Kevin Kulak

Interesting data. Smaller companies show faster rev and EBITDA growth. But also interesting. $1B+ LBOs show operating performance at parity with R2500 public cos https://lnkd.in/eCma5Kf6

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It was great to be back in Boston last week, reconnecting with returning Institute members and meeting new market and investment leaders! We are excited for the events and research areas we have coming up in the next few months! #ocio #investmentsolutions #investmentmanagement #investmentconsulting

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Cambridge Wilkinson Investment Bank Closes $90MM Credit Facility for Infrastructure Development Company Cambridge Wilkinson is pleased to announce the close of a $90 Million credit facility for a fast-growing North American infrastructure development company. This facility will support the company’s strategic expansion plans and will increase their capacity to acquire and develop prime assets.   “Private credit investors are actively seeking opportunities to align objectives with companies that have both the track record, the capacity to deliver, and the pipeline to address our national need for robust and ongoing community infrastructure development. Clients, such as this one, are expanding rapidly and need speed, agility, and access to the best strategic investors – this is where our network is well-positioned to help them meet those needs. We believe that the spectrum of infrastructure development and associated financing is growing, has desirable return profiles, and will continue to attract investors for some time,” said Rob Bolandian, Co-Founder and Global Head of Investment Banking at Cambridge Wilkinson. www.cambridgewilkinson.com Capitalize on Our Connections #team #capitalraise #capitalmarkets #credit #privatecredit #cre #realestate #infrastructure #privateequity #finance #dealmaking #investmentbanking #banking

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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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A Winning Team Without a Doubt 🏆 ! We're excited to continue supporting the company's activities! 📰 BIG NEWS! WINT is thrilled to announce a strategic partnership with HSB - Hartford Steam Boiler. Together, we're combining #WINT's #AI-driven water management with #HSB's #IoT expertise to deliver top-tier protection against water damage in properties. HSB will now offer our solutions and back WINT's performance warranty, creating a best-of-breed combination of insurance and technology to mitigate water risks. This collaboration ensures comprehensive water protection for commercial properties and construction sites: ☑️ 73% fewer insurance claims ☑️ 90% less insurance payouts (as proven by a joint study with Munich Re) Alon Geva Yaron Dycian WINT - Water Intelligence 🙌 #Innovation #Partnership #WaterManagement #IoT #Insurance #Technology

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There is a lot of talk about the PE industry not delivering the exits they promised. PitchBook succinctly put it with the title “Behind the J-curve” in its recent in-depth analysis of distribution activity in private market funds. Another side of that story, particularly relevant for secondary buyers like us, is that many private market funds hold their assets at seemingly inflated valuations. TVPI numbers look great for most funds, but they can’t monetize their holdings anywhere near their current NAV, indicating their estimate of “fair market value” is way too optimistic. There is always a market, the price may just not be where you wish it. To a large degree, the reluctance to exit companies results from having them marked too high. Assets were aggressively written up to look good in the short-term, impressing LPs with “paper gains” to raise the next, much bigger fund. #secondaries #privatemarkets

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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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FundFire Alts: Hedge Funds Urged to Prepare for a Non-Compete Clause Ban A pending rule change may not survive court challenges, but managers must be ready for a range of outcomes; however, we have not seen these concerns affect hiring trends. "Firms continue to build out quantitative and technology capabilities around machine learning in large data sets, often non-financial in nature, and the implementation of large language models on the same front," George Wilbanks remarks. Great reporting by Christopher Larson! https://lnkd.in/ect6j6yu #alternatives #hedgefunds #hiringtrends

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Interesting article on the margin compression in the Private Equity world and the more challenging sale process

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Interesting article from Douglas Appell in Pensions & Investments about the post-ZIRP, “higher for longer” interest rate environment that boils down to advocating for the pursuit of satisfactory investment outcomes that are relevant to asset owners’ actual spending needs and goals, rather than continuing the historically common practice – and expected future folly – of tethering one’s equity beta to that of an equity benchmark whose performance from today’s elevated levels is widely expected to be sluggish and insufficient to fund minimum liabilities (ie: payout rates, actuarial hurdles, spending goals, etc.).   Quoting the inimitable Ben Phillips, “In that world, the relevant benchmark becomes the client’s required cash flows.”   Fresh perspectives and new ideas are warranted. Satisfactory outcomes not benchmarks.

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Short duration high yield bonds offer a better risk/return ratio than many of their longer-duration counterparts. As this animation shows, the front end of the U.S. high yield market has provided comparable returns to the broader U.S. high yield market, but with significantly lower volatility. https://lnkd.in/eZnGVUzv The linked content is intended for qualified institutional investors and/or financial professionals only.

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Portable alpha overlays with low correlations to traditional asset class exposures can help provide diversifying, additive returns, particularly during drawdowns in risky assets that typically occur at the end of economic expansions. Is now the time to consider an overlay? Read the new white paper from PGIM Quantitative Solutions: https://on.pru/3WkGOAU

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Thank you again to Julie Segal for perfectly capturing the importance of Institute for Private Capital's research which outlines the shortfalls in commercial #hedgefund databases. And thank you again to Christian T. Lundblad, Michelle Noyes, CAIA, Lilly Crimmins Knight, CFA, and Douglas Haynes for providing valuable insights into the real world consequences of flawed benchmarks. In response to growing requests from our allocator clients to create a common and accurate ‘performance language’ between #hedgefunds and allocators, we are making these same indices available to hedge funds for free via a new app. https://lnkd.in/eXMbqU3E

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Citywire's Ian Heath discusses US Equities with Matt Benkendorf in a follow-up to their meeting last year. Topics discussed include the #Magnificent7 and investors' changing expectations for rate cuts - click through for the video below Vontobel #QualityGrowthInvesting #USEquities

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Excited to chat with Jason Buck, Jerry Parker, and Eric Ryan Crittenden RCM Alternatives Investment Management Intersect Conference! Here's what on tap: Incorporating trend following into portfolios Mitigating downside risk with alternatives Ensuring you get what you pay for The future of the 60/40 portfolio Reducing portfolio volatility with alternatives The impact of inflation and stagflation Understanding Return Stacked® Portfolio Solutions portfolios Stay tuned for valuable takeaways on #AltInvesting!

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As the Federal Reserve delays rate cuts, Richard Madigan, J.P. Morgan Private Bank’s Chief Investment Officer, advises a cautious approach, indicating a longer road to easing. From the likelihood of a bumpy disinflationary path and the U.S. dollar’s resilience to the need for an adjustment in investors’ return expectations, here are our CIO’s market insights for this quarter. https://bit.ly/3UKfREi.

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I look forward to contributing to the “Artificial Intelligence: What Does the Future Hold for A.I. and Quantum Computing?” panel discussion at the Opal Group Opal Family Office & Private Wealth Management Forum in Newport, RI, on July 23. I believe #AI has the potential to be a game-changing tool for #familyoffices and #wealthmanagers, and it’s always a pleasure to share my enthusiasm and hear other leaders’ thoughts on where we’re headed. #AIinvestment #wealthmanagement #lumenai #quantumcomputing #InvestmentStrategy #AIinFinance #AIpowered

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U.S. middle market performance remains consistent, with private equity backed companies showing solid revenue and earnings growth, according to the Golub Capital Altman Index. Middle market private companies grew earnings by 11% during the first two months of Q2 2024 and revenue grew 7% during the same period. Read more: https://okt.to/ER8SkG #privatecredit #middlemarket #economy

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U.S. middle market performance remains consistent, with private equity backed companies showing solid revenue and earnings growth, according to the Golub Capital Altman Index. Middle market private companies grew earnings by 11% during the first two months of Q2 2024 and revenue grew 7% during the same period. Read more: https://okt.to/EodsUI #privatecredit #middlemarket #economy

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