Elm Capital First Half 2017 Newsletter

October, 2017

Prices in the first half of 2017 increased compared to the second half of 2016, equalling the peak pricing levels seen in the second half of 2015.
The median of the highest bids received by Elm Capital was 98% of net asset value across fund types
The prices being offered for buyout funds ticked up to 100% of net asset value, equalling the record level seen 18 months ago
The first half of the year saw new players emerge on both the buy and sell side, with non-traditional buyers such as pension funds entering the market
Fund-of-fund managers are now approaching the market in record numbers, both as a way to liquidate pre-2007 tail end vehicles and to crystallise performance on more recent vintages
With interest rates still at record lows, cheap debt continues to support leverage in transactions, though rate hikes are on the horizon
GP-led transactions continue to be an important theme in the secondary market

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