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A super return for women in alternatives?

Preqin sent this email to their subscribers on June 11, 2024.

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Preqin First Close
Your essential newsletter for the global alternatives industry
June 11, 2024
In this newsletter
  The insider: LPs lead GPs in proportion of female staff
  Deep data: direct lending worth $472bn AUM in North America
  Top stories from Preqin News and Preqin Pro
  On file: Latin America investors upbeat about alternatives
Contact the team at [email protected]
Follow us on LinkedIn and X @Preqin
The insider

The SuperReturn and SuperVenture conferences in Berlin last week brought the private capital industry together to discuss many opportunities and challenges. Preqin also took part in the Women in Private Markets Forum
 
Gurpreet Manku, CEO of Level 20, which campaigns to improve gender diversity in private equity, chaired a panel discussion on the subject, involving Professor Michael Ewens (Columbia Business School), Olga Kugatkina (Infosys), Lisa Lee (PSG Equity), and Wee-kii Teh (Allianz Global Investors). 
 
The panel agreed that LPs lead the way by tending to employ a larger proportion of women than GPs do. But fund managers with higher female representation may have an advantage when they approach investors for funding.  
 
The panel suggested that ensuring there are more women in leadership positions encourages women to stay in private equity, and discussed investment in career education and in events that inspire and empower professionals. 

I gave a presentation, ‘Women in Alternatives 2024 – Where We Stand’, to outline the historical story of representation, featuring data from eight years of surveys by Preqin. There’s so far been only a marginal improvement in the numbers. Foundations top the list, with 40% female employees. (Preqin First Close readers can access our latest research on the subject here.) 

A session about fundraising heard from panelists Jennifer Dunstan (3i), Veronica Mendiola Mayer (Ares Management), Imogen Richards (Pantheon), Ellie Rubenstein (Manna Tree Partners), and Katja Salovaara (Five Arrows Multi Strategies).  
 
They suggested that investors were retreating to less risky areas. Although well-known managers continue to raise funds, emerging GPs are struggling to do so in a buyers’ market, and need to be even more entrepreneurial.  
 
Meanwhile, demand for secondaries has been strong, although it can be a more difficult strategy in Europe because there are no cross-border regulatory reporting standards, according to the panel. 
 
Thanks to everyone who took part, for a very warm welcome and first-class networking opportunity. 

 Victoria Chernykh, AVP, Research Insights 

Deep data — North America private debt AUM by strategy 

560x260

In 2013, direct lending was the third largest private debt strategy in North America, accounting for $65.9bn of AUM (21.8%), behind mezzanine’s $81.2bn (26.9%) and distressed debt’s $118.8bn ($39.4bn). Almost a decade later, direct lending strategies dominate at 43.6% of AUM worth $471.8bn (distressed debt 20.3% and mezzanine 14.5%), according to RJ Joshua, Head of Private Debt and Fees, Research Insights, in Strategy in Focus: Direct Lending


From Preqin News

Weekly People Moves – LPs & GPs: ADIA; Empower; Weinberg Capital; Arrow Global; Ancala; Arjun Infrastructure Partners; BlackRock; Blue Owl Capital; Coalesce Capital; Coller Capital; Core Equity Holdings; DTCP; Edison Partners; Evolution Equity Partners; Infrared Capital Partners; Inflexion; LaSalle; Luminate Capital; Madison International Realty; Presidio Investors; Warbug Pincus.

Weekly People Moves – Service Providers & Advisors: Bracewell; Dentons; Federman Steifman; Paul Hastings; Seyfarth Shaw; Willkie Farr & Gallagher; Johnson Financial Group; Oppenheimer Holdings; US Bancorp; Baker Tilly; Bear Real Estate Advisors; Cohen & Company; Advyzon Investment Management; IXOPAY; Ratehub; TMA Systems.


From Preqin Pro

Abu Dhabi sovereign wealth investor Mubadala Investment Company has made a cornerstone commitment of an undisclosed sum in PAG REN I. Asia-focused alternative investment specialist PAG has raised $550mn for its first renewable energy-focused fund, which will primarily focus on solar power generation in Japan.


On file

Appetite for alternatives among Latin America investors remains strong. Over half of those Preqin’s surveyed for our new Factsheet said they currently allocate more than 20% of their portfolios to alternatives. Private debt emerged as a particular success story (24% said it exceeded their expectations), while regionally, Mexico was the most popular country among LPs (64% said it presented the best opportunities). 


On the horizon
LP Fee Diligence Unlocked: The Keys to Validating Fee Economics
June 12, Webinar, Colmore (exclusive to LPs)
Revolutionizing Impact & Sustainability Data in Private Markets
June 12, Webinar, Preqin
ANREV Japan Conference 2024
June 20, Tokyo, ANREV
What Private Funds CFOs Want From Service Provider Outreach
June 20, Webinar, Preqin
Secondaries and Data Strategies: Navigating the Evolving Landscape
June 25, Webinar, Colmore
Preqin First Close is brought to you by our expert researchers, analysts, editors, and writers. We warmly welcome your comments, ideas, and suggestions at [email protected].
Shaun Beaney
Editor, Preqin First Close
[email protected]
Grant Murgatroyd
Head of News
[email protected]
Nicole Lee
Head of Content
[email protected]
For media enquiries, please contact
[email protected]
Update your email preferences .
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Text-only version of this email

Your essential newsletter for the global alternatives market header_logo border Preqin First Close Your essential newsletter for the global alternatives industry June 11, 2024 In this newsletter ●   The insider: LPs lead GPs in proportion of female staff ●   Deep data: direct lending worth $472bn AUM in North America ●   Top stories from Preqin News and Preqin Pro ●   On file: Latin America investors upbeat about alternatives Contact the team at [email protected] Follow us on LinkedIn and X @Preqin The insider The SuperReturn and SuperVenture conferences in Berlin last week brought the private capital industry together to discuss many opportunities and challenges. Preqin also took part in the Women in Private Markets Forum.  Gurpreet Manku, CEO of Level 20, which campaigns to improve gender diversity in private equity, chaired a panel discussion on the subject, involving Professor Michael Ewens (Columbia Business School), Olga Kugatkina (Infosys), Lisa Lee (PSG Equity), and Wee-kii Teh (Allianz Global Investors).  The panel agreed that LPs lead the way by tending to employ a larger proportion of women than GPs do. But fund managers with higher female representation may have an advantage when they approach investors for funding.   The panel suggested that ensuring there are more women in leadership positions encourages women to stay in private equity, and discussed investment in career education and in events that inspire and empower professionals.  I gave a presentation, ‘Women in Alternatives 2024 – Where We Stand’, to outline the historical story of representation, featuring data from eight years of surveys by Preqin. There’s so far been only a marginal improvement in the numbers. Foundations top the list, with 40% female employees. (Preqin First Close readers can access our latest research on the subject here.)  A session about fundraising heard from panelists Jennifer Dunstan (3i), Veronica Mendiola Mayer (Ares Management), Imogen Richards (Pantheon), Ellie Rubenstein (Manna Tree Partners), and Katja Salovaara (Five Arrows Multi Strategies).   They suggested that investors were retreating to less risky areas. Although well-known managers continue to raise funds, emerging GPs are struggling to do so in a buyers’ market, and need to be even more entrepreneurial.   Meanwhile, demand for secondaries has been strong, although it can be a more difficult strategy in Europe because there are no cross-border regulatory reporting standards, according to the panel.  Thanks to everyone who took part, for a very warm welcome and first-class networking opportunity.  — Victoria Chernykh, AVP, Research Insights  Deep data — North America private debt AUM by strategy  560x260 In 2013, direct lending was the third largest private debt strategy in North America, accounting for $65.9bn of AUM (21.8%), behind mezzanine’s $81.2bn (26.9%) and distressed debt’s $118.8bn ($39.4bn). Almost a decade later, direct lending strategies dominate at 43.6% of AUM worth $471.8bn (distressed debt 20.3% and mezzanine 14.5%), according to RJ Joshua, Head of Private Debt and Fees, Research Insights, in Strategy in Focus: Direct Lending.  From Preqin News Weekly People Moves – LPs & GPs: ADIA; Empower; Weinberg Capital; Arrow Global; Ancala; Arjun Infrastructure Partners; BlackRock; Blue Owl Capital; Coalesce Capital; Coller Capital; Core Equity Holdings; DTCP; Edison Partners; Evolution Equity Partners; Infrared Capital Partners; Inflexion; LaSalle; Luminate Capital; Madison International Realty; Presidio Investors; Warbug Pincus. Weekly People Moves – Service Providers & Advisors: Bracewell; Dentons; Federman Steifman; Paul Hastings; Seyfarth Shaw; Willkie Farr & Gallagher; Johnson Financial Group; Oppenheimer Holdings; US Bancorp; Baker Tilly; Bear Real Estate Advisors; Cohen & Company; Advyzon Investment Management; IXOPAY; Ratehub; TMA Systems. From Preqin Pro Abu Dhabi sovereign wealth investor Mubadala Investment Company has made a cornerstone commitment of an undisclosed sum in PAG REN I. Asia-focused alternative investment specialist PAG has raised $550mn for its first renewable energy-focused fund, which will primarily focus on solar power generation in Japan. On file Appetite for alternatives among Latin America investors remains strong. Over half of those Preqin’s surveyed for our new Factsheet said they currently allocate more than 20% of their portfolios to alternatives. Private debt emerged as a particular success story (24% said it exceeded their expectations), while regionally, Mexico was the most popular country among LPs (64% said it presented the best opportunities).  On the horizon LP Fee Diligence Unlocked: The Keys to Validating Fee Economics ➔ June 12, Webinar, Colmore (exclusive to LPs) Revolutionizing Impact & Sustainability Data in Private Markets ➔ June 12, Webinar, Preqin ANREV Japan Conference 2024 ➔ June 20, Tokyo, ANREV What Private Funds CFOs Want From Service Provider Outreach ➔ June 20, Webinar, Preqin Secondaries and Data Strategies: Navigating the Evolving Landscape ➔ June 25, Webinar, Colmore Preqin First Close is brought to you by our expert researchers, analysts, editors, and writers. We warmly welcome your comments, ideas, and suggestions at [email protected]. Shaun Beaney Editor, Preqin First Close [email protected] Grant Murgatroyd Head of News [email protected] Nicole Lee Head of Content [email protected] For media enquiries, please contact [email protected] Update your email preferences . footer_logo Verde, 10 Bressenden Pl, London SW1E 5DH Contact +44 20 3207 0200 preqin.com More Links Preqin Pro My Account Privacy Preqin™ All Rights Reserved.
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