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Recent Posts

First Quarter 2020 Private Capital Quarterly Review

A New World? | May 29, 2020
Living in the time of a pandemic has changed our lives in ways unimaginable just a few months ago. In the private funds industry, the travel schedule is typically packed solid this time of year, as many funds host annual meetings in the spring. Today, however, air-traffic is a mere fraction of normal volume and Buffett has sold his airline stocks at significant losses, citing an inability to envision a profitable future for these companies.

Market Commentary: First Quarter 2020

Coronavirus ended 11 year-long bull market | April 22, 2020
The 11 year-long bull market in U.S. equities ended abruptly in the first quarter of 2020, as the novel coronavirus (COVID-19) pandemic propelled the world into a state of fear and panic. The disrupting force of the virus on global supply chains, investor confidence levels, and, most importantly, the health and wellbeing of countless people around the world drove market volatility to dramatic levels.

Fourth Quarter 2019 Private Capital Quarterly Review

Mixed Results in Private Markets | February 26, 2020
The second half of 2019 was a bit rocky for some of the private markets. Venture-backed companies that entered the public sphere had mixed results, which may have pulled down overall valuations for the sector. Credit funds were generally flat for the period and energy continued to be volatile, with private energy generally performing in line with its public market counterpart. Buyout funds and real estate funds provided positive returns in the quarter, but both lagged their public benchmarks.

Market Commentary: Fourth Quarter 2019

2019 generated strong returns | January 15, 2020
In a sharp reversal from calendar year 2018’s broad-based market weakness, performance across nearly every major asset class and category observed by FEG generated notably strong returns in 2019, including a particularly robust fourth quarter.

Third Quarter 2019 Private Capital Quarterly Review

December 10, 2019
During the second quarter of 2019—which is the most recent data available—private markets posted solid results, matching or outpacing public market returns in all areas except credit. Venture capital was particularly strong, as several high-profile IPOs—including those of Uber and Lyft—occurred in the quarter. Bloom has come off the rose as the year has progressed, however, and investors have become more skeptical of the high-spending, negative earnings business model of these notable companies.

Market Commentary: Third Quarter 2019

Mounting tensions between U.S. and China | October 23, 2019
Bucking the trend from the first two quarters of 2019, where positive returns were generated across most major global asset categories, third quarter market performance appeared less directional.

Second Quarter 2019 Private Capital Quarterly Review

August 26, 2019
We are constantly looking for signs that the markets are overheated. It remains unclear how far purchase price multiples can creep before a setback reprices risk. FEG remains focused on select opportunities with experienced management teams overseeing smaller, agile funds, and the private markets continue to offer access to many dynamic industry trends.

Market Commentary: Second Quarter 2019

U.S. vs. China Trade Conflict Darkens | July 25, 2019
While global macro risks such as unsettling trade tensions between the world’s two largest economies, a lack of clarity around Brexit, and growing signs of an increasingly broad-based global slowdown captured market participants’ attention, investors embraced a backpedaling Federal Reserve (Fed) by supporting demand for asset classes and categories along the risk spectrum.

Market Commentary: First Quarter 2019

Central Banks Stoke Market Rally with Dovish Moves | April 19, 2019
There was little follow-through into the first quarter after late-2018’s risk-off market environment, with strong returns generated across nearly every major asset class in the first three months of 2019. Underpinning the sharp performance reversal were expectations for Chinese-related tailwinds as well as an increasingly more accommodative global central bank policy path.


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