Mike Forrestner
speaker
25 appearances
1 recordings
1 series
first heard Jul 2026
last heard 13 Jul
Mike Forrestner’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
really reassuring actually for clients because this is a time where because of the outperformance of public markets over the short run that we're being asked to provide a bit of a reunderwriting of the asset class and reassurances in terms of our conviction around the relative return potential of privates versus publics.
So I do think that you know our actual lived experience has been quite good.
But when people are focused on relatively short term return horizons, you know, it's been a bit challenging.
And I think we'll spend a lot of the next call it six months or so with clients basically just reassuring them that their exposure to private markets is well placed and it can provide, you know, kind of that fundamental value for why we put it in the portfolios in the first place.
Yeah, I think the real value driver for the next six to twelve months will be, I think one of them is likely to be a bit of an IPO window.
You know, we've seen numbers in terms of the valuation of the roll up of the X related entities, SpaceX, XAI, and X, formerly known as Twitter.
You know, the valuation for that roll up being somewhere around one and a quarter trillion with a
The projected IPO valuation that we've seen kind of somewhere above that, maybe a trillion and a half or whatever it happens to be.
That is a massive unlocking of liquidity for the private market investors that have been in that company, you know, for you know, five to ten years now.
And so I think it'll be a welcome burst of liquidity.
So that'll be likely a driver, then you combine that with potential IPOs, some of the other big ones.
could actually unlock a lot of value, but it'll be largely concentrated in a handful at this stage of very large private to public IPOs.
Beyond that, I think you know the other big one will just be the kind of regular way workout buyout exits.
So the much more small ball, as they'd say, as you see just companies that have been held for you know your typical five, six year period finding an exit path because there's a lot of pressure on general partners to do just that, really just find a new home for investments for that have run their course.
And Dina, your thoughts?
Yeah, I think when you look at some of the portfolios, there are definitely some that you would look at and see an opportunity to trim some non core positions.
The other one is also if you like the assets you own, you just have to check your, you know, revisit your pacing models to see pretty much what kind of time horizon it's going to take to bring your exposure back into kind of a range that's more comfortable.
And we've seen both approaches.
I think though that when you're getting a relatively strong bid in the secondary market, there's a really good case for, you know, trimming some older assets if you can get good value for them and redeploying that capital into something maybe where you've got more conviction.
And really being a little more intentional about where you're taking that positioning in your portfolio.
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