Expert: Andrew Lister, Director, Portfolio Manager/Analyst Lazard Facilitator: Rupert Phelps, Consultant
Headlines:
- The benefits of investing in listed private market companies, including investment trusts and private market asset managers.
- The size and scope of the listed private markets universe and its advantages, such as enhanced liquidity and potential for higher returns.
- Valuation discrepancies and liquidity considerations as key factors when navigating listed private markets.
- The role of thorough research and understanding managers' valuation practices to mitigate risks.
Discussion points:
A detailed overview of the listed private markets space, emphasising the benefits of this investment approach. Key points included:
Liquidity
Accessing the private markets universe via listed entities allows investors to benefit from periodic trading opportunities.
Diversity and scale
The extensive range of investment options, including trusts and asset managers, offers flexibility and portfolio diversification.
Potential returns
Opportunities for attractive returns by identifying undervalued or "unloved" assets within this market segment.
Valuation discrepancies
Concerns about inconsistencies in valuation practices among private market managers.
Liquidity needs
Strategies for balancing long-term investments with the ability to respond to changing market conditions.
Suggestions from delegates highlighted the importance of evaluating new products and opportunities, such as emerging platforms like Pisces in the USA, for trading private assets periodically.
Key takeaways:
- Conduct thorough research on managers’ valuation practices when investing in listed private markets
- Evaluate liquidity requirements to ensure alignment with investment goals, especially in "unloved" asset categories
- Monitor private market sectors for performance trends and emerging opportunities
- Explore innovative products like Pisces in the USA to enhance liquidity options in private markets
