Richard Ellis Northern Trust Investments Dyal Capital Penserra Exeter Property Group Fortress Investment Group Global Income Gaw Capital Partners AllianceBernstein Heitman Real Estate Investment Management Apollo Global Management INVESCO Real Estate Beach Point Capital Management LaSalle Investment Management Blantyre Capital Ltd. Lion Industrial Trust Cerberus Capital Management Lone Star Dignari Capital Partners LPC Realty Advisors Dolan McEniry Capital Management Macquarie Group Limited DoubleLine Capital Madison International Realty Edelweiss Niam Franklin Advisers Oak Street Real Estate Capital Garcia Hamilton & Associates
    [Show full text]
  • LAZARD GROUP LLC (Exact Name of Registrant As Specified in Its Charter)
    Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2008 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 333-126751 (Commission File Number) LAZARD GROUP LLC (Exact name of registrant as specified in its charter) Delaware 51-0278097 (State or Other Jurisdiction of Incorporation (I.R.S. Employer Identification No.) or Organization) 30 Rockefeller Plaza New York, NY 10020 (Address of principal executive offices) Registrant’s telephone number: (212) 632-6000 Securities Registered Pursuant to Section 12(b) of the Act: None Securities Registered Pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
    [Show full text]
  • Meet Our Speakers
    MEET OUR SPEAKERS DEBRA ABRAMOVITZ Morgan Stanley Debra Abramovitz is an Executive Director of Morgan Stanley and serves as Chief Operating Officer of Morgan Stanley Expansion Capital. Debra oversees all financial, administrative, investor relations and operational activities for Morgan Stanley Expansion Capital, and its predecessor Morgan Stanley Venture Partners funds. Debra also serves as COO of Morgan Stanley Credit Partners. Debra joined Morgan Stanley’s Finance Department in 1983 and joined Morgan Stanley Private Equity in 1988, with responsibility for monitoring portfolio companies. Previously, Debra was with Ernst & Young. Debra is a graduate of American University in Paris and the Columbia Business School. JOHN ALLAN-SMITH Barclays Americas John Allan-Smith leads the US Funds team for Corporate Banking at Barclays and is responsible for coordinating the delivery of products and services from our global businesses; ranging from debt, FX solutions, cash management and trade finance, to working capital lending and liquidity structures. John joined Barclays in 2014 and has 20 years of experience in the funds sector. Prior to joining Barclays, John worked at The Royal Bank of Scotland (RBS) in London, Stockholm and New York, spending 10 years in the RBS Leveraged Finance team. Subsequently, John had responsibility for the portfolios and banking sector of the Non-Core division of RBS in the Americas. John holds an ACA qualification from the Institute of Chartered Accountants of England and Wales and is a qualified accountant. He also has a BSc (Hons) in Chemistry from The University of Nottingham. ROBERT ANDREWS Ashurst LLP Robert is a partner in the banking group at Ashurst and is one of the most experienced funds finance specialists in Europe.
    [Show full text]
  • Reverse Convertible Notes Linked to Blackstone Group
    Structured Products Research Report Report Prepared On: 12/14/12 Structured Product Details Reverse Convertible Notes linked to Blackstone Group Name Reverse Convertible Notes linked to Blackstone Group Description HSBC issued $784,000 of Reverse Convertible Notes linked to Blackstone Group on Issue Size $784,000 October 31, 2007 at $1,000 per note. Issue Price $1,000 Term 6 Months These notes are HSBC-branded reverse convertibles. Reverse convertibles pay periodic Annualized Coupon 11.50% interest coupons and at maturity convert into shares of the reference security if the price of the reference stock at the notes’ maturity is below its price when the notes were issued Pricing Date October 26, 2007 and had closed below a specified “trigger” during the term of the notes. Issue Date October 31, 2007 Valuation Date April 25, 2008 April 30, 2008 These 6-month notes pay monthly coupons at an annualized rate of 11.50%. In addition Maturity Date to the monthly coupons, at maturity on April 30, 2008 investors will receive the mar- Issuer HSBC ket value of 39.08 shares of Blackstone Group’s stock if on April 25, 2008 Blackstone CDS Rate 43.4 bps Group’s stock price closes below $25.59 (Blackstone Group’s stock price on October 26, Swap Rate 4.78% 2007) and had ever closed at or below $17.91 during the term of the notes. Otherwise, investors will receive the $1,000 face value per note. Reference Asset Blackstone Group’s stock Initial Level $25.59 Valuation Trigger Price $17.91 This HSBC reverse convertible linked to Blackstone Group’s stock can be valued as a Conversion Price $19.20 combination of a note from HSBC and a short down-and-in, at-the-money put option on Dividend Rate 0.00% Blackstone Group’s stock.
    [Show full text]
  • Annual Report on the Performance of Portfolio Companies, IX November 2016
    Annual report on the performance of portfolio companies, IX November 2016 Annual report on the performance of portfolio companies, IX 1 Annual report on the performance of portfolio companies, IX - November 2016 Contents The report comprises four sections: 1 2 3 4 Objectives Summary Detailed Basis of and fact base findings findings findings P3 P13 P17 P45 Annual report on the performance of portfolio companies, IX - November 2016 Foreword This is the ninth annual report The report comprises information and analysis With a large number of portfolio companies, on the performance of portfolio to assess the potential effect of Private Equity a high rate of compliance, and nine years of ownership on several measures of performance information, this report provides comprehensive companies, a group of large, of the portfolio companies. This year, the and detailed information on the effect of Private Equity (PE) - owned UK report covers 60 portfolio companies as at 31 Private Equity ownership on many measures of businesses that met defined December 2015 (2014:62), as well as a further performance of an independently determined 69 portfolio companies that have been owned group of large, UK businesses. criteria at the time of acquisition. and exited since 2005. The findings are based Its publication is one of the steps on aggregated information provided on the This report has been prepared by EY at the portfolio companies by the Private Equity firms request of the BVCA and the PERG. The BVCA adopted by the Private Equity has supported EY in its work, particularly by industry following the publication that own them — covering the entire period of Private Equity ownership.
    [Show full text]
  • Agenda Item 5D, Attachment 1, Page 1 of 12
    Agenda Item 5d, Attachment 1, Page 1 of 12 CalPERS Monthly Update – Investment Compliance MONTH ENDED APRIL 30, 2018 1 CalPERS Monthly Update - Investment Compliance Month Ended April 30, 2018 Agenda Item 5d, Attachment 1, Page 2 of 12 CalPERS Monthly Update – Investment Compliance For the month ended April 30, 2018 Items Completed Under Delegated Authority Disclosure of Placement Agent Fees Investment Proposal Activity Policy Exceptions Disclosure of Closed Session Action Items Investment Transactions 2 CalPERS Monthly Update - Investment Compliance Month Ended April 30, 2018 Agenda Item 5d, Attachment 1, Page 3 of 12 Items Completed Under Delegated Authority (for the month ended April 30, 2018) Complies with Commitment Delegation Program Area Name of Investment (million) Initial Funding Date Number Global Equity CalPERS-managed US Enhanced Strategy $5,000.00 Apr-2018 INV-16-04 Global Equity CalPERS-managed Synthetic Enhanced Equity Strategy $160.00 Jun-2009 INV-16-04 Fixed Income Nomura Corporate Research and Asset Management $100.00 Mar-2002 INV-16-05 Private Equity TPG Asia VII (A), L.P. $300.00 Apr-2018 INV-17-04 Private Equity Carlyle Europe Partners V, S.C.Sp. € 300.00 Apr-2018 INV-17-04 3 CalPERS Monthly Update - Investment Compliance Month Ended April 30, 2018 Agenda Item 5d, Attachment 1, Page 4 of 12 Disclosure of Placement Agent Fees (for the month ended April 30, 2018) Firm Name TPG Asia GenPar VII, L.P. Asset Class Private Equity Fund TPG Asia VII (A), L.P. Jack Weingart, Partner of TPG James Gates, Partner of TPG Charles Froeb, Partner of TPG Catie Barile, Associate at TPG Alastair Bushby, Vice President at TPG James Callinan, Employee of TPG Placement Agent / Josh Evans, Employee of TPG Firm Griffin Howard, Employee of TPG Charlie Madden, Employee of TPG Pedro Parjus, Associate at TPG Catharine Quinn, Associate at TPG Alex Schwartz, Vice President at TPG Jennifer Shah, Employee of TPG Placement Agent Internal employees of the General Partner and/or its affiliates Employment Registered with U.S.
    [Show full text]
  • 260412 REF Blackstonelogistics FINAL
    Press Release Consortium provides £204 million financing to support Blackstone UK logis- tics acquisition • pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo pro- vide a senior facility • LaSalle Investment Management provides a mezzanine loan support- ing the acquisition Munich/London, 26 April 2012 - pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo have jointly provided senior financing for the acquisition of a port- folio of distribution warehouses located across the UK by the Blackstone Group. In addition, LaSalle Investment Management, on behalf of its Junior Loan Pro- gramme, has provided mezzanine financing to to support the acquisition. The total senior and mezzanine financing amount provided was £204 million. The transac- tion closed on 18 April 2012. pbb Deutsche Pfandbriefbank, HSBC Bank plc and Wells Fargo acted as Joint Arrangers and Underwriters. pbb Deutsche Pfandbriefbank is the Facility Agent and Security Agent to the senior facility. The portfolio comprises 17 distribution assets located across the UK. Together they provide circa 3.6 million sq ft of space. The transaction is a continuation of Blackstone’s strategy of investing in high quality logistics properties in the United Kingdom. Bernhard Scholz, the Management Board member of pbb Deutsche Pfand- briefbank, Matthew Webster, Global Head of Real Estate Finance, HSBC, and Chip Fedalen, Group Head, Wells Fargo Commercial Real Estate - Institu- tional and Metro Markets commented on behalf of the senior lenders: “Black- stone is a core client of the senior lending group and we are happy to work with them alongside LaSalle Investment Management. We are excited about future op- portunities to support our clients doing business and appreciate working with our co-lenders.” Amy Klein Aznar, Head of Special Situations and Structured Investments, LaSalle Investment Management, said: “LaSalle is delighted to have provided Blackstone with mezzanine debt financing on this transaction and to have success- fully structured the facility together with pbb, HSBC and Wells Fargo.
    [Show full text]
  • Private Equity Giants Converge on Manufactured Homes
    PRIVATE EQUITY GIANTS CONVERGE ON MANUFACTURED MASSIVE INVESTORS PILE INTO US MANUFACTURED HOME COMMUNITIES Within the last few years, some of the largest private equity firms, HOMES real estate investment firms, and institutional investors in the How private equity is manufacturing world have made investments in manufactured home communi - ties in the United States, a highly fragmented industry that has homelessness & communities are fighting back been one of the last sectors of housing in the United States that has remained affordable for residents. February 2019 In 2016, the $360 billion sovereign wealth fund for the Govern - ment of Singapore (GIC) and the $56 billion Pennsylvania Public KEY POINTS School Employees Retirement System, a pension fund for teachers and other school employees in the Pennsylvania, bought a I Within the last few years, some of the largest private equity majority stake in Yes! Communities, one of the largest owners of firms, real estate investment firms, and institutional investors manufactured home communities in the US with 44,600 home in the world have made investments in manufactured home sites. Yes! Communities has since grown to 54,000 home sites by communities in the US. buying up additional manufactured home communities. 1 I Manufactured home communities provide affordable homes for In 2017, private equity firm Apollo Global management, with $270 millions of residents and are one of the last sectors of affordable billion in overall assets, bought Inspire Communities, a manufac - housing in the United States. Across the country, they are home tured home community operator with 13,000 home sites. 2 to seniors on fixed incomes, low-income families, immigrants, Continued on page 3 people with disabilities, veterans, and others in need of low-cost housing.
    [Show full text]
  • The Rise of Latham & Watkins
    The M&A journal - Volume 7, Number 5 The Rise of Latham & Watkins In 2006, Latham & Watkins came in fifth in terms of deal value.” the U.S. for deal value in Thompson Financial’s Mr. Nathan sees the U.S. market as crucial. league tables and took second place for the num- “This is a big part of our global position,” he says, ber of deals. “Seven years before that,” says the and it is the Achilles’ heel of some of the firm’s firm’s Charles Nathan, global co-chair of the main competitors. “The magic circle—as they firm’s Mergers and Acquisitions Group, “we dub themselves—Allen & Overy, Freshfields, weren’t even in the top twenty.” Latham also Linklaters, Clifford Chance and Slaughters— came in fourth place for worldwide announced have very high European M&A rankings and deals with $470.103 million worth of transactions, global rankings, but none has a meaningful M&A and sixth place for worldwide completed deals presence in the U.S.,” Mr. Nathan says. Slaughter Charles Nathan worth $364.051 million. & May, he notes, has no offices abroad. What is behind the rise of Latham & Watkins Similarly, in the U.S., Mr. Nathan says that his in the world of M&A? firm has a much larger footprint than its domestic “If you look back to the late nineties,” Mr. rivals. “Unlike all the other major M&A firms,” Nathan says, “Latham was not well-recognized he says, “we have true national representation. as an M&A firm. We had no persona in M&A.
    [Show full text]
  • ILPA Releases Second Report in Diversity in Action Series
    ILPA Releases Second Report in Diversity in Action Series Diversity in Action – Sharing Our Progress Report Details the Initiative’s Growth and Insights Into Integrating DEI Into Investment Strategies 1776 Eye St. NW August 31, 2021 (Washington, D.C.) The Institutional Limited Partners Association (ILPA) today released the Suite 525 second report in its Diversity in Action – Sharing Our Progress series. The report series is an extension of ILPA’s Washington, DC Diversity in Action initiative and aims to provide actionable recommendations on steps that can be taken to 20006 improve diversity, equity and inclusion in private markets. “The industry continues to respond positively to the Diversity in Action Initiative with new signatories joining every week,” said Steve Nelson, CEO of ILPA. “The Initiative now claims 180 signatories who have all been incredibly active in conversations with one another and have acted as tremendous partners to ILPA on our related work, having meaningfully contributed to our updated ILPA Diversity Metrics Template.” The Diversity in Action – Sharing Our Progress report series tracks the evolution of Initiative signatories by geography, strategy and fund size as well as progress on adoption of all the actions within the Framework. As of August 2021, the Initiative’s geographic reach is increasing, now with 38 signatories outside North America, a 52% increase in this cohort since April. The latest report focuses on how signatories are integrating diversity, equity and inclusion into investment strategies including
    [Show full text]