Core Viewpoint - California's new legislation aims to limit hedge funds' ability to speculate on wildfire insurance claims, impacting the subrogation claims market significantly [1][4]. Group 1: Legislative Changes - The law, approved by Governor Gavin Newsom, voids transactions involving subrogation claims unless utilities are given the option to settle on the same terms [1]. - The new legislation introduces a right of first refusal for utilities, complicating the execution of trades for hedge funds [2][4]. Group 2: Market Implications - The law is expected to make it "a lot more difficult" for hedge funds to find and execute favorable trades, increasing the risk and uncertainty associated with subrogation claims [2]. - The market for subrogated claims is likely to "shrink" due to the introduction of non-disclosure clauses, which will hinder hedge funds' ability to price these deals effectively [4]. Group 3: Industry Concerns - There are growing concerns among Californians that hedge funds are profiting from devastating wildfires, which could undermine the California Wildfire Fund established to reimburse fire-related claims [3]. - The California Earthquake Authority has labeled subrogation bets as "opportunistic, profit-driven investment speculation" and is committed to addressing the activities of hedge funds in this area [3].

Core Insights - Small-cap stocks are losing performance compared to large-cap stocks due to private equity and venture capital firms acquiring promising small companies that would have otherwise gone public [2] - A widening gap in quality between large-cap and small-cap stocks has been observed, with small-cap stocks showing weaker fundamentals in terms of returns on assets, returns on equity, net margin, and debt-to-capital ratios [2] - The trend indicates that many potential future large-cap stocks are remaining private, limiting opportunities for public investors [3] Performance Analysis - From 1991 to 2024, the US Small Cap Index lagged the US Large Cap Index by an average of 0.49% per year, resulting in a cumulative lag of 400% [3] - Small-cap stocks outperformed large-caps from the mid-1990s until around 2014, after which the growth of the small-cap index began to decline [3] Active Management Opportunities - A recent whitepaper suggests that it may be a time for active small-cap managers to demonstrate their value, although they face challenges due to limited access to high-growth potential small-cap stocks that remain in private markets [4] - Despite the challenges, small-cap managers have shown a median alpha of approximately 57% compared to their benchmarks from 1994 to 2024, while mid-cap and large-cap managers had negative alpha of about 15% each [5] Market Inefficiency - The small-cap market is characterized by inefficiency, with an average of only six analysts per small-cap stock, compared to 17 for mid-cap and 30 for large-cap stocks [5] - Over the past decade, a higher percentage of small-cap managers have outperformed their benchmarks compared to large-cap managers [5]

Core Insights - The article highlights the emergence of young dealmakers and investors who are shaping the future of finance, particularly in areas like private credit and data center deals [1][3][32]. Group 1: Rising Stars in Finance - Business Insider annually recognizes young professionals under 35 who are making significant impacts in investing, trading, and dealmaking [2]. - This year's list includes 25 individuals from prominent firms such as JPMorgan, Apollo, Citadel, and Bridgewater, showcasing their creativity and drive [3]. Group 2: Dealmaking Trends - After a slow start to the year due to various uncertainties, dealmaking is gaining momentum with significant IPOs, carve-outs, and buyouts being driven by bankers and private equity investors [4]. - The article features several notable dealmakers, including Jack Levendoski from JPMorgan, who has been involved in major technology transactions totaling over $300 billion in deal value [5][6]. Group 3: Sector-Specific Insights - The data center industry is highlighted as a multi-trillion-dollar opportunity, with Aman Mittal from Moelis & Company advising on over 15 data center-related transactions worth more than $25 billion [33][35]. - Infrastructure investments have surged, with private infrastructure fund assets increasing from $500 billion in 2016 to $1.5 trillion in 2024, driven by the AI boom and energy transition [32]. Group 4: Private Credit Evolution - The private credit sector is evolving, with Madelaine O'Connell from HPS leading innovative financing solutions for investment-grade companies, indicating a shift towards more customized loan structures [59][60]. - Knut Kirchoff from Blackstone has witnessed the rapid growth of private credit, with the firm's assets increasing from $80 billion to over $400 billion in recent years [64][66]. Group 5: Macro Insights - The article emphasizes the importance of macroeconomic understanding, with professionals like Adam Theriault-Shay at Citadel focusing on in-depth research and on-the-ground insights to inform trading strategies [92][95]. - Catherine Kress at BlackRock is positioned at the intersection of geopolitics and finance, reflecting the growing demand for insights on national security and economic resilience [97][100].

MCI, one of Poland’s biggest private equity firms, is gearing up to pounce on new investment opportunities in the region amid dwindling competition and valuations being still below their western European peers https://t.co/J1nf2nWRW7 ...

Private equity firm Aurelius is exploring a sale of LSG's Asia Pacific airline catering business, sources say https://t.co/3Eu4jfR5vx ...

Core Viewpoint - Blackstone Inc. is exploring strategic options for Ancestry.com, including a potential IPO or outright sale, which could value the company at approximately $10 billion [1][2][3] Group 1: Strategic Options - Blackstone is considering an Initial Public Offering (IPO) for Ancestry.com and has invited banks to submit proposals for this process [2] - The discussions regarding the IPO are in early stages, and the valuation of Ancestry.com could reach around $10 billion [2] - Alternatively, Blackstone is also contemplating the option of selling Ancestry.com but has not made a final decision [3] Group 2: Company Background - Blackstone Inc. specializes in alternative asset management, focusing on private equity, real estate, hedge fund solutions, credit, and multi-asset class strategies [4]

以下文章来源于投中网 ，作者陶辉东 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 以下文章来源于投中网，作者 陶辉东 本文来自微信公众号： 投中网 （ID：China-Venture） ，作者：陶辉东，题图来自：AI生成 自2024年以来，Petershill Partners的市值在最高点时也比公司净资产低37%。在今年二季度财报分 析师会议上，Petershill Partners的管理层无奈地表示，理论上公司不应该再开展任何投资，而应该 把获得的所有资金都退还给股东，因为任何新投资都是在让股东的权益缩水。 今年以来，Petershill Partners采取了包括股票回购在内的各种措施试图提振股价，但均无成效。最 终，Petershill Partners在公告中承认，如果市场没有重大改变，估值折价将会一直持续下去。这种 情况下，退市或许是最好的选择。 一、全球黑马VC/PE的幕后推手 有意思的是，虽然股价惨淡，但Petershill P ...

KKR & Co. Inc. (NYSE:KKR) is one of the most undervalued stocks to buy and hold for 5 years. On September 24, KKR & Co. announced that Craig Arnold has been appointed to its Board of Directors, with the appointment becoming effective on September 23. The appointment of Arnold, who is the former Chairman and Chief Executive Officer of Eaton Corporation (a global intelligent power management company), increases the number of independent directors to eleven, out of a total of fifteen Board seats. KKR Appoin ...

Core Insights - The private credit and private equity sectors are expected to face challenges as the current credit cycle is untested and coincides with weak exit options in Asia's public markets [1] Group 1 - The boom in private credit and private equity is under scrutiny due to the potential impact of an untested credit cycle [1] - Fragile exit routes in Asia's public markets may exacerbate the challenges faced by private credit and private equity [1]

With significant upside potential, Apollo Global Management, Inc. (NYSE:APO) secures a spot on our list of the 13 Best Quality Stocks to Buy According to Hedge Funds. Apollo Global Management, Inc. (APO) Introduces Apollo Sports Capital (ASC) On September 29, 2025, Apollo Sports Capital (ASC), a new investment division devoted to funding prospects in the international sports and live events industry, was introduced by Apollo Global Management, Inc. (NYSE:APO). Sam Porter will serve as Chief Strategy Off ...