Welcome to the latest edition of the Balentic Edge Newsletter — your update on the trends, data, and insights shaping private markets.
In this issue,
We break down the fast-growing world of NAV loans — how they work, what’s driving demand, the opportunities, and the key risks LPs aneed to understand.
We also invite you to tune in to our latest Balentic Edge podcast, where we explore Asia’s rising role in private equity with Joseph Li from C Capital.
Our chart of the week may surprise you - does EU Venture outperfom US Venture!
The latest moves from market players.
A warm welcome to FiveT on the Orca platform.
Let’s dive in.
Best,
Kasper,
CEO & Co-founder Balentic
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Insights
New blog post: NAV Loans Unlocked: Navigating Risk and Opportunity - Part 1
NAV loans are rapidly reshaping the private equity financing landscape, offering both promise and peril.
This post delves into how NAV loans function, their market dynamics, the crucial considerations for LPs and GPs, and what the future holds.
New Podcast: From Volatility to Value: C Capital’s Take on Asian PE
In this episode of Balentic Edge, host Kasper Wichmann discusses the rising importance of Asia as a key investment opportunity in private markets. With C-Capital’s unique approach to navigating this dynamic region, Kasper explores how the firm is leveraging its expertise to uncover high-growth opportunities in Asia. He delves into the challenges and rewards of investing in the region, offering insights into C-Capital’s strategies and the broader trends shaping Asia’s investment landscape. If you’re looking to understand the potential of Asia in private equity, this episode is a must-listen.
Blackstone Real Estate has agreed to acquire the newly built Sunseeker Resort Charlotte Harbor in Florida from Allegiant Travel Company for $200 million. The 785-room waterfront resort spans 22 acres and includes extensive amenities such as multiple restaurants, pools, a spa, a rooftop adult pool, a golf course, and over 60,000 square feet of meeting space.
MetLife, General Atlantic, and Chariot Reinsurance have completed Chariot Re's first major reinsurance deal, covering around $10 billion in liabilities from MetLife. This includes structured settlement and pension-related annuity contracts. Chariot Re, a Bermuda-based life and annuity reinsurer, is co-sponsored by MetLife and General Atlantic, with backing from Chubb and other investors.
Warner Music Group and Bain Capital launched a $1.2B joint venture to acquire iconic music catalogs. WMG will handle marketing and distribution, while both firms will co-invest and source deals, aiming to preserve and expand the legacies of legendary artists and songwriters globally.
Chart of the Week
European VC outperforms North American VC on 10 and 15 year horizons
Source: Sifted, July 2024
As can be seen from the chart European venture capital has quietly outshone its North American counterpart over 10- and 15-year horizons, according to new data from Invest Europe and Cambridge Associates. On the surface, it’s an impressive showing: European funds posted a 20.77% net IRR over 10 years versus 18.18% for North America. But look a layer deeper, and the picture becomes more nuanced.
For one, the European dataset is relatively small—223 funds versus 2,500 in North America—making sweeping conclusions risky. And while it’s tempting to cheer the outperformance, median returns in VC aren’t where the real story lies. As David Clark from VenCap astutely notes, here, venture is about outliers, not averages. One European fund with a >100% IRR proves the point: in this game, a few home runs define the portfolio.
The good news? Europe is clearly capable of producing standout vintages—2011 and 2016, in particular, show exceptional performance. The challenge now is building an ecosystem that consistently finds and funds the next generation of outliers.
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Disclaimer: This is for informational purposes only and should not be taken as financial advice. Please conduct your own research and consult with a financial advisor.
Orca Highlights
Each edition, we spotlight a newly onboarded GP on Orca - giving LPs a direct look at fresh strategies and opportunities now live on the platform.
Welcome to Five T
We are excited to welcome FiveT Fintech to Orca.
Founded in 2018 and headquartered in Zurich, FiveT Fintech is an independent venture capital boutique dedicated to investing in visionary entrepreneurs who are transforming financial services through digitization and cutting-edge technologies such as distributed ledger technology and machine learning.
13th Private Equity New York Forum - 14 May 2025, New York City, USA
0100 Emerging Europe 2025 - 14-16 May 2025, Budapest, Hungary
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Disclaimer: The information provided in this newsletter is for informational purposes only and should not be construed as financial or investment advice.
