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STUDIES | ALTERNATIVE INVESTMENTS


Cryptocurrencies

Bank for International Settlements
MINERS AS INTERMEDIARIES: EXTRACTABLE VALUE AND MARKET MANIPULATION IN CRYPTO AND DEFI
Cryptocurrencies such as Ethereum and decentralised finance (DeFi) protocols built on them rely on validators or "miners" as intermediaries to verify transactions and update the ledger. Since these intermediaries can choose which transactions they add to the ledger and in which order, they can engage in activities that would be illegal in traditional markets such as front-running and sandwich trades. The resulting profit is termed "miner extractable value" (MEV). MEV is an intrinsic shortcoming of pseudo-anonymous blockchains. Addressing this form of market manipulation may call for new regulatory approaches to this new class of intermediaries. >more


Private Equity Summer 2022

Coller Capital
GLOBAL PRIVATE EQUITY BAROMETER: SUMMER 2022
We are pleased to share our 36th Coller Capital Global Private Equity Barometer and its associated press release. Coller Capital's Barometer is a unique snapshot of global trends in private equity – a twice-yearly overview of the plans and opinions of Limited Partners worldwide. This edition contains findings on: LPs’ private equity vs public equity portfolio performance, achievability of LPs’ private equity target returns, LP views on alternative sources of PE fund capital, LP commitments to funds investing in GP management companies, and ESG’s role as a value driver. >more


Infrastructure

Neuberger Berman
INVESTING IN INFRASTRUCTURE
Investors are increasingly seeking out infrastructure opportunities offering portfolio diversification and relatively stable cash flows generated from real assets. They are finding huge demand for their capital: As of March 2022, the G20’s Global Infrastructure Outlook initiative estimates that current investment will leave the world with a $15 trillion infrastructure funding gap by 2040. As critical global infrastructure assets age, they need to be overhauled to allow global, national and local societies and economies to continue to function. Population growth, technological advances and changes in trade patterns are creating further demand for new infrastructure investment. In this paper, we assess the key attributes of infrastructure investments and the major investment themes being identified by governments and capital allocators alike. >more


Cryptocurrency

Alix Partners
CRYPTOCURRENCY IN 2022
Since the introduction of the cryptocurrency Bitcoin around 2009, the concepts of blockchain and cryptocurrency have increased in popularity – and controversy. To many, it’s a ponzi-like “get rich quick” scheme with no value. To others, it’s the beginning of a new technology paradigm that will impact how we represent, store, and exchange value across the globe. As the digitization of the world’s financial system continues to evolve, and chances are blockchain technology will be involved. Many questions remain, but one thing is certain: the pace of technological innovation is accelerating. Here, we analyze the dominant themes of the cryptosphere as we move into 2022 – the critical concepts, the environmental impact, the regulatory environment, and institutional adoption. >more


Cryptocurrency

PGIM
CRYPTOCURRENCY INVESTING: POWERFUL DIVERSIFIER OR PORTFOLIO KRYPTONITE?
To understand the investment implications of the evolving cryptocurrency space, PGIM’s latest paper draws on the insights of over 30 PGIM investment professionals across fixed income, equity, real estate and private alternatives – as well as leading economists, venture capitalists and crypto investors. Despite the hype, we find little evidence that cryptocurrencies offer any meaningful opportunities for institutional investors. Instead, we argue that enduring value will be found not in direct ownership of cryptocurrencies, but in the real-world applications of blockchains themselves. >more


Infrastructure Strategy 2022

BCG
INFRASTRUCTURE STRATEGY 2022
While infrastructure investment opportunities are rife, returns from these projects vary. Some investment strategies are well suited for big gains in today’s environment; others are designed for smaller, albeit consistent, returns. Given the many possible investment strategies and the growing popularity of infrastructure investments as a whole, BCG and EDHECinfra, a provider of indexes and analytics for infrastructure investors, have partnered on “Infrastructure Strategy 2022,” the first in a series of annual reports intended to categorize the universe of investors by their priorities and focus as well as by their risk-adjusted performance. >more


Automated Real Estate Valuations

University of Oxford
THE FUTURE OF AUTOMATED REAL ESTATE VALUATIONS
Imagine a world in which house sellers, buyers and mortgage lenders have access to a public list of all properties on the housing market, alongside independent and public valuations for each listing. The process of buying a house would be faster – as in-person appraisals would be unnecessary- and liquidity would significantly improve. With this ideal in mind, the Oxford Future of Real Estate Initiative (FORE) has investigated the benefits and limitations of using Automated Valuation Models (AVMs):  little-used software-based pricing models for property valuation, which are cheaper, more efficient, and more consistent than human appraisals. >more


Private Equity

Invest Europe
PRIVATE EQUITY AT WORK
Detailed evidence and analysis of the European private equity and venture capital industry’s real contribution to employment, in 2020, and job creation, in 2019-20, and the far-reaching impact this has on the people, societies and economies of Europe. >more


PE 2022

Invest Europe
PRIVATE EQUITY AT WORK 2022
Detailed evidence and analysis of the European private equity and venture capital industry’s real contribution to employment, in 2020, and job creation, in 2019-20, and the far-reaching impact this has on the people, societies and economies of Europe. >more
 


Global Private Markets 2022

McKinsey & Company
GLOBAL PRIVATE MARKETS REVIEW 2022
Private markets rally to new heights. After a year of pandemic-driven turbulence that suppressed fundraising and deal activity, private markets rebounded across the board. Fundraising was up by nearly 20 percent year over year to reach a record of almost $1.2 trillion; dealmakers were busier than ever, deploying $3.5 trillion across asset classes; and assets under management (AUM) grew to an all-time high of $9.8 trillion as of July, up from $7.4 trillion the year before. >more


Alternative Opportunities

Invesco
2022 ALTERNATIVE OPPORTUNITIES
In our 2022 edition of Alternative Opportunities, we are proud to introduce views on a variety of private asset classes from Invesco Investment Solutions and our partner firms. Within this piece, we present a framework for analyzing across and within alternative markets, utilizing our expertise in this space and the vast dataset available to us. Hopefully, this transparency into our investment process will help inform your investment decisions as we continue to update this document on a quarterly basis. >more


Secondary Market Activity

Lazard
SPONSOR-LED SECONDARY MARKET REPORT 2021
With the COVID crisis stabilizing in 2021, secondary market activity soared, with volume estimated to have doubled on estimated 2020 figures and GP-led transactions accounting for 50% of the market. LP-led activity started to recover in the second half of 2021. Continuation fund transactions remained the most common transaction structure in 2021, specifically single-asset continuation funds which accounted for over 50% of the overall GP market volume for the first time. >more


Interest in Private Markets

State Street
WHAT’S DRIVING ASSET MANAGER AND OWNER DEMAND FOR PRIVATE MARKETS?
The low-interest rate environment in place since the Global Financial Crisis has changed investors’ relationships with public markets and the COVID-19 pandemic has only added uncertainty and contributed to higher volatility. These conditions have driven considerable institutional investor interest in private markets in recent years, and many have sought new asset classes to enhance their portfolios vacated by overvalued public assets. >more


PE Report 2022

Bain & Company
GLOBAL PRIVATE EQUITY REPORT 2022
In this, Bain’s 13th Global Private Equity Report, we examine the industry’s strengths, its challenges, and the evolutionary path that lies ahead. In addition to the critical statistics that characterize PE industry performance, please look for our assessments of investing in growth equity, the continued rise of Asia, and the new news on ESG—specifically how investors are making it work for them. >more


PE-Portfolio and COVID-19

FTI Andersch | HHL Leipzig Graduate School of Management
AUSWIRKUNGEN VON COVID-19 AUF PE-PORTFOLIOUNTERNEHMEN 2021
The pandemic has had a discernible impact on exit decisions and holding periods of private equity funds in German-speaking countries. In the survey conducted by FTI-Andersch and the Center for Corporate Transactions and Private Equity (CCTPE) at HHL Leipzig Graduate School of Management, 56 percent of the PE funds surveyed said that COVID-19 had 'strongly' influenced their decision, with four percent even saying it had 'very strongly' influenced their decision. For the future, 68 percent of the respondents expect the holding period to be extended. >more


Venture Q4 2021

KPMG
VENTURE PULSE Q4 2021
Venture capital (VC) investment globally remained strong in Q4’21 — bringing to a close an incredible year. The ready availability of cash, the significant returns seen on exits throughout the year, and the increasing participation of corporates, family offices, and a range of other non-traditional investors has only added to the overall attractiveness of the market. With the rise of the Omicron variant and the return of work-from-home mandates in some jurisdictions or the delay of return-to-office plans in others, the continued pressure to enhance digital offerings and hybrid work environments is expected to remain firmly on the radar of investors across industries. The combination of a strong investment environment and the continued drive for digitalization will likely help keep VC investment high heading into Q1’22. >more


Private Equity Winter 2021-22

Coller Capital
GLOBAL PRIVATE EQUITY BAROMETER: WINTER 2021-22
Incentivising a larger proportion of portfolio company employees would lead to higher investment returns, according to almost half of the Limited Partners (LPs) responding to Coller Capital’s latest Global Private Equity Barometer. A mere 6% of investors thought that broadening the incentivisation of portfolio company staff would be detrimental to returns. The pension funds, insurance companies, and asset managers that make up the bulk of the industry’s backers believe strongly in the private equity model – almost 90% of LPs think that most small and mid-cap public companies would benefit from periods of private equity ownership as they grow. And a large majority of LPs also see private equity sponsorship as a positive indicator in assessing the short-to-medium-term prospects of private companies seeking to IPO. >more


Trends 2022

PGIM Real Estate
TRENDS FOR 2022
As worrying new COVID-19 variants emerge, the pandemic is still far from over, while concerns about higher inflation and rising market interest rates persist. Nevertheless, the backdrop for real estate markets in 2022 is one of transition to a new phase of recovery and expansion. Leading indicators are pointing upward, and even though the gap between the best- and worst-performing parts of the market remains wide, most sectors and regions are set for sustained or improved investment performance in the year ahead. But that renewed optimism raises a new challenge for investors: deploying capital that has been raised. City office, apartment and retail markets that suffered during the pandemic are starting to come back into favor, and capital is increasingly finding its way into higher-returning operational assets, wherein returns are linked to long-term trends such as digital transformation, aging populations and environmental sustainability. >more


Private Markets 2022

Mercer
TOP CONSIDERATIONS FOR PRIVATE MARKETS IN 2022
In our 2022 report, we explore how investors should approach alternative assets – including private markets – and what factors are at play in each sector. We also analyse regional and macro themes and how these are likely to affect the various areas of alternative investments. >more


Global Alternatives 2022

J.P. Morgan
2022 GLOBAL ALTERNATIVES OUTLOOK
We present a 12- to 18-month outlook for alternative assets and explore the most promising investment ideas from the CEOs, CIOs and strategists of our USD 200 billion-plus alternatives platform. To help our clients better see the forest and the trees, we explain the trends influencing markets, as well as the most promising investment ideas and underappreciated risks investors may face. >more


PE about Geopolitics and Tech

BCG
WHAT PE NEEDS TO KNOW ABOUT GEOPOLITICS AND TECH
Private equity (PE) investors’ geopolitical concerns were historically limited to historically risk-prone areas, such as mining and energy. But given the rise in international concerns about tech, an appreciation of geopolitics is essential for accurately valuing current holdings, determining future acquisitions and divestments, and thinking strategically about the optimal portfolio mix across all industries. >more


Startup January 2022

EY
STARTUP-BAROMETER DEUTSCHLAND: JANUAR 2022
Never before has so much money flowed into German startups as last year. The total value of all venture capital investments in German startups more than tripled from EUR 5.3 billion to almost EUR 17.4 billion (up 229 percent). The number of financing rounds rose by 56 percent to 1,160, also setting a new record. In particular, the number of major deals with a volume of more than 100 million euros literally exploded from eight to 33 compared to the previous year. >more
 


Real Estate 2022

EY
TRENDBAROMETER IMMOBILIEN-INVESTMENTMARKT 2022
With a total investment volume of €113.8 billion, the German real estate market posted a new record result in 2021. At around 20 percent, the takeover of Deutsche Wohnen by Vonovia accounted for a significant share of the total volume. Adjusted for this special effect, the transaction volume of EUR 90.3 billion was around 14 percent higher than in the previous year (2020: EUR 78.9 billion) and thus reached the pre-Corona level (2019: EUR 89.5 billion). 62 percent of German investors expect transaction volumes to move sideways at a high level in 2022. Around one-third even forecast an increasing transaction volume. The mood is thus more optimistic than in the previous year, when a rising volume was assumed by only a quarter of respondents. These are the findings of this year's "Real Estate Investment Market Trend Barometer" by EY Real Estate, for which around 220 investors active in the German real estate market were surveyed. >more
 


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