This Week in Alternative Investments - August 4th, 2023
While the number of foreign buyers of U.S. real estate is declining, the median price paid has increased (NAR)
Bite sized market updates
The number of U.S. homes purchased by foreign investors hit a 14-year low. However, the median price of those homes has increased to a record $396,400.
Panini America filed an antitrust lawsuit against Fanatics. They are alleging that the collectibles giant has engaged in "calculated, intentional, anticompetitive conduct".
Private debt funds have raised $122 billion globally so far this year. This represents a 10% year-over-year gain for the rapidly growing market.
NATO announced a €1 billion venture fund. The NATO Innovation Fund will invest in early-stage tech startups on behalf of its member countries.
With over $1.1B in capital raised and 1,100+ portfolio companies, Alumni Ventures is the most active venture capital fund in the U.S. (Pitchbook, 2022)
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The number of international buyers of U.S. homes reached its lowest point since 2009. This according to a report from the National Association of Realtors, which cited higher home prices and the lack of inventory as the primary reasons behind the decline. However, the median purchase price of $396,400 set a new record-high. International buyers from China (13%) took the top spot, followed by Mexico (11%), Canada (10%), India (7%) and Colombia (3%). The top states for international buyers were Florida (23%), California (12%), Texas (12%), North Carolina (4%) and Arizona (4%).
Sports card company Panini America is accusing rival Fanatics of creating a monopoly. They filed an antitrust lawsuit in federal court on Thursday, alleging a number of anti-competitive behaviors. Fanatics denied the charges and is planning to countersue. Over the past few years Fanatics securing exclusive licensing deals with MLB, the NBA and the NFL, while also acquiring card brand Topps, becoming the biggest company in the industry.
The market for private credit continues to grow. According to a Pitchbook report, private debt funds have raised $122 billion globally through July 28th, which represents a 10% increase over the same period in 2022. The 20 largest funds raised 72% of the overall total, led by HPS Investment Partners ($12 billion) and Goldman Sachs ($11.7 billion).
NATO launched the first ever “multi-sovereign” investment fund. After two years of planning, the organization raised over €1 billion from some of its member nations, but not the U.S. or Canada. The fund will lead early-stage deals in deep tech startups, but will not be allowed to invest in American or Canadian-based companies.