BeBeez Trading Floor roundup with eToro support about the performances of private capital firms listed on global exchanges.
After the Federal Open Market Committee (fomc) of 15 – 16 September, Tuesday and Wednesday, the Fed rose by 25 basis points the interest rate which now amounts to 4%. Higher energy costs are creating inflationary pressures. On 10 September, Thursday, the European Central Bank made the same decision bringing the rate on deposits to 2.50%.
Investors anticipated such moves; therefore, stock prices did not plummet in a severe way.
London-listed Bridgepoint Capital (+2%) benefited of the sale to a Pantheon continuation fund of 1.2 billion euros worth in bonis credits (press release). Such a deal confirms that Bridgepoint’s portfolio is not difficult to cash while generating liquidity for the funds’ limited partners, a factor that became very important in recent months.
NYSE – Listed Blackstone Secured Lending Fund (BXSL) (+1.8%) attracted the resources of those investors that focused on the beneficial effect that a rise in interest rates would have on the profitability of US BDC loans. BXSL also offered an over 12% yield.
However, rising interest rates are having a negative impact on private equity funds, especially thoes based in countries that are part of de-risking trends. The yield of Italy’s long-term sovereign bonds (Btp) rose to 4.4% after the central banks implemented a more restrictive policy. This framework and the end of shares buy-back on 14 September, Monday, affected Milan – Listed Tamburi Investment Partners (-11.4%).
The equity risk off impacted also NYSE – Listed Hamilton Lane (-8.6%).
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