Almar Latour

On the latest iCapital x Alt Goes Mainstream Monthly Alts Pulse, iCapital Chairman & CEO Lawrence Calcano and I welcome a special guest - Hightower Advisors Managing Director, Head of Alternative Investments Robert Picard - to discuss the operational challenges and solutions in private markets. In this episode, Lawrence, Robert, and I discuss: * How wealth platforms like Hightower and infrastructure operating systems like iCapital are creating straight-through-processing solutions across the lifecycle of a private markets investment for the wealth channel. * The importance of bringing alts directly to the advisor’s desktop. * Why improving the experience for advisors in private markets is critical to increasing adoption. * Why it’s important to build across the continuum of needs for different types of high-net-worth investors. * The importance of customization and differentiation with private markets solutions for advisors. * What is the biggest unlock to enabling greater flows of capital into private markets? * What are the implications of opening up the alts superhighway? Thanks Robert for joining us on the show for a fantastic discussion!

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Secondaries and structured liquidity solutions provide creative portfolio management tools for both sponsors and investors as they alleviate the duration mis-match problem particularly exacerbated by the sustained high base rate environment. 

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This is a comprehensive deep dive into how some private equity are linking their carried interest to impact objectives by Snehal Shah on New Private Markets, including a list of the funds we have come across with such a mechanism in place, and an exploration of why investors are divided over the merits... https://lnkd.in/dqRqNifi

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Despite the election surprise and return of the coalition era, top dealmakers expect m&a, private equity and equity capital market deals momentum to continue unabated in 2024... Read the piece below to know why its set to be business as usual and the key trends in the works 👇 https://lnkd.in/dbHnBWtu

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A Deep Dive into Paramount Global's Strategy and Valuation 🌐 Inside Paramount Global's Strategic Transition to Digital As the media landscape evolves, Paramount Global is adeptly shifting its focus to meet the surging demand for digital content. Here’s a deep dive into the company's operational segments and strategic initiatives: Key Business Segments: 1) TV Media: Includes powerhouses like CBS and cable networks like MTV and Comedy Central. Despite challenges from cord-cutting, this segment enjoys boosts from major events like the Super Bowl and election cycles. 2) Direct-to-Consumer: Rapidly expanding with Paramount+ and Pluto TV leading the way. The segment boasts a CAGR of 42.29% over the past two years, with Paramount+ experiencing a subscriber growth rate of 43.45% CAGR. 3) Filmed Entertainment: Focuses on theatrical releases that spur subsequent digital consumption and licensing revenues driving DTC viewership. Strategic Shifts and Financial Insights: - Revenue Trends: By 2028, DTC is expected to surpass TV Media in revenue generation. Key broadcasting events will bolster a projected 4% revenue growth in TV Media for 2024. - Operational Efficiency: Paramount is honing in on efficiencies and cost-cutting to balance declining traditional TV revenues, setting the stage for DTC to offer more stable revenue streams. - Technology Investment: Significant reinvestments are planned for cloud architecture and global advertising solutions to enhance the DTC user interface and overall subscriber experience. Market Position and Outlook: - Equity Structure Challenges: The company’s dual-class equity structure poses undervaluation risks, especially in potential mergers and acquisitions. - Growth Prospects: Despite competitive pressures, Paramount is strategically positioned for growth, particularly through international expansion and bolstering its DTC revenues. - Stock Valuation: Current market valuation may not reflect Paramount's intrinsic value, estimated between $41.823 and $51.117 by December 2025. A market revaluation could uplift the stock significantly. In Summary: Paramount Global is not just keeping pace but setting the pace in the industry’s transition from traditional broadcasting to digital streaming. With a focus on international expansion and optimizing its direct-to-consumer offerings, Paramount is steering towards greater profitability and market recognition. 📈 What are your thoughts on Paramount’s strategic moves in the evolving media landscape? #Media #DigitalTransformation #ParamountGlobal #StreamingWars #StrategicPlanning #Investment #ValueInvesting

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"This is about how individuals and institutions invest in private equity, rather than the sorts of companies and projects in which private equity invests." Dan Primack of Axios covers how Securitize is working with asset managers like Hamilton Lane and KKR to digitize the private markets for new opportunities to expand retail investor participation. If you're still looking to learn why the future of private equity will be tokenized, check out Dan's newsletter from this morning: https://lnkd.in/dyniwxDk

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This is the latest installment of our Year of Descending Dangerously series, on interenational central banks' attempts to retreat from high interest rates. Just in time for the FOMC, and written with Richard Annerquaye Abbey and Carolyn Silverman Hope it's of interest. #interestrates #inflation #centralbanks

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ARTICLE: LPs have embraced secondaries to rebalance portfolio exposure across strategies, geographies, vintages and funds. They can now securitize positions via structured portfolios traded on the bond market. GPs are using direct secondaries, continuation funds and “strips” of portfolios to generate liquidity when exit markets sputter (as they’re doing today). Tools are also available to raise cash for firm-level objectives such as succession management or expansion.

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A good reminder that there are many ways to capture illiquidity premiums and some, namely private credit, offer that premium but with regular contractual cash flows that minimize issues around distribution timing and can avoid the problematic “J Curve.”

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MY LATEST ON PRIVATE CREDIT: Blue-chip asset managers known primarily for their private-equity businesses have significantly increased private credit as a percentage of their assets under management within the past year. Private-equity giant Blackstone, with assets that rose about 7% to more than $1.06 trillion in the first quarter, increased its credit and insurance assets 13% to $329.6 billion at the end of March from $291.3 billion a year earlier. At buyout firm KKR & Co., assets managed by its credit business rose almost 12% to $260 billion at the end of this year’s first quarter from $233 billion a year earlier. Other publicly traded asset managers have also noted the increasing importance of private credit. In recent earnings reports and conference calls on the results, firm leaders cited strong returns as well as significant investor and borrower interest in debt offerings as driving forces of growth in the asset class. https://lnkd.in/ebDbhWw2

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Incase you missed it, this past week was the most important string of positive events in #digitalassets history. •The first successful #ICOs •The Coinbase direct listing •Paul Tudor Jones calling #Bitcoin the “fastest horse” as it pertains to #inflation hedges •Tesla adding Bitcoin to its balance sheet •CME Group #BTC and #ETH futures listings •BitMEX launching perpetual swaps •The rise of #Crypto Kitties as the first real successful decentralized application •Meta releasing its Libra white paper •The Uniswap Labs airdrop •The launch and subsequent rise of #stablecoins •JPMorgan Chase & Co. Coin (follow JPM $, not what Jamie Dimon says) •#DeFi summer •Record #NFT sales •The #Ethereum merge • And, of course, BlackRock applying for a Bitcoin ETF and subsequent #ETF approval and launch. It’s still attractive and exciting to invest in the crypto/digital asset/#web3 space. As regulation becomes clearer and institutions recommend allocations… watch out! 🚀 Excellent summary by Jeff Dorman, CFA of Arca ⬇️

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What a treat to spend time in studio with Carol Massar and Tim Stenovec for this Bloomberg Businessweek conversation about my new book, HOW THE WORLD RAN OUT OF EVERYTHING: Inside the Global Supply Chain. This episode really captures my book. #supplychain #China #shipping #rail #manufacturing #globalization #trade #manufacturing #JustInTime #labor #monopolypower

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BlackRock’s Secondaries & Liquidity Solutions team recently published their semiannual Secondaries Market Outlook 1H 2024. Increased adoption of secondaries by both LPs and GPs has led to 4x market growth over the last ten years, and we believe the market is well positioned for continued expansion.   In 2023, the continued search for liquidity resulted in the 2nd highest year of closed transaction volume on record at $115bn, and the 3rd straight year over $100bn. This volume is being accelerated by lower M&A and IPO activity causing sellers to look for alternative sources of liquidity. Buyers are also achieving meaningful discounts (avg. 85% of NAV in 2023) for high-quality assets. We are keeping our eyes on opportunities for investors and believe 2024 will be a big year for the secondaries markets. Another way that BlackRock is meeting our clients’ liquidity and performance needs. Well done, team! Read the full publication here: https://1blk.co/4bhUUXM #Secondaries #PrivateEquity

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Chairman of #privateequity mid-market shop AEA Investors LP, John Garcia, has been talking to select investors about a new fund that would invest in GP-led continuation vehicles. The strategy, called Tribridge, would be run in partnership with AEA, sources told me. The effort is among several made by traditional buyout shops that want to expand their offering into secondaries, as single-asset continuation fund deals are viewed as similar to traditional M&A (tho with some distinct differences), or almost like co-investments. Get the details on Buyouts: https://lnkd.in/egAqxS7X

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Today's euphoric reaction to a slightly cooler June CPI print may qualify as an example of what Carley Garner, DeCarley Trading highlights here on the risks of an overheated #stockmarket #spx #copper #yen that could lead to a substantial drop for #s&p500

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Is anyone surprised that hedge funds are generally the smartest customers, and therefore have greater market impact in #FX? You shouldn't be, but this study puts a number on that impact and compares it to asset managers #forex

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Just got off a live “Crypto Roundtable” with Chris Johnson from Money Morning Ian King from ​⁠Banyan Hill Publishing and James Altucher from ​⁠Paradigm Press talking all things crypto including; views on where the market is heading, the basics of where and how to start and buy crypto, ways in which investors can get involved in both crypto and crypto stocks, and much MUCH more! Make sure to check it out… https://lnkd.in/dwKcYfiS

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All areas of commerce are benefitting from data analysis, and our industry is no different. And when it comes to hard data, Henry Schwartz is among the very best. Good, punchy interview here fresh from the OIC on many hot topics in the listed options space, including the rise of the "ProTail" customer using options strategically. #Options #OptionsStrategies #Cboe #SPX #VIX #XSP #OIC #0DTE

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