The global credit meltdown has significantly changed the private equity industry in several ways:
1) Confidence in private equity's ability to achieve high returns has diminished.
2) Private equity has ceased being a highly visible economic driver.
3) Firms are now focused on preserving the value of existing holdings rather than new deals.
4) Opportunities for exits and distributions have declined, resulting in lower returns.
However, some of these changes may be for the better as reduced prices will likely yield high future returns, and a return to less frenzied dealmaking could be positive. Challenges remain for the industry to adapt to the new environment.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
ubiPitch: Servicio de videoconferencias/webseminar masivo integrado con facebook y otras redes sociales. Herramienta masiva para hacer marketing y relacones publicas online masivamente.
This presentation summarises recent macroeconomic developments in Latvia and outlines a medium-term outlook for real GDP and inflation. Presentation reviews ongoing economic recovery, labour market issues and includes analyses on core factors behind the path of inflation. The main focus of the presentation is on the issue of competitiveness of the Latvian economy pointing to the costs adjustment process and productivity gains, as well as presenting export performance, market shares and current account developments. Presentation also features slides on monetary and financial market developments.
ubiPitch: Servicio de videoconferencias/webseminar masivo integrado con facebook y otras redes sociales. Herramienta masiva para hacer marketing y relacones publicas online masivamente.
The global outsourcing industry is constantly evolving through new contracting award characteristics and an expanding universe of successful service providers. ISG's TPI Index helps industry participants, enterprises and organizations keep pace and capitalize from the latest data on outsourcing trends. It is the authoritative source for marketplace intelligence related to outsourcing: transaction structures and terms, industry adoption, geographic prevalence and service provider metrics.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
USDA Loans in California: A Comprehensive Overview.pptx
Carlyle Presentation
1. How the Global Credit Meltdown Has
Changed the World of Private Equity
– For The Better
David M. Rubenstein
Co-Founder and Managing Director February 4, 2009
1
2. At The Peak
! 2007 commitments to new funds increased by 64% from 2000
and 2,250% from 1990
! 75 funds of $5 billion or more were raised from 2003-2007
! 58 deals of $5 billion or more were completed from 2003-
2007 (up 5,700% from 1996 – 2000 period)
! 2003-2007 13,000 deals were completed (up 140% from 1996
– 2000 period)
! Senior loan volume for sponsored transactions reached $485
billion in 2005-2007 (up 386% from 1999 – 2001 period)
! Debt / EBITDA multiples increased by 50% from 2001 (4.1x
Debt / EBITDA average) to 2007 (6.2x EBITDA average)
! Purchase price / EBITDA multiples increased 62% from 2001
(6.0x average) to 2007 (9.7x average)
! Top 20 public pension funds’ allocations to private equity
exceeded $100 billion from 2000 to 2007
Source: Thomson Venture Economics, data as of 12/31/08; Capital IQ; Dealogic, data for sponsor-entry transactions;
2 S&P LCD; Private Equity Council, Primer 2007.
3. Now
! Global deal value declined from $738 billion in 2007 to $212
billion in 2008
! Commitments to new funds declined from $152 billion
committed in first quarter of 2008 compared to $49 billion
committed in last quarter of 2008
! Distributions decreased from 3Q07 to 4Q08 by 78%
Source: Thomson Venture Economics, data as of 12/31/08; Capital IQ; Dealogic, data for sponsor-entry transactions;
3 S&P LCD; Private Equity Council, Primer 2007.
4. Fundraising Has Slowed
Annual Private Equity Fundraising ($B)
Global:
Global CAGR ('01-'07): 18% (5%)
$500 $449 $425
400 $362
$329
$286
300 $259
$233
200 $165 $166
$113 $127
$80 $89 $93
100 $51 $52
0
2001 2002 2003 2004 2005 2006 2007 2008
U.S. Global
Source: Thomson Venture Economics, data as of 12/31/08.
4
9. How The Private Equity World Has Changed
1. Confidence in the Future Has Been Diminished
" From 2002-2007, confidence in private equity's
ability to achieve superior returns was at highest
levels ever
" Now: some have concerns (a) whether private
equity can yield attractive returns on investments
made in 2005-2008 period; (b) whether private
equity can ever again reach the returns achieved by
private equity at its peak
9
10. How The Private Equity World Has Changed
2. PE Has Ceased Being the Visible Face of Economic
Change and Activity
" From 2005-2007, private equity was so active in its
buying new companies that it essentially became
the symbol of capital activity
" Now: public focus has been on systemic risk from
commercial and investment banks, insurance
companies, and hedge funds
10
11. How The Private Equity World Has Changed
3. PE's Main Focus Is Now to Preserve Value of Its Existing
Holdings
" PE firms have been spending most of their time on
their portfolio companies--cutting costs, preserving
cash, and surviving until the economy and
investment world returns
11
12. How The Private Equity World Has Changed
4. PE Firms Have Sought to Do With Their Firms What
They are Telling their Portfolio Companies to Do
" PE firms have been cutting the size of their staffs,
reducing other costs, preserving their cash, and
refocusing their efforts on their core businesses
12
13. How The Private Equity World Has Changed
5. PE Firms are Focusing on Preserving Strength of their
Funds
" Firms are in more regular dialogue with their
investors about current investment needs and
opportunities
13
14. How The Private Equity World Has Changed
6. PE firms Have Recognized the Enormous Difficulty of
Raising New Funds for the Foreseeable Future
" Even strongest and best known will find fundraising
hardest in decades; PE firms without well known
brands or long track records realize they may not be
able to raise new capital at all for quite awhile
14
15. How The Private Equity World Has Changed
7. New Investments Will Be Far Different in Nature,
Shape, Size and Structure Than in the 2003-2007 Period
" Now: investments are few in number; tend to be
less than $3 billion in size; have stringent debt
terms (where there is debt); have traditional
EBITDA multiples; require about 45-50% equity
(where a control position is being purchased); and
are increasingly minority stake positions
15
16. How The Private Equity World Has Changed
8. Opportunities for Exit Have Been Reduced, Resulting In
Lower Returns and Fewer Distributions
" PE firms will have to hold onto their companies
longer or take prices far below their once
anticipated exit levels; and provide less frequent
distributions than once projected
16
17. How The Private Equity World Has Changed
9. More than a Few of the Best Known and Largest
Investments completed in the 2005-2007 Period Will
Have to Be Recapitalized in Order to be Preserved
17
18. How The Private Equity World Has Changed
10. Increased government regulation of banks and other
lending organizations could constrain credit availability
beyond normal market constraints
18
20. What 2009 Will Bring to the World of Private Equity
1. Relatively few U.S. buyouts will be completed; buyout
firms will be focused on their existing portfolios;
sellers will not like the available sale prices; and banks
will not return to lending for all but the safest
transactions. Buyouts completed in this environment
will likely yield high returns in several years
2. Private equity firms will complete, proportionately, a
higher percentage of non-control investments than
ever; many of these will be outside the U.S. and
Europe, in emerging markets
3. Exits on existing investments will be relatively few,
with strategic buyers providing the only available exit
route
20
21. What 2009 Will Bring to the World of Private Equity
4. Few new funds will be raised at the sizes truly desired
by private equity firms; funds which are raised will be
raised by the best brand name firms or firms with
specialized expertise in attractive niches
5. Some investors will continue selling their stakes in
private equity funds; the sales will yield larger than
normal discounts to NAV
6. Other investors will increase their private equity
stakes; and some investors not yet in private equity
will enter the private equity world
21
22. What 2009 Will Bring to the World of Private Equity
7. More than a few well-known investments will likely not
survive
8. New private equity funds (for new organizations) will
have a difficult time getting any funding
9. Private equity firms will reduce the size of their
organizations and will narrow their focus
10. The appeal of PE to new MBA’s and financial
professionals will be reduced, as compensation and
activity are reduced
22
23. Why Might All Of This Be For The Better?
1. Need for private equity capital is greater than ever
2. Reduced prices will likely yield very high returns for
private equity capital invested now and over the next
2-3 years
3. Many private equity transactions now available do not
need new debt, or any debt
4. A return to normal patterns is always welcome--less
frenzy, uneconomic activity, more time to improve
companies
5. Pressure on banks to lend will result in enhanced credit
availability for deals needing leverage--likely by mid--
2009
6. Co-investment opportunities will be far greater than
before
23
24. Why Might All Of This Be For The Better?
7. Debt will be on terms which ensure more discipline in
the investment decision and process
8. Pressure to invest funds quickly will be reduced
9. Less disciplined buyers will be largely removed from
the market
10. Governments and others will increasingly see private
equity as a solution to problems
11. Enhanced recognition that private equity was not a
cause of systemic risk--not a cause of the economic
decline
12. Expectations of what private equity can do to fix
companies, achieve returns, solve society's problems
will return to more normal (and realistic) levels
13. Private equity will stabilize; better firms will stay in
business and grow
24
25. Why Might All Of This Be For The Better?
14. Image of private equity will have a chance of
improving as more normal investment patterns and
performance returns
15. Private equity will emerge as the clearly preferred
form of alternative investing
25
26. Challenges For The Industry
1. Recognize that the world of finance--and private
equity--has dramatically changed over the past year
(this is not your father’s private equity world), and the
private equity firms need to adapt their investment
approaches and business model to accommodate these
changes--if they want to continue to be active in the
private equity world
" The Theory of Evolution applies to private equity as
well as to animal species
26
27. Challenges For The Industry
2. Realize that governmental actions can play a larger
role in the private equity world, and be prepared
therefore to better explain to government officials--
and the general public--precisely how private equity
adds value to an economy and therefore deserves to be
treated as an important and valued partner in
economic growth and recovery plans
" It is up to the industry to ensure that governments
understand and value private equity
27
28. Challenges For The Industry
3. Work to strengthen limited partner relationships and
trust by understanding limited partner concerns and
needs and aligning interests as closely as possible over
a reasonable period
" The economic and structural relationships of the
industry are not written in stone; they may need to
be updated to reflect the new world of private
equity
28
29. Challenges For The Industry
4. Recognize that the current public image of the
industry is not a positive one, and continued efforts
(by GP's and LP's) to improve this image (and ensure
there is reality behind this image) will be needed if the
industry is to be seen as additive to society rather than
negative for society
" The public needs to be treated as a partner if the
industry is going to survive and prosper; and
partners need to be informed about what is actually
occurring on a timely basis
29
30. Challenges For The Industry
5. Preserving as much equity and as many jobs as possible
during the economic downtown
" What happens in the private equity world will not
stay in the private equity world; what is done in this
period will be remembered far more than what is
done in good economic times
30
31. How the Global Credit Meltdown Has
Changed the World of Private Equity
– For The Better
David M. Rubenstein
Co-Founder and Managing Director February 4, 2009
31