White Papers By Date
How concerned should you be about market liquidity? What sectors of the markets would be most affected in a liquidity crisis and how might such a crisis begin? Is contagion to other market sectors a real concern? These are important questions for investors, however their portfolios are currently deployed.
Since the Financial Crisis, investor confidence in their advisors has plummeted. Clients are wondering exactly what it is that advisors are doing for them and how to measure how well they are doing it. In this white paper, Greycourt outlines in detail the types of advice wealth advisors should be giving, and how clients can measure the value of that advice.
As tax rates on high income taxpayers have risen – and are expected to continue to rise – families have begun to dust off a long-neglected tax shelter: investing via insurance dedicated funds, or IDFs. The use of private placement variable annuities and private placement life insurance, in both onshore and offshore varieties, has risen significantly in recent years, but those vehicles allow assets to be invested only in IDFs. In this white paper, Greycourt takes a look at the world of PPLI and PPVA policies and concludes that, given the paucity of tax shelters available today, many families may want to take a look.
Once an investor decides to allocate capital to private equity, the first question is: “How should I go about it?” Properly structured, private equity can be the most rewarding sector of an investment portfolio. Unfortunately, most investors in private equity don’t earn returns anywhere near what they need to compensate for the risks they have taken. The purpose of this paper is to summarize the private equity opportunity, identify the key risks, and outline a strategy for investing in private equity sensibly and profitably. This paper is designed to be useful to investors who are looking to put less than $50 million into a diversified private equity portfolio.
Currently a $36 billion industry and growing, impact investing is increasingly significant in the investment marketplace. However, confusion still exists in our industry about what impact investing really is and how it has evolved. Our latest white paper defines impact investing, discusses its importance in today’s world, discusses the investment considerations for interested investors and the critical first steps that each investor should take when pursuing impact investments.
Despite the fact that over the past decade most long-only active equity managers have failed to produce attractive returns (after taxes, fees and inflation), investors continue to hire and hold these kinds of investments. Our latest white paper examines the decades of underperformance of active managers and possible explanations for the underperformance, as well as important considerations for investors that are pursuing passive and active equity investing in their portfolios.
Secondary investments in private equity can be an attractive addition to primary private equity investments. They offer broad diversification across vintage years, industries, geographies, managers and investment strategies. Generally, capital is deployed faster than with primary commitments, reducing the time that commitments are held in reserve, and they have shorter life cycles than primary funds. Realizations usually occur more quickly, driven by the maturity of the interests acquired. This has the benefit of minimizing the impact of the J-curve. This paper will examine some of the key elements of secondary investing and of investing with secondary fund managers, and will provide a framework for evaluating secondary managers.
Many members of wealthy families have a complicated relationship with their wealth, and this is often especially the case with young adults. This paper examines the issues faced by wealthy families in the context of the historically important role that society’s wealthiest members have played and continue to play in America’s competitive success and in making the world a better place.
There is some uncertainty surrounding the future of long-term and short-term capital gains tax rates, especially given the fact that the Presidential election is fast approaching and the expiration of the Bush era tax rates is on the horizon. However, even in the current environment it is possible for investors to take action.
Most investors are well aware of the exceptional track record compiled by Yale University under the leadership of CIO David Swensen. But we suspect that far fewer investors are familiar with the Norway Government Pension Fund (NGPF), which can fairly be viewed as the “anti-Yale.” The NGPF is now the largest sovereign wealth fund in the world and probably the most admired as well. In the attached paper we’ve taken a look at the interesting implications of these different models for family investors.