Elm Capital First Half 2016 Newsletter

September, 2016

Prices in the first half of 2016 softened due to a variety of factors. Low commodity prices, the slowdown of activity in China, expectations of a rise in US interest rates and uncertainty ahead of the Brexit referendum and the US presidential election have created significant market volatility and generated a widespread sentiment that private equity valuations might have reached a peak
The median of the highest bids received by Elm Capital was 93% of net asset value across fund types
The level of bids being offered for buyout funds remained high, at 95% of net asset value, but below the record level seen one year ago
Portfolio management activity continued as investors capitalise on high prices and we saw an increase in the liquidation of tail end portfolios
Secondary funds continue to outbid other categories of buyers, however family offices and endowments showed increasing interest as prices dip as opportunities arise due to lower pricing and increasing use of the secondary market

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