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1、Portfolio Valuation and Fund Portfolio Valuation and Fund Advisory SnapshotAdvisory SnapshotKey Trends in Private Capital MarketsSummer 2024 Update010203040506Private Credit EnvironmentNAV Financing Market Spotlight On:Sports InvestingSpotlight On:Venture Capital and AITransaction and Trading Compar

2、ablesPrivate Capital Fundraising207Houlihan Lokey:Your Trusted AdvisorPrivate Capital Fundraising3PV QUARTERLY INSIGHTS|SUMMER 2024|Through Q1 2024,521 private market funds raised a total of$295 billion across all asset classes,on par with the$298 million raised in Q1 2023.However,the number of fund

3、s fell dramatically by 46%year over year,highlighting the increasing concentration of capital raised.Funds over the$1 billion mark accounted for 81%of Q1 2024 fundraising capital and comprise more than 60%of the total capital raised since 2018.Venture capital(VC)continued to struggle into Q1 2024,wi

4、th fundraising declining by 44%year over year,representing the slowest pace since Q1 2015.The downturn is primarily driven by the persistently sluggish deal environment,which has led to the large amounts of dry powder that remain in the market.Real assets and real estate were tracking below their hi

5、storical proportions for Q1 2024,partly due to several large funds closing in 2023.On an annualized basis,capital raised for real estate and real assets strategies are expected to decline by 30%and 16%,respectively.North America accounted for approximately 44%of the total private capital raised in Q

6、1 2024,a notable decline from 73%in Q1 2023.LP Concentration and Challenges Persist in Q1 Amid Shifting Dynamics4“Our fundraising success has come in different rate cycles and economic environments over the past decades,which supports our view that assets follow performance.”Michael J.Arougheti,Ares

7、;Q1 2024 Earnings CallPV QUARTERLY INSIGHTS|SUMMER 2024|Private Equity Fundraising by Private Equity Fundraising by Si SizezePrivate Capital Fundraising StrategyPrivate Capital Fundraising Strategy0%20%40%60%80%100%201920202021202220232024*$100M$100M-$250M$250M-$500M$500M-$1B$1B-$5B$5B+0%20%40%60%80

8、%100%201920202021202220232024*PEVCReal EstateReal AssetsPrivate DebtFoFSecondariesSource:PitchBook.*As of March 31,2024.Growth Amid Liquidity Challenges and High Rates5Source:PitchBook.*As of March 31,2024.PV QUARTERLY INSIGHTS|SUMMER 2024|PE Mega Funds Fundraising Activity in Europe(B)PE Mega Funds

9、 Fundraising Activity in Europe(B)Private Capital Raised by Region(%)Private Capital Raised by Region(%)“The secondary platform is a key component of our specialized fund growth,and our platform continues to expand as the overall secondaries market grows.The success of this fundraise is a direct res

10、ult of our market leading position within the asset class as we continue to be a holistic solution provided to both GPs and LPs seeking liquidity.”Erik Hirsch,Hamilton Lane;Q1 2024 Earnings CallPrivate equity(PE)funds comprised the largest share of capital raised in Q1 2024,accounting for 53%of tota

11、l fundraising.During the quarter,PE funds successfully raised$156 billion,on track to grow 13%year over year.However,achieving returns has proved challenging in todays environment.Exit activity in Q1 2024 decreased 11%compared to the same period in 2023.Additionally,GPs are facing the persistent iss

12、ue of accumulated dry powder,with$3.9 trillion of unspent capital,of which$1.1 trillion sits specifically within buyout funds.Playing an important role in alleviating liquidity issues,secondary funds raised$35 billion in Q1 2024,up 6%from$33 billion in Q1 2023.In 2023,secondary funds raised a total

13、of$82 billion,up 124%year over year,reflecting their attractive ability to offer LPs and GPs liquidity solutions when needed.The private capital markets in Europe have seen a notable rise in fundraising in recent years,marked by significant increases in capital deployment and European mega funds rai

14、sing record amounts.In Q1 2024,European markets raised$99 billion of private capital,or 33%of total capital raised globally during the same period.This represents a material increase compared to the$37 billion raised in Q1 2023,or approximately 17%of total global private capital raised during the sa

15、me period.0%20%40%60%80%100%201920202021202220232024*Rest of WorldAfricaMiddle EastOceaniaAsiaEuropeNorth America41.3038.0030.8043.0060.3057.1062.3069.9074.0060.3094.801313111415161823202020051015202501020304050607080901002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Capital Raised(B)Fund Co

16、untSluggish Start for VC and Private Debt6“The current market backdrop is one of the more interesting environments weve seen since the early 2000s.”Jon Winkelried,TPG;Q2 2024 Earnings CallPV QUARTERLY INSIGHTS|SUMMER 2024|VC Fundraising($B)VC Fundraising($B)%of Total VC Raised by Region%of Total VC

17、Raised by Region$280.3$261.2$372.3$335.8$191.2$29.8 2,7882,9563,9093,0831,82530705001,0001,5002,0002,5003,0003,5004,0004,500$0$50$100$150$200$250$300$350$400201920202021202220232024*Capital Raised($B)Fund CountAcross the private capital markets,Q1 2024 highlighted various challenges and opportunitie

18、s.VC struggled with continued economic uncertainties and minimal LP commitments,while private debt posted the weakest start to a year since 2016 in terms of capital raising.Global VC fundraising secured only$29.8 billion in funds in Q1 2024 and is on track to raise less than$200 billion for the year

19、,which would represent a 48%decline from 2021 levels.Both established and emerging managers struggled to raise capital,with each group raising less than 17%of their 2023 totals during the quarter.Geographically speaking,Asia saw a slight decrease in Q1 2024 VC fundraising with$14 billion of capital

20、raised as compared to$16 billion in Q1 2023.Conversely,North America raised$21 billion of VC capital in Q1 2024 relative to the$11 billion raised in Q1 2023.Without an expected increase in deal activity,LPs are hard-pressed to add further exposure to the strategy.This continues to drag on fundraisin

21、g,with North America holding the highest amount of dry powder across geographies.Q1 2024 also marked a sluggish start for private debt fundraising,contrasting sharply with the robust figures of Q1 2023.Funds closed on only$30 billion of capital in Q1 2024 compared to$50 billion in Q1 2023.This is pr

22、imarily driven by demand being siphoned off by a market rebound in more liquid alternatives with comparable yields,following record levels of private debt raised in 2023.Additionally,prolonged fundraising cycles with a median close time of 19 months relative to an average closing time of 12 months u

23、nderscore more cautious investor sentiment toward the asset class.0%20%40%60%80%100%201920202021202220232024*Rest of WorldAfricaMiddle EastOceaniaAsiaEuropeNorth AmericaSource:PitchBook.*As of March 31,2024.Private Credit Environment7PV QUARTERLY INSIGHTS|SUMMER 2024|Private Credit Market Size(AUM,$

24、T)Private Credit Market Size(AUM,$T)Movement in Key Benchmark Spreads(Basis Points)Movement in Key Benchmark Spreads(Basis Points)(100)1003005007009001,1001,3001,5001,700BBBBBBCCCMiddle MarketMiddle Market BFirst-LienSecond-Lien“Capital from the banking system and private credit is more readily avai

25、lable.Private credit and syndicated loan spreads are at historically tight levels.”Harvey Schwartz,Carlyle;Q1 2024 Earnings CallThe Federal Reserve has held the federal funds rate constant throughout the start of 2024 due to stronger-than-expected U.S.economic data.In June,Chair Jerome Powell expres

26、sed that the Fed expects to cut rates once during 2024.Due to the stability of the federal funds rate and outlook from the Fed,spreads have tightened significantly in investment-grade credit as well as high-yield and leveraged loans since the widest spread levels at the beginning of 2023.The U.S.bro

27、adly syndicated loan market has started to rebound in the first half of 2024,as the demand for lower borrowing costs and refinancings has increased.The rebound has also presented additional opportunities for mezzanine capital borrowing.During the first half of 2024,more than a quarter of the U.S.lev

28、eraged loan market was repriced,equating to nearly$350 billion of institutional term debt.Because of the heightened competition with the broadly syndicated market,private credit funds have responded by reducing spreads and offering more accommodative structures.In the first half of 2024,pricing for

29、top-tier credits had begun approaching pre-COVID-19 levels,which has led to increases in refinancings for loans executed in 2022 and 2023.Given the increased competition,there has been some easing up on covenants in Q1 2024 for upper-middle-market companies to be more borrower-friendly.The environme

30、nt is not yet considered covenant-lite;however,the number of deals with both leverage and fixed-charge covenants decreased from 61.3%in 2023 to 53.3%in Q1 2024.Credit Market UpdatePV QUARTERLY INSIGHTS|SUMMER 2024|8Source:PitchBook.Refer to Houlihan Lokeys most recent issue of its Private Performing

31、 Credit Index here.$0.4$0.4$0.5$0.5$0.5$0.6$0.7$0.9$1.0$1.1$1.3$1.5$1.6$1.7$1.8$0.0$0.5$1.0$1.5$2.0Direct LendingDistressed DebtMezzanineOther DebtSource:PitchBook.*As of September 30,2023.Private Debt Dry Powder LevelsPrivate Debt Dry Powder Levels$335.3$376.1$430.9$474.6$564.8$648.0$778.7$977.4$1,

32、081.3$1,103.8$212.4$255.9$300.8$381.7$421.8$438.6$529.4$526.0$509.7$525.6$0$500$1,000$1,500201420152016201720182019202020212022 2023*Deployed Capital($B)Dry Powder($B)Private Debt Fundraising by Manager ExperiencePrivate Debt Fundraising by Manager Experience73%56%68%68%71%72%72%76%77%81%82%86%81%85

33、%92%90%98%0%20%40%60%80%100%$0$100$200$300$40020082009201020112012201320142015201620172018201920202021202220232024*Experienced FirmEmerging FirmExperienced to TotalSource:PitchBook.*As of March 31,2024.“We continue to have conviction that the pent-up demand for M&A,the significant amount of private

34、equity dry powder,and the demand from LPs to return capital will be conducive to an improved transaction environment this year.”Michael J.Arougheti,Ares;Q1 2024 Earnings CallDue to the increased regulation and the fallout of the banking crisis in early 2023,banks have become significantly more risk-

35、averse,shifting demand from middle-market lending to private debt funds.Given the attractive returns,diversified managers have raised private debt funds,creating increased competition to deploy capital.While fundraising slowed in the first half of 2024,allocations to private debt are expected to con

36、tinue to increase,demonstrating investors confidence in the sector.A recent S&P Global Market Intelligence survey found that nearly 61%of LPs investing in private markets plan to expand their asset allocation to private credit this year.A significant portion of private debt fundraising is raised by

37、established managers with a strong track record.In Q1 2024,97.8%of fundraising was from established managers,and the 10 largest funds received nearly 75%of total commitments.Goldman Sachs recently announced a$20 billion direct lending fund(West Street Loan Partners V),highlighting the confidence inv

38、estors have in the private credit space and the dominance of established managers in fundraising.Dry powder remains at an all-time high,with competition with other private credit lenders and syndicated loans driving down spreads.Deal activity for private credit funds and business development compani

39、es(BDCs)continue to be strong in the first half of 2024,driven by growing dry powder,demand for PE firms to return capital to investors,and potential rate cuts.Growth in Private Credit9PV QUARTERLY INSIGHTS|SUMMER 2024|2024 BDC IPOs2024 BDC IPOsFundTickerListing DateProceeds($M)Market Cap($M)NAV($M)

40、Kayne Anderson BDCKBDC5/21/2024N/A$1,167.7$1,905.9Nuveen Churchill Direct LendingNCDL1/24/2024$99.3$966.9$1,004.3Morgan Stanley Direct LendingMSDL1/23/2024$103.4$2,080.7$1,816.8Palmer Square Capital BDCPSBD1/17/2024$89.7$529.3$535.8BDC IPO Frequency From 2001 BDC IPO Frequency From 2001 to to 202420

41、240123456720012003200420052006200720082010201120122013201420152017201820192021202220232024*“Liquidity in publicly traded fixed income is at record lows.Liquidity for private credit is actually increasing daily.”Marc Jeffrey Rowan,Apollo;Q1 2024 Earnings CallThe landscape of private debt has evolved

42、significantly,marked by notable shifts in the deployment timeline and fund strategy.Private credit is renowned for its ability to rapidly deploy capital when borrowers need it.This flexibility is a key factor in its attractiveness,prompting private credit managers to adopt more aggressive strategies

43、.The increase in retail private credit providers has heightened competitiveness in the sector,further exacerbating the aggressiveness in deploying capital.Investors in private credit vehicles now see their capital deployed more quickly compared to PE funds,where commitments are typically drawn over

44、a longer period.BDCs have gained popularity by providing retail investors access to private credit markets,which were previously dominated by institutional investors.This surge in popularity has led to an increase in valuations,subsequently boosting IPO activity within the BDC space.In the second ha

45、lf of 2022 and throughout 2023,most BDCs were trading at a discount to their net asset values;however,the rebound in the debt markets resulted in BDCs trading at a slight premium.In the first two quarters of 2024 alone,four BDCs have gone public,highlighting the high demand for this accessible asset

46、 class.Changes in Fund Strategies and Uptick in Private Credit IPOs10PV QUARTERLY INSIGHTS|SUMMER 2024|Source:S&P Capital IQ.*As of June 26,2024.NAV Financing Market11PV QUARTERLY INSIGHTS|SUMMER 2024|12PV QUARTERLY INSIGHTS|SUMMER 2024|“NAV Loans continue to serve a purpose within the alternatives

47、sector evidenced by their continued growth and represent an invaluable safety valve for alternatives vehicles.Closed-end funds,or their investors,obtain liquidity at a reasonable cost that allows them to fulfil their fiduciary duties.Lenders receive an appropriate risk-adjusted return,at a prudent l

48、oan-to-value with diversified collateral.”Michael Peterson,Citco Capital Solutions;“NAV Lending Grows Rapidly as Heightened Disclosure Looms”What GPs Are Doing to Accelerate What GPs Are Doing to Accelerate L LiquidityiquidityNAV-Based Financing Has Evolved Amid a Challenging Liquidity EnvironmentWh

49、ile NAV loans have been around since before the Global Financial Crisis,their relevance,utilization,and key actors have evolved over the past few years.Traditionally,banks had offered subscription lines of credit,backed by the uncalled equity capital commitments of a funds LPs.Often with terms of on

50、e to two years and a standardized structure,subscription lines would allow capital calls to be delayed,increasing IRRs for investors.As base rates increased over the past few years and regional banks experienced turmoil,traditional banks have limited the availability of these subscription lines.Alte

51、rnative lenders,seeing an opportunity for attractive risk-adjusted returns,have emerged as the primary lenders for these instruments,offering more flexible terms and use cases to fund managers and LPs.The relevance of NAV loans and other forms of fund financing has increased amid a challenging liqui

52、dity environment.Q1 2024 global PE exit value of$81.2 billion was down 22%year over year,representing the lowest quarterly exit total since Q2 2020,and the average buyout holding period of 5.8 years in 2023 was the longest in more than a decade.As a result,fund managers have increasingly relied on N

53、AV loans and other forms of fund-level financings to fund distributions and GP commitments,and to spur asset growth through follow-on acquisitions.According to Citco,the NAV financing market has grown at a 30%CAGR from 2019 to 2023.Sources:EY PE Pulse Q1 2024 Survey,PitchBook,S&P Global.Note:Data as

54、 of April 15,2024.What GPs Are Doing to Accelerate What GPs Are Doing to Accelerate L Liquidityiquidity53%Increased Investor Participation in the LP-Led Secondary Market30%Transferred Assets Into a Continuation Vehicle27%Considering Transfer of Assets Into a Continuation Vehicle20%Using Fund-Level F

55、acilities(e.g.,NAV Loans)to Facilitate Distributions to LPs20%No Action Taken So Far$60.2$57.9$67.2$71.7$44.2$18.2$23.4$31.0$12.4$26.8$24.3$41.7$13.1$105.2$152.7$124.6$179.9$121.8$152.3$105.6$84.6$79.2$105.0$94.3$112.1$52.3$108.7$141.2$69.8$89.0$29.3$16.3$47.4$16.4$10.1$28.5$21.2$10.8$13.4$7.0$13.8$

56、6.5$4.5$5.5$4.0$1.2$1.5$2.1$1.8$3.6$1.9$2.4$0.0$50.0$100.0$150.0$200.0$250.0$300.0$350.0$400.0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12021202220232024Secondary BuyoutTrade SaleIPO and Private PlacementsOtherPE Backed Exits by Type 2021PE Backed Exits by Type 2021 2024($B)2024($B)13PV QUARTERLY INSIGHTS|SUMMER 202

57、4|Source:Rede Partners NAV Financing Market Report 2024.“With the cost of capital so much higher,it is challenging for GPs to effectively achieve desired returns.NAV lending solutions have the ability to provide GPs with a lot of flexibility in terms of the time to monetize their portfolios.“Kevin A

58、lexander,Ares;“GPs Turn to NAV Financing”Both NAV loans and preferred equity instruments,among other forms of financings,provide investors and fund managers alike with structuring flexibility based on their objectives,use of capital,and LP considerations.17Capital has been providing fund financing s

59、ince its inception in 2008 and has deployed$4 billion through 14 investments with NAV loans,and$7.4 billion through 82 investments with preferred equity financing.In August 2023,Apollo announced it would offer$4 billion in NAV loans in the coming years.As of October 2023,AXA Investment Managers has

60、raised a$400 million NAV financing fund,and as of June 2024,Pemberton Asset Management was raising a$1 billion NAV financing fund with Abu Dhabi Investment Authority.As it relates to the forms of fund financings available,preferred equity structures offer higher flexibility to fund managers,while in

61、vestors typically receive a stake in the fund and a fixed dividend percentage or percentage of realizations from the funds portfolio.Separately,NAV loans require detailed collateral assessments with stringent covenants and reporting.They are often cheaper than preferred equity but add leverage to th

62、e fund manager.Investment-grade NAV loans cap out at 25%loan-to-value(LTV)and are typically rated A-,priced similarly to CLOs in the range of around S+350 to S+450.If LTV is above 25%,the loans will price closer to the S+550 to S+750 range.NAV Loans and Preferred Equity Structures Offer Differentiat

63、ed FlexibilityLPsLPs Perspective:Perspective:How Do How Do Y Youou View the Direct Use of Proceeds for NAV Facilities?View the Direct Use of Proceeds for NAV Facilities?Money InMoney Out86%71%53%38%14%29%47%62%Add-OnsRefinance ExistingDebtPlatformInvestmentsFund-LevelDividend RecapPositive or Neutra

64、lNegative31.0%21.0%15.0%21.0%12.0%Communication/DisclosureAlignmentLeverage onLeverageCost of CapitalStructure andSecurityWhat Are Your Key Concerns With NAV Financing?What Are Your Key Concerns With NAV Financing?14Are GPs Providing Sufficient Are GPs Providing Sufficient Information and Disclosure

65、 on NAV Facilities?Information and Disclosure on NAV Facilities?Source:2024 Rede Partners NAV Financing Market Report.“We always advise GPs to engage with LPs first so that when we start speaking to potential lenders,we feel comfortable about the funds capacity to be a borrower in a NAV financing tr

66、ansaction.”Khizer Ahmed,Hedgewood Capital Partners;“Ham Lane:LPAC Consent Is Not a Killer for NAV Financing”For additional information about Houlihan Lokeys NAV financing capabilities,For additional information about Houlihan Lokeys NAV financing capabilities,please see our please see our 2023 NAV L

67、ending Market Update2023 NAV Lending Market Update and and reach out to one of reach out to one of the contacts listed below.the contacts listed below.Chris DunlopChris DunlopManaging DirectorManaging DirectorNew YorkNew YorkCDunlopHL.comCDunlopHL.com Daniel Daniel OudizOudizDirectorDirectorNew York

68、New YorkDOudizHL.comDOudizHL.com Joseph LombardoJoseph LombardoManaging DirectorManaging DirectorMiamiMiamiJLombardoHL.comJLombardoHL.com LP criticism surrounding the fund-level use of NAV facilities has been an increasing topic of debate,with LPs pushing for more transparency from their GPs.A commo

69、n criticism from LPs is that they did not enter their LP agreements with the expectation of their investments being cross-collateralized,effectively the result of taking out a GP-level NAV facility.The interest payments on NAV loans can eat away at the funds TVPI ratio,leading to lower distribution

70、rates for LPs.Another concern is whether the distributions LPs are receiving are coming from value creation or the cash from a NAV facility.GPs can alleviate these concerns and ensure proper alignment with LPs through transparency and LP consent before taking out a NAV facility.There is cautious opt

71、imism for the future growth of NAV financing.Citco estimates that the NAV financing market is expected to grow to$600 billion by 2030.However,there are questions about the relevance of NAV facilities once liquidity conditions and exit markets improve.Additionally,as borrowing rates decline and sprea

72、ds tighten,the returns from a NAV lenders perspective may not be as attractive.Nonetheless,NAV facilities will continue to be used in the U.S.,and there remains to be further adoption and development among middle-market managers in Europe as well as fund managers in the APAC region.In 2024 and beyon

73、d,hybrid NAV financing will continue to be an attractive financing solution,especially at the continuation-fund level.Cautious Optimism for the Future of NAV FinancingPV QUARTERLY INSIGHTS|SUMMER 2024|10%59%31%YesNoCase by CaseSpotlight On:Sports Investing15PV QUARTERLY INSIGHTS|SUMMER 2024|Over the

74、 past two years,there has been a massive influx of PE capital into sports assets driven by the growing valuations,changing rules around leagues,and majority stakeholders need for liquidity.Globally,North American investors deployed the most capital in sports rights,making up 62.0%of deals,followed b

75、y Middle Eastern and European investors,who invested in 20.0%and 9.0%of deals,respectively.As a result of increased interest,certain fund managers have started raising funds solely dedicated to sports investments while others have continued raising additional funds for the sports industry.In April 2

76、024,Arctos Capital announced the close of its second sports investment fund at$4.1 billion,exceeding its initial target of$2.5 billion,while Avenue Capital raised$445.0 million for its first sports fund in June 2024.Additionally,Sixth Street announced it is planning its first sports-focused fund.At

77、the start of 2021,Ares acquired a 34.0%minority stake in one of the biggest soccer clubs in the world,Atltico de Madrid,and in FY 2023,the firm issued$390.0 million in subordinated debt to Real Madrid.It also made other minority allocations in McLaren Racing,the San Diego Padres,and the Ottawa Senat

78、ors.At the end of 2023,Arctos purchased a minority stake for$537.5 million in Ligue 1 club PSG.During FY 2022,the firm made$36.0 million in Serie A club Atalanta BC,and in FY 2021,it increased its stake of the Golden State Warriors to 13.0%.Sovereign wealth funds(SWFs)are also using international sp

79、orting events like UFC(Abu Dhabi),the 2024 FIFA World Cup(Qatar),and LIV Golf(Saudi Arabia)to diversify their portfolios and increase global visibility and recognition.SWFs investments extend to domestic competitions with majority ownership of teams like Newcastle United(Saudi Arabia),Manchester Cit

80、y FC(Qatar),PSG(Qatar),Washington Wizards(Qatar),and Washington Capitals(Qatar).Sources:S&P Capital IQ,Drake Star,Deloitte,Pensions&Investments,Yahoo Finance,McKinsey,SBJ,Bloomberg,and other public sources.“Theres an inherent requirement of capital for most sports to breach the transition from the l

81、inear broadcast changes and reliance on that in the economy of sports to a direct-to-consumer environment.“Danny Townsend,SRJ Sports 52.0%8.0%4.0%4.0%4.0%2.0%2.0%3.0%21.0%SoccerBasketballCricketPadelMotorsportAmerican FootballGolfIce HockeyOtherGlobal Sports Rights Holder Deal Volume by Sport(%)53.0

82、%45.0%2.0%MajorityMinorityOtherGlobal Sports Rights Holder Deal Volume by Investment Type(%)20232023PV QUARTERLY INSIGHTS|SUMMER 2024|16PE Interest in Sports Soars as Minority Investments Gain Traction29.2%4.2%3.1%2.1%61.4%PE-BackedPrivate Debt FinancedVC-BackedFormerly PE-BackedOtherSources:PitchBo

83、ok,Deloitte,Business Insider,Financial Times,AP,Forbes,CBS Sports,Esiner Ramper,and other public sources.During FY 2023,dealmakers invested 4.9 billion($5.3 billion),up from 66.7 million($71.8 million)in FY 2018 in Europes top five soccer leagues(Premier League,Bundesliga,La Liga,Serie A,and Ligue 1

84、).Multi-club ownership(MCO)stakes in the top five leagues have increased to 41.7%as of 2024,up from 36.7%in the prior year,as regulations have softened around PE investment in European soccer and revenues soar.Nine out of 20 teams in the U.K.s Premier League are PE-backed,the most of any domestic Eu

85、ropean soccer league.U.S.investors hold ownership in 60.0%of European clubs,and 75.0%of investors have MCO,meaning they own multiple clubs in different countries.During Q1 2024,Ares announced a$500.0 million equity investment in Premier League team Chelsea FC following Clearlake Capitals$5.3 billion

86、 acquisition of Chelsea FC in 2022.During 1H 2024,Oaktree Capital Management took control of Inter Milan,the reigning Italian Serie A champion,whereas Redbird Capital acquired its city rival,AC Milan,for 1.2 billion($1.3 billion).The Premier League reported market growth of 16.0%for the 2022/2023 se

87、ason,with the rest of the European leagues reporting combined growth of 14.0%.European football market size for the 2023/2024 and 2024/2025 seasons is projected to rise to$37.6 billion and$39.1 billion,respectively,up from$35.3 billion in the 2022/2023 season.As brand values soar,PE sees a lucrative

88、 opportunity in media rights.During 2022,Sixth Street invested 507.5 million($547.0 million)for 25%of FC Barcelonas LaLiga media rights revenue for the next 25 years.Additionally,during FY 2023,CVC Capital Partners(CVC)invested$2.2 billion for 8.2%of Spanish La Ligas broadcasting and sponsorship inc

89、ome for 50 years,and in FY 2022,CVC made a 1.5 billion($1.6 billion)investment in French Ligue 1 for 13.0%of media rights to capitalize on the undervaluation of soccer broadcasting rights.American PEs Continued Interest in European Soccer$88$103$68$93$87$43“In todays media landscape,sports are the g

90、reatest congregation of reliable audience and the most valuable global IP in the world.”David OConnor,Arctos Partners Revenues in Europes Top Five Leagues($B)Big Five European Soccer League Financing Type(%)2023$0$1,000$2,000$3,000$4,000$5,000$6,000$7,000$8,000Premier LeagueBundesligaLa LigaSerie AL

91、igue 1PV QUARTERLY INSIGHTS|SUMMER 2024|17The Many Faces of Sports Investing“Similar to the global mens soccer franchises,we will start to see professional womens teams become national and global consumer brands.”Alan Waxman,Sixth StreetSports continue to be primarily content play;however,many assoc

92、iated verticals within sports,such as sports tech,college sports,and womens sports,have drawn significant capital.Sports tech is one of the fastest-growing verticals,with$7.0 billion raised in FY 2024 and deal value in the sector climbing to$37.0 billion,up 76.2%year over year.M&A activity in the se

93、ctor is expected to continue strongly into FY 2024,supported by strong valuations and a large influx of capital,specifically in the AI and fan engagement sectors.During 2023,14.0%of all sports transactions were womens sports deals,a record year,as league revenues for womens sports are projected to s

94、urpass$1.0 billion for the first time in 2024.During FY 2024 and beyond,an expanding group of investors in womens sports sectors is expected,including institutional investors,PE funds,and high-net-worth individuals.Angel City FC in the National Womens Soccer League(NWSL)became the highest-valued wom

95、ens sports team in the world at$180.0 million,as NWSL valuations soared after the signing of a four-year,$60.0-million-per-year broadcast deal in 2024,up 40.0 x from the leagues last media deal.In college sports,the Big 12 conference is considering a first-of-its-kind cash infusion of around$1.0 bil

96、lion from CVC,as PE firms target NCAA deals.RedBird Capital valued Michigan football around$1.0 billion,and it sees future opportunities of PE firms building portfolios with stakes in Michigan,Texas,and Ohio State football.During May 2024,Weatherford Capital and Redbird Capital teamed up to form Col

97、legiate Athletic Solutions with the goal of lending money and guidance to athletic departments in exchange for a share of future revenue.Sources:Deloitte,JP Morgan,Baird,Business Insider,CBS Sports,Legends,and other public sources.NWSL Valuations($M)$0$20$40$60$80$100$120$140$160$180$200PV QUARTERLY

98、 INSIGHTS|SUMMER 2024|18For additional information about Houlihan Lokeys valuation and advisory For additional information about Houlihan Lokeys valuation and advisory capabilities related to the global sports ecosystem,please reach out to one of capabilities related to the global sports ecosystem,p

99、lease reach out to one of the contacts listed below.the contacts listed below.Brian MarlerBrian MarlerDirectorDirectorLos AngelesLos AngelesBMarlerHL.com BMarlerHL.com Jared Jared ShaberShaberSenior Vice PresidentSenior Vice PresidentNew YorkNew YorkJShaberHL.comJShaberHL.com Harsh Harsh TalikotiTal

100、ikotiSenior Vice PresidentSenior Vice PresidentMumbaiMumbaiHarsh.TalikotiHL.comHarsh.TalikotiHL.com Spotlight On:Venture Capital and AI19PV QUARTERLY INSIGHTS|SUMMER 2024|As of Q1 2024,healthcare,information technology,and business services were leading the way for VC investments with investment sha

101、res of 30.0%,24.0%,and 14.0%,respectively.Given the persistent high-discount-rate environment and inflation,VC investors continue to exercise caution in deployment as companies now wait longer to raise rounds and valuation growth between rounds remains compressed.As of Q1 2024,the median ages of U.S

102、.startups securing Seed,Series A,and Series B rounds were 3.1 years,5.1 years,and 6.1 years,respectively,marking record highs.This trend primarily stems from the anticipation that ongoing rounds will maintain or reduce their valuations.However,76.0%of VC GPs expect an increase in deployment in 2024

103、as some of the macro headwinds start to subside.Q1 2024 saw deal volumes on par with 2019 and 2020,albeit the overall deal values are still too low for VC investors to make significant returns.Given the circumstances,global PE dry powder remains abundant,with more than$3.9 trillion still available i

104、n the global market as of 2023,up from$3.5 trillion in 2022 and$3.2 trillion in 2021.AI,an asset class comprising machine learning,natural language processing,computer vision,robotics,and expert systems,remains a standout in the U.S.VC market,comprising 22.0%of deal count and 34.0%of deal value in Q

105、1 2024.VC Poised to Bounce Back From a Slow Year“After a challenging 2023,we think that institutions who can be a provider of liquidity to others or have the flexibility to deploy additional capital may be able to take advantage of some unique and compelling risk-return opportunities in 2024.”John I

106、vanac,Franklin Templeton InstitutionalVC Amount Invested by Sector,Q1 2024Global PE Dry Powder Trend,20132023($B)$0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,5002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20233%3%2%20PV QUARTERLY INSIGHTS|SUMMER 2024|Sources:PitchBook,EY,Bain,Franklin Te

107、mpleton Institutional,and other public sources.While other sectors continue to struggle,AI has seen investment and valuation growth.37.5%of all U.S.-based unicorn deals in the past two years have been in the AI sector.During Q1 2024,the median early-stage AI valuation surged to$70.6 million,the high

108、est it has ever been,and the median late-stage AI company valuation hit$100.0 million,approximately$40.0 million higher than both SaaS and FinTech verticals.A prominent development has been Nvidias remarkable ascent,surpassing traditional tech giants to claim the third-highest market capitalization

109、globally.In June 2024,Nvidias market capitalization reached$3.3 trillion,a significant increase from$1.2 trillion at the end of FY 2023.This surge was driven by strong demand for its graphic processing units(GPUs)and critical for AI applications,enabling the company to double its revenue year over y

110、ear in 2023 to$61.0 billion.Nvidias stock is presently trading at a premium multiple due to investor confidence in AI.Nvidias LTM EV/EBITDA multiple stands at 60.4x,significantly higher than Microsofts 29.6x and Apples 22.8x.Similarly,Nvidias LTM P/E multiple of 71.6x exceeds Microsofts 39.8x and Ap

111、ples 34.3x.The focus going into 2024 continues to be on hardware acceleration,as large sums of strategic and institutional capital are deployed in data centers and semiconductors.Nvidias Meteoric Rise Ushers an Era of Hardware Acceleration“AIs moment is now.Every business is considering how it will

112、be integrated into operations and its impact on the future.However,the adoption of AI is more than a technology challenge.Its about unlocking new economic value responsibly to realize the vast potential of this technological evolution.”Carmine Di Sibio,EY$0$100$200$300$40020202021202220232024(TTM)Nv

113、idiaMicrosoftAppleRevenue($B)Market Capitalization($B)$0$1,000$2,000$3,000$4,000201920202021202220232024Nvidia Market CapMicrosoft Market CapApple Market Cap21PV QUARTERLY INSIGHTS|SUMMER 2024|Sources:PitchBook,Morningstar,S&P Capital IQ,EY,and other public sources.*.*As of June 30,2024.Due to AIs r

114、apid ascent,the allocation of investments in this sector by global PE firms and governments varies significantly,mirroring diverse priorities and visions for the future.U.S.VCs have poured$290.0 billion into AI over the past five years,with optimistic forecasts in the U.S.indicating that AI could po

115、tentially increase annual GDP growth by 0.5%to 1.5%in the coming decade,amounting to$1.2 trillion to$3.8 trillion in inflation-adjusted terms.Globally,the focus remains on AI networking equipment,as Morningstar estimates that market spending will grow to$34.0 billion by 2028 from$8.0 billion in 2023

116、,implying a CAGR of approximately 33.6%.During FY 2023,Nvidia held more than 80.0%of the AI networking market.VCs have invested approximately$120.0 billion in Chinas AI ecosystem,and as the worlds largest market for industrial robots,China accounts for 52.0%of all global robot installations.Indias A

117、I market is set to expand to$17.0 billion by 2027,growing at an annualized rate of 25.0%to 35.0%each year due to government incentives,attraction of foreign capital,and a fast-growing talent pool.In Europe,Germany has emerged as a hub for AI innovation with Microsoft planning a$3.2 billion investmen

118、t in German AI infrastructure and the German government planning to double its investment in AI to compete with global leaders like China and the U.S.Evolving Global AI LandscapeSources:World Economic Forum,Morningstar,IBM,BlackRock,and other public sources.“As the AI buildout propels a potentially

119、historic capital expenditure cycle,investors could be poised to unearth opportunities across industries amid greater geopolitical fragmentation lenders.”Jay Jacobs,BlackRockAI Adoption*vs.ExplorationFor additional information about Houlihan Lokeys valuation and For additional information about Houli

120、han Lokeys valuation and advisory capabilities related to the global sports ecosystem,please advisory capabilities related to the global sports ecosystem,please reach out to one of the contacts listed below.reach out to one of the contacts listed below.David WagnerDavid WagnerSenior AdvisorSenior Ad

121、visorNew YorkNew YorkDWagnerHL.comDWagnerHL.com Andrew MacNamaraAndrew MacNamaraManaging DirectorManaging DirectorNew YorkNew YorkAMacNamaraHL.comAMacNamaraHL.com Sai UppuluriSai UppuluriDirectorDirectorNew YorkNew YorkSai.UppuluriHL.comSai.UppuluriHL.com 22PV QUARTERLY INSIGHTS|SUMMER 2024|24%28%58

122、%31%34%57%42%29%39%22%31%38%26%25%34%44%48%30%44%44%27%41%43%46%46%45%40%47%43%42%0%10%20%30%40%50%60%70%80%90%100%*AI adoption refers to%of firms in country integrating AI,while exploration refers to%of firms experimenting with AI within a firms business model.Deployed AIExploring AITransaction and

123、 Trading Comparables23PV QUARTERLY INSIGHTS|SUMMER 2024|Trends in GP Deal ActivityGP Deal Activity(Majority and Minority Transactions)GP Deal Activity(Majority and Minority Transactions)Share of Alternative Asset Manager Deal Count by TypeShare of Alternative Asset Manager Deal Count by TypePercenta

124、geSource:PitchBook.*As of May 1,2024.24PV QUARTERLY INSIGHTS|SUMMER 2024|Transaction activity among GPs has seen a strong start to 2024.According to PitchBook,through May 1,there were 46 announced or completed deals targeting GPs,marking a 58.2%increase from the same period last year.Total deal valu

125、e reached$14.2 billion,significantly bolstered by BlackRocks$12.5 billion acquisition of GIP,setting the pace for a potentially record-breaking year.Despite the overall surge in deal activity,GP stakes activity remained relatively steady with seven deals announced,compared to nine in the same time f

126、rame in 2023.Nearly half of the 46 deals announced were control transactions,continuing the trend from last year,where the proportion of control transactions hovered around 50%.The increase in M&A activity among asset managers has been driven by multiple motivations,including increasing scale,expand

127、ing into new strategies and geographies,as well as LP priorities.Investors have increasingly aimed to consolidate their GP relationships by allocating larger sums to managers who can provide a variety of alternative strategies across their platforms.In todays challenging fundraising environment,GPs

128、have turned to acquisitions to fill product gaps and increase scale versus organic growth.Beyond acquisitions,2024 has seen the IPO of CVC on Euronext Amsterdam,which established a 14 billion market cap for CVC based on an IPO price of 14 per share.As it relates to GP stakes,Blue Owl Strategic Capit

129、al Fund V purchased a minority stake in CVC in 2021 and upsized its position through the IPO,bringing the funds ownership to 9.1%.As of June 28,CVC was trading 31.3%above its listing price.Transaction activity has not been limited to large acquisitions and high-profile IPOs,as smaller managers have

130、also increasingly taken on third-party capital through minority investments,including seeding arrangements,GP stakes deals,revenue share arrangements,and other structured finance solutions.$3.4$18.7$6.0$14.4$7.1$5.0$5.7$14.1$11.5$9.346$14.268909198113979613610291020406080100120140160$0$2$4$6$8$10$12

131、$14$162014201520162017201820192020202120222023 2024*Deal Value($B)Deal Count36.8%41.1%48.4%48.8%35.4%28.9%32.3%39.0%27.5%48.4%43.5%63.2%58.9%51.6%51.2%64.6%71.1%67.7%61.0%72.5%51.6%56.5%20142015201620172018201920202021202220232024NoncontrolControl*AnnouncedBuyerTargetAUM($M)Target DetailsJun-24Wafra

132、/Capital ConstellationCitation Capital ManagementNAConsumer and Industrial PEMay-24Almanac RealtyDermody PropertiesNAReal EstateMay-24Blue Owl GP Capital SolutionsLinden$8,000HealthcareMay-24Petershill PartnersPennybacker$3,900Real EstateApr-24Bonnaccord Capital PartnersLead Edge$5,000Growth EquityA

133、pr-24Petershill PartnersKennedy Lewis$14,000Private CreditMar-24Partners GroupTrinity Investments$9,800Real Estate Feb-24Hunter PointPretium$50,000Real Estate CreditFeb-24ArmenJolt Capital500Growth EquityEuropeFeb-24InvestcorpBanner Ridge Partners$7,300SecondariesNov-23RidgeLake PartnersGridiron Cap

134、ital$10,000BuyoutNov-23Bonaccord Capital PartnersKayne Anderson Private Credit$6,000Private CreditMiddle Market Oct-23Affiliated Managers GroupAra Partners$5,000InfrastructureRenewablesSep-23Bonaccord Capital PartnersRevelstoke Capital Partners$5,600BuyoutHealthcareSep-23Pacific Current GroupAvante

135、Capital Partners$1,000Private CreditMezzanineAug-23Affiliated Managers GroupForbion$3,180VentureJul-23Blue Owl GP Capital SolutionsStonepeak$57,100InfrastructureJun-23Kudu Investment ManagementMartis Capital$2,100HealthcareJun-23 Bonaccord Capital PartnersSynova Capital$2,070Buyout/GrowthEuropeDeal

136、activity in the alternative asset manager space has picked up pace,with 46 deals announced as of May 1,2024(up 58%over the prior year).GP stake activity has been driven by demand for managers with a niche strategy and/or strong fundraising record.Selected LTM GP Stake AnnouncementsSources:PitchBook,

137、S&P Capital IQ.25PV QUARTERLY INSIGHTS|SUMMER 2024|AnnouncedBuyerTargetDeal SizeTarget AUMTarget DetailsApr-24Blue Owl CapitalPrima Capital AdvisorsNANAReal Estate CreditJan-24BlackRockGlobal Infrastructure Partners$12,500$100BInfrastructureOct-23Wendel GroupIK Partners$405M$10.9BBuyoutEuropeOct-23P

138、atria InvestmentsAbrdns European PE Business$122.3MNAEuropean PESep-23Bridgepoint GroupEnergy Capital Partners$1.1B$18.5BInfrastructure and RenewablesJuly-23Rithm CapitalSculptor Capital Management$639M$34BHedge Fund,Real Estate CreditMay-23TPGAngelo Gordon$2.7B$73BPrivate Credit,Real EstateMay-23Mu

139、badalaFortressNA$46BMulti-StrategyApr-23Sound Point CapitalAssured Investment Management$428M$15BCLOsMar-23First SentierAlbaCore Capital$763M$9.5BPrivate CreditU.K.Feb-23Bridgepoint Investment GroupNewbury Partners$320M$4.3BSecondariesJan-23BrookfieldDWSNA$550MSecondariesControl transactions account

140、ed for 49%of deal count in 2023,the highest share in over a decade.Looking forward,large firms will be expected to have a full suite of diversified products and proprietary distribution channels,making it difficult for smaller firms to compete.Selected LTM Control M&A AnnouncementsSources:PitchBook,

141、S&P Capital IQ.26PV QUARTERLY INSIGHTS|SUMMER 2024|Alternative Asset Alternative Asset Managers(AAM)Managers(AAM)vs.S&P 500vs.S&P 500Since 2019,the S&P 500 has provided gross returns of 69%for investors compared to a median AAM return of 23%.Between 2019 and 2021,gross returns for the AAM managers o

142、utperformed S&P 500 gross returns.However,since Q1 2022,AAM gross returns have fallen below the S&P 500s returns as asset managers saw a large outflow of assets due to uncertainty caused by rising interest rates,increasing commodity prices,and the Russia-Ukraine conflict.During 2022,the median AAM m

143、arket cap dropped by 38%compared to the S&P 500 falling by 19%.During 2023,the median AAM market cap increased by 22%compared to the S&P 500 increase of 24%.During 1H 2024,the median AAM market cap declined by 4%while the S&P 500 increased by 15%.Median AAM gross quarterly returns during Q2 2024 wer

144、e-11%compared to the S&P 500s return of 4%.AAM vs.S&P 500 Gross ReturnsAAM vs.S&P 500 Gross ReturnsPercentageAAM vs.S&P 500 Quarterly ReturnsAAM vs.S&P 500 Quarterly ReturnsPercentage27PV QUARTERLY INSIGHTS|SUMMER 2024|-40.0%0.0%40.0%80.0%120.0%QuarterMedian AAM Gross ReturnsS&P 500 Gross Returns-40

145、.0%0.0%40.0%80.0%QuarterMedian AAM Quarterly ReturnsS&P 500 Quarterly ReturnsSource:Public sources.Notes:Pricing as of June 30,2024.The return data for AAMs is based on the market cap of selected AAMs.Since Q2 2023,more money has been raised for credit strategies relative to other strategies(fluctua

146、ting between 38%to 44%of AUM each quarter),driven by the surge in private credit deals.Market share for real estate AUM peaked in Q3 2023 at 19%,as investors sought to combat inflation,but dropped off in Q1 2024 to 13%amid depressed returns and a high-interest-rate environment.PE strategies,on the o

147、ther hand,have experienced a slight decrease in market share,declining from 32%of total AUM in Q2 2023 to 29%in Q1 2024,given the challenging IPO and M&A exit markets.Secondaries and infrastructure AUM shares have remained relatively stable since Q2 2023 at around 2%and 4%,respectively.28AUM Trends

148、by AUM Trends by StrategyStrategyPV QUARTERLY INSIGHTS|SUMMER 2024|Credit37.8%Private Equity32.1%Real Estate17.2%Infrastructure4.0%Secondaries1.8%Investor Solutions3.9%Energy 0.5%Other2.6%Credit41.2%Private Equity27.3%Real Estate19.3%Infrastructure3.7%Secondaries2.0%Investor Solutions4.4%Energy 0.1%

149、Other2.0%Credit42.1%Private Equity29.4%Real Estate13.4%Infrastructure3.0%Secondaries1.6%Investor Solutions7.5%Energy 0.1%Other2.8%Credit43.7%Private Equity28.9%Real Estate13.0%Infrastructure3.4%Secondaries1.8%Investor Solutions6.2%Energy 0.4%Other2.7%Q2 2023 AUM by SectorQ2 2023 AUM by SectorQ4 2023

150、 AUM by SectorQ4 2023 AUM by SectorQ3 2023 AUM by SectorQ3 2023 AUM by SectorQ1 2024 AUM by SectorQ1 2024 AUM by SectorSource:Public filings.Note:Data is based on the public filings of selected AAMs.Houlihan Lokey:Your Trusted Advisor29PV QUARTERLY INSIGHTS|SUMMER 2024|Houlihan Lokey is the trusted

151、advisor to more top decision-makers than any other independent global investment bank.Leading Capital Markets AdvisorCORPORATE FINANCENo.1Global Restructuring AdvisorFINANCIAL RESTRUCTURINGNo.1Global M&A Fairness Opinion Advisor Over the Past 25 YearsFINANCIAL AND VALUATION ADVISORY1,700+Transaction

152、s Completed Valued at More Than$3.5 Trillion Collectively2,000+Annual Valuation EngagementsNo.1Global M&A AdvisorPV QUARTERLY INSIGHTS|SUMMER 2024|302023 M&A Advisory RankingsAll Global TransactionsDealsAdvisor352Houlihan Lokey1349Rothschild&Co2300Goldman Sachs&Co3300JP Morgan3253Morgan Stanley5Sour

153、ce:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.2023 Global Distressed Debt&Bankruptcy Restructuring RankingsDealsAdvisor73Houlihan Lokey164PJT Partners Inc251Rothschild&Co337Lazard427Evercore Partners5Source:LSEG(formerly Refinitiv).Asset Class ExpertiseFund Manager InvestmentsIll

154、iquid Debt and Equity SecuritiesComplex Derivative InstrumentsMortgage-Backed SecuritiesCollateralized Debt ObligationsCollateralized Loan ObligationsMarketplace LendingConvertible Arbitrage StrategiesTrade and Bankruptcy ClaimsReal Estate InvestmentsPIPE InvestmentsJoint Venture InvestmentsContinge

155、nt Value RightsIndustry ExpertiseBusiness ServicesConsumerEnergyFinancial ServicesFinTechHealthcareIndustrialsReal Estate,Lodging,and LeisureTechnologyHoulihan Lokeys Portfolio Valuation and Fund Advisory Services practice benefits from being embedded in a world-class corporate finance,capital marke

156、ts,financial restructuring,and financial advisory platform.Our valuation work product is informed by a real-time pulse on market sentiment and our ability to bring industry-leading technical expertise to serve our clients esoteric valuation challenges.HOW IS HOULIHAN LOKEYS PORTFOLIO VALUATION AND F

157、UND ADVISORY SERVICES PRACTICE DIFFERENT?Leading industry and asset-class expertise.Capital markets and corporate finance platforms that provide invaluable market insight.Network of global offices with a deep bench of resources that can be mobilized quickly to meet client turnaround times and a grow

158、ing portfolio.Independent valuation analysis includes a full narrative report and supporting materials.Senior professionals have a long tenure with the firm and are continuously involved throughout the engagement process.Regular assistance in the audit process and any conceptual or technical valuati

159、on questions.Strong industry relationships with auditors,regulators,and other industry players.In-place conflicts check procedures and information walls across teams where appropriate.Only firm that requires all of our Portfolio Valuation and Fund Advisory Services financial professionals to hold se

160、curities licenses in their respective jurisdictions(e.g.,FINRA in the U.S.,FCA in the U.K.,SFC in Hong Kong SAR,etc.).31Portfolio Valuation and Fund Advisory ServicesPV QUARTERLY INSIGHTS|SUMMER 2024|Mr.Flynn is a member of Houlihan Lokeys Financial and Valuation Advisory business,serving as Head of

161、 Asset Manager Services,where he co-founded the Fund Opinions practice.In 2009,he co-founded the firms Capital Markets Group,focused on raising senior and junior capital to support general corporate purposes,refinancings,leveraged buyouts,recapitalizations,growth capital,restructurings,and acquisiti

162、ons.Mr.Proctor is a member of Houlihan Lokeys Financial and Valuation Advisory business.He has more than three decades of experience providing valuation and related advisory services.He currently specializes in the valuation of alternative asset managersboth management and carry vehicles.Ms.OBrien i

163、s a member of Houlihan Lokeys Financial and Valuation Advisory business with more than 12 years of experience in the valuation of alternative asset managers for financial reporting,estate and gift tax,dispute resolution,management planning,and transactional purposes.Mr.Roach is a member of Houlihan

164、Lokeys Financial and Valuation Advisory business.He specializes in portfolio valuations for debt,equity,and derivative instruments for a wide range of alternative asset investors,including hedge funds,PE funds,BDCs,LP investors,and corporations.Susanna OBrienSusanna OBrienManaging DirectorManaging D

165、irectorBostonBostonSOBrienHL.comSOBrienHL.comAndrew ProctorAndrew ProctorManaging DirectorManaging DirectorNew YorkNew YorkAProctorHL.comAProctorHL.comTad FlynnTad FlynnSenior AdvisorSenior AdvisorNew YorkNew YorkTFlynnHL.comTFlynnHL.comMatt RoachMatt RoachVice PresidentVice PresidentNew YorkNew Yor

166、kMatt.RoachHL.comMatt.RoachHL.com32Contributing Portfolio Valuation Team MembersPV QUARTERLY INSIGHTS|SUMMER 2024|Disclaimer33 2024 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written consent of Houlihan Lokey.H

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