{"id":46050,"date":"2022-01-21T16:16:59","date_gmt":"2022-01-21T21:16:59","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/leveraging-company-financials-modl-to-decrypt-private-equity-giants-secrets\/"},"modified":"2024-04-24T15:19:46","modified_gmt":"2024-04-24T19:19:46","slug":"leveraging-company-financials-modl-to-decrypt-private-equity-giants-secrets","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/data\/leveraging-company-financials-modl-to-decrypt-private-equity-giants-secrets\/","title":{"rendered":"Leveraging company financials (MODL) to decrypt private equity giants\u2019 secrets"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0542cb2cb93]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0542cb2cb93'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/data\/\" rel=\"category tag\">\n                    Data\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Leveraging company financials (MODL) to decrypt private equity giants\u2019 secrets<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0542cb32b48'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Markets<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">January 21, 2022<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0542cb34f93'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by David Tung, Keith Gerstein and Kelly Lai. <i><span style=\"font-weight: 400\">It appeared first on the Bloomberg Terminal.<\/span><\/i><\/em><\/p>\n<h2>Background<\/h2>\n<p>With the runup in U.S. equity markets stretching valuations, private equity shops are catering to retail investors who turn to alternatives to diversify by provid\u00ading products with low minimum investments, including publicly traded giants Blackstone and KKR. For them, fee-related earnings are forecast to increase as much as 38% a year through 2023, according to best estimates and the Company Financials (MODL) function. Fee-related-\u00adearnings margins are also projected to expand. Moreover, inflows into assets under management (AUM) are reaching record highs.<em><br \/>\n<\/em><\/p>\n<h2>The issue<\/h2>\n<p>For Blackstone Inc. with an AUM of $618 billion at the end of 2020, analysts estimate inflows will total $196 billion in 2021. Consider, for example, the Blackstone Real Estate Income Trust Inc. The non-publicly traded real estate investment trust allows investments of as little as $2,500. Started in 2017, BREIT is already one of the world\u2019s largest real estate funds, with assets of $66.3 billion as of Sept. 30. This serves as a golden opportunity for retail investors to enter the playground. With the barrier to entry lowered, the next question would be, what are the important factors to consider and how can we visualize them to grasp an overview of the private equity giants\u2019 performance?<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Optimize your data supply chain<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2409420669581094450\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/data\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Dry powder, i.e. the committed capital that\u2019s not yet invested, is one of the principal factors which can fuel private equity deal making. Blackstone has multiple segments with ample dry powder. For two of them\u2014private equity and real estate\u2014dry powder largely held steady for two years before starting to drop in 2021. Private equity dry powder decreased in 2021 after largely holding steady in the previous two years. The value of Blackstone\u2019s private equity dry powder dropped to $57 billion in the third quarter, the lowest since 2018, and was projected to decline further in the fourth quarter. Real estate dry powder rebounded to $39.5 billion in the third quarter, up from $36 billion in the second quarter. So where has Blackstone\u2019s dry powder been going? In a word: deals. As of early November, Blackstone had in 2021 already done its largest volume of acquisitions in a calendar year since 2006, according to data compiled by Bloomberg.<\/p>\n<p>Not all private equity firms are approaching the market in the same way as Blackstone. KKR &amp; Co., which has focused on integrating its purchase of insurer Global Atlantic Financial Group, had done a lower volume of acquisitions in 2021 as of early November than it had in 2020 or 2019.\u00a0 (In late November, KKR made a \u20ac10.8 billion [$12.2 billion] bid for Telecom Italia SpA in what could be Europe\u2019s largest buyout.) In addition, New York-based KKR piled up dry powder thanks to a fundraising push. In the third quarter, KKR\u2019s private market dry powder, at $101 billion, was 80% higher than it had been a year earlier. This increase in dry powder is part of a trend that, according to estimates, is expected to result in KKR\u2019s largest annual accumulation of such capital. While other companies have been stockpiling dry powder in 2021, KKR\u2019s massive growth stands out.<\/p>\n<h2>Tracking<\/h2>\n<p>To chart dry powder for Blackstone\u2019s segments in MODL, type BX US &lt;Equity&gt; MODL &lt;GO&gt;, scroll down to the Assets Under Management (AUM) heading in the Business Breakdown section. Under Private Equity, click on the chart icon to the left of Dry Powder. Then tick the box to the left of Dry Powder under Real Estate.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"693\" height=\"424\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p11.png\" class=\"bbg-single-image__image attachment-large\" alt=\"BX US Equity\" title=\"p11\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p11.png 693w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p11.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p11.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p11.png 600w\" sizes=\"auto, (max-width: 693px) 100vw, 693px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The ratio of dry powder to AUM can be derived in Excel. Click on the Export button on the red toolbar in MODL and select Export (Row by Row). Tick the items you want to export (real estate dry powder and AUM) and then hit the Export button again. A spreadsheet with the selected items will open. In it, you can add a formula in the form of \u201c= (dry powder\/AUM) *100\u201d.<\/p>\n<p>MODL now also enables you to drag and drop a data point into Excel. Click on an estimate in MODL and drag and drop it into a spreadsheet. That will paste in the Bloomberg Query Language (BQL) formula so that it will update whenever the estimate changes.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"698\" height=\"427\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p21.png\" class=\"bbg-single-image__image attachment-large\" alt=\"BX US Equity\" title=\"p21\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p21.png 698w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p21.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p21.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p21.png 600w\" sizes=\"auto, (max-width: 698px) 100vw, 698px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>To dig into this, run KKR US &lt;Equity&gt; MODL SOURCE &lt;GO&gt;. Use the Growth drop-down to select Year-over-Year and the \u00adPeriodicity field to select quarters if they aren\u2019t already selected.<\/p>\n<p>Scroll down to the Private Markets heading in the Business Breakdown section, click the chart icon to the left of Dry Powder, and tick the box for Dry Powder.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"705\" height=\"431\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p31.png\" class=\"bbg-single-image__image attachment-large\" alt=\"KKR US Equity\" title=\"p31\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p31.png 705w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p31.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p31.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/p31.png 600w\" sizes=\"auto, (max-width: 705px) 100vw, 705px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0542cb41f50]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0542cb41f50'>\n        \n        \n        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