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The combination of BMO’s broad investment banking platform and OHA’s private credit expertise has delivered enhanced dealflow and financing flexibility while adding value for borrowers and private equity sponsors. Source: CISION PR Newswire Source: Bain Capital Can’t stop reading?
There are deals for struggling companies that urgently need capital, but there are fewer transactions targeting companies in the middle of those two extremes. He said: “There’s a bid/ask spread, and people just wait for better days. If they can wait, why would you want to put your average company up for sale right now?”
Some short-sellers view Palantir as a glorified government contractor, given its heavy reliance on public sector dealflow. Moreover, this latest downgrade from Jefferies wasn't the bank's first bearish call on Palantir.
Mark Benedetti, executive president at Ardian SAS, echoed this sentiment, predicting robust private equity dealflow in the fourth quarter of this year and into early 2024. He added that the gap between bid and ask prices should begin to narrow.
They are well behind, but they aren't losing dealflow to other capital sources. What we are seeing in this challenging fundraising environment is that investors value Walker & Dunlop's access to dealflow and banker/broker distribution network as deals get harder and traditional sources of capital move in and out of the market.
So, Robert, last quarter, you're obviously contemplating a bid, formal bid for Believe. So, I'd be curious to hear sort of why that deal fell apart. So, it's really -- it's basically about the dealflow if you really put it in business terms. Benjamin Black -- Deutsche Bank -- Analyst Hey, good morning. I have two.
A new survey of investors and deal advisers conducted by Private Equity Wire found high asset prices were the number one challenge when considering tech firms. The last 12 months’ highs of stock prices are dropping, and equity fund managers are pressuring companies to accept bids at reasonable premiums,” he says.
Despite the challenges buyouts firms are facing, some investors are increasing their bets on the asset class in a bid to profit from cheaper valuations. “Our processes are quite sound . . . we we have those done by outside entities.” This could rise further if the review gives the green light.
In the second half of 2022, Axial launched The Winning LOI series, a bi-monthly publication that surfaces the winning bids of Axial-sourced transactions, with a focus on key deal terms, including financials, multiples, earn-out structures, and deal-specific diligence requirements. What changed all of a sudden?
Do you see that going forward of continuing to bridge that gap in the capital markets, or is there another color that you are seeing in the dealflow? Bob Stephenson -- Chief Financial Officer Adding – bidding held-for-sale assets that they are held for sale assets, we booked 788,000 in the fourth quarter related to those.
BlackRock's infrastructure franchise and our private markets business more broadly benefited from the firm's global footprint, our deep network of clients and distribution relationships, and access to high-quality dealflow. I want you to think about it this way.
And I certainly think we'll ramp up in Richmond in terms of the new dealflow we're starting to see there. Ted Klinck -- Chief Executive Officer Look, there's a -- certainly, there's bid-ask spread going on today. So, no, not in those two markets. Ronald Kamdem -- Morgan Stanley -- Analyst Got it. Makes sense.
Our team's continued efforts to create value and identify these opportunities combined with our improved cost of capital have opened up a larger opportunity set and resulted in accelerated dealflow. Both of these noncore dispositions were Florida based assets, which continued to command a strong bid from 1031 capital.
I read an article yesterday about one of the groups that is potentially bidding on the license. We're excited about that that group has put together a very healthy bid for the full license. Thanks and good morning. I probably should be asking you what you think about the New York process. Look, I think there's news almost every day.
So, I think that we have not changed our underwriting standards, and we are seeing some good dealflow. On top of the $5 billion NEVI program that the government has put in place, and we're starting to see finally the states starting to go out and bid for those projects. David Marsh -- Singular Research -- Analyst Got it.
Right now, spreads and terms on new dealflow appear attractive, so lenders are being disciplined for the most part. Also, supply is cyclical and there will come a point where the bid-ask spread narrows and PE firms start to transact again.
There would’ve been no bid. 00:34:48 [Speaker Changed] And, and you mentioned, you know, at times you’re unpopular, but like we talked about earlier in oh 8, 0 9, 0 7, if you are the only bid, I would think people would be grateful that hey, at least somebody’s on the other side of the trade.
The rush to build teams underscores Japan’s rising prominence in private equity, standing out as a hotbed for M&A activity even as global dealflows have slowed. In 2023, Japan accounted for 30% of all private equity deal value in Asia-Pacific, up from historical levels of just 5-10%, according to Bain & Co.
We held our team together throughout the downturn to be able to capture dealflow when markets returned and our investment sales team's efforts in the back half of 2024 were fantastic and set us up very well for 2025 and beyond. Walker -- Chairman and Chief Executive Officer It was standard dealflow.
Historically speaking, public sector dealflow is lumpy and unpredictable. government outside of bidding on large scale defense deals. For Palantir, I think the obvious benefit is that working with Booz Allen could represent a new form of lead generation and help accelerate its government business.
Like the growing $7 billion private credit portfolio where the organization has recently expanded its talent base with new hires in New York and a strategy to push into large cap partnerships and dealflow out of the US. The investor has also attracted criticism in recent years from some of its member funds.
In September last year, after analysing performance and dealflow, Berg decided to switch to fund investing in Asia and Europe and to focus on buyouts in North America. We are starting to see green shoots in the M&A market, investor interest in auctions, and bids at fuller multiples, he says.
So we are seeing a lot more spread A bid-ask spread is very wide in the venture and growth world right now. So you mentioned dealflow is, has ticked up, I’m assuming that’ll continue into next year. But when it comes to buyouts, especially mid-market, large cap buyout add or close to par in the nineties.
He launches Wallstrip in the early 2000s and before you know it, he’s in the middle of a bidding war with a bunch of different people, theStreet.com and CBS wanting to buy it. I guess there’s a competitive bidding going on. RITHOLTZ: Fred says hit the bid. Howard has had like really this shockingly blessed career.
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