Insights

(McKinsey & Company) The state of diversity in US private equity. 
McKinsey & Company examine the efforts of PE firms to ensure a diverse workforce. The data shows that private equity firms have increased the percentage of ethnically diverse talent and women employees but note that promotions for women and deal-team diversity metrics are still lagging.

(FT.com) Fund houses buy up ‘alts’ specialists to move beyond equities and bonds
Following Oak Hill’s acquisition by T. Rowe and CarVal’s acquisition by AllianceBernstein, FT calls attention to fund managers’ drive to acquire private equity and private credit businesses. Higher management fee revenues and the demand for alternative strategies from private wealth channels are cited as driving forces.

Not included is First Eagle’s announced acquisition of the credit manager Napier Park, which follows earlier acquisitions of THL Credit and Newstar. The First Eagle acquisition highlights the driving force private equity sponsors are playing in asset management M&A and growth strategy.