A Brief Risk Update: Trade War Update

Over the last several years, numerous commentators have expressed concern that China could retaliate against any U.S. trade threats by liquidating their U.S. Treasury holdings and thus causing U.S. interest rates to spike. We did not view this as a credible threat, as such an action would involve selling dollars and purchasing Chinese currency, Chinese […]

An Assessment of the U.S. debt and deficit

In December of 2017, the U.S. passed the Tax Cut and Jobs Act of 2017 which reduced corporate and individual tax rates. On March 23, 2018, an omnibus spending bill increased discretionary spending.  Declines in tax receipts and increased spending are expected to push the fiscal deficit higher. The Congressional Budget Office (CBO) projects the […]

Retirement Income… a deepper dive

In our previous article, we provided the rationale for the importance of implementing a withdrawal plan once a retiree initiates distributions from his or her defined contribution assets. There are a number of risks that could lead to a retiree depleting their resources. Having a withdrawal plan significantly reduces or may even eliminate those risks. […]

The Economic cycle and the implications for private debt strategies

Regardless of where we are in the economic cycle, the most important observation is that there appears to be no imminent bad news out there. This absence of bad news is a key reason why we believe that risk assets likely will continue to perform well despite stretched valuations. But there are risks on the […]

How can two LPs in the same fund have different performance?

Many alternative asset managers use closed-end funds to execute their strategy. These funds have a finite life where capital is drawn from limited partners (LPS) over the first few years of the fund and is returned as investments are realized in the later years of a fund’s life. As the fund managers make all investment […]

Pavilion Advisory Group Inc. Renews HFMA Peer Review Designation

Chicago, IL, June 20, 2018 – The Healthcare Financial Management Association (HFMA) today announced that, following rigorous review, Pavilion Advisory Group Inc. (Pavilion) has once again achieved the “Peer Reviewed by HFMA®” designation for its Investment Consulting and Advisory Services. Pavilion’s Healthcare Practice team, co-led by Alyssa Cheatham and Meggan O’Shea, provides investment consulting services […]

Private Credit Outlook

Private credit markets have seen rapid growth in recent years as many institutional investors seek a broader opportunity set to increase returns in their fixed income portfolios. Consequently, private credit is enjoying a strong fundraising market. However, it appears that some fundamentals in private credit markets may be weakening. The increased interest in private credit […]

Investing in Frontier Markets

The International Finance Corporation (IFC) used the term “frontier markets” for the first time in June 1996, when it announced that it would start publishing data on 14 frontier markets as part of its Emerging Markets Database. At that time, the IFC defined frontier markets as those that were investable, but less developed in terms […]