RT Bloomberg TV (@BloombergTV)Wider access to private markets?Franklin Templeton CEO Jenny Johnson tells the FII forum in Saudi Arabia that private credit is still too limited to institutions, and says tokenization could help boost access https://t.co/JkvN2sFpOw https://t.co/FWTcItx4hy ...

Matt Brown is the founder, chairman, and CEO of Case. He joins us now. Good to see you. Good to see you.>> Thanks for having us back. This is year four for you. 1,200 attendees, 800 FAS.Can you give me an idea where we are now in alts both in adoption and acceptance. Yeah, I think what's happening right now uh like the noise behind us, excuse me, the crowd, uh the asset management community, the alts asset management community has really focused on wealth management as an investor base that they want to cat ...

Apollo Global Management's Natalia Tsitoura comments on access to private markets. Speaking during a panel discussion at Bloomberg's Women, Money & Power event in London, she says her firm has already been trading billions of dollars of capital in the secondary market. ...

Market Trends - Evergreen funds are experiencing high investor demand seeking returns in private markets [1] Company Focus - Morgan Stanley's global head of client coverage highlights the demand for evergreen funds [1]

Reporting Frequency Debate - The debate over whether public companies should issue quarterly results has resurfaced, with discussions around potentially shifting to semi-annual (every six months) reporting [1] - The core of the debate revolves around balancing investor needs for frequent information against the potential for short-termism and the burden on companies [6][7] - A proposal suggests maintaining semi-annual reporting but requiring management to provide reports to shareholders, including internal Key Performance Indicators (KPIs), in the off quarters [8][9] - This approach aims to reduce company effort by 90% in off quarters while providing investors with over 90% of the benefit [10] Public vs Private Markets - While refining public market reporting is important, the bigger issue is the lack of disclosure in private markets [11][12] - There's a growing trend of retail investors participating in private markets with limited access to information compared to public markets [12][13] - A recommendation is to extend the proposed semi-annual management report, including KPIs, to private companies with over 100 shareholders to address information asymmetry [14] Earnings Guidance - Warren Buffett and Jamie Dimon previously advocated for ceasing earnings per share guidance to encourage a longer-term focus [3] - Despite the option to reduce quarterly guidance, many companies continue to provide it voluntarily [20][22] - Even if reporting shifts to semi-annual, many companies may still choose to provide quarterly reports and guidance [21][22]

Group 1 - Goldman Sachs plans to invest up to $1 billion in T. Rowe Price stock to acquire up to 3.5% of shares, aiming to enhance access to private markets for clients [1][2] - The partnership will provide wealth and retirement products, including target-date strategies, model portfolios, and multi-asset products, specifically designed for mass affluent and high-net-worth clients [2][3] - The collaboration reflects a trend among asset managers to tap into the growing demand for private market investments among retail investors, particularly in light of regulatory changes that facilitate access to alternatives [3][4] Group 2 - The demand for private assets is increasing among retail investors, with alternatives being seen as suitable for 401(k) accounts due to their long time horizons and tax advantages [4] - Other notable partnerships in the industry include Blackstone, Vanguard, and Wellington launching an interval fund, and Capital Group and KKR creating public-private credit funds targeting retail investors [5]

Group 1 - Retirement investors shifted their savings from equities to fixed-income options, indicating a cautious investment mood in August [1][2] - Trading activity in retirement accounts was notably low, with no above-normal trading days, and investors moved from US equity funds to conservative bonds and money market funds [2][3] - There is a growing demand for private equity and private debt investments among retirement savers, with nearly half expressing interest if available in their plans [4][5] Group 2 - Recent executive orders aim to facilitate the inclusion of private assets in workplace retirement plans, aligning with fiduciary requirements [6] - A significant number of plan sponsors are considering adding alternative assets to their offerings, reflecting a potential shift in investment strategies [8] - Goldman Sachs is investing up to $1 billion in T. Rowe Price to enable access to private assets for US retirees by mid-2026 [8]

Music Industry Trends - The Weeknd plans to raise $1 billion through a music rights deal [1] Private Markets - Newsletter "Going Private" focuses on private markets [1]

Vanguard hired an outsider to head its strategy for private markets, signaling that CEO Salim Ramji intends to make a bigger push into the asset class https://t.co/KiLgles8gE ...

Private Equity Market Trends - Private equity firms face concerns about selling previous investments at good prices due to liquidity issues [1][2] - Public markets are trading at all-time highs, but private markets are not seeing the same success, partly due to timing and high purchase prices [2] - Prices of companies typically bought by private equity firms have deflated significantly, with trading multiples decreasing from 17-20x to 7-8x [3][4] - Lower asset prices create opportunities for fund managers to buy at attractive prices, but also make it harder to get liquidity [6] Alternative Investments in Retirement - Deploying capital is easier than realizing capital gains in the current market [7] - The US 401k market, a primary savings tool for Americans, has been largely locked out of private market investments [8] - Inclusion of private markets in 401ks requires regulatory changes [8][9] - Diversification through private markets is essential for a better retirement portfolio, especially given the concentration in public markets [10] Portfolio Construction and Risk Management - Pensions have driven returns through private markets [13] - A portfolio construction strategy involving heavier weighting in private markets for younger savers, gradually shifting to more liquid assets over time, is suggested [14][15] - Illiquidity of alternative investments is a concern, especially during market downturns, but can be managed through appropriate portfolio construction [11][12][14]