Fund managers have NOT been busy writing to us with their gift requests at PDI grotto. But if they had, here’s the top ten things they might have been asking for:
1. A ticket to an emerging market: Why not escape the developed market crowds and try and seek out the level of competition and returns that you might have found in the US or Northern Europe 10 years ago? India’s nice at this time of year, apparently.
2. A brand new cycle? On reflection, maybe not. The current one’s been rather good and probably has some mileage in it yet. Crashes might be possible with a new, racier model.
3. A covenant or two: This particular gift has gone out of fashion, despite having been seen as essential in the years that followed the global financial crisis. Maybe it’s time for a revival.
4. A bank partnership: A very modern gift that has become this year’s “must have”.
5. A collection of understanding LPs: Could be very useful should market conditions get a bit hairy any time soon.
6. A restructuring specialist: Was thinking of asking for this last year; with each passing year, becomes more of a priority.
7. A “how-to” guide on speciality finance: With all this talk of overcrowding, may need to think about offering LPs something a bit different – aviation or healthcare finance, anyone? Better start swotting up.
8. Lots of banking regulation: The more the better! Let’s just hope none of it applies to us.
9. More storage space: Running out of room for all the capital commitments Santa keeps bringing.
10. A packet of paracetamol: A humble gift, but a highly necessary one should the private debt party come to an unexpected end.