Each quarter, we survey managers across the New York Life Investments platform to gather views, identify priority themes, and pressure-test investment ideas.

The rapid return of abundant liquidity and high valuations in private markets has been a focus for our U.S. managers. Despite the likelihood of modestly rising interest rates in the coming years, factors driving demand for private asset classes are likely to endure, raising concerns about future sources of return.

The story is slightly different in Europe where decentralization, geographic fragmentation, and a still-maturing market provide ample opportunity to harvest an illiquidity premium, particularly in the mid- and lower-mid market.

While the illiquidity premium may be durably lower in some markets in years ahead, the business risk premium for investors is alive and well.

This piece examine show the oft-cited “search for yield” is playing out in a new economic cycle, how managers are adapting, and priorities for excelling in a highly competitive market.

View Full Report Here.

About New York Life Investments Alternatives

New York Life Investments Alternatives LLC (“NYLIA”) is a registered investment advisor that provides comprehensive capital solutions and other alternative strategies to a broad range of institutional clients. NYLIA is comprised of three highly specialized, alternative investing boutiques: GoldPoint Partners, Madison Capital Funding, and PA Capital, collectively managing over $35 billion in assets, as of 7/31/21.*

Q3 2021 – The COVID-19 crisis forced middle market private equity sponsors to make rapid changes to core business and investment processes to keep their businesses running and their portfolios intact. Because many of these changes proved successful under the most trying circumstances, some will remain in place long after the pandemic recedes, permanently altering the industry.

To better understand how the crisis affected the middle market private equity industry, and how sponsors responded to COVID-19-related challenges, New York Life Investments Alternatives (NYLIA) partnered with Coalition Greenwich to conduct more than 100 in-depth interviews with senior professionals at U.S. middle market private equity sponsors.

This report presents the complete results of that research, including an assessment of the most important changes triggered by the crisis across core functions such as investing, deal sourcing, transaction financing, exit strategies, and fundraising. It also provides a deep analysis of which changes will persist into the post-pandemic era, as well as key learnings, including:

  • A sharpening of the investment process
  • New ways of using technology
  • The importance of relationships
  • Opportunities in ESG and DEI

View Full Report Here.

About New York Life Investments Alternatives

New York Life Investments Alternatives LLC (“NYLIA”) is a registered investment advisor that provides comprehensive capital solutions and other alternative strategies to a broad range of institutional clients. NYLIA is comprised of three highly specialized, alternative investing boutiques: GoldPoint Partners, Madison Capital Funding, and PA Capital, collectively managing over $35 billion in assets, as of 7/31/21.*