October 2024

This month, we head to the world of alternative alternatives… cars, watches, art and wine/ whisky. But first, performance and news. 

September was another turbulent month for hedge funds, but they mostly closed in positive territory. There were some sizeable fundraisings, but BlackRock’s AI fund stood out. Joint ventures and new targets were announced, with Apollo looking to hit $1.5 trillion by 2029. There were more developments in the UAE, with CFM opening up in Dubai and the region now housing a quarter of the top 100 hedge funds. Europe had a decent start in H1 PE fundraising, although H2 looks to be tougher. The Marex/ AIMA survey findings show that emerging managers are adapting to this environment. While Chris Hohn’s CIFF pledged an extraordinary $516 million in 2023 to good causes.  Plus more…

Douglas Walla, Founder of Kent Fine Art, writes on art’s bifurcation into value and momentum. 
PistonDAO’s Emanuel Georgouras looks at fractionalisation in the luxury car market.
Bordeaux Index’s Matthew O’Connell picks up wine & whisky and the role of trading platforms.
Carr Watches’ Dominic Carr expands on the return of the watch market and the ones to ‘watch’ out for.

In Letter from America, Prosek’s Mark Kollar delves into the fast-growing world of private credit and in particular the growth of Asset-Based Financing, which he sees as “taking center stage in private markets.”