Paul Elias

San Francisco

Writer at Freelance

Reporter at Mergers & Acquisitions

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Articles

Ideas & Opinions - Paul Elias: NJUHSD Board President's dressing down

3 weeks ago | theunion.com | Paul Elias

I recently told my 5-year-old grandson, “I may not be smart, but I sure try not to be dumb as well!”After attending the June 4 NJUHSD Board of Trustees meeting, apparently Board President Andrew Klein, the recipient of a well-received public comment dressing down, hadn’t been given that same advice at an early age.
Looking Past Infra's Megadeals to MM Investments

3 weeks ago | themiddlemarket.com | Paul Elias

While large-cap infrastructure transactions continue to dominate headlines and attract fierce competition, some institutional investors and asset managers are turning to a quieter, less crowded corner of the market: middle-market secondaries. HarbourVest Managing Director Michael Dean says the middle market—especially in the secondaries space—offers overlooked advantages over megadeals.
Antares’ $1.2B CV Highlights Credit Secondaries Rise

3 weeks ago | themiddlemarket.com | Paul Elias

Continuation vehicles, long a staple in private equity, are now gaining traction in private credit as managers seek more solutions for liquidity and portfolio management. Here’s more. Antares Capital, with the backing of Ares (NYSE: ARES), announced Monday it closed a $1.2 billion private credit continuation vehicle to extend its hold on 100 first-lien loans in two maturing funds.
GP Stakes Eyes Rebound Amid PE's Liquidity Chase

3 weeks ago | themiddlemarket.com | Paul Elias

After a few years of subdued activity, GP stakes investing is showing signs of renewed vigor with active fundraising campaigns targeting at least $20 billion. Institutional investors, including returning pensions and first-time investors like RIAs, are boosting current GP stakes fundraising efforts after hitting an all-time low of $3.2 billion in 2023.
PE Looks Beyond Traditional Fundraising For Capital

4 weeks ago | themiddlemarket.com | Paul Elias

With institutional fundraising in steep decline, firms are rapidly overhauling their fundraising playbooks to gin up investment capital. Here’s why. Continuing to face a tough fundraising climate and longer timelines from their institutional investor base, PE firms are leaning into alternative funding structures beyond the traditional closed-end fund.
LP NAV Loans and Market's 'Golden Window'

1 month ago | themiddlemarket.com | Paul Elias

I’m Paul Elias and this is your weekly insider’s guide to the secondary markets. Private credit secondaries and NAV loans to LPs, instead of GPs, are on the rise. Meanwhile, the man in charge of investing Kuwait’s roughly $1 trillion says a “golden window” is opening. TOP STORIESFlavors of NAV“There are two flavors in the market,” Teachers Retirement System of Texas special opportunities head Ashley Baum says of NAV loans.
Ideas & Opinions - Paul Elias: Andrew Klein's YouTube video

1 month ago | theunion.com | Paul Elias

I was disappointed in the May 17 issue of The Union. Where’s your coverage of this YouTube everyone in the county should know and watch to determine for themselves whether Klein’s strong personal beliefs impact his votes and steering the agenda of the NJUHSD board, as in viewing two of his fellow board members as two “liberal cult” members? Who’s in a cult to say he can’t think of anything Trump has done in his 100 days he’d disagree with?
LMM Healthcare PE Firms Defy Exit Gloom, Draw LPs

1 month ago | themiddlemarket.com | Paul Elias

Healthcare-focused lower-middle-market shops are achieving successful exits and leveraging these wins to boost fundraising efforts. Only 28 percent of North American buyout funds distributed capital to LPs in Q1 2025, a steep drop from over 50 percent in the same period two years ago, according to Preqin. But among lower middle-market managers, especially those operating in niche verticals like healthcare services, there have been signs of life.
Ideas & Opinions - Paul Elias: I'm your NIMBY

1 month ago | theunion.com | Paul Elias

Sorry Mr. Durkin, I disagree with your May 22 column, “Wishes and Consequences,” advocating a county ordinance to allow travel trailers and RVs, functioning or not I assume, (or they won’t be for long), to be placed on people’s property for housing. And who says this “housing” is going to go for the “unhoused” who are illegally camping on private and public property and certainly a wildfire threat to the community?
Debt Concerns Prompt Opportunistic Capital Raises

1 month ago | themiddlemarket.com | Paul Elias

Firms are betting that despite temporary relief provided by amend-and-extend transactions, fundamental weaknesses and high interest rates will eventually trigger corporate shakeouts. Sixth Street Partners, and other big investment firms, are raising billions to roll out new “opportunistic” investment strategies, multi-pronged approaches preparing for a potential wave of corporate defaults and restructurings.