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🚨This newsletter is jam-packed with info, so hold on tight! 🚨

7 Minute Read

TIDE Barcelona

TIDE Barcelona turned the lights out in Spain! If you missed it, here's a glimpse of the successful event: It's the vibe.

But you don't have to take our word for it, check out these raving reviews:

• Carolina Siles, Lucid Management
• CFA Society Spain
• Charlotte Vince, People's Pension
• Fin Capital
• Khaoula Begdouri, Investment Strategist
• Lara Rodriguez San Cipriano, People's Pension
• Lauren Gellhaus, Wilshire
• Monarch Alternative Capital
• Moonfare
• Pavel Ermoline, Moonfare
• Yulia Alekseeva, Barings

Check out the panel posts:

• Trade and Turbulence: Navigating an Uncertain Macro Landscape, presented by Trafigura's Chief Economist Saad Rahim.
• Beyond Buzzwords: Navigating the Future of ESG and Impact Investing
• Family Office Panel
• Navigating the Noise: Public Markets Edition Panel
• The Fixed Income in Flux: Global Perspectives on Public and Private Credit
• Consultant/OCIO Panel
• Venture Capital’s Role in the AI Arms Race Panel
• Private Equity - How to Stay Ahead in a Volatile Market.
• Strategic Partnership Panel
• Final Panel - Marcie Frost & Mark Fawcett, Moderated by Darlene Sammon

There were many takeaways, but one key recurring theme is: "MEGA" - Make Europe Great Again.

As global markets adapt to shifting geopolitics, a key theme emerged at our annual European event, TIDE Barcelona: Is Trump’s "MAGA" era fueling a "MEGA" moment for the continent?

At TIDE Barcelona, institutional investors and thought leaders explored how US protectionism and policy shifts are accelerating EU integration, fiscal coordination, and market innovation. Rather than retreat, Europe is seizing this environment to strengthen its investment case and unlock new opportunities for allocators.

The event’s discussions made clear: while short-term volatility persists, the transatlantic dynamic is catalyzing long-term transformation and resilience in European markets.

For institutional investors, this is a pivotal moment to engage with Europe’s evolving landscape. Cue in the location of next year's TIDE International Edition...

Lisboa, Portugal 🇵🇹

While many cities are more conducive to increasing attendance - London (been there, built the Rolodex), Stockholm (love the Nordic LPs), or Berlin (SuperReturn never disappoints), TIDE isn't focused on chasing headcounts. It's about curating a high-caliber community that actively champions and passionately supports the mission of DEI. Quality over quantity...and also, Portuguese wines are a bonus. 🍷

TIDE SPARK

If you only get the green light 🚦 for one event this year, make it TIDE SPARK. ⚡️

With 100+ LPs already confirmed, TIDE SPARK is what career dreams are made of. (Do you like that tagline?) 😋

But time is running out: manager registration closes May 15. We will only continue to accept LP registrations.

We’ve assembled a standout speaker lineup that blends familiar, trusted names with rare and compelling voices. This year, we’re proud to be the first to feature the Maharlika Investment Corporation — the Philippines’ newly formed sovereign wealth fund — in its debut at an international investment forum. We also have an Insurance Summit as well as a Fireside Chat Session with the entire Dallas ERF team. Our panel topics will cover all asset classes from public to private, from CIOs to Consultants to Heads of Asset Classes, we've got you covered.

We'll also welcome the 2nd TIDE Future Leaders cohort. Last year was the launch of the TIDE Foundation non-profit, spearheaded by our very own unicorn, Kim Au. It has taken the industry by storm. ⛈️ The Foundation's partners include the UC Academy and UTIMCO Scholars - shout out to Craig Huie of UC Regents & Fernanda Rice of UTIMCO.

If you're an LP with some insights to share and knowledge to impart, contact me asap to be featured at the event. Below is the first round of speakers. We'll continue to line up more superstars this month.

Register today: http://tidespark2025.splashthat.com.

👗👔 Dress code theme: Purple in celebration of TIDE's Fifth Year Anniversary

🏨 Discounted rates are sold out for delegates. You may book directly at Laguna Cliffs Marriott Resort & Spa or call to see if you can still get the discounted rate - 949-661-5000. ($409 was the discounted rate, currently $600 online). For asset owners, we have 20 discounted rates left so please contact me asap.

Other options:

·         Waldorf Astoria Monarch Beach (7 mins/3.1 miles)

·         The Ritz-Carlton, Laguna Niguel (6 mins/2.7 miles)

·         Residence Inn Dana Point (5 mins/1.8 miles)



📍In the hustle and bustle of NYC

Had the pleasure of catching up with Sean Olesen, CFA, CAIA of Alfred P. Sloan Foundation in the chaos that is Midtown Manhattan - where dodging taxis counts as cardio.

Sean just joined Sloan Foundation as Managing Director of Investments, where he supports all aspects of managing the Foundation’s investment portfolio.

Sloan Foundation funds breakthroughs in STEM. Now they’ve added another sharp investment mind to the mix to help fund these breakthroughs. Smart move!

Excited to watch this new chapter unfold …and pretty cool to get the first exclusive picture of him in his new post. 😋

TIDE x State of Rhode Island Treasurer's Office

For TIDE's East Coast Edition this year, we're honored to partner with the State of Rhode Island Treasurer's Office - a leader in forward-thinking, values-aligned investing. Set against the stunning backdrop of the Ocean State’s historic marina in Newport, this year’s gathering introduces a bold new theme: Blue Ocean.

Far from the crowded waters of conventional investing, Blue Ocean strategies focus on unlocking new, uncontested opportunities — from emerging managers and underrepresented talent to innovative asset classes and partnership models. The event will spotlight how institutional capital can move beyond legacy networks and tap into performance potential where others aren’t looking.

Expect intimate conversations, high-quality LP-GP dialogue, and a setting designed to inspire fresh thinking. The tides are changing — and in Rhode Island, we’ll be leading the way forward.

Target date: September 24 or 25, 2025 - exact date to be finalized

Pre-Registration highly recommend for discounted rates: http://tidelilrhody2025.splashthat.com

Title: US consumer health: alarm bells are ringing  

Author: Kelly Iosua 

Publication date: April 29, 2025

Link: US consumer health: alarm bells are ringing (impaxam.com)

LinkedIn post: LinkedIn – US consumer health

Synopsis: In this blog – a 5-minute read – Kelly Iosua explains how rising unsecured debts, unemployment fears and tariff-driven inflation paint an ominous picture for more vulnerable credits in the US consumer discretionary sector.

Key points:

• Rising delinquency rates on credit card debts are a leading indicator of financial stress among lower income households in the US
• Prospects of a tariff-induced economic slowdown make issuers whose fortunes hinge on US consumer discretionary spending look vulnerable
• We are taking a cautious view of the US consumer sector, especially more cyclical businesses, and are watching balance sheets particularly closely

 ***

Title: Small-cap enablers of advanced digital infrastructure  

Author: Curtis Kim, CFA® 

Publication date: April 25, 2025

Link: Small-cap enablers of advanced digital infrastructure (impaxam.com)

LinkedIn post: LinkedIn – Small-cap enablers

Synopsis: In this blog – a 4-minute read – Curtis Kim identifies underappreciated growth opportunities among smaller US companies plugged into the digitalisation trend.

Key points:

• We observe several innovative smaller US technology companies that, through their products and services, are enabling – and participating in – the secular, long-term digitalisation trend
• Unlike their mega-cap peers that dominate vast and growing global markets, small-cap US technology company valuations have in aggregate fallen towards 10-year lows, relative to earnings
• We believe business models focused on niches within structurally growing areas of the global economy, like digital infrastructure, can better withstand a challenging macroeconomic climate

***

Title: Orbit disruption: credit opportunities in the satellite market  

Author: Josh Palazola 

Publication date: April 17, 2025

Link: Orbit disruption: credit opportunities in the satellite market (impaxam.com)

LinkedIn post: LinkedIn – Orbit disruption

Synopsis: In this blog – a 5-minute read – Josh Palazola, Senior High Yield Fixed Income Analyst, explains how Starlink’s ascent to dominate consumer satellite broadband has de-rated sector debt, but many incumbents remain competitive in growing niches of satellite communications.

Key points:

• Starlink's disruption of the consumer satellite broadband market has led to a rerating of high yield satellite bonds.
• Yet many government, aviation and maritime clients remain wary of fully adopting Starlink's Low Earth Orbit technology, supporting legacy providers.
• We believe that issuer-specific fundamentals are being overlooked, creating opportunities for credit investors focused on resilient business models and capital structure.

***

Title: Autonomous driving technologies gain traction  

Author: Adam Liang and Maximilian Richards 

Publication date: April 16, 2025

Link: Autonomous driving technologies gain traction (impaxam.com)

LinkedIn post: LinkedIn – Autonomous driving technologies gain traction

Synopsis: In this article – a 5-minute read – Adam Liang and Max Richards, Research Analysts, explain how Chinese carmakers are leading the integration of advanced driver-assistance systems, promising to reinvigorate the shift towards vehicle electrification.

Key points:

• Advanced driver-assistance systems (ADAS) have been rapidly adopted in China, the world’s largest electric vehicle (EV) market.
• We believe the integration of advanced driver support and autonomous driving features in new vehicles could revive the consumer appeal of EVs beyond China.
• We expect growing adoption of more advanced ADAS to support opportunities for technological leaders, including suppliers of critical hardware and software to car manufacturers.

CalPERS & CalSTRS Catalyst Forum

Sacramento, CA | May 12-13

Discover valuable insights at Catalyst: California's Emerging & Diverse Investment Manager Forum.

Hosted by California’s public pension funds CalPERS and CalSTRS, this year’s event will bring together allocators, emerging and diverse investment entrepreneurs, consultants, and industry experts to discuss best practices of allocating to today’s top emerging talent. The event will provide a unique opportunity to network and exchange ideas to stay ahead of the curve on the latest industry topics.

Ps. I will be Moderating the CIO Panel featuring Scott Chan & Stephen Gilmore. 🤩

SuperReturn International

Berlin, GE | June 2-6

The capital of private capital

2 – 6 June | InterContinental Hotel, Berlin

Visit website

Private capital’s most senior gathering.

The most senior. The most global. The most LPs. The most connections.

Don’t miss your chance to…

• Meet more than 5,500+ senior decision-makers
• Connect with 1,800+ powerful LPs with $50T AUM, and 2,700+ GPs
• Hear from an incomparable line-up of 500+ industry heavyweight speakers
• A truly global gathering from 70+ countries
• View the delegate list & arrange invaluable meetings ahead of time

Get the inside track on innovation, ESG, growth, private debt, value, secondaries, investing in sport, private wealth, regeneration and return

LPs already confirmed include AP1, CDPQ, GIC, Helmsley Charitable Trust, OTPP, Zurich Insurance Group and many more.

10% discount – VIP code: FKR3584TIDE. Book now to save!

TIDE SPARK 2025 - Stage 2 Tickets Now Available

Dana Point, CA | July 9-10

Prices will go up and will never be this low again! 😲

SEM Consortium

New York, NY | Oct 27- 29

SEM Consortium, GCM Grosvenor’s marquee conference, focuses on small and emerging managers from across the alternative investments industry. The event convenes institutional investors, consultants, and the next generation of manager talent.

Designed to inform and educate investors and consultants, SEM Consortium provides key insights into investment strategies and offers a “first look” at top talent from across the alternatives landscape. It also serves as a platform for industry professionals to gain valuable training, expand their networks, and explore opportunities shaping the future of investing.

Global FundWomen Week - Manager Applications Now Open 

We’re excited to be working alongside 100 Women In Finance (100WF) to support the Global FundWomen Week (GFWW) and help source talented female fund managers to attend the in-person conference on December 11 in New York.

This dynamic event will feature asset class speed networking, thematic roundtable discussions, and one-on-one capital introduction meetings with leading institutional investors.

If you are a female fund manager interested in attending, please apply by completing the short application form by May 30. Managers who apply will receive further details by early August to confirm their registration.

This is a fantastic opportunity to connect with allocators committed to increasing capital allocations to women-led funds and to expand your network within the industry.

Don’t miss out-apply today and be part of this impactful movement to advance gender diversity in asset management!

Interested in sponsoring TIDE's events?

E-mail kim@tidexchange.com for our exclusive sponsorship deck.

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The Investment Diversity Exchange

www.tidexchange.com