Global Quarterly | October 2022

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We are pleased to share the new issue of Ferguson Partners' Global Quarterly newsletter, highlighting key transactions, people moves and industry trends impacting the global real assets industries across North America, Europe, and Asia Pacific.

In this quarter of 2022, high inflation and rising interest rates are contributing to an industry reset. The increased cost of capital and growing difficulty of securing debt has resulted in significantly lower transaction volumes. These forces have combined to create a lack of clarity around pricing and resulted in wide bid-ask spreads between buyer and seller.

Despite these challenges, there are still opportunities. Some opportunistic investors are positioning themselves to take advantage of the market dislocation and those with a highly flexible investment strategy which allows them to invest across the capital structure, in both public and private markets will be able to take advantage of this downturn. Listed real estate companies trading at significant discounts to NAV are just one example of the potential buying opportunity for private equity firms pursuing take-private strategies.

With this new paradigm, firms will need different talents within their teams. Asset managers who can triage portfolios and focus on value creation will be in demand. Those with expertise in raising capital, especially retail capital, and investor relations professionals will continue to be sought as GPs seek to communicate closely with their investors.  Unusual to previous economic downturns, we have also seen a demand for COOs with proven ability to improve organizational efficiencies.  Additionally, some firms are replacing CEOs and CFOs in order to appoint individuals with a strategy to lead their businesses in the current bear market.

Please enjoy this issue of our Global Quarterly newsletter. As always, we are available to discuss the challenges you are facing and the talent that can help your organizations identify and take advantage of the imminent opportunities.

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