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2015

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Research Review: A Year of Transition

Research Review: A Year of Transition

As has been the case historically, FEG takes the opportunity in the December version of this quarterly letter to look back not only on the prior three months, but on the calendar year as a whole. 2015 was a transitional year, with the U.S. Federal Reserve (Fed) ending its bond-buying program of quantitative easing (QE) and then raising the target Fed funds rate before year end. Financial markets across the globe felt the anticipation and ultimate impact of this transition.


Fourth Quarter 2015 Market Commentary

Fourth Quarter 2015 Market Commentary

A devaluation of the Chinese currency, a sharp equity market selloff in August, and an interest hike by the U.S. Federal Reserve punctuated a year that might have otherwise appeared rather pedestrian with domestic equities posting a small single-digit return.


Capitalism and Communism

Capitalism and Communism

China has been a land of contrasts and complexity for much of its history, and this year has been no exception. Slowing growth and turmoil in the capital markets have investors and observers questioning the Chinese government’s motives and the viability of the Chinese economy. In many ways, reading the tea leaves in China is not that different than discerning actions of officials in the U.S., but in other ways, China is vastly different.


Research Review: Capitalism and Communism

Research Review: Capitalism and Communism

China has been a land of contrasts and complexity for much of its history, and this year has been no exception. Slowing growth and turmoil in the capital markets have investors and observers questioning the Chinese government’s motives and the viability of the Chinese economy. In many ways, reading the tea leaves in China is not that different than discerning actions of officials in the U.S., but in other ways, China is vastly different.


Private Capital Quarterly: Is 1% the New Normal for Private Equity Premiums?

Private Capital Quarterly: Is 1% the New Normal for Private Equity Premiums?

With the exception of the energy sector, which we expect should experience significant distress over the coming year, private markets are pricey. In the buyout sector, average purchase price multiples are at record levels, leverage ratios are up, and capital continues to flow into the market. In venture capital, pre-money valuations are up and are above the 2000 peak for late stage financings. At the same time, record amounts of capital have been distributed back to investors and that capital is seeking a new home.

© 2016 Fund Evaluation Group, LLC
Ph: 513-977-4400 | information@feg.com

Material is accurate as of this label date and no obligation nor intention to make updates or corrections exists.

Page Last Updated: 03/13/2015