Very proud of the launch of PRIFFE. Illiquidity as well as market valuation risks are the problems that PRIFFE tackles. Liquidity unfortunately always dries up when it is most needed, making it harder to meet liabilities or to adjust allocations. PRI…lnkd.in/dkEv6zFv

Definitely ! 💡 There is NO reason why illiquid / non fungible asset (like private market funds) should not have their risk easily managed with derivatives (like commodities, by the way). 🔔 Derivatives are about certainty of timely and quality deliver…lnkd.in/dN2itvrH

📢 Worth relaunching this insightful piece from CME Group chair and chief executive via Financial Times. 💡 Lots of wisdom . My favourite quote : "For investors it will mean managing portfolios with the best information out there…lnkd.in/dEyZXpS3 lnkd.in/dqaQ-P5m

📢 #PRIFFE is live. ❓ What is a Private Fund FORWARD Exchange for ? 🔎 I had a good conversation yesterday, here on LinkedIn, to explain it. It appears that valuations of buyout funds are holding steady BUT investors are more cautious to pay those NAVs…lnkd.in/dcvmPPUg

💡 #PRIFFE is ON AIR! PRIFFE eliminates the "LIQUIDITY DIVIDE" of the PRIVATE MARKETS. Private fund forward contract enable certainty of future liquidity - so that liquidity can be planned, target returns delivered, when they are needed. Market risk, a…lnkd.in/dmAf3wPU

🔎 If you, like me, pretty much everywhere read the following : a) listed markets are down b) private markets' valuations are flat c) private markets represent an opportunity 🔔 then, something may be lost in translation . The point I am making is not…lnkd.in/drsvAw7e

📢 This is a good article by Adam Le (PEI) and it was shown to me recently. I appreciate the down-to-earth approach from Julian Salisbury, and wholeheartedly agree. 📌 I would like to add a couple of thoughts to the broader discus…lnkd.in/dS6HVVvP lnkd.in/dRPvD5Vk

No one can be sure about private market valuations. 💡 Indeed an interesting post, prompting a couple of thoughts on #privatemarket #valuation, along the lines of those I posted recently about an article from Adam Le (PEI) (link in comments). 📢 The fac…lnkd.in/dUJ_yuai

Let's talk about #privatemarkets #liquidity 👂 Heard from investors: "if we head towards the troubled waters of a recession there will be forced sellers of private funds and good deals". Yes but... "Is it a matter of price or, could it be that buyers m…lnkd.in/dE8xaDFJ

A very interesting topic of discussion. Having managed capital markets for listed PE funds in my past, it's always hard to say which way the discount closes. Is the market right? Or is it the GP to know better? On this point, you correctly reference t…lnkd.in/dAv3ytnN

"if you look at the liquidity premium, the best analogy is air". 💡 A great 5min interview about liquidity and market risk from Institutional Investor and Allspring Global Investments that everyone interested in illiquid investment should watch, IMHO. D…lnkd.in/dhc2hi8C

💡 Indeed another eye-catching headline and an interesting letter by Adam Le (PEI) ! From my perspective, understanding the latent denominator effect tension requires coming to terms with the implicit volatility of private market NAVs. 📉 Today, even if…lnkd.in/dvxJhEiH

Interesting perspective, thanks for sharing Steve Kim! Adding a couple of thoughts, curious of your take, as I ultimately expect time-weighted returns of BOTH VC and PE to produce on average normal distribution. I wonder IF:   1. the analysis of persist…lnkd.in/dzdvUtbN

Quote: “I would say whenever you can get equity-like returns taking debt-like risk, that’s something you should do" This is just one of many similar statements I heard recently about private credit. 🤔All right - or not? Please…lnkd.in/dJTfm7Kf lnkd.in/d8adwvBf

Thanks for sharing the article and good catch to the authors! 📡 I was writing a quick post along the same lines yesterday (starting from certain private credit expectations). Here my thoughts: lnkd.in/dAUrBEyj 🔔 Bottom line, new private equity…lnkd.in/dJFFnUkp

Ehi Poste Italiane, non credo siate voi... ma aspettando consegne, chissà quanti ci cascano

On derivatives. This article by Clifford Asness and his AQR colleagues is from 2010. Out again today on Institutional Investor Investor. Great read. Investing implies managing uncertainty, and derivatives are one of the most valuable tools for this purpose. shorturl.at/jrvM7

Mind the DPI Gap. ⭐ If DPI (private equity’s Distributed over Paid-In ratio) is viewed as "the new IRR", it doesn't occur under the luckiest star... More here: linkedin.com/feed/update/ur…

Private asset allocations are suffering from a severe denominator effect, Massimiliano Saccone, CFA, contends. So what can be done about it? Massimiliano Saccone blogs.cfainstitute.org/investor/2024/…

Sharing a post on PE indices. linkedin.com/feed/update/ur…