Despite a gloomy VC environment with fewer exits, insufficient liquidity, and tougher fundraising, European #VentureCapital fund managers expect their Portfolio value (NAV) to significantly increase in the next 12 months. The majority of respondents (71%) expect a positive NAV growth in 2023 (1/3 of them leaning towards an increase between +10% to +25%). Only 17%…

Which private market strategy generated the highest and lowest returns during the 10Y horizon? The leading strategies were related to equity-like investments, and all three strategies significantly benefited from multiple expansion, cheap financing and economic growth: 1) Growth expansion – 17.9% p.a.2) Buyout – 16.1%3) Venture Capital – 16.1% Funds of Funds (FoF) and Secondaries…

David Swensen Yale Endowment Allocation “Anointing winners and losers on the basis of 12 months’ worth of performance is silly in the context of portfolios that are being managed with incredibly long time horizons” – David Swensen, CIO, Yale University. Yale has pioneered an unconventional portfolio management to manage its endowment fund. The fund moved…

Century bond or Austria 100Y zero coupon bond was issued in mid-2018 during the negative interest rate period (EURIBOR -0.26%) when investors turned to long-dated bonds in search of extra returns. The bond yielded 2.112% at the time of issuance with a maturity date of 2118. Bonds were purchased by institutional investors such as pension…

“This Time Is Different” and other valid investing rules published in monthly meeting minutes in 1990 are still relevant today: 3) If you buy for a reason, and that reason is discounted or is no longer valid, then sell. 5) The cheap get cheaper, the dear get dearer 6) Don’t fight the FED 7) Every…