Out of Control December 2023 – What We’re Reading | Cadwalader, Wickersham & Taft LLP

Here’s a slice of what we’re reading (and listening to) this week:

  • Bain’s most recent Dry Powder podcast episode discusses internal processes at pension funds, sovereign wealth funds, endowments, and foundations with Stanford Research Initiative on Long-Term Investing’s Ashby Monk. Dry Powder belongs on the fund finance podcast favorites list. We’d love to hear what else you think is required listening in fund finance.
  • Private credit fund returns outperformed private equity in Q2, according to State Street based observations from its State Street Private Equity Index that tracks 3,900 fund with capital commitments of more than $4.8 trillion.
  • 26North, the firm founded by Apollo co-founder Josh Harris, seeks to raise $3-4 billion for its inaugural private equity fund, according to Bloomberg. 26North announced seven new partners and reported AUM of $12.7 billion when it passed its first year in September.
  • Co-investment activity remains robust, in part as LPs see the strategy as an effective fee savings tool, according to PEI’s Side Letter: Co-investment Conviction.
  • Many sponsors hold overpriced assets, with obvious implications for valuations and returns, according to Matt Nord, Apollo’s co-head of private equity (Bloomberg). 

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