In this episode, Brian Thies and Christopher Wolfe of Fitch Ratings speak with PERE Americas editor Miriam Hall about the outlook for multifamily real estate in the US and how banks may be exposed.

Banks’ multifamily lending has grown 32 percent since the end of 2019, per a Fitch report last month, to hit $613 billion at the end of 2023. That is a complicating factor for some regional banks, especially those with significant exposure to rent-controlled assets or areas facing oversupply. “The performance is still looking good, but that growth is probably masking what's underneath,” Wolfe said on the show.

Theis said it is an asset that has “flown under the radar” to a certain extent. “It's a class within CRE that has seen significant growth over the last four years – and as such, most of that was underwritten at extremely low interest rates,” he added. “So now, as a lot of that is coming up for refinance, it's doing so at significantly higher rates.”

PERE’s April cover examines outlook for multifamily, which you can read here.

Specialisation in the private equity industry has become part and parcel of its growth, with almost half of the roughly $785 billion raised for private equity strategies last year focused on non-buyout strategies.

In this episode, senior editor Adam Le sits down with Richard Anthony, chief executive of investment bank Evercore’s private funds group, to hear his advice for GP clients wanting to launch so-called 'ancillary' strategies.

For more, check out privatequityinternational.com.

Across the globe, EVs are seeing an uptick in both usership and government support. They stand to deeply reshape power grids, so the infrastructure supporting them has become top of mind for forward-thinking infrastructure investors. In this episode, we sit down with Benjamin Bygott-Webb, a managing director at EQT, and Gregory Remec, head of North American infrastructure at Fitch Ratings, to explore the investment opportunities – both direct and indirect – and how those investments may impact the already precarious electric grid.

To learn more, check out these stories on infrastructureinvestor.com: 

• The key is in the ignition, but will EV charging in the US start up?

In this episode of Second Thoughts, our bi-monthly take on the biggest trends and developments in secondaries, Secondaries Investor's Madeleine Farman, Adam Le and Hannah Zhang cut through the headline figures in 2023's advisory reports to break down geographic trends and key themes in the market.

Total deal volume sat somewhere in the region of $109 billion to $115 billion in 2023 with LP-led volume making up $56 billion to $66 billion.

Farman, Le and Zhang delve into topics including APAC secondaries market activity, structured liquidity offerings such as NAV loans, preferred equity and GP commit financing, and the popularity of multi-asset continuation funds as managers seek to find ways to generate DPI for LPs.

It's no secret that raising Asia-Pacific private equity funds has become extremely difficult, with regulatory uncertainty, geopolitical tensions and shifting risk appetites contributing to one of the region's toughest-ever fundraising environments.

According to Private Equity International data, funds in the region raised $49.2 billion last year, down substantially from $77.6 billion in 2022 and less than half the $122.9 billion raised in 2021. Only 187 funds held a final close in 2023 – roughly half the 365 closed in 2022 and less than a third of the 637 closed in 2021.

With LPs more selective than ever in the region, the onus is on GPs to stand out from the crowd. In this episode, PEI Group Hong Kong bureau chief Alex Lynn sits down with three of the region's most senior fundraisers – Monument Group partner Niklas Amundsson, Atlantic-Pacific Capital partner Vincent Ng and Asante Capital's head of Asia Ricardo Felix – to discuss how shifting LP appetites are reshaping these markets.

To read more about what to expect from APAC private equity in 2024, read our story in Private Equity International here.

For more, be sure to also check out PERE's February cover story "Private real estate’s collision course with geopolitics."

Geopolitical tensions topped the list of near-term downside risks for businesses in the latest global risk survey by economic forecasting firm Oxford Economics. It is also a risk of particular relevance for the private real estate industry, given how geopolitical conflict stands to have a detrimental effect on property returns on both a macro and micro level.

In this episode, PERE editor Evelyn Lee speaks with Abby Rosenbaum, associate director at Oxford Economics, about how geopolitical uncertainty overall contributes to a higher-for-longer interest rate environment, which is considered to be the most damaging risk scenario on real estate performance. At the same time, specific geopolitical conflicts – namely, the escalating war in the Middle East and the looming threat of a conflict in the Taiwan Strait – also have a direct negative impact on real estate returns, but that impact varies by market and sector in less-than-obvious ways.

Endowments and foundations are some of the most consistent investors in private equity, and they often have some the highest allocations to the asset class. But have the challenges private equity has faced over the last 12 months dented their appetite? What are some of these investors thinking when it comes to their private equity portfolios?

In this episode of Spotlight, senior editor Adam Le sits down with Jill Shaw, a managing director at global consultancy Cambridge Associates, to find out what advice she is giving her clients when it comes to private markets portfolio construction and which investment strategies are most attractive to them.

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast

PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have defined the world of private credit over the past 10 years.

In this sixth and final episode, Akila Grewal, partner in client and product solutions at Apollo, discusses the progression of her firm’s private debt business, as well as her personal growth within the industry.

If you haven’t yet, be sure to subscribe to the Private Debt Investor Podcast wherever you like to listen, or click here. There, you’ll continue getting market-leading insight into the world of private credit from some of the industry’s biggest names, as well as PDI’s team of reporters and analysts.

And be sure to also check out our Decade of Private Debt special report at privatedebtinvestor.com.

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast

PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have defined the world of private credit over the past 10 years.

In this fifth episode, European Leveraged Finance Association CEO Sabrina Fox reflects on the highs and lows of borrower/lender deal negotiations in the industry.

To get the entire six-part miniseries right now, and continue getting market-leading insight into the world of private credit afterwards, search and subscribe to the Private Debt Investor Podcast wherever you like to listen, or click here.

And be sure to also check out our Decade of Private Debt special report at privatedebtinvestor.com.

Subscribe to the new Private Debt Investor Podcast wherever you like to listen, or click here: https://www.privatedebtinvestor.com/podcast

PEI Group publication Private Debt Investor recently celebrated its 10-year anniversary, and now it's launching its own podcast! To kick it off, PDI is taking a six-part look back with its Decade of Private Debt podcast miniseries, speaking with some of the industry's leading figures about the challenges, triumphs and the evolving dynamics that have defined the world of private credit over the past 10 years.

In this fourth episode, cross-published here on Spotlight, Pemberton’s co-founder and managing partner Symon Drake-Brockman discusses how the industry has evolved and recounts the process of shaping Pemberton into the powerhouse it is today.

To get the rest of the six-part miniseries right now, and continue getting market-leading insight into the world of private credit afterwards, search and subscribe to the Private Debt Investor Podcast wherever you like to listen, or click here.

And be sure to also check out our Decade of Private Debt special report at privatedebtinvestor.com.