Michelle Celarier

2 days ago | institutionalinvestor.com | Michelle Celarier

The trouble with venture capital is not going away. Since 2022, the total value of venture capital assets under management has been declining while VC funds continue to struggle with exits, more funding rounds are either flat or down from previous ones, and investor anxiety about not receiving expected distributions grows.

1 week ago | institutionalinvestor.com | Michelle Celarier

Weeks before Donald Trump was inaugurated, bringing Elon Musk and the Department of Government Efficiency to Washington with him, J.P. Morgan Asset Management’s Michael Cenbalest was skeptical of how much money the effort could save. Instead of Musk’s claim of $1 trillion to $2 trillion in savings, Cembalest calculated that the total would come to about $150 million. He was close: Recently Musk suggested it would only amount to $160 million.

1 week ago | institutionalinvestor.com | Michelle Celarier

After the banking system nearly collapsed during the 2008 financial crisis, Congress in 2010 passed the Dodd-Frank legislation, forcing banks to hold more capital against risky commercial loans. It also pushed corporate lending into the hands of private equity firms like Apollo Global Management, Blackstone Group, Ares Management, and KKR. The upshot was a $1.7 trillion private credit industry that investors loved.

4 weeks ago | institutionalinvestor.com | Michelle Celarier

Private equity is facing lackluster fundraising and few options to sell portfolio companies — but that has been a tailwind for the secondary market, which investors use to sell their stakes in PE funds. In 2024, secondaries had a record year by raising what PitchBook estimates was $101.6 billion, a 29 percent increase over 2023. That burst of activity in secondaries came as overall fundraising in privates fell about 45 percent, according to the research firm’s annual review of the market.

1 month ago | institutionalinvestor.com | Stephen Taub |John Crabb |Michelle Celarier

It is another nightmare year for Casdin Capital. The life sciences hedge fund was down 32 percent in the first quarter alone in a generally rough period for much of the sector. As a result, 2025 could be Casdin’s third disastrous year in the past five, making it nearly impossible to predict when or if the firm will ever hit its high-water mark.