What do you think about tariffs? I’ve been doing a lot of reading up on protectionist policies over the years to see the context in which they were set and the impact they had on economies. Currently reading about the French economy under Napoleon and ways the country tried to get out from under the yoke of English sea power — including the use of punitive tariffs.
Oh my: This is my favorite sort of time, when news is as easy to pick as apples in an orchard, and the main challenge is figuring out which story to do first. This is mainly because the PE secondary market is as busy as I’ve ever seen it. My initial thought was that everyone is scrambling to finish processes before the end of the year. Several sources pushed back on that idea, saying that new processes have been introduced in the past few weeks, with more to come in December and into 2019.
It’s amazing what’s going on in this side of the market. I spend a lot of time talking about secondaries because I remember covering such deals for the first time way back in the weird, paranoid era just after the global financial crisis, when the only sales were terrified LPs desperate for liquidity.
Now, it’s completely different. It’s watching the rise of a formerly obscure market, which is expected to reach $60 billion or more in total activity when the final tallies come in for this year (we’ll see).
Done: Meanwhile, I have a story today that Eos Partners completed a broad restructuring of two older funds that puts 10 to 12 assets into a new vehicle. The deal also provided the firm with $75 million to continue investing before raising its next flagship fund.
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