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RETURNS, RISKS AND LIQUIDITY OF LBO FUNDS IN Q2 2020
Our latest Quarterly Private Equity Performance report shows that after a long period of benign market conditions and strong performance, LBO funds recorded a significant fall in returns during the first half of 2020. The first quarter witnessed a sharp drop, with TVPIs for active LBO funds falling from 1.45x in Q4 2019 to 1.36x. The decrease then continued in Q2 2020, albeit less sharply downward, as the COVID-19 pandemic’s impact on portfolio companies’ value and activity started to materialize. To some extent, managers have included the evolution of listed stock prices in the fair value of investments. However, listed stock prices have subsequently recovered some lost ground. In contrast, net asset values have continued to deteriorate, signaling adjustments due to the virus’s impact on portfolio companies’ operations. So far, this is a significant drop, but not a “crash”.
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ABOUT ALADDIN
Aladdin® is a technology platform used by asset managers and owners including banks, financial institutions, pensions, corporations, insurers, and wealth managers. The Aladdin platform unifies the investment management process, providing a common data language within an organization to enable scale, provide insights, and support business transformation. Through eFront® technology, alternative investment data management is covered to meet the needs of alternative investment professionals worldwide and across all major alternative asset classes. From fundraising, fund administration and reporting to data services and analytics, the platform provides capabilities to support decision making and investment oversight.
Aladdin® and eFront® platforms bring together public and private asset class data to create an industry-recognized whole portfolio solution for investment professionals globally. Find out more at www.blackrock.com/aladdin | request@blackrock.com
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