The Placement Agent's View
In view of the changing times, political upheaval and record-breaking fundraising by private equity funds, Nick Tabone (Audit Partner at Deloitte) and Arnaud Bon (Advisory & Consulting Director at Deloitte) take the pulse of the PE industry by interviewing three placing agents. With a broad knowledge of the PE market, Will Lawrence (investment managing director of Cambridge Associates), Jean Christel Trabarel (founding partner of Jasmin Capital), and Raphael Cwajgenbaum (vice-president at Moelis & Company) divulge the signals received from both private equity fund managers and institutional investors.
Deloitte: What are your fundraising and performance predictions for the forth-coming months?
Raphael Cwajgenbaum (RC): The fact that PE as an asset class has delivered on its key selling points (diversification, alignment, absolute performance, and stability of returns) has enabled it to continue growing steadily. I don’t see this trend changing in 2019, unless
any meaningful macroeconomic correction takes place. I believe more GPs will continue actively exploring the secondary market, as it has now become a normalized tool for liquidity and good fund management. As the asset class continues to mature, investors will increasingly draw their attention to more niche strategies, be it sector-focused, regional strategies or even smaller club-type structures/deal-by-deal where they can achieve more discretion and even sometimes better economics.
Performance magazine issue 29, May 2019
Performance is a triannual digest, dedicated to investment management professionals, which brings you the latest articles, news and market developments from Deloitte’s professionals and clients.