Fidelity International eyes LTAF launch as private assets co-CIO exits

McCaffery joined the asset manager in 2019 as the lead for alternatives and solutions before taking on a broader global CIO position, where he has played a key role in helping to build and diversify the firm’s private asset capabilities.  Prior to his time at Fidelity, he headed up abrdn’s global alternatives division, including all activity in liquid alternatives, private markets and real asset investing. His departure comes as Fidelity explores plans to join Schroders, BlackRock, Aviva Investors and Fulcrum in launching a private assets LTAF for UK pension schemes.  LTAFs elude r…

Fidelity International prepares LTAF launch as private assets co-CIO exits

McCaffery joined the asset manager in 2019 as the lead for alternatives and solutions before taking on a broader global CIO position, where he has played a key role in helping to build and diversify the firm’s private asset capabilities.  Prior to his time at Fidelity, he headed up abrdn’s global alternatives division, including all activity in liquid alternatives, private markets and real asset investing. His departure comes as Fidelity explores plans to join Schroders, BlackRock, Aviva Investors and Fulcrum in launching a private assets LTAF for UK pension schemes.  LTAFs elude r…

Ares, CDPQ and Schroders Capital agree €750m Vantage financing

Ares Management’s Infrastructure debt and alternative credit strategies, CDPQ and Schroders Capital’s private debt and credit alternatives team will provide up to €750in financing to data centre provider Vantage Data Centers.

Ares and CDPQ are providing up to €300m respectively, and Schroders Capital is contributing up to €150m, with the financing set to be used to expand Vantage’s EMEA data centre portfolio.

The Vantage EMEA portfolio comprises of 14 campuses, across London, Frankfurt, Berlin, Milan, Warsaw, Zurich, Cardiff, Dublin and Johannesburg. According to a press release, the portfolio aims to generate 751MW of combined IT capacity.

Markets underestimate geopolitical risk as raft of elections looms, ECB’s De Guindos says

“Markets sometimes are underestimating the potential impact of geopolitical risks that are there,” European Central Bank Vice-President Luis de Guindos told CNBC. Stock markets soared to record highs this year despite half the world heading for elections this year and ongoing wars in the Middle East and Ukraine. “What we are saying is that this is a potential vulnerability. That is a risk that we have to take into consideration when looking forward,” De Guindos said.

Europe’s macroeconomic outlook is brighter — but markets may be underestimating the potential for sudden destabilization due to geopolitics, the vice-president of the European Central Bank said Thursday.

“We are talking about the electoral cycle that is going to take place not only in the U.S., but as well in Europe. And simultaneously, we are referring to geopolitical risks. I think that, you know, markets sometimes are underestimating the potential impact of geopolitical risks that are there,” Luis de Guindos told CNBC’s Annette Weisbach.

Markets are good at calibrating financial and economic risks but struggle to incorporate the separate dimension of geopolitical risk which is often viewed as an all-or-nothing binary, he said.

Stock markets in Europe and the U.S. have soared to record highs this year, brushing past the impact of ongoing wars in the Middle East and Ukraine and a host of coming elections in which half the world’s adult population will head to the polls.

The ECB on Thursday released its latest Financial Stability Report, which stated that euro area financial stability has improved due to a better economic outlook and falling inflation.

Rising geopolitical risks present “considerable downside risks,” the ECB warned in the report. Risks remain “high” on a historical basis, it added, given factors such as rising debt service costs, signs of banking profits peaking, and the ongoing downturn in commercial real estate.

The report attributes the rally in financial markets to analyst expectations of interest rate cuts from major central banks this year.

“Growing signs of pricing-for-perfection [are] creating the potential for outsized market reactions to disappointments,” the report said.

De Guindos said the ECB did not factor in any concrete outcomes when it comes to the results of the elections, but that overall they posed the possibility of additional fragmentation in the global economy.

The ECB vice-president noted

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Copper’s machine-led rally looks set to falter

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Pension providers in backlash over green league tables

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Ranked: The World’s 50 Largest Private Equity Firms

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The World’s 50 Largest Private Equity Firms

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

In 2023, private equity firms controlled $8.2 trillion in assets globally according to McKinsey & Company, a figure that has rapidly expanded since the industry first emerged 40 years ago.

As large investors such as pension funds and insurance companies increasingly look to private markets, these alternative asset managers have seen their assets grow by more than twofold in the last five years.

This graphic shows the top 50 private equity firms worldwide, based on data from Private Equity International (PEI).

The Top 50 Private Equity Firms

To determine the rankings, private equity firms were defined as those that raise capital with the purpose of directly investing in businesses, covering diversified private equity, venture capital, growth equity, buyouts, along with turnaround or control-oriented distressed investment capital.

The ranking does not include funds of funds, private investment in public equity (PIPE), or funds that follow a secondaries, real estate, infrastructure, hedge fund, debt or mezzanine strategies.

Below, we show the 50 biggest private equity companies around the world, measured by the scale of capital raised over the five-year period ending March 31, 2023:

RankingFund ManagerCityCapital Raised 1BlackstoneNew York$125.6B 2KKRNew York$103.7B 3EQTStockholm$101.7B 4Thoma BravoChicago$74.1B 5The Carlyle GroupWashington DC$69.7B 6TPGFort Worth$55.0B 7Advent InternationalBoston$52.9B 8HgLondon$51.0B 9General AtlanticNew York$48.7B 10Warburg PincusNew York$48.5B 11Silver LakeMenlo Park$48.3B 12Goldman SachsNew York$45.4B 13Bain CapitalBoston$44.3B 14Clearlake Capital GroupSanta Monica$44.0B 15CVC Capital PartnersLuxembourg$41.8B 16Vista Equity PartnersAustin$41.5B 17Clayton, Dubilier & RiceNew York$41.1B 18Hellman & FriedmanSan Francisco$40.9B 19Insight PartnersNew York$40.2B 20Leonard Green & PartnersLos Angeles$39.6B 21Permira AdvisersLondon$34.8B 22CinvenLondon$32.7B 23Brookfield Asset ManagementToronto$31.2B 24Nordic CapitalSaint Helier$31.1B 25Genstar CapitalSan Francisco$29.9B 26Francisco PartnersSan Francisco$28.3B 27Tiger Global ManagementNew York$28.3B 28Blue Owl CapitalNew York$27.2B 29Partners GroupZug$26.7B

Stocks making biggest moves premarket: Under Armour, Walmart, AMC, GameStop, Canada Goose and more

Walmart shopping bag is seen in Krakow, Poland on February 9, 2024. Jakub Porzycki | Nurphoto | Getty Images

Check out the companies making headlines in premarket trading.

Under Armour — The sportswear maker’s Class A shares slumped 11% and its Class C stock fell 9% after it issued lower-than-expected full-year earnings guidance. Under Armour now expects earnings in the range of 18 cents to 21 cents while analysts polled by FactSet had forecast 59 cents.

Canada Goose — The coat maker jumped more than 12% after beating Wall Street estimates for sales and earnings in its fiscal fourth quarter. Canada Goose said one key profit margin metric “will expand by approximately 100 basis points compared to fiscal 2024” this year.

Walmart — The big-box retailer popped 4.7% after reporting adjusted first-quarter earnings of 60 cents per sharer, topping the 52 cents expected from analysts polled by LSEG. Revenue was $161.5 billion, beating the $159.5 billion consensus estimate. Walmart said it made big gains in e-commerce and won over more high-income shoppers.

Chubb — Stock in the insurance company climbed more than 8.1% before Thursday’s opening bell after Warren Buffett’s Berkshire Hathaway revealed Chubb is the secret stock the conglomerate has been accumulating. Berkshire bought nearly 26 million shares for about $6.7 billion making it the second-largest holder in Chubb, according to a regulatory filing.

Cisco Systems – The networking equipment stock gained 3% after posting stronger-than-expected fiscal third-quarter results. Cisco Systems also hiked its 2024 revenue guidance, saying it now expects revenue of $53.7 billion at the midpoint of a range.

Meme stocks — Shares of AMC and GameStop extended losses following the revival of the meme stock movement on Monday and Tuesday. Stock in movie theater chain AMC fell nearly 11% on Thursday, while GameStop pulled back roughly 14%. For the week, however, shares of AMC and GameStop have soared more than 80% and 140%, respectively.

Deere & Company — The agricultural equipment maker slipped nearly 6% after slashing its full-year outlook. Deere now forecasts net income of about $7 billion in 2024, compared to a previous estimate that called for $7.75 billion.

Baidu — Shares of the Chinese tech company were up less than 1% after releasing first-quarter results. Baidu reported CNY 31.51 billion ($4.7 billion) of revenue, topping the CNY 31.34 billion expected by analysts, according to StreetAccount.

GoodRX — The healthcare

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