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Posted by Map { "displayName": "FEG" } on May 20, 2019
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First Quarter 2019 Private Capital Quarterly Review

Is preliminary private fund data a fair reflection of “fair market value”? Some argue this latent pricing effect distorts true value and unfairly smooths volatility measures; specifically, standard deviation of quarterly returns. Others note the valuation process for private funds appropriately reflects the long-term holding periods for these assets. Read FEG's First Quarter 2019 Private Capital Quarterly to learn more.
Posted by Map { "displayName": "FEG" } on April 19, 2019
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First Quarter 2019 Market Commentary

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, including fresh rounds of fiscal stimulus and a potential easing of trade tensions with the United States, as well as an increasingly more accommodative global central bank policy path.
Posted by Map { "displayName": "FEG" } on February 27, 2019
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Fourth Quarter 2018 Private Capital Quarterly Review

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.
Posted by Map { "displayName": "FEG" } on January 22, 2019
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Fourth Quarter 2018 Market Commentary

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. From the constant torrent of worrisome geopolitical developments to immediate macro risks—such as unresolved trade tensions, and fears of a global slowdown triggered by removal of global central bank-supplied liquidity and waning fiscal stimulus tailwinds—global asset allocators were presented with a remarkably difficult market environment to navigate.
Posted by Map { "displayName": "FEG" } on November 26, 2018
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Third Quarter 2018 Private Capital Quarterly Review

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.
Posted by Map { "displayName": "FEG" } on October 16, 2018
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Third Quarter 2018 Market Commentary

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 Federal Reserve (Fed) policy serving as a partial counterbalance.
Posted by Map { "displayName": "FEG" } on August 21, 2018
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Second Quarter 2018 Private Capital Quarterly Review

Following a calendar year in which public market returns were positive across almost every asset class—an unusual event—the first quarter saw modest declines across the board. Arguably by virtue of their sticky valuation processes, private markets remained positive across asset classes in first quarter of 2018. The distressed and resources sectors were the lowest returning strategies. Distressed strategies suffered from a lack of distress and resources were impacted by uncertainty in the energy market and other commodity markets, largely caused by political and regulatory factors.
Posted by Map { "displayName": "FEG" } on July 13, 2018
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Second Quarter 2018 Market Commentary

Following a first quarter spike in volatility, global market participants faced a multitude of risks in the second quarter. Central to these risks were heightened concerns of global trade wars, strong appreciation of the U.S. dollar (particularly versus emerging market currencies), diverging economic health between the U.S. and its largest trading partners, and continued efforts by developed market central banks to normalize monetary policy.
Posted by Map { "displayName": "FEG" } on June 4, 2018
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Dallas Investment Symposium Event Highlights

FEG welcomed more than 100 guests to the George W. Bush Presidential Center in Dallas, Texas on May 8 for a day of education, learning, and networking. This was our second such event in Dallas (tenth, if you consider the history of LT&A) and we were pleased to have an outstanding group of speakers share with us their perspectives on a wide range of macroeconomic and investment topics.
Posted by Map { "displayName": "FEG" } on February 2, 2018
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FEG Insight: Eat, Drink, and Be Merry!

The phrase “eat, drink, and be merry for tomorrow we die” has been used throughout literature for centuries, and is generally understood to mean we should enjoy our life as much as possible because we will not live forever. This 2018 Credit Market Outlook aims to help readers understand if there is still some life left in the credit market party or whether it might be time to call it a night. Click here to read.