Fund Launches
The Reemergence of Non-traded REITs
Total non-traded REIT (NT REIT) assets were $232 billion as of the end of 2022Q2, up 76% compared to a year ago. This recent growth has been led by Blackstone, which has come to dominate the sector. Yet several other major asset managers have launched new funds, indicating that the NT REIT is becoming a […]
PGIM Registers Non-traded BDC
On November 1, PGIM filed a registration statement for a new perpetual life non-traded BDC: PGIM Private Credit Fund. PGIM, formerly known as Prudential Investment Management, has been expanding its alternative investment lineup in recent years. In this article we provide a preview of PGIM’s new NT BDC, and its alternative investment business strategy. PGIM […]
Non-traded BDC pipeline show big changes are coming
BDCs assets have have surged in the past year. Will the growth continue? For now, the structural changes in the broader macroeconomy and the investment management industry that have driven NT BDC asset growth are still in motion. Moreover, the pipeline of recently launched, and soon to launched funds supports the idea that the recent […]
Asset Allocation
3 Pillars of David Swensen’s Method
David Swensen (January 26, 1954- May 5, 2021) served as chief investment officer at the Yale University Endowment from 1985 until his death in 2021. His legacy is that of a pioneer in the world of asset allocation and alternative investments. Prior to the 1980s, endowments had invested exclusively in stocks and bonds, with an […]
Portfolio Composition with Illiquid Private Assets
This post is part 2 of a 2 part series. Click here to read the first post. Managing the tradeoff between liquidity and performance is a central challenge for allocators and investment professionals. Building a Better Portfolio: Balancing Performance & Liquidity is a great resource for allocators and investors looking to systematically meet this challenge. […]
Five Components of an Asset Allocation Framework
Traditional portfolio management techniques such as mean-variance optimization or risk parity don’t capture the reality faced by an allocator building a portfolio that includes alternative investments. These traditional methods focus on return variability and drawdowns, while treating liquidity risk as a secondary considerations. Yet in reality, liquidity risk is of critical importance. In fact, while […]
Tender Offers
Strategic Realty Trust Tender Offer
Alternative Liquidity Capital has announced an offer to purchase up to 1,050,000 shares of Strategic Realty Trust, Inc.(SGIC) at a price of $0.75 per share. Offer documents are available on the SEC EDGAR database and at Alternative Liquidity’s website. In this article we provide some background information on SGIC, and the offer. Strategic Realty Trust […]
StHealth Capital Investment Corp
STHealth Capital Investment Corp has a sordid history. Some investors knew it as Freedom Capital, others knew it as First Capital Investment Corp. Probably all have been stuck in the investment for years. Now at last, there is an opportunity for long suffering investors to get some cash out and exit their investment. But first […]
Alternative Liquidity Capital Announces Offer to Purchase Shares in FS Energy & Power Fund
Alternative Liquidity Capital is providing an opportunity for investors in FS Energy & Power Fund to sell their shares. Here is a copy of the recent press release summarizing the offer. Alternative Liquidity Capital has announced an offer to purchase up to 1,000,000 shares in FS Energy & Power Fund (the “Company”). The Company’s share […]
Alternative Asset Managers
Carlyle Group’s Alternative Investment Strategy
Carlyle Group is a global investment firm that focuses on alternative investments such as private equity, real estate, credit, and infrastructure. The firm’s alternative investments strategy involves identifying high-potential assets and adding value through operational improvements, with the aim of selling those assets for a profit. Carlyle Group has a total of $376 billion in […]
Understanding the Franklin Templeton Alternative Investment Strategy
Franklin Templeton has long been a mutual fund powerhouse. However, they have also quietly become one of the biggest players in the alternative investments industry. Strategic M&A and educational initiatives helped Franklin Templeton alternative investment products gain traction in the RIA channel. Franklin Templeton’s strategic focus on alternative investments is just beginning to have an […]
Fidelity Will Open Up New Distribution Channels for Alternative Investments
Fidelity’s registration of a non-traded BDC and an interval fund represents a watershed moment for the alternative investments sector. In a prior article we examined the structural and strategic differences between these two funds. In this article we will discuss the broader meaning for the investment management industry. First of all, Fidelity is gigantic compared […]