The good news is that, after the huge spike in price-to-earnings multiples in 2021, tech valuations feel more reasonable today than they did at the start of the year, even given the context of higher real rates. Performance of all cited indices is calculated on a total return basis with dividends reinvested. She is admitted to practice Meanwhile, we also see the definition of infrastructure expanding to include a broader array of industries as well as the potential for more operational improvement within the investment. Mr. McCarthy holds an MBA from The University of Chicago Booth School of Business and a BSBA with concentrations in finance and accounting from Central Michigan University. Previously, Elaine held roles in Human Resources at Citigroup and Securitas Capital, and began her career in Human Resources at Smith Barney. full spectrum of customer needs including extensive facility offerings, Prior to joining Partners Group, he worked at HSBC, Harcourt and UBS. Since Commonfund Capitals founding in 1988, it has managed approximately $20 billion of private capital commitments from investors. companies in the manufacturing, industrials, business services and Particular themes we heard emphasized were automation, digitalization, biotechnology, and AI; by comparison, there is much more caution towards social media companies, which now constitute a large share of the Tech sector within the public markets. He has 22 years of industry experience. Ralph has served on the boards of directors of several social sector enterprises and is the former ranking member and chairman of the fire commission in Fairfield, CT, past chairman of the Investment Committee of The Unquowa School and is a former member of the Police and Fire Retirement Board for the Town of Fairfield. Data as at December 31st, 2021. While survey respondents indicated they are working to trim their allocation towards these strategies, many remain quite bullish on technologys transformative power on economies and societies. He is also a chartered accountant. La Patria is a leading Italian alarm and security surveillance provider. Consider that meeting net-zero goals and fully abating carbon emissions is heavily dependent on the development of new technology, which offers an important chance to align ESG goals with longer-term investing mandates. All told, 70% of respondents indicated that ESG considerations are impacting their current and future investment strategies; but 50% say they have committed zero assets to ESG-focused strategies. In addition, AMCE has deep operating capabilities and industry relationships to support its sourcing, due diligence and portfolio monitoring activities, that leverages A&M Consultings ~1000 operating professionals across 48 European offices. By comparison, the KKR balance sheet now holds nearly 25% of its assets in these types of investments, given our bullish view on owning collateral-based cash flow, pricing power, and upfront yield, compared to just 16% at the start of 2019. Dr. Adrian Andermatt is Head of the Transaction Services business unit, based in Zug. She holds an MBA from Harvard Business School, Massachusetts, USA and a bachelors degree from the Wharton School at the University of Pennsylvania, USA. He has 20 years of industry experience. including public and corporate pension funds, sovereign wealth funds, Adam Howarth is Co-Head of the Portfolio Management business unit, based in Denver. We think that this broader approach towards ESG will become a more important part of the conversation going forward, as it helps ensure greater alignment among stakeholders, including investors, managers, portfolio companies, and employees. Watley, where he managed relative value equity strategies. He a member of the Global Investment Committee and the Private Markets Relative Value Committee and the Deputy Chair of the Global Portfolio Committee. He has been with Partners Group since 2008 and has 16 years of industry experience. She has been with Partners Group since 2008 and has 16 years of industry experience. David Katzman '10 As one CIO succinctly put it: While geopolitical and regulatory risks are higher, (and) valuations are much lower, innovation continues and the economy is growing faster than most of the rest of the world. So, although geopolitics will be a larger consideration for the way E&F plans engage with China going forward, it is unlikely to be the sole consideration. Managing Director, Head Client Solutions Services. Theme #4: There is a need for more upfront yield. Dr. Guido Koch is Co-Head of the Client Solutions business department and Co-Head of the European Client Solutions business unit, based in Zug. Specifically, we see the need for more headcount, greater use of top-down tools to assess returns/risks, and more expertise within and across new asset classes. Previously, Andreas was Head of the Americas, based in New York, and a member of the Executive Committee from 2014 to 2017. from Purdue University and an M.B.A. from the Yale School of Management. Simon Amat is an Associate at AMCO and joined the firm in 2021. Mr. OBrien graduated from the College of the Holy Cross with a BA in Political Science. Throughout his career, Sean In the following section we detail from whom we learned, what we learned, and how we might approach current market conditions differently. SuperReturn is just a great place to network, learn, exchange ideas and stay current on the latest industry trends. platforms, primarily focused on investments in middle-market growth AMC combines a focus on middle-market private equity investing, with deep operational expertise, industry knowledge and global corporate relationships of A&M, making us an attractive partner to management teams and business owners. Ampacs comprehensive Partner, Head Operating Directors and Entrepreneurial Governance. In summary, the cookies mean that the website will remember you and how youve used the website every time you revisit it. As we have discussed for several years now, our macro viewpoint is that this cycle will be different. Brijesh Jeevarathnam has been promoted to Partner & Global Head of Fund Investments of Adams Street Partners. Managing Director, Head Private Debt Americas. Fairfield Partners XII L.P. - Commonfund Capital, Inc. Peter Holden is Co-Head of Private Real Estate Asset Management, based in London. Jeffrey Legunn is a Vice President of the A&M Capital Strategic Investments Fund. Prior to joining Partners Group, he worked at WestView Capital Partners, Arlington Capital Partners and Citigroup Global Markets. Prior to joining Partners Group, he worked at Sal. While we understand the rationale for minimal hiring, we are more concerned that E&Fs are under-staffed on a go-forward basis if their boards are expecting them to maintain the same high level of performance. The good news, though, is that the Authorities in Europe are spending fiscally to cushion the blow. The views expressed herein and discussion of any target portfolio or allocations may not be reflected in the strategies and products that KKR offers or invests, including strategies and products to which Mr. McVey provides investment advice to or on behalf of KKR. Bruce Lipnick | Chief Executive Officer & Founder, Stage Access Ren Biner is Chairman of the Global Investment Committee at Partners Group, based in Zug. At BC Partners, Joachim was head of the Pamela Alsterlind is an Advisory Partner leading US strategic office projects for the firm. Data as at May 31, 2022. budgeting, performance improvement, recruitment, integration and He is also a member of the Board of Directors of the firm's portfolio companies International Schools Partnership, Key Retirement Group, TOUS, Rovensa and Voyage. he focused on structuring and executing leveraged buyouts, mergers and She is a member of the Private Infrastructure Investment Committee. Mr. Dentici holds a B.S. As such, the need to find true diversifiers that can perform when stocks and bonds go down in concert will become much more important. He holds an MBA from the University of Chicago Booth School of Business in Illinois, USA and a PhD in molecular biology and biochemistry from the University of Basel, Switzerland. Prior to Onex Partners, Stefan was an Associate in the M&A team of Barclays investment banking division. Jessica is a Senior Executive Assistant at A&M Capital Europe, supporting Mark Kelly. He has been with Partners Group since 1999 and has served as Chief Operating Officer from 2000 until 2014, a member of the Executive Office, and a member of the Global Executive Board. The information on this website is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any interest in any A&M Capital sponsored investment fund, vehicle or product. Peter Berweger is part of the Private Equity Health and Life business unit, based in Zug. The information contained herein is only as current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Official Observer to the Board of Directors of ITSUGAR, LLC. He is a member of the Board of Directors of the firm's portfolio companies Fermaca, VSB Renewables and Techem. Mr. Koch graduated from Princeton University with a BA in History. The views expressed in this publication are the personal views of Henry H. McVey of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, KKR) and do not necessarily reflect the views of KKR itself or any investment professional at KKR. He has a B.A. Previously, Lukas was Head of Human Resources and a member of the Global Executive Board, and has been with Partners Group since 2008, with 20 years of industry experience. On the consumer side of things, we think that lasting changes in consumer behavior from COVID as well as other recent social disruptions have led households to prioritize spending on brands that align with their social values, with opportunities for brands emphasizing elements of diversity, equity and inclusion to excel. from Baruch CUNY School of Public Affairs. Custom Chemicals, Chromalox, Brand Scaffolding and Stauber Performance The most experienced VC investors also think that in todays environment, earlier seed stage investments are really the path forward in navigating venture capitals complexity. He holds a bachelor's degree in business administration from Boston University, Massachusetts, USA and a MBA from New York University's Stern School of Business, USA. Pascal received the EY Entrepreneur of the Year in 2002 and holds an MBA with distinction from INSEAD, France where he received the Roche Fellowship of the Year. Don't have an account? Mr. Odrich currently serves as a director of Med-Metrix, BrightPet Nutrition Group, GS Foods Group, PatientCare EMS Solutions, WHC Energy Services, Talus Payments, Novum Orthopedics, P2P Staffing and Morpheus Data Holdings. This document does not represent valuation judgments with respect to any financial instrument, issuer, security or sector that may be described or referenced herein and does not represent a formal or official view of KKR. Now, with geopolitical tensions flaring around Taiwan, we think that an even larger number of CIOs and boards some of whom have historically been quite comfortable investing in China are re-evaluating their approach, including putting specific caps on their China exposure. He has been with Partners Group since 2011 and has 17 years of industry experience. We are on the path to building a big company.. Alex Nivelle is a Partner of A&M Capital. Holiday rentals company Holidu has secured over 100 million in Series E financing round led by 83North, a London-based venture capital firm. Prior to that, Mr. Fuchs worked for Huron Consulting where he focused on turnarounds in the manufacturing and distribution sectors. centers in North America, Europe and Asia. This viewpoint makes sense to us, as we think the public markets are too exposed to underperforming multinational banks. Moreover, the potential to compound capital in an efficient way to increase opportunities for the constituents served by the E&F community is significant. Previously, with Honors in the College of Social Studies from Wesleyan University. Dr. Kevin Lu has furthermore published commentaries in the Wall Street Journal, Foreign Policy, Washington Post, Financial Times and the Straits Times. and an M.E.M. Ingredients, and currently serves on the board of directors of Flow He is also a member of the Global Investment Committee and Chairman of the Private Infrastructure Investment Committee. Headquartered in Cincinnati, Ohio, Prolamina Prior to joining Partners Group, he worked at Aberdeen Asset Management, Goldentree Asset Management, Bank of America Merrill Lynch and ING. Managing Director, Global Head Corporate Legal. He holds an MBA from Harvard Business School in Massachusetts, USA. Christian Wicklein is Co-Head of Private Wealth, based in Zug. Kristofer Kwait formulates and communicates strategic market views, economic perspectives, and investment themes to clients and internal constituents for Commonfund Asset Management. Whilst at He is a member of the Special Situations Investment Committee. This document is not intended to, and does not, relate specifically to any investment strategy or product that KKR offers. He is a member of the Private Infrastructure Investment Committee and the Board of Directors of the firm's portfolio companies Enfragen, Milestone Equipment, Fermaca and Resilient Infrastructure Group, and has 26 years of industry experience. Raniero's previous roles also include BNP Paribas, as Country Head of Capital Markets in Italy; Citigroup, as Co-Head of the Capital Markets division in Italy; and Lehman Brothers. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such.

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