The Moonfare blog

AI is becoming part of everyday business and VC is paving the way

Artificial intelligence promises to unleash a wave of economic productivity. Venture capital is providing investors a way to gain access.

Could a PE exit chill heat up the already booming secondary market?

As traditional PE exit routes face new uncertainty,¹ the secondary market is thriving, providing crucial liquidity for many investors and potentially creating compelling buying opportunities.

Moonfare's Chief Economist on global trade shifts: A new status quo?

In private markets, we may see increased appetite for secondaries and the mid-market space, particularly for 'buy and build' strategies, and in sectors with stronger pricing power, such as healthcare.

Liberation Day — what's next, negotiations or retaliation?

The level of tariffs are larger than expected, and punitive for European and especially China and even Japan and India.

Direct or fund investing? Family offices want both

By pairing fund commitments with hands-on direct investments, family offices are working to tailor their private equity exposure hoping to optimise control, returns and risk.

Five emerging technologies that could transform the world

Quantum computers, humanoids and affordable space tech are closer than ever. How are private markets driving the next wave of technological breakthroughs?

What the data reveals about private equity in 2024 – in graphs

Private equity shook off the worst of the recent high-inflation, high interest rate phase, with dealmaking increasing for the first time in two years as market conditions settled.

Germany’s election outcome: Is Europe back?

The policy agenda of Friedrich Merz, who is poised to become the next Chancellor, will be a busy one, but we think it could trigger an ‘animal spirits’ rebound in the economy.

Three reasons why private equity belongs in a 2025 portfolio

Lofty valuations are limiting the public market’s ability to absorb economic headwinds, reinforcing the need for diversified portfolios.

Video: Five global themes that will shape 2025

The unifying thread across the themes is disruption — of markets, technologies and the way states operate. It will surely throw up many private asset opportunities.

Interview: “Secondaries in private equity remain undercapitalised”

Philip Meschke, Moonfare’s Head of Investments, believes there’s plenty of room for secondaries to grow beyond their current 1% share of the total private market value.¹

Trump's trade agenda: what it means for private equity

For private companies and investors, we anticipate a significant sectoral impact, which will be good for financials, energy, defence and new technologies.

Moonfare invests in a secondary deal for a leading producer of water pump systems

Moonfare Secondary Fund (MSF) invested in Ambienta’s single-asset continuation fund to acquire platform company Wateralia, a global leader in the design and production of water pumps for the integrated water cycle.

How the defence sector is attracting growing investment

The digitalisation of defence capabilities has opened up opportunities for VC and PE companies to invest in the sector.

An Economist Abroad: Abu Dhabi is building a new region

As his last stop in 2024, our Chief Economist ventured to Abu Dhabi where a sense of regional dynamism is occurring in the UAE.

Festive season is here — curl up with these great books

Short on reading ideas? These 19 book picks from Moonfare are guaranteed to both delight and inspire.

Economist Abroad: Singapore is showing prosperity amidst uncertainty

Notes from Mike O'Sullivan's latest travels to Singapore - a country where East meets West

Moonfare’s CEO named one of PE’s most influential — third time running

Private Equity News, a leading publication in the industry, has once again named Steffen Pauls among the 50 most influential people in private equity globally.

Harvard profiles Moonfare’s role in democratising private equity

Harvard Business School, one of the world's top business schools, has released a case study on Moonfare’s expansion into the retail space.

Economist Abroad: Hamburg represents a new start for Germany

Mike O'Sullivan's latest stop was Hamburg, "a paragon of Hanseatic charm".

Private markets in 2025: picking up the pace

Private market activity has swung gently back into action in 2024. Will this momentum continue into 2025?

The exit outlook for private equity is the brightest it’s been in years

For more than two years investors have been patiently awaiting a rebound in portfolio distributions. Everything is lining up for that to become a reality.

Economist Abroad: Vienna is building stability

Notes from Austria's capital: Like in many other European countries, the non-institutional take-up of private assets is only just starting.

Private equity is consolidating. What’s the good and the bad?

Scale, differentiation and adaptability are now survival essentials in private markets amid an unprecedented wave of GP acquisitions.

PE investors want more co-investments. What’s fuelling their appetite?

Co-investments have long been a staple of the private equity investing toolkit. The strategy has recently gained renewed attention from both institutional investors and fund managers alike.

Economist Abroad: Iceland is a climate-tech hub

Notes from the land of ice and fire: Iceland is a model in terms of the accountability of its politicians.

Economist Abroad: London is keeping calm and carrying on

This time around, our Chief Economist made a short stop in London, the home of the European private assets industry.

What can the world expect from Trump 2.0

In terms of private assets, the Trump victory may well catalyse a rise in deal activity in private equity and venture.

Economist Abroad: Zurich is the center of excellence

What makes Zurich and Switzerland so successful? Our Chief Economist recently visited “Züri” and here’s what he found out.

UK budget is one of a government with limited fiscal space

Budget is a mix of higher spending on health, broader taxes on the wealthy and a less harsh approach to investment capital.

Private equity in Q3 2024: Dealmaking improves while exits remain choppy

Both European and US private equity dealmaking have shown steady, incremental year-on-year gains over the first nine months of 2024.

Economist Abroad: Ireland is in need of private investment in infrastructure

Moonfare's Chief Economist spent a few days in his home country of Ireland recently. "While Ireland's reliance on multinationals is real, there is a budding local entrepreneurial segment," he observes.

Why take-privates are taking off

Buyout houses are eyeing public-to-private deals as stock markets remain volatile and the private company valuations gap continues to hamper transactions.

Economist Abroad: While Spain’s economy appears strong, many businesses are eyeing Lisbon

Notes from Europe's sixth-largest economy: Interest in private equity investing is picking up though it is obvious that local tax laws skew this, writes our Chief Economist.

Markets may start to focus more on trade

With the US election nearing, would a second Trump term begin with a trade war, while a Harris presidency likely maintains the current techno-strategic economic course?

What do family offices seem to know about private equity?

Seeking enhanced returns to meet their long-term investment objectives, family offices are upping their private equity allocations.

What the Fed’s long-awaited rate cut means for private equity

The Fed lowered the interest rate for the first time in more than four years. Here are the implications for private equity.

Samuelson vs. Sahm

Expect a market tantrum this week with investors complaining that the Fed is behind the curve.

What’s the right amount of private equity for your portfolio?

We have examined the Capital Market Assumptions of fifteen institutions from Blackrock to Amundi to JP Morgan. How do their risk-return expectations compare across assets including private equity, and what investment mix may best suit specific investors?

Jackson Hole to mark the beginning of rate cut phase

This year’s conference, held in the idyllic trout-fishing region of rural Wyoming, has signalled another policy pivot and the likely start of a series of rate cuts. However, we are not convinced this will be a ‘rate-cutting cycle per se,’ but rather a recalibration of rates in response to weaker growth and a riskier global environment.

What does public market stress mean for the economy and private assets?

Macroeconomic disruptions are likely to create opportunities for private markets, potentially motivating PE firms to broaden their focus on acquiring public companies.

Private equity’s mid market: why it pays to look beyond the headlines

Private equity’s aggregate numbers paint a picture of wheels grinding almost to a halt over the past 18 months, but a more detailed examination reveals a robust mid-market that has been outpacing the larger-cap space.

What to read this summer? The books Moonfare are taking on holidays

In case you’re short on reading ideas, Mike O’Sullivan, our Chief Economist, has compiled a list of worthy book recommendations, covering finance, politics as well as inspiring fiction titles.

Tomorrow’s world in technology: What trends will shape the future

Carbon extraction, quantum computing, 6G and ‘reconfigurable intelligent surfaces’ — these are some of the technologies that long-term investors might want to keep an eye on.

Mid-year review: Is private equity getting back on track?

Private equity deal values seem to be rebounding in the past few months, fundraising remains robust and secondaries have entered what could be a golden age. How did PE perform in the first half of 2024, and what can we expect for the rest of the year?

Why "IRR < DPI" is the new reality and what private equity is doing about it

Moonfare’s “IRR < DPI” caps were in high demand at the recent SuperReturn conference in Berlin. Many participants shared the sentiment — the key challenge for private equity right now is to revive the exit cycle and accelerate the return distribution pace. In other words, investors want to see “real” returns rather than just paper gains.

How Keynes inspired the modern endowment model and its love for alternatives

While public markets have lost the investment 'freedom' that the famous English economist thrived on, private markets still embrace it — the challenge is finding managers like Keynes.

Why EU elections matter for private assets

The European parliament elections have typically not mattered much, neither for politics nor economies. Indeed, in the past the Strasbourg parliament has been seen as either a kindergarten or a retirement home for politicians. This time might be different though.

Meet our Chief Economist: Mike O’Sullivan on politics, the economy and what it all means for your private market investments

In a video interview with Moonfare, Mike O’Sullivan discusses the role of European private capital in the new economic order, explores opportunities in artificial intelligence and shares his view on interest rate cuts.

How alternative exit strategies are unlocking liquidity

Private equity exit activity has remained muted so far this year, but investors are deploying a range of alternative liquidity strategies. There are signs that realisations could start picking up later in the year.

How do SRI, ESG, sustainable investing and impact investing compare?

Many investment managers believe that by integrating financial analysis with ethical consideration, environmental concerns and social impact, they are also optimising risk-adjusted investment returns for the longer-term.

Moonfare's path to €3 billion: Co-CEOs reflect on challenges and successes

As Moonfare hits another major milestone, we sat down with the firm’s co-CEOs, Steffen Pauls and Lorenz Jüngling, to discuss recent achievements and future plans.

Interview: “Anti-money laundering is much more than ticking boxes”

We sat down with Marks Balahanovs, Moonfare’s senior AML/KYC analyst to learn about his work in protecting investor interests and ensuring regulatory compliance.

Private equity secondaries: inside one of the fastest-growing strategies

Download Moonfare’s latest report and find out what secondaries can offer private equity investors.

Moonfare receives world's best-known standard for information security

Earning ISO/IEC 27001:2022 certificate highlights Moonfare’s dedication to the highest standards of data security.

What do the latest economic predictions mean for private equity?

Two years of tight monetary conditions have put a dampener on private equity activity. There is now a sense of cautious optimism that headwinds may be subsiding, although uncertainties persist.

Not all private market strategies are created equal. Here’s how they compare.

Private equity, venture capital, real assets and other alternatives are sought after for their potentially attractive returns, downside protection and diversification. However, each strategy has distinct characteristics, and it’s worth learning what these are.

How semi-liquid funds can make private equity more flexible

Semi-liquid — or evergreen — funds are open-ended vehicles without a fixed term that may offer investors a more flexible access to liquidity. We explain the key differences between these funds and more traditional private equity structures.

The state of European private equity: blue-chip managers and add-on deals take centre stage

Economic headwinds may be blowing, but private equity in Europe showed remarkable resilience and is set for further growth.

Private equity is honing its sector focus in search of value

Private equity is scanning for opportunities to deploy capital into sector niches and industry verticals playing a role in transformative business, technological and societal shifts. What sectors, in particular, are fund managers eyeing?

The case for emerging managers: a source of diversification and alpha

Despite the current fundraising headwinds facing emerging managers, new franchises with distinctive investment propositions and experienced founders will likely secure investor support.

Meet the team behind Moonfare’s Account Management team

We sat down with some of the team members to learn more about their work. Here's a look behind the scenes into their day-to-day activities.

Moonfare’s outlook for private markets in 2024: brighter skies ahead?

Following a challenging 2023, as high interest rates and geopolitical uncertainty jammed up exits and dealmaking, what can investors expect from private markets this year?

Steffen Pauls: Private equity is well positioned for the new rates era

A commentary from Moonfare’s co-CEO and Founder on private equities’ strengths — as well as challenges — in the new economic reality.

What will 2024 bring for co-investments in private equity

Sanjay Gupta, Moonfare’s Head of co-investments, talks about the state of the asset class and its outlook for the next 12 months.

GP stakes investing: charting private equity’s latest frontier

GP stakes investing is on the rise, providing capital and expertise to fund managers and potentially unlocking a distinctive return profile for investors.

Some mega funds made fundraising history in 2023. What’s their appeal?

Combining scale with longer track records, mega funds — vehicles with pooled capital of $5 billion or more — have left their mark in these volatile times.

What’s fuelling the rise of secondaries in private equity?

Private markets have been faced with the toughest conditions since the global financial crisis. However, one type of investments has stayed course while most others have faded: private equity secondaries. 

The tide could be changing in private equity exit environment

Macroeconomic headwinds and interest rate hikes have reshaped today's exit landscape in private equity. Although current backdrop remains a concern, there are recovery signs emerging that point to an improving outlook.

How does private equity measure performance

Three keys making today’s venture capital environment so investor friendly

Recent research has suggested that today’s venture capital landscape is the most slanted it has been in favour of investors for more than a decade. What are the reasons behind this?

How revamped rules are setting the stage for retailisation of European private markets

Reforms to the European Long-Term Investment Fund (ELTIF) could open up more private markets opportunities for retail investors, but what is changing? And what can they offer to investors?

As default rates rise, private equity eyes distressed investments

Macro-economic headwinds are presenting specialist distressed investors and turnaround private equity managers with a growing pipeline of compelling deal flow. 

Moonfare ‘flies high’ with new CCO appointment

Marine Eugène, Moonfare’s new Chief Commercial Officer, will use her experience of democratising the private jet industry to accelerate our growth as a leading digital-first alternative investment platform.

What the falling US dollar can mean for private markets investments

The US dollar’s recent slide has caused many investors to reconsider the currency exposure of their portfolios. However, fixating on daily foreign exchange fluctuations belies private equity’s long-term nature.

Mid-year state of the industry: How is private equity doing so far in 2023?

Our five observations from the first half of the year, delving deeper into fundraising and dealmaking activity in private equity.

Staying the course: institutional investors remain committed to private markets

The increasing presence of large-scale investors such as pension funds and sovereign wealth funds in private markets makes them an ideal bellwether for the asset class. So what are these professional investors thinking today?

What you need to know about private equity fee structures

Explore the fee structure of private equity, including management and performance fees in private equity funds and 2 and 20 fee agreement.

The keys to today’s opportunity in private credit: Moonfare’s report

Rising interest rates, growing demand for refinancing and bank retrenchment have provided tailwinds to private credit in 2023, according to Moonfare’s latest private credit white paper.

The rise of NAV lending in private equity

Raising capital against the fund’s collateral is allowing GPs to provide early liquidity and double down on winners.

[VIDEO] Unpacking the opportunities and growth drivers in private credit

Carlyle’s Taj Sidhu, one of the leading professionals in private credit, discusses the asset class with Moonfare's Investment Director, Pavel Ermoline.

Moonfare supports the work of Make-A-Wish International

Our support of Make-A-Wish International forms part of our good global citizenship activities and builds on the company's previous charitable work.

Accredited investor vs qualified purchaser: What’s the difference?

Discover the disparities between accredited investors and qualified purchasers. How their qualifications impact investment opportunities?

The making of an icon: How Henry Kravis became synonymous with the rise of private equity

Widely considered the pioneer of private equity, Henry Kravis and KKR, the storied firm he co-founded, shaped the landscape of modern finance. How did he become one of the most formidable Wall Street dealmakers and what essential trait he believes makes a great investor?

Closing our second core portfolio fund at more than €100 million

Popularity of our staple curated offering underlines growing demand for private equity allocations.

What’s in store for private equity distributions in 2023

Pace of distributions could remain slower this year. However, private market strategies have different realisation schedules, with certain assets demonstrating resilience despite tougher conditions.

Understanding the ins and outs of private equity distributions

Private equity fund cash flows are markedly different from those in other asset classes, such as public equities. So, when and how do investors receive back capital and profits?

[VIDEO] What is private equity co-investing and why consider it?

Private equity co-investments are gaining traction with a growing list of benefits to investors. Read our blog post to learn all the ins and outs of co-investing.

Markets are tough, but Moonfare and our investor community powers through

For many investors private equity has become a ‘must have’ in their portfolios, says Steffen Pauls, Moonfare CEO and Founder.

Why the mid market matters in private equity

With more room for growth, lower entry multiples and wider exit windows, mid-market PE can offer additional opportunities to investors — especially in times of turbulence.

Listen to Steffen Pauls on the Dry Powder podcast

Our CEO recently spoke on Bain’s industry-leading private equity podcast on Moonfare’s journey so far, and what the future holds.

Leading the conversation: notes from our Global Investment Forum

Highlights from our panel discussions on the current market state and private market democratisation, hosted in Singapore.

"In private equity, it’s critical to invest with professional fund managers"

A conversation with Moonfare investor and fintech expert Atindra Barua on his private equity strategy, market outlook and the role technology plays in investing. 

Why investing in infrastructure could build out your portfolio in 2023

Decarbonisation, digitisation and demographic trends are increasing the need for private investment in infrastructure, presenting opportunities both today and over the longer term. 

The ‘Great Wealth Transfer’ is coming and it pays to plan ahead

Massive wealth is about to change hands in the coming decades, providing families with a generational opportunity to expand their fortune. Find out how to prepare for a successful transfer and learn how Moonfare investor Boris Lazaric is planning to pass down his inheritance.

Getting to the bottom of private market liquidity

Finding the right balance between cash access and long-term goals is key to building a healthy suite of investments.

The month in Moonfare: our community in action

Our community of investors came together toward the end of January with a trio of events in Munich and St Moritz.

Cashing in: 5 ways to make the most of your money

Despite a tough 2022, there are a number of ways that investors can still put extra cash toward long-term goals in 2023.

Portfolios in practice: tailoring private markets for different investors

Allocating to alternatives has become increasingly important as a source of diversification and returns. But depending on investor priorities, how do you decide which private market assets to choose?

Private markets in 2023 – Moonfare’s top 10 predictions

What should investors know about private markets in 2023? We've identified ten key trends that will give rise to both challenges as well as opportunities.