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Portfolio companies of private equity and venture capital funds often provide equity-based compensation to employees. Certain forms of equity compensation, such as stock options, profits interests, or appreciation rights, are directly tied to changes in equity value. When it comes to valuation of equity compensation in privately-owned companies, th...

For a majority of impact investors, impact investing means seeking a general or specific environmental, social, or governance outcome, in addition to a financial return, from their investments. Through a collection of articles on impact investing—including how The Russell Family Foundation has charted a course to impact investing—famili...

Congress on December 20, 2017 gave final approval to the House and Senate conference committee agreement on tax reform legislation (HR 1 or the Act). The Act will affect mergers, acquisitions and other deals and includes several areas of interest to businesses, including business tax rates, interest expense, cost recovery and immediate expensing, a...

Investors focus on the yield curve with good reason—an inverted curve has historically led to recession and eventual stock market losses. However, these stock market declines take time to materialize, suggesting that an inverted yield curve is less a “predictor” of stock market declines than a challenge to economic functioning. Th...

Low inflation, subdued global growth, and historically elevated stock valuations are the realities we believe your investment portfolios face over the next five years. Investors can position their portfolios for the long-term with these six key themes in mind: valuation superstructure, entrenched growth, stuckflation, monetary godot, populist catha...

Moving into 2018 there is a need to prepare for a subtly changing investment environment. It is time for a comprehensive reality check, and the Ten Themes for 2018 can help you understand the opportunities and risks ahead. We think that we will see another year of positive, if generally rather lower, investment returns. Beginning with theme number ...

At more than one thousand pages, the new tax reform package has plenty of both carrots and sticks for U.S. taxpayers. Both the short- and long-term effects of the new legislation on economic growth in the U.S. are uncertain at this point, but changes in the tax code will undoubtedly confer both benefits and penalties on certain segments of the U.S....

The broadest index of global stock market performance (MSCI ACWI) has gone more than 400 days without a pullback of 5% or more, the longest such streak in 30 years. It is no surprise, then, that experienced investors are riding the rally with one foot on the gas and a hand on the parking brake. The only thing that can be said with certainty is this...

Signs point to the U.S. economy being near or in a late (or pre-recession) stage, yet stock market valuations are elevated and inflation is inexplicably soft. We share its outlook for the U.S. and global economies and—in light of stretched valuations, low bond yields, and expected higher volatility—where qualified investors can look for...

Millennials have surpassed the Baby Boomers as the nation’s largest demographic segment. And with more than $30 trillion passing to them through inheritance over the next 30 years, Millennial investors are determined to make an impact and use their wealth to reshape not just markets, but the world. Given that only 28% of ultra-high-net-worth ...

Cryptocurrencies, or digital currencies, have captured the imagination and interest of investors around the world. Three main factors have driven this interest: the role of cryptocurrencies as bold new upstarts in the world of electronic payments; their meteoric rise in value since they were created less than a decade ago; and the perennial search ...

For investors who can withstand the risk, investments made to support climate change and generate competitive returns can be found in the private equity markets—it’s one of the top five ways to adapt your portfolios to climate change and support the Paris Climate Agreement. Another way is to integrate your values with your investments b...

The real estate private equity market has been an attractive asset class with record fundraising market performance and increasing investor allocations. Within real estate investments, the single family rentals (SFR) market has a strong outlook. The highly fragmented SFR market presents an opportunity for real estate funds to leverage its industry ...

While 2018 will have a difficult time living up to 2017’s stellar returns, we believe the markets should still have a more-than-decent showing. Central to this generally optimistic view of the markets is our expectation that the global economy is fairly healthy. Broad-based synchronized growth, which began in 2017, should continue into 2018 a...

The supply-and-demand dynamics are setting up for a very good year for municipal bonds relative to Treasuries. New-issue supply will most likely drop materially from above $400 billion the last two years to below $300 billion, which would be a low supply not seen in over 20 years. Demand will be particularly strong from high net worth individuals t...