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Backseat Drivers: Private Equity and Shareholder Activism

By Martin Loinig Initially posted on the BSPEC blog For background on shareholder activism, refer to our posts on activist defense and targeted companies Historically speaking, the relationship between private equity funds and activist hedge funds has been shaped less by collaboration and more by confrontation. Activist investors, holding minority stakes in public companies, often

Interview with: Private Debt Analyst

What is Private Debt? Think Private Equity, but in debt instruments. Private Debt invests in privately placed bonds that are closely negotiated between the bond issuer and purchaser. Debt structures are often highly tailored to the needs of the issuer. Due to this closed negotiation process, private debt investors often can "peek under

Benchmarking & Performance Evaluation for Mutual Funds

The Mutual Fund Conversation Living in a city with a high cost of living makes it difficult to save money. Eventually, most young professionals start earning more as they move up in their career progression or become more responsible for spending/stop living paycheque by paycheque and start investing to grow their

Block Trades/Block Sales

What Is A Block Trade? For a company that is already publicly listed, there are times when an investment bank or a syndicate of investment banks will purchase a significant amount of shares from a major shareholder or group of shareholders in a private, negotiated transaction in what is known as

Activist Shareholder Defense

How Does the Market React to Activist Shareholders Even if the returns on stocks with activist campaigns are not necessarily always positive, generally the market reacts positively to initial news of an activist investor taking a sizable position in the stock. Although activist campaigns will disrupt operations as management will attempt

Activist Shareholders and Targeted Companies

Who Are Activist Shareholders or Investors Most investors are "passive investors"1. Passive investors, in the context of activist shareholders, are buy-side accounts (asset managers) that do not agitate for change by bringing up motions at shareholder meetings. Generally, when an institutional investor invests in a company, they are making a bet