MARKET MOVES DURING EARLIER INDIA PAKISTAN CONFLICTS !
- Except during the Parliament attack in 2001, Indian equity markets did not correct more than 2% during periods of high tension with Pakistan.
- The average equity market correction across conflicts was 7%, with a median correction of 3%.
- Nifty 50 is unlikely to correct more than 5–10% , even in the event of a substantial escalation.
Source : Anand Rathi Research
- Except during the Parliament attack in 2001, Indian equity markets did not correct more than 2% during periods of high tension with Pakistan.
- The average equity market correction across conflicts was 7%, with a median correction of 3%.
- Nifty 50 is unlikely to correct more than 5–10% , even in the event of a substantial escalation.
Source : Anand Rathi Research
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Forwarded from Sanjay Saraf
This is important stuff for lebel 3. ...lets understand it
The term "secondary sales" in the context of private equity refers to the resale of existing investments in private equity funds or private companies—as opposed to making new (or "primary") investments. Let me break it down in context of the Harvard case:
---
🔍 What Are Secondary Sales in Private Equity?
When institutions like Harvard invest in private equity funds, they commit capital for long durations (often 10+ years).
These investments are illiquid, meaning they can’t be quickly converted into cash.
A secondary sale is when Harvard sells its existing stakes in these funds to other investors on the secondary market.
🧠 Why Would Harvard Do This?
Harvard had:
83% of its $53.2B endowment in illiquid assets (private equity & hedge funds).
Cash flow issues due to:
A freeze in $2.2B federal research grants.
Possibly falling tuition or donation income.
Thus, Harvard:
1. Sold off its stakes in private equity funds to get immediate liquidity, even if at a discount.
2. Issued $1.2 billion in municipal bonds (debt instrument) to raise more cash.
3. Shifted from a long-term, illiquid strategy to more cash-accessible strategies.
🏦 How Does a Secondary Sale Work?
A buyer like Lexington Partners acquires Harvard’s private equity holdings at a negotiated price (often below net asset value).
Harvard gets cash upfront.
The buyer gets future upside (if the fund performs well).
---
🎯 Bottom Line
Harvard’s “shift to secondary sales” means it:
Is trying to raise immediate cash by selling long-term, locked-up investments.
Accepts a discounted value for the sake of liquidity.
Reflects a liquidity crunch even in large, elite institutions.
The term "secondary sales" in the context of private equity refers to the resale of existing investments in private equity funds or private companies—as opposed to making new (or "primary") investments. Let me break it down in context of the Harvard case:
---
🔍 What Are Secondary Sales in Private Equity?
When institutions like Harvard invest in private equity funds, they commit capital for long durations (often 10+ years).
These investments are illiquid, meaning they can’t be quickly converted into cash.
A secondary sale is when Harvard sells its existing stakes in these funds to other investors on the secondary market.
🧠 Why Would Harvard Do This?
Harvard had:
83% of its $53.2B endowment in illiquid assets (private equity & hedge funds).
Cash flow issues due to:
A freeze in $2.2B federal research grants.
Possibly falling tuition or donation income.
Thus, Harvard:
1. Sold off its stakes in private equity funds to get immediate liquidity, even if at a discount.
2. Issued $1.2 billion in municipal bonds (debt instrument) to raise more cash.
3. Shifted from a long-term, illiquid strategy to more cash-accessible strategies.
🏦 How Does a Secondary Sale Work?
A buyer like Lexington Partners acquires Harvard’s private equity holdings at a negotiated price (often below net asset value).
Harvard gets cash upfront.
The buyer gets future upside (if the fund performs well).
---
🎯 Bottom Line
Harvard’s “shift to secondary sales” means it:
Is trying to raise immediate cash by selling long-term, locked-up investments.
Accepts a discounted value for the sake of liquidity.
Reflects a liquidity crunch even in large, elite institutions.
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