The Market Huddle
MH+ Ep. 21: Kevin Catches Up With Rupert Mitchell
Nov 29, 2023
Kevin catches up with Rupert Mitchell, author of Blind Squirrel Macro. They discuss problems in private equity and credit, the phenomenon of not marking books to market, concerns about market knowledge among institutional investors, skepticism towards private credit, aggressive US competition in Europe, closed-end fund analysis and trade opportunities, and Rupert Mitchell's weekly note and podcast.
36:37
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Quick takeaways
- Private equity firms lack judgment compared to traditional funds, focusing on volatility laundering.
- Possibility of a gradual decrease in deal flow and underperformance by major private equity firms due to a deteriorating broader market.
Deep dives
The Problems in Private Equity and Private Credit
Rupert Mitchell from Blind Squirrel Macro discusses the problems in private equity and private credit. He mentions the lack of judgment of private equity firms compared to traditional funds and the focus on volatility laundering. He also highlights the risks associated with intermediaries in the private asset market and the potential for a market correction. Mitchell suggests that the excessive liquidity in the market and the lack of natural institutional buyer base for UK equities could lead to a slow puncture in the private equity industry.
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