9 February | Online

The energy transition is rendering future cash flows from the oil & gas increasingly uncertain. While for some investments this will mean lower returns, for others it may result in obliteration. Given such uncertainties, the ability to sell these investments (liquidity) becomes a progressively important margin of safety.

Maeve O’Connor, analyst in our Oil, Gas & Mining Team, looks at the Private Markets’ exposure to the Upstream sector & finds a toxic mix of rising risks, falling returns with investors escape routes  increasingly blocked.

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