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<keyword id="34499" type="POSITION" weightage="100" keywordseo="private-equity">Private Equity</keyword> firms have invested around $ 4 billion through 128 deals during the quarter that ended this June. The figure is up by 80% year-on-year, a Venture Intelligence report says. 
 
The investment was 80% more than $2.24 billion in the April-June quarter last year. There were 115 transactions in total reportedly. 
 
The latest figures take the total PE investments in 2015 to $6.87 billion through 288 transactions, 53% more than the $4,480 million across 252 transactions in the first six months of 2014. 
 
The figures exclude private equity investments in real estate. According to the report there were several big deals in the second quarter of the year. There were 11 PE investments worth $100 million or more and 7 transactions were over $200 million during the second quarter of this year. 
 
The largest investment during the April-June quarter was Baring Asia's $440 million buyout of Blackstone-backed ATM cash management services firm CMS Infosystems, followed by Olacabs' $400 million fund raise from a group of existing and new investors (including GIC, DST Global, FalconBSE 1.27 % Edge Capital and Accel USA). 
 
Other major deals include, Advent International led $315 million buyout of a 34.4% stake in Crompton Greaves Consumer Electricals from its promoter Avantha Group. 
 
Sector-wise, IT and ITES companies grabbed 44% of the investment by value terms (attracting $1.77 billion across 84 deals), followed by healthcare and lifesciences ($737 million across 10 transactions) and Energy ($309 million across 7 deals), the report said. 
 
(Image credit: Indiatimes)

Private Equity firms have invested a whopping $4 billion in
Apr-Jun quarter

‘SIP’ expanded as <keyword id="6359303" type="DEFINITION" weightage="20" keywordseo="systematic-investment-plan">Systematic Investment Plan</keyword> is not synonymous with the term ‘equity’. SIP can be viewed as a tool that lets an individual invest in <keyword id="6354820" type="DEFINITION" weightage="20" keywordseo="mutual-fund">mutual fund</keyword> schemes on a regular basis. An SIP lets you stagger your investments in equity schemes over a period of time. This can be done on the quantum of money also. It is a convenient tool for salaried people to invest in equities regularly. It is also considered as a better way to invest in equity funds since it helps avoid caching the market at a particular level. Equity is also called as the shareholder’s equity that stands for the amount the investor (shareholder) will get if all the company’s funds are liquidated and the company’s debts are paid off. It is the value of the share (ownership) the investor holds in the enterprise. Equity is also one of the most common metrics employed by analysts to assess the financial health of a company. To understand the term equity in simple terms, we can say it is the value of a person’s ownership in a given asset after subtracting all the debts connected with it. Why is equity important? The concept of equity is important because it refers to the value of the stakes an investor holds in a company. Any investor holding a stock in a company will be naturally interested in their personal equity in the enterprise which is represented by the total value of their shares. Personal equity is in fact a function of the company’s total equity. When an individual owns a stock in a company, it might yield a capital gain over a period of time. Stock price appreciation and dividends given out to the shareholders are the products of equity. Owning equity in a company gives the shareholders the right to elect the board of directors or vote in any elections connected with the enterprise. To make things simple and clear, equity is the shareholder’s stake in the company. Shareholder’s equity can either be negative or positive depending on the company’s financial health and performance. Why SIP is important? SIP imparts financial discipline to an individual’s life. It also helps the individual invest regularly without having to worry about the moods of the market, index levels and other considerations. When you wish to make a fixed amount of investment in a mutual fund scheme for example, you cannot help worrying about the market conditions. Depending on the scenario, you might need to postpone your investment decision if the investing environment is not conducive to appreciation or if it is not that healthy. A Sip on the other hand places an end to all such predicaments. The amount of money you specify in a SIP is automatically invested on a regular basis in the given scheme without any effort spared from your side. SIP helps average the buying cost. It also maximizes the returns. Many enterprises and schemes allow the investors to customize the way they wish to invest depending on their convenience.

Explained: Difference between SIP and Equity

<ul class="summary-list"><li>A <keyword id="174755" type="COMPANY" weightage="60" keywordseo="Vanguard">Vanguard</keyword> <keyword id="143974" type="ORGANIZATION" weightage="60" keywordseo="Equity-Fund">equity fund</keyword> has become the first of its kind to top $1 trillion in assets, suggesting that the world's largest issuer of mutual funds has had a doubly historic year.</li><li>The Vanguard Total Stock Market Index Fund held just over a trillion dollars in assets as of November 30, according to company data.</li><li>The index fund counts <keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword>, <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>, and <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> among its 10 largest holdings - these make up 23% of its portfolio.</li><li>Vanguard says the top features of the fund are its low costs, broad diversification, and the potential for tax efficiency.</li></ul>A major <keyword id="192172" type="CITY" weightage="60" keywordseo="Vanguard-Group">Vanguard Group</keyword> equity fund has become the first of its kind to exceed 1 trillion in assets, reflecting the magnitude to which investors have piled into diversified investments.The Vanguard Total Stock Market Index Fund, which is available as a mutual fund and an exchange-traded fund, had a little over $1 trillion in assets as of November 30, <a href="https://investor.vanguard.com/mutual-funds/profile/portfolio/vtsmx">according to company data</a>. Vanguard is the largest issuer of mutual funds, and also became the top issuer of ETFs this year. The investment advisor controls 28% of the $5.3 trillion US ETF industry, according to <a href="https://www.bloomberg.com/news/articles/2020-12-15/vanguard-makes-history-with-the-first-1-trillion-equity-fund?utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;utm_content=business&amp;cmpid=socialflow-twitter-businesstwitter-business">Bloomberg</a>. Read More: <a href="https://www.businessinsider.com/stock-picks-covid-19-vaccine-manufacturers-distributors-deliverers-benefit-bofa-2020-12">Bank of America says these 10 stocks of COVID-19 vaccine manufacturers, deliverers, and distributors are set to benefit as the immunization effort gets underway</a>The index fund's 10 largest holdings make up 23% of its entire portfolio. They include Apple, Microsoft, Amazon, Alphabet, Facebook, Berkshire Hathaway, Tesla, Johnson &amp; Johnson, JPMorgan, and Visa.Aside from the dominant stock names, Vanguard's equity fund is also supported by low fees. Aside from an account service fee, it has no fund-specific purchase fee or redemption fee.The index fund, which has no foreign holdings, was established in 1992. Vanguard says its key features are its "low costs, broad diversification, and the potential for tax efficiency." The ETF followed in 2001. Read More: <a href="https://www.businessinsider.com/stocks-to-buy-high-dividend-picks-cyclical-recovery-jp-morgan-2020-12">A JPMorgan income fund manager shares 12 high-dividend stocks set to gain from a broad cyclical recovery - and unpacks the strategy he uses to beat 93% of his peers</a>

A top equity fund that counts Apple, Tesla, and Berkshire Hathaway among its largest holdings has become the first of its kind to exceed $1 trillion in assets

<ul class="summary-list"><li>BlackRock said US stocks will be sensitive to the upcoming presidential election in November and as the impact of fiscal and monetary policy stimulus measures disappear. </li><li>In a 2020 mid-year outlook, BlackRock said the US election will take place against the most "tumultuous domestic backdrop since 1968," and the result will be "consequential for <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>."</li><li>BlackRock is however overweight on corporate credit and European <keyword id="45369" type="CITY" weightage="60" keywordseo="equities">equities</keyword>.</li><li>BlackRock's chief strategist Mike Pyle told CNBC he is "cautious on <keyword id="139180" type="ORGANIZATION" weightage="60" keywordseo="US-equities">US equities</keyword>" because of uncertainty on the back of a "pretty volatile election season."</li></ul>BlackRock's top strategist fears for US stocks once the impact of fiscal stimulus dissipates and the closer the market inches towards the impending US election in November. In a <a href="https://www.blackrock.com/corporate/literature/whitepaper/bii-2020-midyear-outlook.pdf">2020 midyear outlook </a>BlackRock said: "The world is increasingly becoming bifurcated, with the US and China at opposite poles. Intense rivalry looks set to affect nearly every dimension of the US-China relationship — regardless of the US election outcome." "The US presidential election set to take place against the most tumultuous domestic backdrop since 1968. The two parties are as far apart on policy as they have ever been, making the result consequential for markets," BlackRock added.<h2>Trump v Biden is a major risk to stocks</h2><div type="image" title="trump biden" height="1000" width="2000" msid="76693548" hostid="261"></div>Speaking to <a href="https://www.cnbc.com/2020/06/29/blackrock-sees-risks-for-us-stocks-in-the-second-half-from-virus-and-politics.html?__source=twitter%7Cmain">CNBC</a> after the report's publication, Mike Pyle, global chief investment strategist at BlackRock, said: "I would say we are cautious on the US market overall because of the fiscal story, and the remaining challenges around the public health response and what we think is a pretty volatile election season with policy uncertainty on the back of that."The $7.4 trillion asset manager said it is underweight on emerging markets, overweight on European stocks and "cautious" on US equities. BlackRock said in its mid-year outlook: "On a tactical horizon, we are modestly pro-risk, with an overweight in corporate credit. We prefer up-in-quality assets with strong policy backstops.""We cut US equities to neutral after a stretch of outperformance as we see risks of fading fiscal stimulus and election uncertainty."Pyle told CNBC: "We entered the year overweight equities and credit. At the very end of February, as the storms gathering around the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> became apparent, we cut those investments back to neutral weight.""The strong policy backstop was going to mean credit assets are going to have a smoother and more resilient ride ... versus equity assets," he added. <h2>Risks of the benefits of fiscal and monetary policy disappearing</h2>Pyle said a strong US fiscal and monetary policy response is the reason why markets have recovered, but he questioned how sustainable this is. Markets have recovered since touching lows in March at the crux of the coronavirus crisis. The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> has gained about 35% since touching a low of 2237.40. Read More: <a href="https://www.businessinsider.com/market-crash-expert-dr-doom-nouriel-roubini-decade-of-depression-2020-6" target="_blank" rel="noopener noreferrer">A market-crash expert known as 'Dr. Doom' warns a 10-year depression is coming — and says investors are far too confident about a possible recovery</a> Pyle said: "With $2 trillion plus of support fiscally as well as a monetary policy response from the Fed, as we look ahead, our concern is the US runs a risk in the back half of the year of retrenching too quickly on fiscal policy."Some of the Fed's recent monetary measures include $2.3 trillion in lending to support households, employers, financial markets and state and local governments, and reducing interest rates to almost zero.The Federal Reserve spent <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-buys-corporate-debt-berkshire-hathaway-walmart-mcdonalds-cocacola-2020-6-1029349199">$428 million buying debt</a> in individual companies in the first wave of its corporate bond-buying programme, data released Sunday showed.The program, which is known as the <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-begins-individual-corporate-bond-purchases-secondary-market-relief-2020-6-1029309910?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Secondary Market Corporate Credit Facility,</a> will take in up to $250 billion in corporate bonds from eligible issuers. Pyle's comments about what might happen to market once the Fed stops shoring up the economy so aggressively <a href="https://markets.businessinsider.com/news/stocks/stock-market-rally-fed-stall-stops-levitating-markets-howard-marks-2020-6-1029342817">echo those made by billionaire investor Howard Marks last week.</a>Marks said: "If they get the market to a level where it wouldn't be but for their buying, then does that mean that markets are dependent on the Fed buying forever. What happens if they stop and will they stop doing it forever."<h2>Pyle is more optimistic on European stocks </h2>Although concerned by what might happen to US stocks, Pyle is more bullish on the trajectory of European stocks. Read More: <a href="https://www.businessinsider.com/stock-market-crash-fear-gauge-vix-future-meltdown-historic-losses-2020-6" target="_blank" rel="noopener noreferrer">The stock market's fear gauge is sending a persistent warning that has a 30-year track record of signaling meltdowns ahead</a>"We think that gives a lot of tail winds for Europe to outperform for the second half of the year, relative to broad emerging markets," he said. "While risks remain, it's a much more robust policy framework than we thought two or three months ago."The company added in its mid-year outlook: "We upgrade European equities to overweight. The region is exposed to a cyclical upside as the economy restarts, against a backdrop of solid public health measures and a galvanizing policy response. "

$7.4 trillion investment giant BlackRock's top strategist says US stocks face a reckoning ahead of a 'tumultuous' presidential election

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Switzerland-World-Economic-Forum/38034b9df54449a8a5907d49f8693e29/18/0">Anja Niedringhaus/AP</a>Investors like Henry Kravis were given a gift by regulators, and they're putting the opportunity to work.</div></div></div>The three most important letters in the private equity industry are no longer "LBO." Now, what really matters is "AUM," assets under management. Thanks to big banks being regulated out of businesses like hedge fund investing, investors like Henry Kravis and Steve Schwarzman have been presented with a golden opportunity... and they're putting it to work. The hedge fund business is bigger than the private equity business, so some of Wall Street's most seasoned dealmakers are buying their way into the former industry to increase the size of the latter one. KKR's deal to back hedge fund Marshall Wace is the latest example of how the leveraged buyout business is transcending into multi-strategy money management. Kravis' investment firm is taking a minority position in the London fund with the option to increase its stake later. The firm isn't exactly coy about why its doing this: "Hedge fund assets, now at $3 trillion globally, are the largest part of the alternative asset management industry," it said in a statement Wednesday announcing the partnership with the $22 billion hedge fund.KKR is one of a number of investment firms whose private equity deals came back to bite its founders. Its most recent flagship fundraising took in less than $10 billion,<a href="https://www.pehub.com/2014/02/kkr-closes-9-bln-flagship-fund-several-debut-vehicles/"> barely more than half what its pre-crisis funds</a> took from eager investors a few years ago. <a href="http://www.businessinsider.com/the-next-titans-of-private-equity-are-coming-2015-8">Now, up-and-coming LBO shops are</a> offering better terms and better performance to investors and luring more cash away from the biggest managers.Plenty of other private equity firms have bought into the hedge fund business this year. Activist investor <a href="http://www.nytimes.com/2015/03/19/business/dealbook/investment-firm-buys-stake-in-activist-hedge-fund-jana-partners.html">Jana Partners sold </a>a minority stake in itself to a private equity investor in March. And Blackstone <a href="http://www.nytimes.com/2015/05/15/business/dealbook/blackstone-buys-minority-stake-in-hedge-fund-magentar-capital.html?_r=0">backed hedge fund Magnetar Capital</a>, a $13.6 billion investor, earlier this year. That wasn't the only one for Schwarzman this year. Blackstone seeded, and later invested more into, another hedge fund: <a href="http://www.bloomberg.com/news/articles/2014-02-18/blackstone-buys-minority-stake-in-senator-hedge-fund-firm">Senator Investment Group</a>, which runs around $7 billion in assets.Already, thanks to Schwarzman's massive ambition in real estate investing, private equity isn't even the leading moneymaking line of business at Blackstone. That, now, goes to the firm's real estate division, which now routinely raises funds as big as its flagship private equity vehicles. Private equity investor Apollo Global Management counts a handful of hedge funds among more than 100 subsidiaries in its annual filing, but doesn't break out performance figures. Some hedge fund bets have gone belly-up. Carlyle Group, which has enjoyed solid performance in its private equity funds in part thanks to its strategy of taking on smaller transactions than some of its competitors, has <a href="http://www.nytimes.com/2015/08/28/business/carlyle-finds-hedge-funds-hazardous.html">also operated hedge funds that underperformed</a> and caused some reputational damage to the firm. Other moves by Carlyle into investment firms beyond the scope of private equity, like its addition of a <a href="http://www.washingtonpost.com/wp-dyn/content/article/2011/01/26/AR2011012604159.html">secondaries business in the form of AlpInvest in 2011</a>, have added both AUM and shine to the firm's standing on Wall Street, however. AUM really is the name of the game. Despite outpacing competitors' stock performance in the years since the financial crisis, <a href="http://www.nytimes.com/2015/09/06/business/dealbook/stephen-schwarzman-of-blackstone-feels-the-agony-of-victory.html">Schwarzman is openly lamenting </a>what he feels is an undervaluation of Blackstone's stock. In the time Blackstone's stock outperformed all other listed competitors, the firm also grew its AUM more than any others - in part through hedge fund investing, which represents $68 billion of the firm's activity.As long as regulators keep giving so-called private equity investors room to go where investment banks and insurers can't, Wall Street should anticipate more hedge funds will be bought out, or bought into, by CEOs like Kravis and Schwarzman. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/gselevator-john-lefevre-story-goldman-sachs-elevator-gossip-2015-7">The story behind the famously offensive twitter account that parodies Wall Street culture</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="J2eHNpdjosRRsVzu0u2vzC9ykNJdT8l6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Private equity firms keep striving to do anything but private equity

A scandal in Texas spilled onto the national stage this month <a href="https://apnews.com/article/ken-paxton-austin-texas-crime-f8413d14842d848e69cf81bb4d2e87e2">after reports </a>said Attorney General Ken Paxton was being investigated by the FBI on allegations of bribery and abuse of office in connection with an Austin real-estate developer who was a political donor.It marked a dramatic, high-profile escalation of the controversy surrounding Paxton and Nate Paul, the real-estate investor whom <a href="https://www.forbes.com/sites/nathanvardi/2019/08/16/the-fbi-raid-of-texas-real-estate-investor-nate-paul/?sh=55f9307f7b64">the FBI raided last year</a> for still undisclosed reasons.What isn't as well known is that Paul, who is now 33, counted <keyword id="313165" type="COMPANY" weightage="60" keywordseo="Vista-Equity-Partners">Vista Equity Partners</keyword>' Robert Smith and longtime Vista executive Brian Sheth among his <a href="https://www.businessinsider.com/vista-equity-partners-robert-smith-brian-sheth-austin-nate-paul-2020-11?r=vista-teaser" target="_blank" rel="noopener">early supporters</a>.Read more: <a href="https://www.businessinsider.com/vista-equity-partners-tension-robert-smith-brian-sheth-exit-taxes-2020-10?r=vista-teaser">Inside Vista Equity Partners, where a top exec is negotiating a messy exit and questions about its future loom large</a>Smith, who is 57, is the chief executive of Vista, a $58 billion software-focused private-equity firm. In October he admitted taking part in a tax-evasion scheme and using millions in unreported income to buy and renovate a vacation home in Sonoma, California; buy two ski properties and a piece of commercial property in France; and build and improve a residence in Colorado, where he funded charitable activities.Smith settled with the US government for $140 million.Sheth, who is 44, was Vista's No. 2 executive, before a Nov. 26 <a href="https://www.businesswire.com/news/home/20201126005770/en/Vista-Equity-Partners-Announces-Departure-of-President-Brian-N.-Sheth">announcement</a> marked his immediate exit. The Vista executives, who are both billionaires, invested with Paul as he was building his real-estate investment firm, World Class Capital Group, dating back to at least the early 2010s, people who have worked with Paul said. Paul founded his firm in 2007. Business Insider spoke with 15 people to learn more about the relationship between the three men, and the connections between Vista and World Class Capital.<h1><a href="https://www.businessinsider.com/vista-equity-partners-robert-smith-brian-sheth-austin-nate-paul-2020-11?r=vista-teaser" target="_blank" rel="noopener">SUBSCRIBE NOW TO READ THE FULL STORY:</a></h1><h1><a href="https://www.businessinsider.com/vista-equity-partners-robert-smith-brian-sheth-austin-nate-paul-2020-11?r=vista-teaser" target="_blank" rel="noopener">Once friends, now estranged: Inside the ill-fated relationship between Vista CEO Robert Smith and Nate Paul, the Austin investor embroiled in a political scandal</a></h1>

Inside the ill-fated relationship between Vista Equity Partners' Robert Smith and Nate Paul, the Austin investor embroiled in a political scandal

<ul class="summary-list"><li><keyword id="6365707" type="ORGANIZATION" weightage="60" keywordseo="ubs">UBS</keyword> says its ultra wealthy clients are moving out of stocks to invest in more illiquid areas. </li><li>Some of these include residential <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> and <keyword id="34499" type="POSITION" weightage="60" keywordseo="private-equity">private equity</keyword>, the Swiss bank said in a report this week.</li><li>Josef Stadler, head of family office at UBS Wealth Management said many of its ultra wealthy clients took loans to invest in stock <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. </li><li>Stadler said: "They bought a billion-plus of those <keyword id="45369" type="CITY" weightage="60" keywordseo="equities">equities</keyword> to rebalance. And they made a lot of money."</li></ul>The world's largest wealth manager said its ultra wealthy clients are now done with equities and are looking at less liquid areas to invest in. <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a>, the world's largest private bank, also known as a "fortress bank of <keyword id="6393637" type="UNKNOWN" weightage="60" keywordseo="Billionaires">billionaires</keyword>" said during the slump in stock markets some of the bank's richest clients took loans to invest billions in stock markets. But now having made profited massively, they are now done with the equity space and looking to invest that money in private assets and illiquid assets. In an interview with <a href="https://uk.reuters.com/article/us-ubs-group-wealth/billionaires-look-to-reduce-equities-after-turning-quick-profit-idUKKCN24G3A8">Reuters</a>, UBS' head of family offices Josef Stadler, said: "We had record loans written during the middle of March and the middle of April, of significant family offices who asked us for balance sheet and then went into the market."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-for-outperformance-most-innovative-companies-bofa-2020-7" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 9 stocks poised to outperform in any market environment as they spend heavily on creating the most innovative products</a>Stadler added: "They bought, for example, US equities, but they didn't buy $50 million. They bought a billion-plus of those equities to rebalance. And they made a lot of money."UBS said its richest clients who are managed by family offices may invest in residential real estate, private equity, to name a few. While these predictions apply for all clients, Stadler thinks these bearish predictions apply most strongly to its wealthy clients in Asia and expects stock markets to lose ground for the rest of 2020. "Many family offices have also added to their cash and gold allocations," UBS' Global Family Office Report noted Thursday.Read more: <a href="https://www.businessinsider.com/next-stock-market-crash-danger-zone-morgan-stanley-andrew-sheets-2020-7" target="_blank" rel="noopener">Morgan Stanley lays out 4 looming risks that are combining to halt the relentless rally and push stocks into 'the danger zone'</a>"The retreat to cash looks set to be temporary, with 26% indicating they will lower cash reserves in the next 2-3 years, but gold could be a long-term beneficiary, with 45% saying they will increase their exposure to the precious metal," it added.UBS said in its report that more than two thirds of family offices view private equity as a key driver of returns.Less than half of family offices expect equities to fare well over the long-term, the world's largest private bank said in the report. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-pandemic-winners-top-equity-themes-bofa-2020-7" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 14 stocks that are likely winners in the pandemic — and may benefit from the biggest trends that will define the future</a>Stock markets took a beating in March as the Western world took full notice of the coronavirus crisis.The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a> touched a low of 2237.40 on 23 March. Since then, stock markets have staged a dramatic recovery in part due to the easing of lockdowns and optimism on progress of vaccines as investors pinned hopes on a V-shaped economic recovery. The S&amp;P 500 is currently trading around 3215.57, more than 40% higher than March's lows. The wealth of US billionaires has also skyrocketed since the start of the pandemic.A <a href="https://inequality.org/billionaire-bonanza-2020-updates/"> report</a> by the Institute for Policy Studies shows between March 18 and June 11, total US wealth grew from<a href="https://www.businessinsider.com/billionaires-gain-636-billion-while-millions-unemployed-ips-2020-6?r=US&amp;IR=TIR=T">$2.95 trillion to $3.58 trillion</a>.Read More: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fstock-market-investing-bill-miller-shares-timely-home-run-trade-2020-7" target="_blank" rel="noopener noreferrer">Bill Miller's record-setting fund beat the market for 15 straight years. He breaks down the trio of forces that has him bullish on stocks — and lays out a 'home run' trade he's making right now.</a>

The world's richest people poured billions into stocks at the start of the coronavirus crisis, but now they're looking elsewhere to make their money

<keyword id="108089" type="UNKNOWN" weightage="100" keywordseo="Private-equity-firms">Private equity firms</keyword> witnessed an increase by 29% in the second quarter of the year in volumes when compared to the same period last year. A research report by <keyword id="2929136" type="ORGANIZATION" weightage="100" keywordseo="VCC-Edge">VCC Edge</keyword> stated that the average deal value climbed 19% in the latest period. 
 
"Private equity investments in Q2 2015, excluding real estate, were recorded at $3.85 billion across 262 deals, an increase of 29% in deal volume and 43% in deal value, compared to Q2 2014. The average deal value jumped 19% to $20.48 million in the latest period from $17.14 million in 2014," stated VCC Edge. 
 
The report read that deals were back and big-ticket deals (at least $100 million) constituted 71% of the total private equity capital invested in Q2 2015. 
 
The private equity deals also grew by about 27% in the first six-months in 2015 compared to first six months of 2014. “2015 registered 513 PE deals valued at $8.3 billion from $4.9 billion investments in 403 deals,” the report said. 
 
The exits also came down by 3% in terms of deal volume. 
 
"Indian companies raised $306 million across 11 offerings in Q2 2015, representing an increase of 47 per cent in deal value as against $208 million capital raised in Q2 2014," the report said. 
 
(Image: Indiatimes)

Private equity firms see 29% jump in Q2

Hi and welcome to Insider <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">Advertising</keyword> for March 30. I'm senior advertising reporter Lauren Johnson, and here's what's going on:<ul><li><a href="https://www.businessinsider.com/top-private-equity-firms-investing-in-advertising-industry-2021-3">Private equity eyes advertising.</a></li><li><a href="https://www.businessinsider.com/id5-series-a-pitch-deck-to-save-digital-ad-targeting-2021-3">Adtech company ID5 raises $6 million.</a></li><li><a href="https://www.businessinsider.com/t-mobile-pulls-the-plug-on-tvision-months-after-launch-2021-3">T-Mobile pulls TVision.</a></li></ul>If this email was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/insider-advertising&amp;hash=7b80d46ae169287dfc6c392039d198579857">sign up here for your daily insider's guide to advertising and media.</a>Tips, comments, suggestions? Drop me a line at <a href="mailto:ljohnson@insider.com">LJohnson@insider.com </a>or on Twitter at <a href="https://twitter.com/LaurenJohnson">@LaurenJohnson.</a><h3><a href="https://www.businessinsider.com/top-private-equity-firms-investing-in-advertising-industry-2021-3"></a></h3><h3><a href="https://www.businessinsider.com/top-private-equity-firms-investing-in-advertising-industry-2021-3">14 top private-equity firms that are pouring billions into the advertising industry</a></h3><ul><li><a href="https://www.businessinsider.com/top-private-equity-firms-investing-in-advertising-industry-2021-3">Private equity has become a significant buyer of advertising agencies in the past five years, Patrick Coffee reports.</a></li><li>That trend has intensified as the pandemic grounded traditional buyers like agency holding companies.</li><li>Insider identified 14 firms like Bain and Carlyle Group that are spending big in the marketing sector.</li></ul><h3><a href="https://twitter.com/LaurenJohnson"></a><a href="https://www.businessinsider.com/top-private-equity-firms-investing-in-advertising-industry-2021-3">Read the story.</a></h3><a href="https://www.businessinsider.com/id5-series-a-pitch-deck-to-save-digital-ad-targeting-2021-3"><div type="image" title="Mathieu Roche, CEO of ID5" height="1014" width="1353" msid="81751050" hostid="261"></div></a><h3><a href="https://www.businessinsider.com/id5-series-a-pitch-deck-to-save-digital-ad-targeting-2021-3">Read the pitch deck that a startup used to raise $6 million to save targeted advertising</a></h3><ul><li><a href="https://www.businessinsider.com/id5-series-a-pitch-deck-to-save-digital-ad-targeting-2021-3">Adtech firm ID5 has raised $6 million in Series A funding, I reported.</a></li><li>The funding comes as Google and Apple plan big privacy-driven changes to how advertisers target and measure ads.</li><li>The firm is chasing a $13 billion industry in identity solutions.</li></ul><h3><a href="https://www.businessinsider.com/id5-series-a-pitch-deck-to-save-digital-ad-targeting-2021-3">Read the story.</a></h3><h3><a href="https://www.businessinsider.com/t-mobile-pulls-the-plug-on-tvision-months-after-launch-2021-3"><div type="image" title="T-Mobile CEO Mike Sievert." height="3514" width="4686" msid="81751051" hostid="261"></div></a></h3><h3><a href="https://www.businessinsider.com/t-mobile-pulls-the-plug-on-tvision-months-after-launch-2021-3">T-Mobile pulled the plug on its streaming video service, TVision, just 5 months after launch</a></h3><ul><li><a href="https://www.businessinsider.com/t-mobile-pulls-the-plug-on-tvision-months-after-launch-2021-3">T-Mobile pulled the plug on its streaming video offering and offers YouTube TV instead, Claire Atkinson reports.</a></li><li>The phone giant billed the move as part of a broad partnership with Google and streamer Philo.</li><li>Video costs will go up for many T-Mobile customers.</li></ul><h3><a href="https://www.businessinsider.com/t-mobile-pulls-the-plug-on-tvision-months-after-launch-2021-3">Read the story.</a></h3><h3>More stories we're reading:</h3><ul><li><a href="https://www.businessinsider.com/inside-nike-restructure-layoffs-dtc-resale-digitalization-2021-3">Nike is transforming from a marketing company into a technology brand. 7 company insiders say the changes - including mass layoffs and team restructuring - are creating internal turmoil.</a> (Insider)</li><li><a href="https://www.businessinsider.com/lil-nas-x-satan-shoe-sells-out-under-one-minute-2021-3">Lil Nas X's 'Satan Shoe' - made with one drop of human blood - sold out in under a minute, bringing in nearly $700,000</a> (Insider)</li><li><a href="https://www.businessinsider.com/instagram-funds-video-production-for-some-top-tiktok-influencers-2021-3">Instagram is funding new shows from some of TikTok's top stars in its latest effort to woo creators</a> (Insider)</li><li><a href="https://www.businessinsider.com/washington-post-reverses-decision-barring-felicia-sonmez-covering-sexual-assault-2021-3">The Washington Post reversed a decision to bar a reporter from covering sexual assault after she spoke about the ban on Twitter</a> (Insider)</li><li><a href="https://www.adweek.com/media/triplelift-to-sell-majority-stake-to-vista-equity-partners-for-1-4-billion/">TripleLift to sell majority stake to Vista Equity Partners for $1.4 billion</a> (Adweek)</li><li><a href="https://www.campaignlive.com/article/facebook-puts-750-million-global-media-account-review/1711325">Facebook puts $750 million global media account up for review</a> (Campaign)</li><li><a href="https://www.cnn.com/2021/03/28/media/media-layoffs-march-2021/index.html">The media is slashing jobs again as the Trump news cycle fades and the economy struggles</a> (CNN)</li><li><a href="https://variety.com/2021/tv/news/team-whistle-acquired-eleven-sports-1234939941/">Team Whistle to be acquired by U.K.'s Eleven Sports</a> (Variety)</li></ul><a href="https://www.cnn.com/profiles/kerry-flynn"></a>Thanks for reading and see you tomorrow! You can reach me in the meantime at <a href="mailto:ljohnson@insider.com">LJohnson@insider.com</a> and <a href="http://newsletter.businessinsider.com/join/4np/advertising-insider">subscribe to this daily email here</a>.

Private equity is taking aim at advertising

A common theme in the <keyword id="34499" type="POSITION" weightage="60" keywordseo="private-equity">private equity</keyword> world as asset prices have risen is the apparent lack of opportunities to find good value in new investments.
Now, <keyword id="6361649" type="CITY" weightage="60" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> analysts are warning clients invested in big, publicly-traded alternative asset managers about a "private equity cliff," and they say the big fees that fund managers collect from investors are at risk.
The chart below shows the "cliff" Goldman is talking about.
<div class="image-container" style="width:620px"><div class="image"></div>Goldman Sachs Research</div>
The dark blue bars on top show the billions of dollars in capital that have been raised by private equity fund managers since 2010. Goldman estimates that total funds raised and deployed in 2013 will hit $45 billion, up from $37 billion in 2013.
However, the dark blue bars show that capital from previous private equity investments – which has benefitted from rising asset prices – is being returned to shareholders faster than funds can raise new money.
In other words, assets under management are shrinking, which means fees derived from management of that capital will shrink as well.
"As more invested capital is pulled out of the ground, we see risk to fee-paying AuM and potential for choppiness in fee-related earnings," writes Goldman analyst Marc Irizarry.
While private equity fundraising is on the rebound, it's nowhere near pre-crisis levels, when the capital that is now being returned to investors was initially raised, as the chart below illustrates.
<div class="image-container" style="width:620px"><div class="image"></div>Preqin, Goldman Sachs Research</div> 
And even though fundraising is nowhere near pre-crisis levels, that hasn't restrained the rapid growth in the number of funds trying to raise money in recent years.
As the next chart shows, the number of private equity and real estate funds trying to raise money these days is up 25 percent from 2010.
<div class="image-container" style="width:620px"><div class="image"></div>Preqin, Goldman Sachs Research</div> 
Put these three things together, and you have the recipe for a shrinking private equity market.
"Amid higher markets and higher valuations, we expect managers to be more selective, deploying capital at a more measured pace," writes Irizarry. "Commentary from credit investors such as OAK’s Howard Marks and FIG’s Pete Briger suggests to us opportunities to deploy capital at reasonable valuations are scarcer, and accordingly, disciplined managers are raising relatively smaller funds (e.g., OAK’s $5 bn Fund IX) and delaying their investment periods."
So, what are private equity firms trying to do in order to mitigate this "cliff"?
First, firms are launching smaller, more targeted funds.
"Our comparison of invested funds (i.e., “older” funds) and funds currently in their investment period shows sub-$3 billion funds are increasingly common (now 46% of committed capital vs. 29% previously)," says Irizarry.
Second, firms are seeking "more permanent sources of capital" than the typical private equity investor, writes Irizarry:
Permanent capital vehicles and insurance partnerships provide non-traditional solutions to the “cliff.” FIG has highlighted the potential of permanent capital (REITs, BDC’s) to bolster management fees, kicking off 2013 by raising $764 mn of new equity for Newcastle, adding to fee-paying AuM in PE. The firm aims to raise at least $5 bn in other vehicles that would likely accompany and co-invest with sector-specific funds such as WWTAI or a senior housing or nonperforming loan fund. Meanwhile APO now manages nearly $16 bn for Athene, a re-insurer and partner of APO. Athene is growing significantly via acquisitions such as Presidential Life ($4 bn of assets) and Aviva (expected to add $35 bn to the platform if it closes).
APO benefits in two ways: 1) an asset allocation fee on all $16 bn of Athene Asset Management’s AuM and 2) management and performance fees for the approximately 1/3 of AuM that is managed in APO credit funds. We expect other managers to leverage this channel more given an estimated $1 tn insurance outsourcing opportunity (as per industry sources).
Finally, Irizarry says, bigger funds are investing in smaller funds in order to capture "hidden fee-related earnings." Irizarry cites, for example, Oaktree's investment in DoubleLine.
"This AuM is not necessarily consolidated into the firm’s total AuM, but does provide another source of cash earnings and helps diversify the businesses," Irizarry says.
The investment landscape is changing, and private equity firms are adjusting. If they don't, they stand to lose out on those fees the industry loves so much.

GOLDMAN: The Private Equity World Is Shrinking

<div class="KonaFilter image-container float_right"><div class="image on-image">REUTERS/Carlo AllegriStephen Pagliuca, managing director of Bain Capital</div></div>For many Americans, the <keyword id="34499" type="POSITION" weightage="60" keywordseo="private-equity">private equity</keyword> industry is shrouded in mystery.
Mitt Romney's private equity background at Bain Capital was used as a cudgel against him during the 2012 campaign. What public value does private equity add, his opponents asked? A business of buying and selling other businesses? Is that actually good for humanity - or just investors?
At the Dow Jones Private Equity Analyst Conference in New York, HarbourVest Partners' Managing Director George Anson said the industry has to reverse that narrative going forward.
Private equity is really a "force for good," Anson said. It may be more secretive, but it's also more long term than people realize, he told conference-goers.
Private equity firms are concerned with "encouraging productivity and competitiveness" over time, Anson said. In Europe, where Anson works, private equity firms hold companies for an average of five years.
"I challenge any public equity manager or hedge fund manager to beat that."
But private equity firms have to show the public tangible examples of companies growing under their leadership, Anson said.
And that's hard to communicate in an industry under less government and public scrutiny.
"I don't know that one private equity firm on its own can convince [people] that private equity in and of itself is going to solve all the nation's problems," Anson said. But: "I think there was a passive approach to public opinion in the past and I think those days are gone."
Most (but not all) of private equity firms are, almost by definition, private. "There's a reason it's called private equity," Bain Capital Managing Director Stephen Pagliuca said.
Without the extra reporting and regulatory burden that comes with being publicly traded, "You can be long-term oriented and do what you need to do."
Pagliuca knows a thing or two about dealing with the public perception of private equity. He co-owns the Boston Celtics, and in 2009 he ran to fill Ted Kennedy's Senate seat in a special election. He lost in the Democratic primary.
"I think it's hard to jump out of business and run for public office," said Pagliuca, who added that his career politician opponents benefited from better ground games in the short, 12-week election. "You have to defend your record and anything you did."
Pagliuca has spoken out against the anti-private equity narrative before. "In every meeting that we have, we say, 'How can we transform, how can we grow this company?' Because nobody's going to want to take the company public or buy the company from you if it's shrinking," <a href="http://blogs.wsj.com/deals/2012/11/16/bain-capitals-pagliuca-defends-private-equity-post-election/">Pagliuca said a week after the 2012 election</a>, when Mitt Romney was famously harangued for his past business dealings at Bain Capital. "It's the exact opposite of what the election was saying."

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