Private Equity https://www.alpha-week.com/ en Private Equity Dry Powder Set To Stimulate M&A Activity in 2024 https://www.alpha-week.com/private-equity-dry-powder-set-stimulate-ma-activity-2024 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Private Equity Dry Powder Set To Stimulate M&amp;A Activity in 2024</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 03/25/2024 - 13:14</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span>Insurance and reinsurance broker BMS has published the fourth edition of its global </span></span></span></span><span><span><span>Private Equity, M&amp;A and Tax<span> (PEMAT) report.</span></span></span></span></p> <p><span><span><span><span>2023 saw dealmakers and insurers manage the fallout from the Covid-19 pandemic, as well as the emergence of macro developments such as geopolitical tensions and increased regulatory scrutiny, leading to a soft M&amp;A insurance market. Looking to 2024 however, BMS says that there are reasons to be optimistic. Private equity funds have been able to increase their committed but unallocated funds, and 2023 saw a 21% increase in overall enquiries for the BMS PEMAT team compared with 2022, suggesting that there is a strong transaction appetite and that dealmakers have the capacity to make up for an inactive year last year.</span></span></span></span></p> <p><span><span><span><span>“The market in 2023 was suppressed by challenging socio-economic and geopolitical developments and with those circumstances going nowhere fast and several upcoming elections, they will continue to influence deal flow. However, 2024 promises to be dynamic. Reduced interest rates and substantial dry powder within PE houses are likely to stimulate investment activity. At the same time, the appeal of emerging markets, as well as the resilience of sectors like renewables and infrastructure, will keep market conditions evolving," said Tan Pawar, Managing Director and Head of Private Equity, M&amp;A and Tax at BMS.</span></span></span></span></p> <p>The key findings of this year's BMS PEMAT report include </p> <ul><li><span><span><span><span><span>Macroeconomic developments and the latent impacts of Covid-19 caused low deal activity leading to a soft M&amp;A insurance market with an abundance of capacity being readily available and insurers lowering premiums and average policy retentions to win business</span></span></span></span></span></li> <li><span><span><span><span><span>The soft market emphasised disparities in valuations between buyers and sellers and proved an obstacle to deal completion </span></span></span></span></span></li> <li><span><span><span><span><span>After an era of cheap debt, the wave of insolvencies because of Covid-19 came to fruition, but this didn’t translate into an increase in distressed sales in 2023 but there may be more to come in 2024</span></span></span></span></span></li> <li><span><span><span><span><span>The secondaries market saw a slow start to 2023 but increased in activity in Q4 with LP-to-LP transfers dominating transaction volumes as the denominator effect continued to drive the sell-off of GP interests</span></span></span></span></span></li> <li><span><span><span><span><span>While 2023 was quieter from a dealmaking perspective, warranty &amp; indemnity claims saw a surge in activity off the back of the boom of M&amp;A activity in 2021 and 2022 </span></span></span></span></span></li> <li><span><span><span><span><span>Renewables &amp; energy, financial services and retail &amp; consumer were the most resilient sectors, seeing increases in deal volume in 2023 compared with 2022, despite the M&amp;A downturn</span></span></span></span></span></li> <li><span><span><span><span><span>Asia, the Middle East, and India were the most stable markets. Asia saw an influx of new insurers and exhibited a broader risk appetite, and while the Middle East and India saw a decrease in the overall number of deals, an increase in $1bn+ enterprise value deals saw the value of transactions remain close to 2022.</span></span></span></span></span></li> </ul></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10756&amp;2=bookmark" token="FQp5IpHbi8oXrFYXmSMLCssK_6nhextiHui2NADS_rU"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 25 Mar 2024 13:14:40 +0000 AlphaWeek Staff 10756 at https://www.alpha-week.com Anti-Greenwashing in the Spotlight: UK Firms Gearing Up for New Rules and Guidance https://www.alpha-week.com/anti-greenwashing-spotlight-uk-firms-gearing-new-rules-and-guidance <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Anti-Greenwashing in the Spotlight: UK Firms Gearing Up for New Rules and Guidance</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/styles/article_full/public/2024-03/ESG-2.png?itok=khRyoGQE" width="400" height="225" alt="ESG" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 03/25/2024 - 11:38</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span>The UK’s Financial Conduct Authority (the <strong>FCA</strong>) has become increasingly concerned in recent years that some financial services firms are making sustainability-related claims which are exaggerated, misleading or unsubstantiated. Tackling 'greenwashing’ is therefore high on the regulatory agenda, and an area of focus for the FCA.  </span></span></span></span></span></p> <p><span><span><span><span><span>As part of this, the FCA has introduced a new ‘anti-greenwashing rule’, which is due to come into force on 31 May 2024. UK regulated firms will need to ensure that sustainability-related claims made by firms are clear, fair, and not misleading and are consistent with the sustainability characteristics of the product or service. </span></span></span></span></span></p> <p><span><span><span><span><span>The purpose of this new rule is to allow consumers to make informed decisions aligned with their sustainability preferences. The FCA also wants to create a ‘level playing field’ for firms with products which do represent a more sustainable choice and who make genuine claims about their products’ sustainability characteristics. </span></span></span></span></span></p> <p><span><span><span><span><span>The new anti-greenwashing rule is consistent with the FCA’s broader regulatory drive to improve the clarity and accuracy of firms’ marketing and communication. It dovetails with the FCA’s Consumer Duty, which came into force last year. This Duty places an obligation on UK regulated firms to act in good faith towards consumers and ensure that consumers are provided with information that enables them to make informed decisions.</span></span></span></span></span></p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"><img alt="Jessica Reed" data-entity-type="file" data-entity-uuid="30612fb4-4b14-4958-ab4a-03369fed7cdb" src="/sites/default/files/inline-images/Jessica-Reed.jpg" width="200" height="200" loading="lazy" /><figcaption>Jessica Reed</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p><span><span><span><span><span>UK firms are also subject to separate rules on greenwashing enforced by the Advertising Standards Authority (the ASA) and the Consumer and Markets Authority (the CMA), who have both already published guidance relating to sustainability claims.</span></span></span></span></span></p> <p><strong><span><span><span><span><span>Which firms does the anti-greenwashing rule apply to, and what does it require? </span></span></span></span></span></strong></p> <p><span><span><span><span><span>The anti-greenwashing rule applies to all firms regulated by the FCA – no matter what their regulatory permissions or who their clients are.</span></span></span></span></span></p> <p><span><span><span><span><span>These firms must ensure that any references they make to the sustainability characteristics of their financial products and services are consistent with the sustainability characteristics of the product or service and are clear, fair, and not misleading.</span></span></span></span></span></p> <p><span><span><span><span><span>“Sustainability characteristics” relate to the environmental and / or social aspects of financial products and services. For example, a pension provider may refer to a pension fund as being “socially responsible”. Or a bank may refer to a mortgage as being “green”. </span></span></span></span></span></p> <p><span><span><span><span><span>From 31 May, the FCA expects any sustainability references in communications to be:</span></span></span></span></span></p> <ul><li><span><span><span><span><span>Correct and capable of being substantiated through evidence.</span></span></span></span></span></li> <li><span><span><span><span><span>Clear and presented in a way that can be understood.</span></span></span></span></span></li> <li><span><span><span><span><span>Complete – they should not omit key information and should take into account the life-cycle of the product or service.</span></span></span></span></span></li> <li><span><span><span><span><span>Fair and meaningful in relation to any comparisons to other products or services.</span></span></span></span></span></li> </ul><p><span><span><span><span><span>The scope of the rule is not limited to retail business. Products and services that are marketed only to professionals, including institutional investors, are caught by the new requirements. For example, UK authorised firms marketing a private fund in the UK to institutional investors would need to ensure that any private placement memorandum or information memorandum complies with the anti-greenwashing rule.</span></span></span></span></span></p> <p><span><span><span><span><strong><span>What guidance is available to help firms comply with the new rule? </span></strong></span></span></span></span></p> <p><span><span><span><span><span>The FCA has published draft guidance (</span><span><a href="https://www.fca.org.uk/publication/guidance-consultation/gc23-3.pdf">GC23/3</a></span><span>) to help UK regulated firms to understand the FCA’s expectations under the anti-greenwashing rule. This is due to come into force on the same day as the anti-greenwashing rule. However, simply applying the guidance will not provide a ‘safe harbour’. Firms need to consider carefully how the rules apply to their business and communications in order to ensure compliance.</span></span></span></span></span></p> <p><span><span><span><span><span>The guidance highlights that firms need to think hard about instances whereby the combination of wording and images of communications could give a misleading impression of sustainability characteristics. For example, firms should be wary of listing financial products next to “green” imagery (for example, a picture of a rainforest) when only one of the products has sustainability characteristics. Here, the imagery might misleadingly suggest that all the products are “green”. </span></span></span></span></span></p> <p><span><span><span><span><span>Firms need to take care with comparisons and ensure that they are “fair and meaningful”. Any claims should therefore make clear what is being compared, how a comparison is being made and should compare like with like. An example the FCA gives is that where a firm makes a claim that a car insurance product is the “greenest car insurance on the market” information must be provided to back up this claim and the communication should make clear how this conclusion was reached and what comparisons the claim is based upon.</span></span></span></span></span></p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"><img alt="Edward Twigger" data-entity-type="file" data-entity-uuid="b581acc5-e934-4eaf-aa12-693ba72cbc40" src="/sites/default/files/inline-images/Edward-Twigger_0.jpg" width="200" height="200" loading="lazy" /><figcaption>Edward Twigger</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p><span><span><span><span><span>Firms must also ensure that they avoid claims that might be theoretically true but be misleading. For instance, if the proceeds of a bond are used to finance sustainability projects, it may be described as a “green bond”. However, where that bond’s proceeds are invested into making fossil fuel production more energy efficient, the FCA would not expect this to be marketed as a “green bond” as this would be contrary to investor expectations.</span></span></span></span></span></p> <p><span><span><strong><span>How are other UK regulators tackling greenwashing? </span></strong></span></span></p> <p><span><span><span><span><span>In 2021, the CMA published guidance for firms making environmental claims on goods and services. The CMA is able to take action against financial services firms for misleading claims under consumer protection legislation, although it would normally leave this to the FCA. Similarly, the ASA is also able to enforce the Committee of Advertising Practice’s (CAP) Code against firms making misleading advertising claims.</span></span></span></span></span></p> <p><span><span><span><span>In 2022, the ASA banned two HSBC adverts which had appeared on bus stops. The ASA said that HSBC must “<a href="https://www.asa.org.uk/rulings/hsbc-uk-bank-plc-g21-1127656-hsbc-uk-bank-plc.html">ensure that future marketing communications with environmental claims were adequately qualified and did not omit material information about its own contribution to carbon dioxide and greenhouse gas emissions</a>.”</span></span></span></span></p> <p><span><span><span><span><strong><span>What should firms be doing now?</span></strong></span></span></span></span></p> <p><span><span><span><span><span>UK authorised firms must review all their existing customer communications (whether marketing or not) to establish whether they are making any kind of sustainability claims. Firms should then take a hard look at how any sustainability claims may withstand scrutiny under the new rules and guidance. Is there evidence to back up the claims, and is it readily available? Clear coordination between firms’ sales, marketing, operations, legal and compliance will be key to achieving compliant communications.</span></span></span></span></span></p> <p><span><span><span><span><span>Linked to this, firms should review and strengthen their internal review processes for communications to cater for the anti-greenwashing rule. Communications should always pass through multiple lines of review, and firms may wish to consider whether additional checks may be carried out to avoid inadvertently breaching this new rule. Each firm’s relevant internal teams will need to work closely together to design and enhance internal processes for the approval of any communications and coordinate their messaging across different platforms and media.</span></span></span></span></span></p> <p><span><span><span><span><span>Firms might want to consider some consumer behavioural testing to assess whether communications could be considered by consumers to be misleading. This is something the FCA has already promoted as part of the Consumer Duty. </span></span></span></span></span></p> <p><span><span><span><span><span>The FCA has also reminded firms to check their sustainability-related claims regularly, as the underlying evidence could change. </span></span></span></span></span></p> <p><span><span><span><span><span>Once the anti-greenwashing rule is in force, we expect the FCA to monitor for signs of greenwashing from a range of sources. As well as monitoring firms’ financial promotions, the FCA will also monitor client complaints, intelligence gathered on the quality of firms’ regulatory applications, and broader supervisory intelligence.</span></span></span></span></span></p> <p><span><span><span><span><span>**********</span></span></span></span></span></p> <p><em><span><span><strong>Jessica Reed</strong> is<span> a Partner and </span><strong>Edward Twigger</strong><span> is an Associate at <strong><a href="https://www.farrer.co.uk/">Farrer &amp; Co</a></strong></span></span></span></em></p> <p><em>***</em></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/alternative-credit-guest-articles" hreflang="en">Alternative Credit Guest Articles</a></div> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/private-equity-guest-articles" hreflang="en">Private Equity Guest Articles</a></div> <div class="field__item"><a href="/real-assets-guest-articles" hreflang="en">Real Assets Guest Articles</a></div> <div class="field__item"><a href="/venture-capital-guest-articles" hreflang="en">Venture Capital Guest Articles</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10754&amp;2=bookmark" token="7nLFTZRA0U3myVqoiH_tKPTZ_idb9UOrsP3wKNhvHW4"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/jessica-reed-edward-twigger" hreflang="en">Jessica Reed | Edward Twigger</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 25 Mar 2024 11:38:54 +0000 AlphaWeek Staff 10754 at https://www.alpha-week.com Kathryn Leaf To Lead Pantheon in 2025 https://www.alpha-week.com/kathryn-leaf-lead-pantheon-2025 <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Kathryn Leaf To Lead Pantheon in 2025</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Thu, 03/21/2024 - 14:04</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span>Private markets investor Pantheon has announced changes to its leadership; Kathryn Leaf, currently </span>Co-Head of Investment and Global Head of Real Assets will become the firm's first CEO in January, 2025.</span></span></p> <p><span><span><span>Leaf will succeed Paul Ward, who will become Executive Chairman.</span></span></span></p> <p><span><span><span>Kathryn has played a leading role developing our business during a critical period in our 40-year history, both in terms of the increasing scale and success of our diverse private market investment strategies, as well as our enhanced operating structure and growth trajectory. She is a trusted and seasoned private markets investor with a strong track record of innovation. I am very pleased that Kathryn will lead Pantheon through this next exciting phase of growth as we look to continue to deliver market-leading strategies to our investors," said Ward.</span></span></span></p> <p><span><span><span>Since becoming Partner in 2012, Leaf has led the development of the firm’s infrastructure platform, and has been an member of the senior team that has overseen its growth to more than $20bn in discretionary assets under management (AUM) including Pantheon’s <a href="https://www.pantheon.com/news/pantheon-completes-largest-ever-fundraise-with-5-3bn-close-of-secondaries-focused-infrastructure-program/">recently-completed, largest-ever fundraise</a>. She was also instrumental in launching the firm’s dedicated Real Estate platform in 2021 and has spearheaded the firm’s broader strategic planning and initiatives.</span></span></span></p> <p><span><span><span>“Pantheon’s business is exceptionally well-positioned, with differentiated investment strategies underpinned by a talented, entrepreneurial team. I look forward to the ongoing partnership with our clients as we continue to pioneer new approaches to investing in private markets," said Leaf. “Paul’s vision has made Pantheon a leader in private markets investing and in offering our innovative strategies to a wider range of global investors. I am excited to work alongside Jeff Miller and all of my colleagues at Pantheon to capitalize on our leadership as a secondaries specialist across asset classes, and continue to drive access to private markets for institutional and private wealth investors around the world.” </span></span></span></p> <p><span><span><span>Ward will step down following a 20-year career at Pantheon, having joined as a Vice President in the private equity secondaries team in 2003. In his 11 years as Managing Partner, Ward has overseen a period of significant expansion for Pantheon, including growth in discretionary AUM from approximately $24bn to more than $62bn, driven by the diversification of its business to include private equity, private credit, infrastructure and real estate, with an established, leading presence in global secondaries across its strategies.</span></span></span></p> <p><span><span><span>Additionally, Jeff Miller, who has served as Co-Head of Investment alongside Leaf since 2022, will become Chief Investment Officer. Miller is a 15-year veteran of the firm and currently serves as Global Head of Private Equity, as well as a member of the firm’s Executive Committee and Partnership Board. He was instrumental in the launch, development and growth of Pantheon’s private equity co-investment business, as well as its fast-growing private credit business. </span></span></span></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/alternative-credit-people" hreflang="en">Alternative Credit People</a></div> <div class="field__item"><a href="/private-equity-people" hreflang="en">Private Equity People</a></div> <div class="field__item"><a href="/real-assets-people" hreflang="en">Real Assets People</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10746&amp;2=bookmark" token="co0JxPoNkoyN_VHqvvx_qm0CuX14D1g0M3T4RYW7PXU"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Thu, 21 Mar 2024 14:04:03 +0000 AlphaWeek Staff 10746 at https://www.alpha-week.com Assessing the Potential of AI in Fund Services https://www.alpha-week.com/assessing-potential-ai-fund-services <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Assessing the Potential of AI in Fund Services</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/styles/article_full/public/2024-03/AI-Fund-Services.jpg?itok=4b_7HH55" width="400" height="225" alt="Artificial Intelligence" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 03/18/2024 - 12:53</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span><span>Artificial Intelligence (AI) is transforming the financial services industry and providing new opportunities in the way investors and fund managers do business.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>From back-office automation and enhanced decision making to managing risk and portfolio optimisation, fund service providers are increasingly looking at the potential for sophisticated AI tools to help maximise returns and achieve investor goals.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>While the development and implementation of AI within fund administration is still in its early stages, it will undoubtedly become an indispensable tool. Despite its enormous potential, however, AI, needs to be deployed properly and used correctly, with a rigorous framework of checks and balances.</span></span></span></span></span></span></p> <p><span><span><span><strong><span><span><span>How is AI shaping fund services?</span></span></span></strong></span></span></span></p> <p><span><span><span><span><span><span>AI is a broad field concerned with the development of systems that can imitate human intelligence and problem-solving skills. Machine learning, a subset of AI, can access and process mass datasets to build an understanding of past behaviours in order to improve future outcome, while generative AI can be used to create new content including text imagery and audio.</span></span></span></span></span></span></p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'entity_embed_container' --> <!-- BEGIN OUTPUT from 'modules/contrib/entity_embed/templates/entity-embed-container.html.twig' --> <div alt="Chris Day" data-embed-button="entity_browser_button" data-entity-embed-display="image:image" data-entity-embed-display-settings="{&quot;image_style&quot;:&quot;&quot;,&quot;image_link&quot;:&quot;&quot;,&quot;image_loading&quot;:{&quot;attribute&quot;:&quot;lazy&quot;}}" data-entity-type="file" data-entity-uuid="bde2f65a-728b-4e0d-807a-55ceb6871b6f" data-langcode="en" title="Chris Day" class="embedded-entity"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/inline-images/Chris-Day.jpg" alt="Chris Day" title="Chris Day" typeof="foaf:Image" /><!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --><!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --></div> <!-- END OUTPUT from 'modules/contrib/entity_embed/templates/entity-embed-container.html.twig' --> <figcaption>Chris Day</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p><span><span><span><span><span><span>Despite the recent increase of public interest, AI is not a new concept. The idea of a machine functioning on its own is ancient, however it wasn’t until the 1950s and the publication of Alan Turing’s work “Computer Machinery and Intelligence” that the birth of AI occurred. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>Recent developments in AI are being applied within sectors that benefit from the automation of repetitive tasks usually carried out by humans. The theoretical benefits of this automation include a decrease in the risk of human error in data input, cost reduction, and increased productivity. Overall, businesses can gain greater efficiencies through the use of AI.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>In the financial sector, AI’s ability to mine big data is changing the way that service providers operate. AI’s ability to work quickly on huge volumes of information can allow services providers to tackle workload backlogs, completing tasks which provide low added value. This allows professionals to focus on more subjective tasks which provide higher added value. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>AI can also be used to improve fraud detection, assess and decrease risks and can be used for compliance.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>Generative AI, such as ChatGPT, has become a day-to-day companion in the professional lives of many. Its development has accelerated with the rise of other leading platforms such as CoPilot and Gemini. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>An increasing number of companies have developed their own generative AI tools to improve employee productivity and personal development. One common use case is providing employees with access to a secured AI powered assistant that can provide answers to almost all work-related questions, while using the best practices for keeping a company's sensitive data safe.</span></span></span></span></span></span></p> <p><span><span><span><strong><span><span><span>What is the potential of AI in fund services?</span></span></span></strong></span></span></span></p> <p><span><span><span><span><span><span>Asset management companies can use AI for their portfolio and risk management, using it to take a closer look at clients' portfolios. The high level of predictive analysis AI offers through the forecast of market trends, identifying trading opportunities and risk management can lead to higher returns with decreased risk. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>AI might also be valuable tool for Transfer Agents (TA), where many processes are data entry-heavy, especially the investor onboarding process. In addition, screening for hits and continuous checking of Anti-Money Laundering (AML) and Know Your Client (KYC) processes could benefit from the speed and scale of AI and its attention to detail and monitoring capabilities. Humans can intervene and decide, based on the outcome, whether additional manual action is required.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>As technology continues to develop, we expect to see AI managing more fund administration tasks including client and investor queries, generating and delivering regular performance data and analysis, directly automating and submitting regulatory reporting, and the use of voice to text AI assistance for taking minutes of meetings and summarising key takeaways.</span></span></span></span></span></span></p> <p><span><span><span><strong><span><span><span>Combining AI with the human touch</span></span></span></strong></span></span></span></p> <p><span><span><span><span><span><span>The expectation is that AI will enhance efficiency and productivity by undertaking more routine work and assisting with tasks like research. </span></span></span></span></span></span></p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"><img alt="Inesa Pistolas" data-entity-type="file" data-entity-uuid="14d8c511-3495-44d2-ad5d-37333d7545d5" src="/sites/default/files/inline-images/Inesa-Pistolas.jpg" width="200" height="200" loading="lazy" /><figcaption>Inesa Pistolas</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p><span><span><span><span><span><span>This will free up fund administration teams to focus on the more complex work higher up the value chain. It will also give professionals more time to focus on human endeavours like developing relationships and client interaction; by their very nature these can't be replicated or replaced by AI. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>It is important that the industry continues to undertake research and development, to assess how it can maximise the benefits of AI. In the fund administration space, the anticipation is that AI will become supplementary to, rather than replace, the skills of a fund admin team. If anything, AI has the potential to free-up teams, allowing them to be even more client focused than they already are.   </span></span></span></span></span></span></p> <p><span><span><span><strong><span><span><span>What are the pitfalls of AI?</span></span></span></strong></span></span></span></p> <p><span><span><span><span><span><span>Of course, AI does not only bear gifts; it also brings threats and challenges. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>Firstly, there are data privacy and security risks. Since large amounts of sensitive financial data are handled by AI there is an increased risk of data breach incidents. Therefore, increased cybersecurity measures and enhanced data protection regulations are required.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>Further, AI algorithms lack human intuition and subjective judgment. AI lacks emotional intelligence, which is crucial to building trust with clients.  Focusing too much on AI and its outcomes might cause the handler to overlook unique situations in the market and unanticipated events, which do not follow predetermined patterns. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>Currently, these instances can only be prevented by human intervention. AI systems also need to be updated and to be compliant with new regulation criteria every time a regulation changes. </span></span></span></span></span></span></p> <p><span><span><span><strong><span><span><span>The future of funds and AI</span></span></span></strong></span></span></span></p> <p><span><span><span><span><span><span>AI is here to stay and change our lives – and the funds sector - immeasurably. However, it will not fully replace humans, as many fear or suggest. The most likely scenario is a hybrid approach, a symbiotic relationship between automation systems and humans where each party will complement the strength and weaknesses of the other. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>By handling repetitive tasks, AI allows humans to focus more on complex tasks that require critical thinking and decision making. The more developed AI becomes, the deeper this relationship will be. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The way we decide to manage, use and live with it will shape our future in business and in life.</span></span></span></span></span></span></p> <p><span><span><span><span><span><span>**********</span></span></span></span></span></span></p> <p><em><strong><span><span><span>Chris Day</span></span></span></strong><span><span><span> is Global Head of Fund administration and </span></span></span><strong><span><span><span>Inesa Pistolas</span></span></span></strong><span><span><span> is Head of Operations, Fund Administration, Luxembourg at </span></span></span><a href="https://www.ogier.com/"><strong><span><span><span>Ogier Global</span></span></span></strong></a></em></p> <p><em><span><span><span>***</span></span></span></em></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/alternative-credit-guest-articles" hreflang="en">Alternative Credit Guest Articles</a></div> <div class="field__item"><a href="/hedge-funds-guest-articles" hreflang="en">Hedge Funds Guest Articles</a></div> <div class="field__item"><a href="/private-equity-guest-articles" hreflang="en">Private Equity Guest Articles</a></div> <div class="field__item"><a href="/real-assets-guest-articles" hreflang="en">Real Assets Guest Articles</a></div> <div class="field__item"><a href="/venture-capital-guest-articles" hreflang="en">Venture Capital Guest Articles</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10741&amp;2=bookmark" token="ALNbe-_b--mQZLElLf_Ogrmm9N0wxEJyDY3uVoSTfpE"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/chris-day-inesa-pistolas" hreflang="en">Chris Day | Inesa Pistolas</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 18 Mar 2024 12:53:22 +0000 AlphaWeek Staff 10741 at https://www.alpha-week.com Private Equity Managers Need To Up Governance Game if They Are To Thrive in a Volatile World https://www.alpha-week.com/private-equity-managers-need-governance-game-if-they-are-thrive-volatile-world <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Private Equity Managers Need To Up Governance Game if They Are To Thrive in a Volatile World</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/styles/article_full/public/2024-03/Governance-1.jpg?itok=ormbkAlW" width="400" height="225" alt="Governance" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 03/18/2024 - 11:52</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Recent years have given rise to a number of significant headwinds; geopolitical uncertainty, disrupted energy supplies, conflicts in Europe and the Middle East, sizeable rises in inflation and an increase in the cost of capital have all collided to create a challenging backdrop while heightening the perceived risks of operating in such an environment.</p> <p>Meanwhile, advances in the digital sector – particularly in relation to artificial intelligence (AI) – and question marks over the evidencing of ethical considerations and benchmarks have prompted greater focus on corporate governance standards.</p> <p>Naturally at times of great uncertainty, stability is something that resonates in particular among investors – and demonstrating rigour through governance frameworks and processes, board composition and jurisdictional robustness is becoming increasingly important in achieving that stability, and in turn imbibing investors and managers with the requisite confidence.</p> <p><strong>The right people at the table</strong></p> <p>At its essence, the primary impetus of fund governance is to ensure all operations are in line with the stated objectives held in the offer documents and to safeguard the interests of investors.</p> <p>The <a href="https://www.frc.org.uk/news-and-events/news/2024/01/frc-publishes-guidance-for-uk-corporate-governance-code-2024/">Financial Reporting Council’s (FRC) Corporate Governance Guidance</a> sets out a number of considerations when establishing a governance framework; strong leadership, effective decision making, engagement, division of responsibilities, audit, risk management and internal controls are all cited as imperative to creating a robust governance culture.</p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"><img alt="Simon Page" data-entity-type="file" data-entity-uuid="aca0ecd4-2e03-47db-a77c-14c2e738f243" src="/sites/default/files/inline-images/Simon-Page.png" width="200" height="200" loading="lazy" /><figcaption>Simon Page</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p>But diversity of board composition – ensuring the right breadth of knowledge, skill, experience and perspective are at the table – is also highlighted as crucial to the objective of discharging governance duties.</p> <p>It is a point that was affirmed by <a href="https://www.iod.com/news/governance/iod-identifies-links-between-governance-and-innovation/">research from the Institute of Directors</a>, which indicated that it is in fact the board composition, over any other aspect in the governance framework, that dictates future success.</p> <p>As such, meeting stakeholder and ever-changing regulatory demands has put the role of the non-executive director front and centre where their expertise and integrity have become vital to protecting investor interests, mitigating risks and shaping strategic direction.</p> <p>It is a position that should not be underestimated; not only can non-executive directors provide independent oversight, greater transparency and accountability, but they can be drivers of value creation where their presence boosts investor confidence which in turn increases the capital raising ability of the manager.</p> <p><strong>Finding symbiosis </strong></p> <p>International finance centres (IFCs) undoubtedly also play a distinct role in upholding high standards of governance, both by offering a finely honed regulatory ecosystem that provides a clear platform for governance and substance, but also by having deep pools of experienced non-executive directors to hand.</p> <p>Central to the success of such IFCs, however, is a reputation for robust corporate governance practices, which subsequently drive trust and attracts investment. These jurisdictions have a vested interest in supporting such symbiosis, which is crucial to their own growth as quality financial centres.</p> <p>Such centres understand the need to keep pace with the regulatory playing field with threats, such as grey listing, posing significant risks to their viability especially where financial sanctions, market access restrictions and – ultimately – a loss in investor confidence are at play.</p> <p>But, while international regulatory bodies such as the Financial Action Task Force (FATF) and the Organisation for Economic Co-operation and Development (OECD), keep a close eye regarding their adherence to global standards on anti-money laundering, combating the financing of terrorism, tax transparency, and regulatory compliance, such centres are acutely aware that their future lies in a cooperative stance.</p> <p>For instance, towards the end of last year, changes in the Jersey landscape with the <a href="https://www.gov.je/News/2023/pages/antimoneylaunderingandcounteringfinancingofterrorismupdate.aspx">amends</a> to Schedule 2 of the Proceeds of Crime (Jersey) Law 1999, brought a large number of individuals who act as directors, into scope of Jersey’s anti-money laundering, countering the financing of terrorism and counter proliferation financing regimes.</p> <p>Meanwhile further afield in the Caribbean, <a href="https://www.cima.ky/upimages/regulatorymeasures/RuleSOG-InternalControlsRegulatedEntities_1685564579.pdf">developments in Cayman</a> around corporate governance and internal controls are requiring boards to address five key components to fulfil their fiduciary duties: control environments, risk identification and assessments, control activities and segregation of duties, and information and communication, as well as monitoring activities.</p> <p><strong>Striking the right balance</strong></p> <p>Of course, quality jurisdictions will be mindful of not creating too onerous a regulatory environment that hinders non-executive director decisions and dissuades new entrants. IFCs that can find the sweet spot between proportionate regulation, investor protection, and ease of use underpinned by a solid corporate governance backbone will stand out in challenging macro times.</p> <p>The pace of change shows no signs of slowing down. With the global landscape set to continue to challenge managers with complexity – from market uncertainty and geopolitical fragmentation to digital disruption and evolution in sustainable finance – private equity managers will increasingly need to ensure they are able to adapt quickly and appropriately if they are to retain the trust and confidence of their investors.</p> <p>Thinking long term, beyond tomorrow, and implementing robust governance will be critical in achieving that.</p> <p>**********</p> <p><em><strong>Simon Page</strong> is Head of Fund Services at <strong><a href="https://www.hawksford.com/">Hawksford</a></strong></em></p> <p><em>***</em></p> <p><em>The views expressed in this article are those of the author and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/private-equity-guest-articles" hreflang="en">Private Equity Guest Articles</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10740&amp;2=bookmark" token="E_OLq-VcoORi8Sg79Ob4zrZdxGZJQEoHAASJUQkNFU4"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/simon-page" hreflang="en">Simon Page</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 18 Mar 2024 11:52:34 +0000 AlphaWeek Staff 10740 at https://www.alpha-week.com Private Equity Q&A: Bogdan Gogulan, NewSpace Capital https://www.alpha-week.com/private-equity-qa-bogdan-gogulan-newspace-capital <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Private Equity Q&amp;A: Bogdan Gogulan, NewSpace Capital</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/styles/article_full/public/2024-03/NewSpace-Capital.png?itok=XuB1QMPn" width="400" height="225" alt="NewSpace Capital" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Mon, 03/18/2024 - 11:15</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span>When most think of what they associate with ‘space’, most will mention science fiction entertainment. But science fact is providing investors with a new frontier. Greg Winterton spoke to Bogdan Gogulan, CEO and Managing Partner of NewSpace Capital, to learn more about the opportunity in the space economy.</span></span></span></p> <p><strong><span><span><span>GW: Bogdan, for those less familiar with Newspace Capital, tell us a little about the firm.</span></span></span></strong></p> <p><span><span><span>BG: NewSpace Capital is a global private equity firm. We invest in growth-stage companies across the entire space technology ecosystem, where founders and entrepreneurs are currently working to tackle some of the biggest challenges humanity is facing, from the climate crisis to sluggish economic growth. Our team has around 150 years of collective industry experience across space technology and finance; our wider vision is to use investment to clear the way for rapid advances in economic and social development.</span></span></span></p> <p><strong><span><span><span>GW: The space industry is arguably more than 50 years old, if you factor in efforts by the USA and the USSR to send humans into the cosmos. Why has private capital only recently started to flow into the market?</span></span></span></strong></p> <p><span><span><span>BG: Historically, space has been the domain of governments, with the USA and the USSR being the most obvious examples, as you say. In the late 80s and 90s, the U.S. and Europe realised that the most exciting advances in technology were taking place in the private sector, and that the latter in general was more efficient and better equipped to innovate and scale relevant space technology and associated services. Private investment is especially necessary to help companies scale and grow to a point where they can meet the needs of commercial users and governments. </span></span></span></p> <p><strong><span><span><span>GW: What are some of the opportunities in the space investment industry that are yielding returns now, or will in the near future?</span></span></span></strong></p> <p><span><span><span>BG: The best way to think about space industry investment is that in the future, every company will be a space company because space technology will underpin so much of ordinary life. The space sector now is worth about $447 billion, but <a href="https://www.morganstanley.com/ideas/investing-in-space">Morgan Stanley estimates it to more than double</a>, to $1 trillion, by 2040. That should give some sense of how much of an opportunity it is for investors.</span></span></span></p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"><img alt="Bogdan Gogulan" data-entity-type="file" data-entity-uuid="a9d2a9d2-fc25-4eb4-abe7-2bf57e2fa010" src="/sites/default/files/inline-images/Bogdan-Gogulan.jpg" width="200" height="200" loading="lazy" /><figcaption>Bogdan Gogulan</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p><span><span><span>In particular, we see real opportunities in building and manufacturing components, launch services, telecommunication, earth observation, navigation, and emerging segments such as space situational awareness and in-space manufacturing. The supply chain and applications segments of the space tech ecosystem is a huge market in which there are many companies that are both undervalued and under-invested in.</span></span></span></p> <p><strong><span><span><span>GW: There is an ESG application to investing in the space sector. Tell us more about that.</span></span></span></strong></p> <p><span><span><span>BG: There’s a really striking statistic on this topic that emerged from research conducted by <a href="https://www.globant.com/news/world-could-reach-net-zero-10-years-ahead-schedule-full-adoption-space-tech-new-model-shows"><span>Globant and Inmarsat</span></a>. They found that existing and developing satellite technologies could cut a further 18% of total GHG emissions by 2040, and that the world could reach net zero up to 10 years ahead of the 2050 target date if industries made the most of existing and emerging space technologies.</span></span></span></p> <p><span><span><span>To give you a concrete example of why this is – one of our portfolio companies, Kayrros, uses high-resolution satellite imagery and AI to track climate events such as wildfires, floods and leaks of noxious greenhouse gas emissions. They then provide the insights they draw from the data to companies and governments, so they can take appropriate action to reduce global warming and improve the resilience of infrastructure. That same data can be used to expose ‘greenwashing’ and misreporting.</span></span></span></p> <p><strong><span><span><span>GW: Lastly, Bogdan, what are some of the more medium-term investment opportunities in this industry? And how long will it realistically be for private capital to be able to not only invest, but make a return in a typical closed-ended fund structure?</span></span></span></strong></p> <p><span><span><span>BG: Medium term, space-as-a-service, onboard processing, data analytics and space-based cloud services all represent excellent opportunities. Already, we see a lot of M&amp;A activity from strategic as well as financial investors across the industry. As regards IPOs, we expect at least one big space company to go public as early as next year; hopefully others will follow. But it’s important that the companies going public have solid business models and firm financial foundations. That’s a lesson learned from the disastrous special purpose acquisition companies (SPAC) saga, when a number of companies went public far too early, and without an underlying and robust value proposition. In any event, investors in growth funds will see liquidity much earlier than those in the early-stage funds.</span></span></span></p> <p>**********</p> <p><span><span><span><strong><em>Bogdan Gogulan </em></strong><em>is CEO and Managing Partner of<strong> </strong></em><a href="https://www.newspace.capital/"><strong><em><span>NewSpace Capital</span></em></strong></a><strong><em> </em></strong></span></span></span></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/private-equity-qa" hreflang="en">Private Equity Q&amp;A</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10739&amp;2=bookmark" token="ysWFHnmw3chopGkEpmo8JOOhp1WV_FQYslI-I_1XF1o"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Mon, 18 Mar 2024 11:15:14 +0000 AlphaWeek Staff 10739 at https://www.alpha-week.com PE Firms Are Back in Investment Mode and Sharpening Their Focus on Value Creation https://www.alpha-week.com/pe-firms-are-back-investment-mode-and-sharpening-their-focus-value-creation <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>PE Firms Are Back in Investment Mode and Sharpening Their Focus on Value Creation</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-image--features.html.twig * field--node--field-image.html.twig * field--node--features.html.twig * field--field-image.html.twig * field--image.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-image field--type-image field--label-hidden field__item"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_style' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/styles/article_full/public/2024-03/Value-Creation.jpg?itok=5P7pqAk9" width="400" height="225" alt="Value Creation" typeof="foaf:Image" /> <!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-style.html.twig' --> <!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Wed, 03/13/2024 - 08:40</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span>An upturn in private equity investing seems to be underway, with more firms demonstrating a willingness to deploy capital. However, with multiples constrained and exits continuing their slow recovery, managers are sharpening their focus on value creation.</span></span></span></p> <p><span><span><span>Analysts reported a significant uptick in private equity deal activity in the final quarter of 2023, signalling renewed buoyancy and increased confidence about investing in businesses with growth potential. Much of the investment capital is currently being directed to businesses in distress, where working capital is depleted, which is making it harder for the business to pursue growth opportunities.</span></span></span></p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'entity_embed_container' --> <!-- BEGIN OUTPUT from 'modules/contrib/entity_embed/templates/entity-embed-container.html.twig' --> <div alt="Tom Ackfield" data-embed-button="entity_browser_button" data-entity-embed-display="image:image" data-entity-embed-display-settings="{&quot;image_style&quot;:&quot;&quot;,&quot;image_link&quot;:&quot;&quot;,&quot;image_loading&quot;:{&quot;attribute&quot;:&quot;lazy&quot;}}" data-entity-type="file" data-entity-uuid="8a7e1065-36a9-4cc2-aff9-d6878a77e8aa" data-langcode="en" title="Tom Ackfield" class="embedded-entity"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/inline-images/Tom-Acfield.jpg" alt="Tom Ackfield" title="Tom Ackfield" typeof="foaf:Image" /><!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --><!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --></div> <!-- END OUTPUT from 'modules/contrib/entity_embed/templates/entity-embed-container.html.twig' --> <figcaption>Tom Acfield</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p><span><span><span>The increased confidence among private equity managers is largely due to more realistic value expectations among private companies, which means realising gains is that bit more achievable. However private equity managers also recognise that there is a real opportunity to optimise investment value through value creation.</span></span></span></p> <p><span><span><span>One important way to create value is to focus on establishing a clear ESG strategy and delivery plan, which can make portfolio companies stand out in their chosen markets. Private equity managers can add value by supporting the development of compelling ESG credentials and driving improvements across the business. For example, understanding the link between carbon and cost is vital and can uncover opportunities to reduce cost by investing sustainably.</span></span></span></p> <p><span><span><span>As well as using ESG as a critical valuation lever, private equity managers appreciate the importance of cost understanding to unlock value-driving potential. For example, an in-depth understanding of the cost of a specific product or service can flag opportunities for small changes that will deliver significant value, as well as potential sustainability gains, over time. A professional and robust approach to data capture and analysis, combined with AI-powered cost modelling tools, can help to drive operational efficiency and reduce cost. If a portfolio company has multiple divisions, there could also be an opportunity to realise value through consolidation, for example, by centralising back-office functions and improving operational efficiency.</span></span></span></p> <p><span><span><span>Historically, private equity managers would have often expected to increase the multiple  on their investment portfolio . However, in today’s market they realise that gains are more likely to come from cost reduction or other value-driving initiatives, and it is important to act quickly. With their depth of sector-based knowledge, private equity managers and their advisory teams are ideally placed to add value through benchmarking. For example, knowing how much a company in a given sector should be investing in IT support services or paying senior-level employees could help to optimise their cost base without increasing risk or impacting the portfolio company’s employer brand.</span></span></span></p> <!-- THEME DEBUG --> <!-- THEME HOOK: 'filter_caption' --> <!-- BEGIN OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --> <figure role="group" class="align-right"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'entity_embed_container' --> <!-- BEGIN OUTPUT from 'modules/contrib/entity_embed/templates/entity-embed-container.html.twig' --> <div alt="Julie Neal" data-embed-button="entity_browser_button" data-entity-embed-display="image:image" data-entity-embed-display-settings="{&quot;image_style&quot;:&quot;&quot;,&quot;image_link&quot;:&quot;&quot;,&quot;image_loading&quot;:{&quot;attribute&quot;:&quot;lazy&quot;}}" data-entity-type="file" data-entity-uuid="9e8f6d70-3332-435f-930f-f7231eb68dd0" data-langcode="en" title="Julie Neal" class="embedded-entity"> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image_formatter' --> <!-- BEGIN OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'image' --> <!-- BEGIN OUTPUT from 'core/modules/system/templates/image.html.twig' --> <img loading="lazy" src="/sites/default/files/inline-images/Julie-Neal.jpg" alt="Julie Neal" title="Julie Neal" typeof="foaf:Image" /><!-- END OUTPUT from 'core/modules/system/templates/image.html.twig' --><!-- END OUTPUT from 'core/modules/image/templates/image-formatter.html.twig' --></div> <!-- END OUTPUT from 'modules/contrib/entity_embed/templates/entity-embed-container.html.twig' --> <figcaption>Julie Neal</figcaption></figure><!-- END OUTPUT from 'core/modules/filter/templates/filter-caption.html.twig' --><p><span><span><span>With fewer portfolio companies pursuing IPOs in the current macro-economic climate, private equity managers are more likely to be looking to exit through a strategic sale to a trade buyer or a secondary buyout. In some cases, a ‘buy and build’ acquisition strategy could help to boost the portfolio company’s valuation significantly prior to exit. However, at a time when distressed sales are prevalent, private equity managers must adopt robust due diligence at every stage of the deal process. They should also stay close to the management team in the first 100 days following the acquisition to smooth the integration process and galvanise the business from the top down. </span></span></span></p> <p><span><span><span>With interest rates in the UK set to fall steadily this year and so much dry powder still available, the current upturn in private equity investment is expected to continue. Private equity firms that have taken steps to strengthen their value creation expertise and embraced AI and data analytics to improve their strategic decision-making will be best placed to optimise value at the point of exit.</span></span></span></p> <p><span><span><span>**********</span></span></span></p> <p><em><strong>Tom Acfield </strong>is Strategy Director and <strong>Julie Neal</strong> is a Director and private equity market expert at </em><strong><a href="http://www.vendigital.com/"><em>Vendigital</em></a></strong></p> <p><strong>***</strong></p> <p><em>The views expressed in this article are those of the authors and do not necessarily reflect the views of AlphaWeek or its publisher, The Sortino Group</em></p> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/private-equity-guest-articles" hreflang="en">Private Equity Guest Articles</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10733&amp;2=bookmark" token="oNTx8HSz9dnWtXG5qb0gOmHvOxfQB9oZC8BcZ5uNlww"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/tom-acfield-julie-neal" hreflang="en">Tom Acfield | Julie Neal</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">Public</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Wed, 13 Mar 2024 08:40:45 +0000 AlphaWeek Staff 10733 at https://www.alpha-week.com Invest Europe ESG KPI Report Shows Increased Engagement, Progress on Climate Change and Higher Female Representation https://www.alpha-week.com/invest-europe-esg-kpi-report-shows-increased-engagement-progress-climate-change-and-higher-female <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Invest Europe ESG KPI Report Shows Increased Engagement, Progress on Climate Change and Higher Female Representation</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Tue, 03/05/2024 - 10:00</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span><span><span><span>European trade group <em>Invest Europe</em> has published the second edition of its Environmental, Social, Governance (ESG) Key Performance Indicator report today. </span></span></span></span></span></span></p> <p><span><span><span><span><span><span>The publication, entitled ‘</span></span></span><a href="https://www.investeurope.eu/esg-kpi-report/"><strong><span><span><span>ESG KPI Report: Managing what you measure</span></span></span></strong></a><span><span><span>’, features data on 1,057 firms and encompasses 2,216 funds and 6,531 portfolio companies. <span><span><span><span>Three key findings show that 78% of firms had ESG investment and portfolio management processes in 2022, including 90% of buyout firms, demonstrating clear and established industry-wide focus on ESG; w<span><span><span><span>omen, on average, held 38% of full-time equivalent roles at companies in the study, a three-percentage-point increase on the prior year’s sample and held on average 26% of board seats; and <span><span><span><span>12% of portfolio companies had Net Zero commitments in 2022, with the figure rising to 20% for buyouts.</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p> <p><span><span><span><span><span><span>In addition to key environmental and social measures, <em>ESG KPI Report: Managing what you measure</em> investigates essential governance themes, indicating that seven in ten portfolio companies have anti-bribery and corruption policies, as well as initiatives to manage cybersecurity risks. The survey also probes deep into climate-related topics, for example tracking companies’ carbon footprints through total Scope 1, 2 and 3 GHG emissions, as well as carbon intensity per thousand euros of turnover.</span></span></span></span></span></span></p> <p><span><span><span><span>“Progress on issues like climate change and diversity starts with engagement and commitment. The fact that more firms are measuring the impact of their businesses on a range of detailed key ESG performance indicators, shows the European private equity and venture capital industry’s real focus on environmental, social and governance standards," said <span><span>Eric de Montgolfier, CEO of Invest Europe.</span></span></span></span></span></span></p> <p><span><span><span><span>“Where firms have taken the step to measure their ESG impacts, we see an improvement in performance on measures such as female representation, renewable energy use, and commitments to net zero. The scale of the challenge is huge and there is much more to do, but it is clear that the industry is moving in the right direction. <span><span><span><span>Firms embracing ESG are not only driving positive change but also reaping the rewards. From boosting female representation to embracing renewable energy and pledging to go net-zero, the evidence is clear: the PE and VC industry is stepping up. While the challenge looms large, this proactive momentum signals a shift towards a sustainable future," he added.</span></span></span></span></span></span></span></span></p> <p><span><span><span><span><span><span>Invest Europe’s ESG KPI report is the result of collaboration with national associations involved in the </span></span></span><a href="https://www.investeurope.eu/research/about-research/data-collection/"><span><span><span>European Data Cooperative</span></span></span></a><span><span><span>, with the KPIs based on metrics currently being used by private equity and venture capital firms across Europe to track their impacts on the environment, individuals and society.</span></span></span></span></span></span></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10699&amp;2=bookmark" token="X5wc0hEmooUXEu3AsyB5h7bw9mIQMxROehbDRTBT4ho"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Tue, 05 Mar 2024 10:00:23 +0000 AlphaWeek Staff 10699 at https://www.alpha-week.com Renovus Capital Partners Closes First Multi-Asset Continuation Fund https://www.alpha-week.com/renovus-capital-partners-closes-first-multi-asset-continuation-fund <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Renovus Capital Partners Closes First Multi-Asset Continuation Fund</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Tue, 02/27/2024 - 16:56</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Philadelphia-based Renovus Capital Partners has closed its first multi-asset continuation fund at approximately $325mn. </span></span></span></p> <p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The new fund was formed to recapitalize four portfolio companies from Renovus Capital Partners, LP and Renovus Capital Partners II, LP. In addition, the Renovus Continuation Fund makes available an incremental $60mn of capital to fund strategic acquisitions for the continuation fund portfolio companies. </span></span></span></p> <p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The formation and funding of the new fund was anchored by leading limited partners including funds managed by New 2ND Capital, RCP Advisors, Blackstone Strategic Partners, Montana Capital Partners, Unigestion, Arcano Partners and rollover from the three Renovus co-founders.</span></span></span></p> <p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">“The successful establishment of the Renovus Continuation Fund marks another significant milestone for Renovus as a firm,” said Atif Gilani, Founding Partner at Renovus. “The commitments that the CV received from top-tier investors validate our investment strategy and the strength of our portfolio. At the same time, the CV was approved unanimously by existing LPs, a strong vote of confidence in our work for them to date.”</span></span></span></p> <p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Founding Partners Brad Whitman and Jesse Serventi added, “Renovus has meaningfully grown the companies in the CV portfolio since our original investment, and we are proud of their performance. With this infusion of new capital, we look forward to continuing to build them, further prove out our investment theses and deliver superior outcomes for all our stakeholders.”</span></span></span></p> <p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">“We are delighted to form this long-term partnership with Renovus and are excited for what the future has in store as the firm continues to build on its commitment to its business and doing well for investors," said Tjarko Hektor, the lead partner from New 2ND Capital.</span></span></span></p> <p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">The four companies in the continuation fund include <span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Aretum, a Maryland and Virginia based technology and specialized services provider to 20+ federal civilian and military government agencies; <span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">ClinicalMind a New York based full-service medical communication company; <span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Lockstep Technology Group, a Georgia-based technology services company providing mission critical technology infrastructure, cloud solutions and IT management consulting to education, governmental and medical entities in the Southeastern U.S; and P</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">hoenix East Aviation, a Florida-based FAA certified pilot training school serving domestic and international students seeking to become commercial airline pilots.</span></span></span></span></p> <p><span><span><span lang="EN-US" xml:lang="EN-US" xml:lang="EN-US">Jefferies served as exclusive financial advisor through the partnership of its private capital advisory and industry focused investment banking teams, with DLA Piper serving as Renovus’ legal counsel. </span></span></span></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/private-equity-firm-and-fund-news" hreflang="en">Private Equity Firm And Fund News</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10688&amp;2=bookmark" token="htPEJiPn0caLTZ5ih4DVFA32cMYmLPWNHfeHbg8xy5E"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Tue, 27 Feb 2024 16:56:02 +0000 AlphaWeek Staff 10688 at https://www.alpha-week.com Levine Leichtman Capital Partners Acquires USA Water https://www.alpha-week.com/levine-leichtman-capital-partners-acquires-usa-water <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--title--features.html.twig x field--node--title.html.twig * field--node--features.html.twig * field--title.html.twig * field--string.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <span>Levine Leichtman Capital Partners Acquires USA Water</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--title.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--created--features.html.twig x field--node--created.html.twig * field--node--features.html.twig * field--created.html.twig * field--created.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <span>Fri, 02/23/2024 - 13:41</span> <!-- END OUTPUT from 'core/modules/node/templates/field--node--created.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--body--features.html.twig * field--node--body.html.twig * field--node--features.html.twig * field--body.html.twig * field--text-with-summary.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><span><span>Levine Leichtman Capital Partners has acquired USA Water from Warren Equity Partners, in partnership with management.</span></span></p> <p><span><span>Headquartered in Rosenberg, Texas, USA Water is a provider of operations and maintenance services for water and wastewater systems across the Southeast United States.</span></span></p> <p><span><span>“We are delighted to partner with USA Water, one of the leading O&amp;M providers of water infrastructure services,” said Matthew Rich, Partner at LLCP. “USA Water has built a stellar reputation due to its ‘customer first’ culture and best-in-class service capabilities, which have driven an incredibly loyal client base and a long-term track record of consistent growth. We are excited to work with Jeff [Haley, CEO] and the USA Water team to broaden the Company’s service capabilities and geographic footprint through both organic initiatives and strategic acquisitions.”</span></span></p> <p><span><span>USA Water will continue to be led by Haley and the existing executive team, who will maintain significant equity ownership in the company alongside LLCP.</span></span></p> <p><span><span>LLCP was advised by Kirkland &amp; Ellis. USA Water was advised by Harris Williams and Holland &amp; Knight.</span></span></p></div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-tags--features.html.twig * field--node--field-tags.html.twig * field--node--features.html.twig * field--field-tags.html.twig * field--entity-reference.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/private-equity-north-american-deals" hreflang="en">Private Equity North American Deals</a></div> <div class="field__item"><a href="/directory/levine-leichtman-capital-partners" hreflang="en">Levine Leichtman Capital Partners</a></div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <drupal-render-placeholder callback="flag.link_builder:build" arguments="0=node&amp;1=10651&amp;2=bookmark" token="pd9hqaJAT6DqDEvLo4G3n6-JDjyWOkYtuy7AZMPDdOQ"></drupal-render-placeholder> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-author--features.html.twig * field--node--field-author.html.twig * field--node--features.html.twig x field--field-author.html.twig * field--entity-reference.html.twig * field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <a href="/author/greg-winterton" hreflang="en">Greg Winterton</a> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field--field-author.html.twig' --> <!-- THEME DEBUG --> <!-- THEME HOOK: 'field' --> <!-- FILE NAME SUGGESTIONS: * field--node--field-content-role--features.html.twig * field--node--field-content-role.html.twig * field--node--features.html.twig * field--field-content-role.html.twig * field--list-string.html.twig x field.html.twig --> <!-- BEGIN OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> <div class="field field--name-field-content-role field--type-list-string field--label-above"> <div class="field__label">Content role</div> <div class="field__item">AlphaWeek Basic</div> </div> <!-- END OUTPUT from 'themes/gavias_vinor/templates/fields/field.html.twig' --> Fri, 23 Feb 2024 13:41:50 +0000 AlphaWeek Staff 10651 at https://www.alpha-week.com