Justin Kaplan

Alternative Asset Analyst
    Connect with Justin:
Justin Kaplan

Mr. Kaplan serves as an Alternative Asset Analyst and is responsible for research and analysis supporting the alternative assets portfolio.

Justin joined The Penn Mutual Life Insurance Company in December 2011 where he held roles in financial reporting and investment accounting, most recently managing the derivative and alternative asset accounting function.

Prior to joining Penn Mutual, Mr. Kaplan managed the healthcare reporting and analysis function at AmeriHealth Administrators. Mr. Kaplan also has experience as a Senior Financial Analyst at ING Wealth Management.

Mr. Kaplan holds a Bachelor of Arts degree in Economics from the University of Colorado and a Master of Business Administration in financial management from Temple University.

Justin has been a Chartered Financial Analyst (CFA) Charterholder since 2013.

Stories by Justin Kaplan

Looking for Value in Add-Ons

By Justin Kaplan | November 3, 2016

In previous posts, I have discussed the rising valuations and increased use of equity to finance deals in the U.S. private equity markets. This week’s chart shows yet another trend that has emerged as valuations continue to rise. Add-on acquisitions have been on an upward trajectory since approximately 2006 and have reached a decade high as a percent of buyout transactions, reaching 64% in 2016.

Could the M&A Cycle Be Entering Extra Innings?

By Justin Kaplan | August 4, 2016

Midway through 2016, deal multiples in private equity and merger and acquisition (M&A) transactions in the U.S. have climbed almost a full turn higher than the levels seen in 2015, sitting at 11.3x (EV/EBITDA*).

Image Sharing Platforms: More than Just a Place to Share Selfies

By Justin Kaplan | June 9, 2016

This week’s chart is from a Kleiner Perkins Caufield & Byers presentation on internet trends made on June 1, 2016 at the Code Conference. What struck me was the growth in video and image sharing platforms and how important they are becoming to traditional business models.

Can Shifting Electric Supply Power Investment Opportunity?

By Justin Kaplan | March 10, 2016

This week’s chart shows the shift in U.S. electricity generation since 2000. Regardless of which side of the Climate Change debate you come down on, the trends toward cleaner power generation in the U.S. are difficult to question.

A Paradigm Shift in Space Travel

By Justin Kaplan | December 10, 2015

With the new Star Wars movie set to release on December 18, it marks a good time to consider the investment potential that Space offers. If you have been paying attention to the news, you may have seen Blue Origin’s New Shepard spacecraft (Amazon CEO Jeff Bezos’s space company) had a historic spaceflight, marking the first time a rocket flew into space and was able to land safely on the ground.

Finding Value in the Private Equity Middle Market

By Justin Kaplan | September 17, 2015

This week’s chart focuses on finding value in the private equity middle market by looking at the purchase price multiples of companies whose enterprise values are between $100-$500 million (Middle Market) versus those valued at less than $100 million (Lower Middle Market).

Growth in Consumer Cloud Storage Drives Investment Opportunities

By Justin Kaplan | May 21, 2015

“The cloud” has become a ubiquitous term. Whether talking about streaming the latest episode of the Kardashians or doing our taxes, it’s all happening online in “the cloud.”