Ontario Pension Fund Preaches Patience in Private Equity's Long Winter [BNN Bloomberg (Canada)]
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: BNN Bloomberg
Executives at Investment Management Corp. of Ontario say they're ready if that trend continues. “Most of our partners will probably say that the worst is over. We are just patient,” said Rossitsa Stoyanova, chief investment officer of the C$77.4 billion ($57 billion) Canadian pension manager. “We are prepared that we are not going to have exits for a while.” Private equity firms have seen a dramatic change in the investment climate since interest rates began their rapid climb in 2022. The high cost of borrowing has made it harder for them to finance new acquisitions, or find buyers for the assets they already hold at valuations they'll find attractive. Still, there have been signs of a thaw in deal activity so far in 2024 now that it appears the Federal Reserve and other central banks are poised to start lowering interest rates. Read More: Why Private Equity's Horrible, No-Good 2023 May Carry Into '24 Overall, IMCO posted a 5.6% return last year, underperforming the benchmar
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