Welcome to the Allocate Podcast, an interview and educational content series to help investors learn and navigate investing in alternatives. Join us to hear from leading founders, fund managers, and allocators on the latest trends and the keys to successfully participating in the private markets.
In this episode of the Allocate Podcast, host Nic Millikan, Head of Investments for Allocate, interviews David Lebovitz, Managing Director and Global Market Strategist at J.P. Morgan Asset Management. They dive into recent trends in private equity and venture capital, discussing the recovery from a challenging period, the resurgence of the IPO market, and strategic insights for navigating between public and private markets. David shares his expertise on market valuations, regulatory impacts, and long-term investment assumptions, offering a comprehensive view of the current investment landscape and future opportunities.
About David M. Lebovitz:
David M. Lebovitz is Managing Director, is a Global Market Strategist on the J.P. Morgan Asset Management Global Market Insights Strategy Team. In this role, David is responsible for delivering timely market and economic insights to clients across the country. Since joining the team, David has helped build the Market Insights program in the United Kingdom and Europe, has appeared on both Bloomberg TV and CNBC, and is often quoted in the financial press.
David joined J.P. Morgan in 2010. Prior to joining the firm, David was a Research Analyst at Kobren Insight Management. At Kobren, David was responsible for small and mid-cap equity research and worked alongside the CIO and other analysts to construct model portfolios for investors of various risk tolerances.
David obtained a B.A. in Political Science and Philosophy, with a concentration in Leadership Studies, from Williams College in 2009. He earned a dual-MBA degree from Columbia University and London Business School in 2015.
In this episode, we discuss:
(02:03) David's Role and Experience
(03:33) Recent Trends in Private Equity and Venture Capital
(06:19) Current Market Conditions and Drivers
(08:16) Valuation Environment in Private Equity and Venture Capital
(11:00) Impact of Regulatory Environment on Private Equity
(13:12) Long-Term Capital Market Assumptions
(16:40) Differentiation Between Venture and Buyout Strategies
(19:33) Resurgence of the IPO Market
(22:28) Liquidity Impact on Market Dynamics
(24:03) Key Investment Themes
(26:22) Innovation Economy in Private Markets
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