Core Viewpoint - Clairvest Group Inc. reported strong financial results for the fiscal year ended March 31, 2025, highlighting significant investment activity and portfolio performance despite macroeconomic challenges [8][4]. Financial Performance - Book value increased to CAD 1,251.6 million or CAD 88.30 per share as of March 31, 2025, up from CAD 1,234.3 million or CAD 86.78 per share as of December 31, 2024, and CAD 1,176.3 million or CAD 80.16 per share as of March 31, 2024 [2][9]. - Net income for the fourth quarter was CAD 20.7 million or CAD 1.46 per share, reflecting an increase in the fair value of investee companies [3][9]. - For the fiscal year, net income totaled CAD 122 million or CAD 8.47 per share, with net realized gains of CAD 46.1 million from divestments and net investment gains of CAD 44.8 million [4][9]. Investment Activity - During the fiscal year, Clairvest invested CAD 53 million in three new deals and follow-on investments, while exiting four investments for total proceeds of CAD 141 million [2][4]. - Subsequent to year-end, Clairvest made a CAD 32.1 million minority preferred equity investment in NCS Engineers and a CAD 100.6 million equity investment in Beneficial Reuse Management [6][7][9]. Shareholder Returns - The company repurchased and cancelled 500,070 shares for a total of CAD 35 million, at an average price of CAD 70.01 per share, which was accretive to book value per share [5][9]. - Clairvest declared an annual dividend of CAD 1.4 million or CAD 0.10 per share, and a special dividend of CAD 11.1 million or CAD 0.7830 per share, both payable on July 25, 2025 [10][9]. Recognition and Awards - Clairvest was awarded the 2025 CVCA Private Equity Global Dealmaker of the Year for the successful sale of Winters Bros. Waste Systems of Long Island, achieving a 7.5x multiple on invested capital and a 24% internal rate of return [4][10].

Core Insights - The MSCI "2025 General Partner Survey" indicates that as capital becomes increasingly constrained, private equity, private credit, and infrastructure fund managers find it more challenging to meet the rising expectations of institutional investors [1] Fundraising Challenges - 60% of small General Partners (GPs) and 46% of large GPs identify fundraising difficulties as one of their top two challenges [1] - 30% of surveyed GPs attribute fundraising difficulties to a harsh market environment [1] Investment Opportunities - Over half of GPs believe that finding attractive investment opportunities has become increasingly difficult [1] - 47% of respondents cite declining deal quality as the primary reason for not securing suitable transactions [1] - 60% of respondents indicate that the diversification of regions and industries complicates due diligence processes [1] Data and Performance Management - One-third of GPs report a lack of access to reliable private asset data [1] - 26% of surveyed GPs express the need for better standardization, data integration, and customization in performance management [1] - Many GPs still rely on fragmented and manual data infrastructures, limiting business scalability [1] Investor Expectations and Reporting - 68% of large GPs and 52% of small GPs list managing investor expectations and reporting requirements as one of their top five challenges [1] - Key pressure points include: - Customized reporting: 41% of large GPs and 33% of small GPs highlight challenges arising from differing requirements across clients and jurisdictions [1] - Benchmarking difficulties: 40% of large GPs find it hard to select appropriate benchmarks, while 57% of small GPs face issues with the accuracy and credibility of reporting data [1] - Timely information transparency: 18% of large GPs and 17% of small GPs report difficulties in achieving timely updates and disclosures [1]

Core Insights - The article discusses the evolution of the secondary market for overseas private equity, highlighting the significant recovery in 2024 with S transactions exceeding $162 billion, driven by a dual-track trading pattern led by LPs and GPs [1] - The emergence of continuation funds as a mainstream model for GP-led transactions, achieving a historical peak of $70 billion in transaction volume, is reshaping the exit ecosystem [1][2] - The article emphasizes the structural advantages of continuation funds, which cater to existing LPs' exit and reinvestment needs while attracting new LPs with high transparency and short recovery periods [2] Development and Characteristics of Continuation Funds - Continuation funds are increasingly prevalent in overseas markets, providing GPs with extended management periods and enhancing excess returns [2] - In the past five years, continuation funds have gained market share as a supplement to traditional exit methods, with 2024's total continuation transactions surpassing $70 billion, a 17% increase from 2021 [2] - The share of private equity exits via continuation funds rose from 10% in 2022 to 14% in 2024, indicating significant growth compared to previous years [2] Management Perspective - In 2024, 65% of continuation exit transactions were the first attempts by fund managers to establish continuation funds [3] - North America dominates continuation transactions with a 61% market share, while Europe follows with a 36% share, reflecting a 50% year-on-year growth in Europe [3] - The top five industries for continuation fund deployment in 2024 include technology, healthcare, business services, industrials, and consumer goods [3] Operational Mechanisms of Continuation Funds - Continuation funds face challenges in due diligence, pricing, negotiation, and funding pressures, which can complicate domestic practices [6] - The article suggests that lessons from overseas markets can help address these challenges through improved terms and LP protection measures [6] Terms Arrangement of Continuation Funds - Overseas markets have established certain transaction practices for continuation funds, including GP commitment ratios exceeding 5% in over 90% of cases [7] - Multi-asset continuation funds tend to have higher average management fees to cover complex management needs, incentivizing GPs to perform diligently [7] - A tiered profit distribution structure is prevalent, with over 80% of transactions adopting a three-tier structure, enhancing transaction efficiency [7] LP-Friendly Trends - LP-friendly transaction schemes are being implemented to reduce friction in continuation transactions and protect stakeholder interests [8] - The operational process of LP-friendly continuation funds includes enhancing LPAC approval rights, ensuring transparency, and providing multiple exit options [10][11] Performance of Continuation Funds - Continuation funds have shown positive performance in enhancing returns and reducing portfolio risks, with single-asset continuation funds performing comparably to buyout funds [12] - The study indicates that single-asset funds have a slightly higher total value multiple (TVPI), while multi-asset funds exhibit higher distributed paid-in (DPI) ratios, reflecting faster cash flow [12] Implications for Domestic Market - The expansion of overseas continuation funds highlights their anti-cyclical value and the need for domestic practices to overcome key bottlenecks [17] - The article suggests that domestic markets can learn from overseas mechanisms, such as tiered profit distribution and dynamic pricing mechanisms, to enhance liquidity and management incentives [18] - Institutionalizing LP rights protection through transparent processes and collaborative due diligence can help shift perceptions of continuation funds [19] Conclusion - The historical peak of over $70 billion in continuation fund transactions in 2024 underscores their value as a core vehicle for GP-led transactions [21] - The article advocates for the domestic market to leverage continuation funds not only as an exit channel but also as a key hub for reshaping the investment cycle [21]

Core Viewpoint - The article discusses the recent rumors regarding "closure" and product dividends from the quantitative private equity firm Kuande Investment, clarifying that there is no unified "closure" plan at the company level, but rather adjustments in fundraising pace to better match strategy capacity and enhance investor experience [1][3]. Group 1: Kuande Investment's Response - Kuande Investment addressed media reports about a potential "closure" on June 30, stating that the adjustments in fundraising are aimed at improving strategy capacity and ensuring a good experience for investors [3]. - The company emphasized that it will cautiously advance the subsequent opening of products while controlling the scale of similar strategies [3]. Group 2: Industry Trends - Several private equity firms have announced partial product "closures," indicating a trend in the industry [6]. - For instance, Yanfeng Investment plans to close new customer subscriptions for certain products starting July 1, while existing investors can still add funds [7]. - The trend of "closure" among top private equity firms is driven by the need to prioritize investor interests and manage product performance effectively [9]. Group 3: Driving Forces Behind the Closure Trend - The article identifies three main driving forces behind the trend of closures among top private equity firms: 1. Strategy capacity and diminishing returns issues, where the "scale curse" becomes evident post-regulation changes, particularly in quantitative strategies [11]. 2. A shift from "scale worship" to "performance supremacy," where firms prioritize maintaining performance over merely increasing scale [12]. 3. Structural market conditions that create pressure on strategy adaptation, particularly in sectors like technology, where high trading activity contrasts with limited liquidity in quality stocks [12].

KKR & Co. Inc. Private Credit Overview June 2023 Legal Disclosures This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic") as of February 1, 2021. This presentation is not and shall not be construed as a ...

Group 1 - Several leading private equity firms have voluntarily suspended new client subscriptions, indicating a significant market trend [1][3] - On June 16, a quantitative private equity firm announced the closure of new client subscriptions for specific index-enhanced products starting July 1, while existing investors can still add funds [1] - Another firm announced on May 30 that it would pause new client subscriptions for a specific product, with the resumption date to be announced later, while existing clients remain unaffected [3] Group 2 - The private equity market has shown signs of recovery, as many firms are proactively closing subscriptions during a hot issuance phase to protect investor interests and manage strategy capacity [3] - As of the end of May, there were 12,843 private equity securities investment funds with an average return of 4.34% this year, with stock strategy products leading at an average return of 4.81% [3] - Quantitative long strategy products have performed exceptionally well, with an average return of 8.46% and 86.62% of products achieving positive returns [3]

Core Viewpoint - The recent announcement by the Guangdong Provincial Finance Department regarding the management fee structure for government investment funds has sparked significant discussion in the investment community, particularly concerning the implications for venture capital (VC) firms and their management fee practices [10][11][12]. Group 1: Management Fee Structure - The management fee for government investment funds will now be determined based on performance evaluations, and fees should primarily be paid from fund earnings or interest, not from the principal [10][11]. - A notable shift in the management fee model is the move from a traditional "commitment-based" fee structure to a "performance-based" one, where fees are only collected if the fund generates returns [11][12]. - The common fee structure of "2+20" (2% management fee and 20% performance fee) is under scrutiny, with some firms now promising to defer management fees until after the fund has generated returns [2][10]. Group 2: Industry Reactions and Trends - The investment community is experiencing a "management fee earthquake," with LPs (limited partners) questioning the viability of traditional fee structures and some VCs offering to waive fees during the fundraising phase [10][15]. - The average fundraising time has significantly increased, from around 10 months in 2015-2020 to approximately 27 months currently, leading to increased pressure on VCs to adapt their fee structures [9][10]. - The new regulations may lead to a broader reevaluation of the management fee practices across the industry, with potential implications for the survival of many GP (general partner) firms [15][16]. Group 3: Financial Implications - The financial sustainability of VC firms is at risk, as management fees are crucial for covering operational costs such as salaries and office rent [12][15]. - The average DPI (Distributions to Paid-In) for government-guided funds is only 0.7, indicating that many funds have not yet returned their initial investments, which raises concerns about the long-term viability of the current investment model [13][14]. - The shift in management fee practices reflects a broader trend of decreasing fees in the industry, with some major firms reducing their management fees in response to market conditions [15][16].

Group 1 - The core viewpoint of the article highlights the successful fundraising of Chaoxi Capital's second phase RMB main fund, which raised 700 million yuan, following the previous fund's over 900 million yuan collection, indicating steady growth in management scale and capability [2] - The LP composition of the new fund maintains a high level of industrial and market orientation, with nearly 60% coming from industrial LPs, and a 50% reinvestment rate from existing LPs [2] - Key cornerstone investors include Suzhou Fund and various listed companies and industry groups, with several new and existing LPs in the decision-making process for further participation [2] Group 2 - Chaoxi Capital, established in 2015, has accumulated an asset management scale of 7 billion yuan and has invested in over 40 companies across various sectors, nurturing 5 unicorns and 12 potential unicorns [3] - The second phase fund will focus on energy and technology sectors, aiming to cultivate future leading enterprises with strong technological innovation and industrialization capabilities [2]

Core Viewpoint - The Annual General Meeting (AGM) of NB Private Equity Partners Limited was held on June 12, 2025, where all proposed resolutions were passed without amendment [1][2]. Resolutions Summary - All resolutions were voted on by way of a poll, with resolutions 1-10 being ordinary and resolutions 11-12 being special [2]. - Resolution 1: Approval of Audited Financial Statements for the year ended December 31, 2024 received 29,176,689 votes for (100%) [2]. - Resolution 2: Directors Remuneration Report approval received 29,157,113 votes for (99.95%) [2]. - Resolution 3: Re-election of William Maltby as Director received 28,884,679 votes for (99.01%) [2]. - Resolution 4: Re-election of Trudi Clark as Director received 28,529,372 votes for (97.79%) [2]. - Resolution 5: Re-election of Wilken von Hodenberg as Director received 28,907,148 votes for (99.08%) [2]. - Resolution 6: Re-election of Louisa Symington-Mills as Director received 28,905,644 votes for (99.08%) [2]. - Resolution 7: Re-election of Pawan Dhir as Director received 28,905,637 votes for (99.09%) [2]. - Resolution 8: Re-appointment of KPMG Channel Islands Limited as auditor received 26,983,892 votes for (92.49%) [2]. - Resolution 9: Directors' authority to determine auditors' remuneration received 28,794,977 votes for (98.69%) [2]. - Resolution 10: Approval of interim dividend of $0.47 per share received 29,078,022 votes for (99.66%) [2]. - Resolution 11: Authorization for market acquisitions of ordinary shares received 29,060,885 votes for (99.6%) [2]. - Resolution 12: Authorization for Directors to allot and issue equity securities received 28,938,707 votes for (99.19%) [2]. Board Changes - Mr. John Falla retired from the Board after the AGM, and Mr. Dhir was appointed as the Audit Committee Chairman [3]. Company Overview - NB Private Equity Partners Limited focuses on direct private equity investments alongside leading private equity firms globally, with an emphasis on fee efficiency [4]. - The Investment Manager, NB Alternatives Advisers LLC, is responsible for sourcing, execution, and management of investments [4]. - The company aims for capital appreciation through growth in net asset value while providing bi-annual dividends [4].

The year has turned a bit south for those heavy hitters in the private equity industry as Trump trade turmoil ratchets up angst with companies and top leaders. The value of global buyout deals in the second quarter of this year is poised to drop by 16% compared to the first quarter, according to a new report from consultancy Bain. For the first time in a decade, no buyout fund closed in the first quarter raised more than $5 billion, the report found. Across alternative asset classes, demand now outstrips su ...