Elm Capital First Half 2017 Newsletter

October, 2017

Elm Capital First Half 2017 Newsletter

  • Prices in the first half of 2017 increased compared to the second half of 2016, equalling the peak pricing levels seen in the second half of 2015.
  • The median of the highest bids received by Elm Capital was 98% of net asset value across fund types
  • The prices being offered for buyout funds ticked up to 100% of net asset value, equalling the record level seen 18 months ago
  • The first half of the year saw new players emerge on both the buy and sell side, with non-traditional buyers such as pension funds entering the market
  • Fund-of-fund managers are now approaching the market in record numbers, both as a way to liquidate pre-2007 tail end vehicles and to crystallise performance on more recent vintages
  • With interest rates still at record lows, cheap debt continues to support leverage in transactions, though rate hikes are on the horizon
  • GP-led transactions continue to be an important theme in the secondary market

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