Private credit might be less attractive than it was last year as investors rush into the market, but there are sweet spots to be found.
The fundÆs NAV has risen 21.2% since establishment, and in the first three months of 2008, it has returned 3%. Target volatility is 10% but so far the fund has generally averaged around 8%.
Jadeite operates with maximum gross positions of 300%, with net exposure of minus 20% to plus 80%, but more recently has been between minus 20% and plus 60% net long.
The fundÆs strategy is to establish long-term positions in early- and mid-stage franchise growth enterprises and then take positions in undervalued growth companies relative to their future prospects, profitability and cash generating capability. Jones will be shorting or avoiding market-favourites and mature growth companies.
Paul SmithÆs alternatives venture, Alternative Asset Partners, has helped seed the fund with a $25 million investment and assets under management are now $27 million. Target size of the fund is $1 billion.
The fundÆs prime broker and administrator is Goldman Sachs. The auditor is Ernst & Young. Legal Advisors are Maples & Calder and Alston & Bird.
Regulators keep their eyes open on tightening insurance industry by introducing more detailed risk management requirements, which could bring pressure on smaller players.
China and India are more obvious choices for AustralianSuper to consider in Asia Pacific, but the super fund currently lacks the expertise and prefers to stick to the US and Europe.
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Investors are increasingly turning to private companies and private debt in their hunt for ESG alpha, but the age-old problem of transparency and due diligence remains