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Calamos Private markets - Coggle Diagram
Calamos Private markets
PE
Typical PE return targets in the 15-20% gross IRR for traditional buyout funds throught net return (after fees) 12-18%
Lower middle market funds refers to companies that are too small for the big PE firms to bother with but established enought to have real cash flow (revenue of around 10 to 150M)
often claim higher return potential thna large cap PE because the deals are less competitive and pricing is cheaper
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CAPVX
2 sleeves:
- secondaries: instead of investing in a company directly, you're buying someones else's stake in a PE fund or company, usually at a discount because they need liquidity
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When a PE firm does a deal they sometimes invite select LPs (investors) to put additional money directly into that specific company alongside them with no management fee and no carry. you get direct exposure to a single company without the typical PE fund dee drag
why these 2 sleeves: it's a smart risk/return construction for a retail accessible interval fund : secondaries provide discount capture and shorter durations (faster returns) / and co investments provide direct upside with zero fee drag
Together they avoid the long blind pool J curve of primaries, making it more suitable for advisors and their clients
Performance
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Since inception: +29.71%
This spreads over roughly 20 months, not one year so annualized the return is actually lower than 29.71%
The raw since inception number tells you total cumulative gain. So to compare funds fairly you'd want to the annualized version (called IRR in PE)
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