Notable News in Private Equity September 2020

A monthly email providing news from the world of private equity.

Notable Notes ..."Investors have recognized that the greatest periods of outperformance in the private markets relative to public markets are as you're going through and coming out of a downturn." - Andrew Schardt, head of direct credit at Hamilton Lane

...“Don’t be buffaloed by experts and elites. Experts often possess more data than judgment. Elites can become so inbred that they produce hemophiliacs who bleed to death as soon as they are nicked by the real world.” - Colin Powell

A New Decade for Private Markets McKinsey Global Private Markets Review 2020 Read more www.mckinsey.com 401(k) Plans Finally Can Invest in Private Equity,... I n June, the Labor Department issued regulatory guidance allowing American savers access to invest in private-equity vehicles through their 401(k) retirement plans. While not allowing 401(k) vehicles to make direct investments in private-equity... Read more www.nationalreview.com Global dealmakers: North American M&A market update 2020 COVID-19's impact on M&A and the general market in the first half of the year was swift, and the resulting unemployment rate and sudden draw down on lines of credit has created chaos in the debt markets. Debt funds are also dealing with mark... Read more www.bakertilly.com Texas Economy's Rebound Stalls in July after Gains in... Christopher Slijk and Keighton Hines The resurgence of COVID-19 in July appears to have reversed economic gains in Texas that emerged when the virus' frequency abated in May and June. Employment and other activity had increased strongly from... Read more www.dallasfed.org WSJ News Exclusive | Sixth Street Partners Amasses One... A former affiliate of private-equity firm TPG has amassed one of the biggest pools of private capital on record as investors seek opportunity from the economic uncertainty unleashed by the coronavirus pandemic. Sixth Street Partners has brought... Read more www.wsj.com

2020 Private Equity Outlook: H1 Follow-Up Assessing our predictions amidst the pandemic Read more files.pitchbook.com SEC Votes to Expand 'Accredited Investor' Definition The SEC voted 3-to-2 to expand its "accredited investor" definition Wednesday morning, moving beyond its original focus on income and net worth to also include "knowledge and expertise." The changes expands the pool of those who qualify to invest ... Read more www.wealthmanagement.com Download the September issue of Private Equity... A secondaries special: Is the market over-levered?; The SI 30 ranking of the biggest firms; Meet the next generation of industry leaders; Plus much more. Read more www.privateequityinternatio... Middle Market Business Index eases along with economy Following the burst of initial optimism that came with the reopening of the economy in May and early June, overall business conditions began to ease and then recede. This slowdown is showing up in a range of economic reports, including U.S. Read more rsmus.com Changing Times Have Led To New Trends In Amendments To... The COVID-19 pandemic--coupled with volatility in the energy markets--brought to an abrupt end the longest expansion of the U.S. corporate credit cycle. In the second quarter, the U.S. gross domestic product (GDP) declined at an annualized rate... Read more www.spglobal.com

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