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Paul Von Steenburg

Making the Case for Natural Resources Investing

Posted by Ethan Levine, Paul Von Steenburg on Jul 11, 2017

Topic: Asset Allocation | Investment Strategy | Private Capital | Real Assets

The natural resources sector is often characterized as cyclical, as producers and service providers experience underlying exposure to and commensurate volatility of commodities in the oil and gas, mining and agriculture sectors. After a couple of years of challenging sector returns, some institutional investors are questioning what the role of natural resources should be in a portfolio and if now is a good time to invest in the asset class.

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The Misperception of Illiquid Investments

Posted by Timothy T. Yates, Jr., Kent Scott, Paul Von Steenburg on May 15, 2017

Topic: Asset Allocation | Industry Knowledge | Investment Strategy | Outsourced Investing | Real Assets | Risk Management

With many market participants expecting low nominal returns across traditional asset classes in the coming years, investors may be looking to increase their exposure to illiquid asset classes such as private equity and venture capital. This article addresses head-on, investors’ misperception about illiquid investments: they aren’t as illiquid as many fear.

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Real Estate Credit Environment: Risk Off – Risk On

Posted by Paul Von Steenburg on Jan 9, 2017

Topic: Asset Allocation | Real Assets | Risk Management

Earlier last year real estate markets received a scare as CMBS spreads widened, particularly in lower-rated and more junior tranches. Additionally, one of the most respected U.S. real estate research firms predicted outright price declines for the asset class in 2016. While credit conditions have tightened, particularly for construction financing, wider scale credit concerns have largely dissipated and CMBS spreads have tightened.

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Real Estate – Rates, Rates, Rates

Posted by Paul Von Steenburg on Sep 30, 2016

Topic: Investment Strategy | Real Assets

“There are three things that matter in property: location, location, location”. While the age-old adage still holds in many respects, real estate risks...

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Impact Investing

Posted by Paul Von Steenburg on Jul 1, 2015

Topic: Governance and Policy | Responsible Investing

Recently, Commonfund convened an expert panel of investment managers to hold a roundtable discussion and take a closer look at the different impact investing strategies being implemented today.

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What, me? Illiquid?

Posted by Timothy T. Yates, Jr., Kent Scott, Paul Von Steenburg on Oct 1, 2013

Topic: Industry Knowledge | Private Capital

In the wake of the Global Financial Crisis, institutional investors were rightfully concerned about the liquidity profiles of their long term portfolios. Although markets have recovered substantially since the depths of that crisis, illiquidity remains an important topic with lingering concerns about locking up capital for 10-plus years.

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‘What, me? Illiquid?’

Posted by Timothy T. Yates, Jr., Kent Scott, Paul Von Steenburg on Apr 12, 2013

Topic: Industry Knowledge | Private Capital

Although it has been five years since the collapse of Lehman Brothers—an event that transformed a bad recession into a global financial crisis—the scars of that traumatic episode remain etched in the psyche of many institutional investors. We have new worst-case scenarios in our risk models and a greater appreciation for so-called “black-swan” or “left-tail” events. Nowhere is this lingering fear more palpable than in the consideration of illiquid investments as investors continue to think through the amount of capital to lock up in “illiquid” strategies. Because of this recent history and uncertainty about the future, we often hear investors ask, “Why should I lock up capital for 10-plus years? And if I should, how much?”

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