Core Insights - NB Private Equity Partners (NBPE) reported a NAV total return of 4.0% in USD for the six months ending June 30, 2025, driven by strong performance from private companies and positive foreign exchange effects [4][8][27] - The portfolio achieved weighted average LTM revenue growth of 8.8% and LTM EBITDA growth of 9.8%, indicating resilient operating performance despite market challenges [5][9][31] - The company is well-positioned to capitalize on potential investment opportunities with $284 million in cash and undrawn credit lines available [6][19] Financial Performance - As of June 30, 2025, NBPE's net assets totaled $1,283 million, with a NAV per share of $28.14 (£20.53) [6][8] - The portfolio's valuation multiple was 15.4x EV/EBITDA, with a weighted average net debt/EBITDA multiple of 5.4x, indicating stable leverage levels [11][34] - Realisation activity generated $68 million in proceeds during the first half of 2025, with expectations for an additional $41 million from pending realisations [13][36] Market Environment - The exit environment showed signs of recovery after a slowdown in 2023 and early 2024, with renewed momentum expected in the latter part of 2025 [5][12][40] - Despite positive NAV returns, NBPE's share price declined by 7.6% over the same period, reflecting broader market sentiment and sector-wide challenges [15][16] - The company continues to face a wide discount in the listed private equity sector, which has been attributed to overall muted NAV performance [14][24] Investment Strategy - NBPE's investment strategy includes a focus on mid-life co-investments, with a recent $10 million investment in Infra Group, a leading infrastructure service provider [20][38] - The company has repurchased approximately 739,000 shares at a 29% discount to NAV, contributing to NAV accretion of $0.09 per share [6][17] - The board remains focused on improving share price performance and narrowing the discount to NAV through enhanced investor relations and marketing efforts [25][26]

Private Equity Performance - The private equity industry peaked in Q2 2021, with US firms achieving quarterly returns of approximately 135% [1] - Rising borrowing costs, due to the Federal Reserve's actions in 2022, have made deals less attractive, impacting returns and profits for institutional investors [2] - A slowdown occurs as reduced asset sales and returns to investors lead to less capital for future deals [3] Limited Partners & Institutional Investor Sentiment - Limited partners, including pension funds and endowments, are reportedly frustrated with private equity performance [3][4] - Despite frustration, limited partners are hesitant to publicly criticize private equity due to its historical performance as a good asset class [4] - Limited partners prefer to wait and see how the situation develops [4]

26North Partners hired Matthew Manin, former head of private equity capital markets at Apollo, as part of its capital-markets team, according to sources https://t.co/6uMHW5jZPj ...

Core Insights - KKR reported income from monetization activity exceeding $925 million for the period from July 1, 2025, to September 24, 2025 [1] - The reported amount includes performance income expected to be crystallized by September 30, 2025 [1] - The monetization activity for the quarter-to-date consists of approximately 95% realized performance income and about 5% realized investment income [1]

Group 1 - Private equity firm Novacap is set to acquire Integral Ad Science, valuing the digital ad verification firm at approximately $1.9 billion [1] - Following the announcement of the acquisition, Integral Ad Science's shares increased by about 20% in premarket trading [1]

Group 1: Alternative Investment Managers - Fitch downgraded its outlook on large alternative managers to 'deteriorating' from 'neutral' due to concerns over U.S. trade policy, but noted the sector has performed well since the revision [1] - The SEC's Investor Advisory Committee recommended expanding investor access to private market strategies through registered funds, highlighting the investor protections and liquidity these vehicles provide [2] - Private equity groups warned about potential mis-selling as the sector opens to individual investors, citing intermediaries' lack of experience in assessing products and explaining liquidity issues [3] Group 2: Market Trends and Performance - International equities have seen a revival in 2025, with the Morningstar Global Markets ex-US Index up 25% year-to-date, compared to a 13% increase in the Morningstar US Market Index [4] - The SEC extended the deadline for private investment funds to comply with enhanced disclosure rules, reflecting ongoing regulatory adjustments in the sector [5] - The ETF industry is expected to benefit from lower interest rates, with a shift of assets from money market funds into ETFs anticipated as rates decline [7] Group 3: Private Credit and Business Development Companies - Private credit secondary transaction volume has surged globally since 2023, indicating increased activity in both limited partner-led and general partner-led transactions [9] - Business Development Companies have gained popularity as a means for investors to access loans, with their assets under management significantly increasing in recent years [11] - Blackstone appointed Katie Keenan as CEO of its real estate investment trust for individuals, following the death of the previous leader [12]

Core Viewpoint - The Stockholm Stock Exchange is currently the leading market in Europe for initial public offerings (IPOs), raising nearly $2 billion in 2025, significantly outperforming other major financial hubs like London, Frankfurt, and Madrid [1][2]. Group 1: Market Performance - Companies listed in Sweden have raised nearly $2 billion in 2025, which is more than eight times the volume seen in London [1]. - The IPO activity in Sweden is highlighted by upcoming high-profile listings from Verisure and NOBA, indicating a robust market environment [2]. - Despite the current boom, the amount raised in 2025 is still far from the all-time peak of over $11.5 billion achieved in 2021 [17]. Group 2: Investment Culture - Sweden's success in the IPO market is largely attributed to a strong national "equity culture," with about 70% of household wealth held in equity, compared to the EU average of 59% [5]. - A significant portion of the population, approximately seven in ten residents, hold investment funds directly, with only about 10% of their financial assets in cash or bank deposits, the lowest in Europe [5][6]. - The cultural acceptance of equity investment is supported by decades of government policy and regulation, fostering a mature investment ecosystem [6][7]. Group 3: Ecosystem and Support - The local capital ecosystem in Sweden is characterized by a high participation of retail and family office investors, as well as institutional capital managing savings and pension assets [8]. - The efficient IPO process benefits from a consistent deal flow and the involvement of "cornerstone" investors, which provides early quality assurance for new public offerings [10][11]. - A steady supply of companies backed by private equity and venture capital is contributing to the pipeline of potential IPOs, with private equity firms ensuring their portfolio companies are "IPO-ready" [12][14]. Group 4: Future Outlook - The outlook for the IPO market in Sweden remains positive, with expectations for a significant increase in activity in 2026 across the Nordics [18]. - Investors are currently selective, focusing on track records and prospects for profitable growth, but confidence in the upcoming pipeline is strong [17][18].

Core Insights - KKR & Co is holding its first board meeting in Asia in Tokyo, highlighting Japan's significance for the firm [1] - Japan has become KKR's largest market in Asia, with investments totaling over $20 billion, accounting for 36% of its total fair value in the region [3] Investment Activity - KKR has been consistently investing in Japan for nearly two decades, with private equity-backed deals reaching $29 billion in the first three quarters of 2025, a 150% increase year-on-year [2] - Recent acquisitions include Hoken Minaoshi Hompo Group and Fuji Soft for $4.1 billion, along with a partnership to acquire Topcon for $2.3 billion [3][4] Market Context - The dealmaking boom in Japan is driven by corporate governance reforms, low interest rates, and heightened investor interest [2] - KKR's sale of a controlling stake in the Seiyu supermarket chain for $2.55 billion in March reflects successful investment returns [4] Board Composition - KKR's board includes notable figures such as Evan Spiegel, Patricia Russo, and Robert Scully, indicating a diverse leadership [5]

Core Insights - The current market presents a challenge for investors seeking safe places to allocate new capital, as the S&P 500 is experiencing record highs and significant rallies [1] - There are still opportunities to find relatively inexpensive stocks with above-average growth potential, particularly within the S&P 500 [2] Stock Selection - A screen identified 104 S&P 500 stocks with above-average growth and below-average price multiples, narrowing down to 86 after excluding energy and materials sectors [3][4] - T-Mobile is highlighted for its expected 19.4% earnings growth next year, trading at just over 18 times next year's earnings [4] - Royal Caribbean and Expedia are noted as strong travel stocks, with Expedia projected to grow earnings by 18% next year while trading at 13 times earnings, significantly cheaper than Booking Holdings [5] - Dollar Tree is identified as a consumer staples stock with a 15% growth rate, trading at less than 15 times next year's earnings, making it a favorable option [6] Financial Sector Opportunities - The financial sector is experiencing favorable conditions, with 34 of the 86 identified stocks coming from this sector [7] - Capital One Financial is projected to have nearly 14% earnings growth next year, trading at roughly 11 times next year's earnings [8] - American Express is expected to grow earnings by 12.6% next year, trading at less than 20 times earnings, which is cheaper than the overall S&P [9] - Citigroup is highlighted for its strong recovery under CEO Jane Fraser, with expected growth of 28% next year while trading at just 10.5 times earnings [10] - Keycorp, a regional bank, is expected to grow at 22% next year, trading at just under 11 times next year's earnings [11] Other Notable Stocks - Charles Schwab is recognized as a strong retail brokerage, while Apollo is noted for its leadership in private equity and private credit with projected earnings growth of 19% [12][13] - Insight, a biopharma company, stands out in the healthcare sector with expected earnings growth of 19% and trading at just under 12 times next year's earnings [14] - Caterpillar is noted for its strong performance, with an expected 18% earnings growth and trading at 22 times next year's earnings [15] - Dell Technologies is mentioned as a core player in AI infrastructure, while BXP, a real estate company, has rebounded after trimming its dividend to focus on growth projects [18][19] - Energy, a utility company, is highlighted for its growth potential due to infrastructure projects, including a $10 billion data center by Meta [20]

Group 1: Market Overview - The current market presents challenges for new investments as indexes reach new heights, but there are still relatively inexpensive stocks available [1] - The S&P 500 is expected to achieve 12.5% earnings growth next year, trading at just under 22 times next year's earnings [4] Group 2: Recommended Stocks - T-Mobile is highlighted for its strong management team despite recent leadership changes [1] - In the consumer sector, Royal Caribbean, Expedia, and Dollar Tree are recommended, with Dollar Tree expected to perform well by appealing to value-conscious consumers [1] - In financials, Capital One Financial and American Express are noted, with Citigroup identified as the cheapest among major banks [2] - KeyCorp is favored among regional banks, while Charles Schwab, Chubb, and Apollo are also recommended [2] - In healthcare, Incyte is favored for its robust pipeline, while Dell and Jabil are recommended in the tech sector, with Dell being a key player in AI infrastructure [3] - Caterpillar, Cummins, and Jacobs Solutions are highlighted in the industrials sector, with Caterpillar referred to as a "machinery kingpin" [4] - Entergy is noted in utilities, and BXP is recognized for its high-quality office property portfolio [4]