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PLANTING COINS: THE FOURTEENTH REPORT
- October ended with a positive performance of +29.4%
Gregory is a seasoned asset manager with over 20 years of experience and strong investment expertise across innovation equities, longevity, and alternative investments. Before joining Kaleido Private Bank, Gregory was Chief Investment Officer at an investment boutique responsible for strategies focusing on exponential technologies across various sectors and technologies. Earlier in his career, he performed due diligence for growth companies in healthcare, life sciences, and ICT, and chaired the alternative investment committee for a major Swiss bank. As a fund manager, he has a strong track record in managing multiple high-performing equity and liquid alternative funds. Gregory brings a unique blend of strategic leadership, technological acumen, and investment expertise, continually striving to uncover opportunities for growth and innovation at the intersection of longevity and technology. An accomplished athlete, Gregory also excels in personal fitness, having competed at the CrossFit World Championship twice and earning a spot among the top 20 athletes worldwide.
The Kaleido Private Markets Fund is about to launch, with a first closing expected in late summer 2023. We are partnering with Petiole Asset Management, a FINMA – licensed Asset Manager based in Zurich. Petiole has a 20 years track record of investing in the Private Markets, including Private Equity, Private Debt and Real Estate. Their investment staff has an average investment experience of 17 years.
The investment strategy of the closed-end fund is to deploy capital predominantly in healthcare, consumer goods & services and in technology. The fund will invest in 10-20 different companies through direct and co-investments. This will provide our investors with a full look-through at the portfolio level. Most importantly, Kaleido only charges fees on invested capital rather than on committed capital - unlike the industry standard.
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The Tenity Incubation Fund I invests in fintech & insurtech companies at angel, pre-seed and seed stage, all emerging from the Tenity Flagship Incubation programs across its hubs in Europe and Asia. The fund aims to be the first institutional investor in a startup, supplying the team with funding, hands-on support and network throughout the four-month Tenity incubation program to accelerate business growth on a larger scale. The sweet spot are founders, who are at idea stage or product development but are pre-market and have not raised yet or only a small family round.
The fund delivers both strategic and financial return on investment. Tenity builds a supersized portfolio and retains a broad market coverage of several hundred companies, covering all subsegments of fintech and insurtech. It opens a unique opportunity for investors to participate in early-stage innovations with high potential impact for the financial industry.
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Over the past decade, the private equity market more than tripled in size and demonstrated itself to be a substantive and compelling alternative asset class as returns outperformed public markets by a considerable margin. During this time, general partners (GPs) raised ever-growing funds and returned to market for the next fund at a more rapid pace and larger size. At the same time, investors poured more money into the asset class.
The majority of private equity growth has been in a long, low interest rate environment. Even the pandemic did not hold it back. The industry was setting new annual records for exits and entries. Fundraising topped $1 trillion in 2021, another high-water mark.
Record inflation, surging interest rates and a foggy economic forecast put the brakes on private equity dealmaking. As credit headwinds continue, private equity is preparing investment strategies for an even longer investment cycle as continuation funds are on the rise. Longer investment cycles mean that private equity firms have more time to play out their value-creation strategies with portfolio companies.
Conventional wisdom in private equity is that economic downturns produce some of the industry's best vintages. Corporate valuations dip, allowing private equity to enter new investments at a discount. With any luck, the economic cycle will have shifted when it comes time to exit after private equity's typical three- to five-year hold period for portfolio companies.
A short introduction to longevity.