Cesare Bastianini 谌實銳

In my recent piece for The Telegraph, I explored the shifting narrative for UK Plc from vulnerability to opportunism. For months, the rhetoric has been that UK equities are undervalued, trading at persistent discounts to net asset value, vulnerable to overseas takeovers or looking for greener pastures overseas. These concerns haven't vanished overnight, but it feels like the script is changing. You only have to look at recent transactions in the market to see this. In a short run, we've had the Assura plc–Primary Health Properties PLC (PHP) and Unite Students-Empiric Student Property plc agreed mergers. Not to mention Coats' acquisition of US-based insole maker Ortholite, and Hammerson's purchase of the remaining stake in the Bullring shopping centre in Birmingham. These are all shining examples of strategic M&A deals, backed by long-term, supportive shareholders - and crucially, they keep capital in the UK. Add in £60bn of buybacks and a surge of US investment into UK equities, and it feels like the momentum is slowly building. So, it begs the question: where are our pension funds? Their huge underweighting to UK equities remains a structural flaw, and while the Mansion House Accord is a step forward, we can't underestimate the role of domestic institutional capital in maintaining - and building - this momentum. And we should also rethink ISAs. Currently, we're using taxpayers’ money to subsidise the interest earned on cash saved in ISAs, and yet they consistently deliver poorer returns relative to the market. For cash ISA’s why not redirect the same tax break to ease the burden of mortgage interest payments? It would support the housing market and benefit both the current and future generations. While the issues in the UK market are by no means resolved, after a long period of drift, it feels like our listed companies are starting to get their mojo back. The tide hasn't fully turned, but the current is shifting. Read the full article here: https://lnkd.in/drhsPFug #London #UKEquities #CapitalMarkets #Investment

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It's not difficult to fix the UK... The chart below show the ONS's latest data on the total UK net worth, at the end of June, over £13 trillion. Private and Public. After liabilities. Bloody strong! In comparison annual GDP is £2.8 trillion. Public sector debt, as we know a similar amount. Most of this net worth is in the private sector, which is very robust and under-levered. All the Government and UK Institutions (regulators, managers, unions, courts, inquiries etc..) need to do is get a bit out of the way and let the private sector do its thing, and exploit it's entrepreneurialism, very strong balance sheet and cash reserves to deliver. And getting out the way means Government spending as a % of GDP to fall, tax reforms to be focused on incentivising the private sector to grow and the public sector to be more productive, and any UK institution (public and private) that regulates, or taxes, or legislates, or supervises to be incentivised to reduce the friction of what they do by 25% (i.e. surgeons in the NHS to have 25% less paperwork). Vamos! It's not rocket science.

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“An IPO could value Shawbrook at as much as 2 billion pounds ($2.69 billion” “The bank's private equity owners had previously explored a number of deals with rival lenders over the past two years, including Metro Bank and Co-op Bank” Good news for London, but the truth is that many UK companies are still choosing to list on foreign exchanges to achieve higher valuations. https://lnkd.in/epZFrS_H #Shawbrook #exitstrategy #IPO #exitlaunchpad

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Moelis acts as Exclusive Financial Advisor to Zero Two, the digital infrastructure investment arm of Abu Dhabi Development Holding Company, on its strategic co-control investment in Evolution Data Centres and partnership with Warburg Pincus LLC. #DealAdvisory Press release: https://bit.ly/45rLfy9

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I'm delighted to share this whitepaper which I recently wrote to examine the growing trend of direct investing by family offices, particularly through partnerships with independent sponsors. As family offices seek to bypass the fee drag and limited control of traditional private equity funds, direct investing is increasingly being seen as a compelling alternative. In this paper, I explore the mechanics of independent sponsor transactions, the pros and cons for family offices, some global trends, and key legal and governance considerations. Hopefully, by better understanding these dynamics, family offices will be able to make informed decisions to adjust their investment strategies and achieve their goals. Please share this post with anyone in your network who might benefit. Cheers! https://lnkd.in/g4z4nq48

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I recently participated in a panel discussion on "Perpetual Capital: The Rise of Evergreen Structures" at SuperReturn Asia. Our conversation explored how individual investor access to private markets is influencing evergreen fund adoption, alongside growing institutional acceptance. Key insights: ✔️ Evergreen structures are clearly trending in private markets ✔️ Manager selection remains paramount - not all models are created equal ✔️ Rigorous assessment of capabilities is essential for success As private markets evolve, these fund structures present opportunities and considerations that merit thoughtful attention. Looking forward to continuing these important discussions with industry colleagues. #PrivateEquity #EvergreenfundStructures #SuperReturnAsia #AssetManagement #KKR

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Active management was never meant to be easy. We can’t all outperform and behavioural traps lie around every corner. Tactical asset allocation, in particular, is often set up to fail, with a small number of big decisions, made infrequently by a committee of senior people with limited individual accountability. I wrote a short piece on how - and how not - to design a top down investment process. Credits to C. Northcote Parkinson and Daniel Kahneman. Who votes we break for lunch? https://lnkd.in/eRMRq-PU

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With 2025 off to a turbulent start, Henry McVey and his team at KKR have released their Mid-Year Outlook, a valuable and essential read for anyone looking to prepare for the months ahead.   Once again, Henry and team deliver data-backed perspectives that aim to help investors “make their own luck” in this current environment – even as overall returns will likely be compressed. KKR has long discussed its Regime Change framework, which underscores a fundamental shift in how and where investors should be allocating assets.   Some insights that stood out for me:   𝐄𝐮𝐫𝐨𝐩𝐞’𝐬 𝐫𝐞𝐧𝐚𝐢𝐬𝐬𝐚𝐧𝐜𝐞 𝐢𝐬 𝐫𝐞𝐚𝐥. Germany’s new fiscal stimulus is set to boost demand and investment activity across the region, supporting a more optimistic outlook for European markets.   𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐚𝐜𝐫𝐨𝐬𝐬 𝐚𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐚𝐬𝐬𝐞𝐭 𝐜𝐥𝐚𝐬𝐬𝐞𝐬. Private equity offers investors the ability to lean into operational improvements and accretive M&A activity, while infrastructure is increasingly attractive as private capital steps in to fill the gap left by government retrenchment.   𝐆𝐞𝐨𝐩𝐨𝐥𝐢𝐭𝐢𝐜𝐬 𝐚𝐧𝐝 𝐩𝐨𝐥𝐢𝐜𝐲 𝐚𝐫𝐞 𝐝𝐫𝐢𝐯𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭𝐬. Policy decisions are now a key source of volatility, making it even more important for investors to stay alert and adaptable.   Read the full report here: https://go.kkr.com/3Uh24VQ

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We're proud to announce a key milestone in the first close of our Digital Infrastructure Fund and associated co-investments, with total commitments at first close of c.€600m, including a cornerstone investment from L&G*. Infrastructure, across both debt and equity, is a key tenet of our expanding Private Markets platform and a global investment opportunity. As early investors in digital infrastructure, we've built strategic partnerships and deployed capital into assets that are essential to economic resilience and long-term productivity. https://lnkd.in/g643H8JT For professional clients and qualified investors only. Capital at risk. *Source: L&G internal data as at 8th Sept 2025.

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Could tax credits be an efficient way of mobilising private capital, including from foundations and family offices, for impactful investments in frontier markets? Read a proposal co-authored with Samantha Attridge at the Center for Global Development for a UK Investing for Development Scheme, which would aim to mobilise £32 for each £1 of public funds. https://lnkd.in/eWt6Hg6Q (Disclaimer: views expressed are personal and do not necessarily reflect those of AgDevCo or its affiliates).

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