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Recent Posts

Second Quarter 2019 Private Capital Quarterly Review

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
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.

First Quarter 2019 Private Capital Quarterly Review


Market Commentary: First Quarter 2019

Central Banks Stoke Market Rally with Dovish Moves
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.

Private Capital Quarterly Review: Fourth Quarter 2018

Blue Skies Ahead of Winter Turbulence
Most of the performance data in this report is through September 30, when "blue skies" prevailed. By year-end, however, sentiment had shifted dramatically. As such, private fund investors should anticipate some degradation in valuations in fourth quarter reports, particularly in holdings that are energy-related, credit-related, or valued based on public market comparisons—real estate and infrastructure generally excluded. There is a tricky balance between caution and opportunity, but if the general backdrop remains accommodative, more years of blue skies are possible.

Market Commentary: Fourth Quarter 2018

An Economic Island in a Sea of Uncertainty
2018 was a challenging year for investors on many fronts with steep total return declines across the global investible universe. The fourth quarter punctuated a year that will go down in history as one that most investors would likely prefer to forget, with strong risk-off clouds darkening the markets, particularly in December. environment to navigate.

Private Capital Quarterly Review: Third Quarter 2018

Private Investing in Uncertain Times
With broad market uncertainty rising and questions of an inevitable downturn looming, private equity investors should find comfort in a recent study by authors from Stanford, Harvard, and Northwestern Universities highlighting both the outperformance of and greater downside protection offered by private equity relative to public equity during a crisis.

Market Commentary: Third Quarter 2018

U.S. Economy: As good as it gets?
After nine years in the current economic expansion—the second longest on record, according to the National Bureau of Economic Research—many investors have begun to question whether this upward trajectory can continue. Perhaps at the expense of key trading partners, domestic economic conditions further strengthened during the third quarter and likely supported recent increases in inflation, with incrementally tighter Fed policy serving as a partial counterbalance.


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