Josh Lerner Featured on CAIA’s Educational Alpha Podcast
Joining CAIA Association CEO Bill Kelly, Josh Lerner kicked off season two of CAIA’s Educational Alpha podcast. Covering private equity topics from commitment strategies to generative AI’s place in private markets, Josh and Bill touch on a number of important questions throughout the episode. Josh also covers industry breakthroughs including advances in cash flow forecasting […]
Private Debt: Seeking Alpha in the Lower Middle Market
In this new whitepaper, commissioned by Heard Capital, Bella Private Markets investigates trends and opportunities in the lower middle market (LMM) of the private debt industry. Private debt fundraising has expanded considerably over the past decade, in part due to regulations that constrain bank lending and interest rate trends. This growth has paralleled and supported […]
AAPI-Owned Firms’ Access to Emerging Manager Programs
Continuing our collaboration with the Association of Asian American Investment Managers (AAAIM) on Asian American and Pacific Islander (AAPI) representation in private markets, a new report was recently released focusing on AAPI-owned firms’ access to emerging manager programs and representation in institutional investor portfolios. Our findings indicate that despite strong performance of AAPI-owned firms, they […]
Private Equity Findings Issue 20
Bella Private Markets collaborated with the Coller Research Institute to produce the milestone twentieth issue of Private Equity Findings, a publication that curates the most important cutting-edge academic research on private equity and brings together leading practitioners to discuss its implications. For this special issue, PE Findings spoke to Josh Lerner, Steven Kaplan, and Antoinette […]
Webinar: AAPI Representation in Asset Management
In collaboration with the Association of Asian American Investment Managers (AAAIM), Bella COO Alex Billias presented research findings alongside Mark Okada, Co-Founder and CEO of Sycamore Tree Capital Partners during a recent webinar. The research explores the representation of Asian Americans and Pacific Islanders (AAPIs) in asset management and was detailed in two reports released […]
Understanding Performance Benchmarking
One of the most vexing questions in private equity is the assessment of investment returns. To extract a meaningful answer regarding its performance, a private equity group must make a number of decisions about methodology and the inclusion and exclusion of data—decisions that limited partners and consultants alike often second-guess. One might think that the […]
Webinar: Cash Flow Forecasting and Predictive Analytics in Illiquid Markets
Following the publication of “Takahashi–Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations” in The Journal of Portfolio Management, CFA Society Boston hosted a webinar featuring authors Alex Billias and Sam Holt, COO and Principal at Bella, to discuss challenges in liquidity modeling. They explored the strengths and limitations of the industry’s traditional forecasting […]
AAPI Representation in Asset Management
The Association of Asian American Investment Managers (AAAIM) and Bella Private Markets recently collaborated on a new study exploring the representation of Asian Americans and Pacific Islanders (AAPIs) in asset management. The first report focuses on attrition of AAPIs as individuals advance through the career funnel and female AAPI representation across asset classes. The second […]
Introducing a New Model For Forecasting PE Portfolio Outcomes
Included in the July 2023 issue of The Journal of Portfolio Management, our paper “Takahashi–Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations” introduces a new approach to cash flow forecasting. Takahashi–Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical SimulationsDawson Beutler, Alex Billias, Sam Holt, Josh Lerner, and TzuHwan Seet Abstract: In 2001, […]
Bella Analytics
One of the most difficult issues fund managers and investors alike face in managing their private capital investment portfolios is estimating future returns. The reasons for this are manifold, ranging from a lack of sufficiently detailed or complete data needed for developing such forecasts to more nuanced methodological issues that reflect the unique nature of […]