Private Equity Women Investor Network Names Emily Mendell Executive Director

Mendell brings three decades of leadership in venture capital and private equity.

Emily Mendell has been appointed as executive director of the Private Equity Women Investor Network, an organization for senior-level women investment professionals in private equity. Mendell succeeds Kirsty McGuire, PEWIN’s first executive director, who began her role in June 2021.

Mendell has three decades of experience in private equity and venture capital. She held leadership positions at a number of industry trade associations, such as the National Venture Capital Association, where she was vice president of communications, and the Institutional Limited Partners Association, where she was managing director of membership, events and communications.

“I will be squarely focused on harnessing the power of PEWIN to deepen membership engagement and increase our influence across the global private equity and venture capital industries,” Mendell said via a spokesperson. “PEWIN has enjoyed such a strong growth trajectory over the past several years that our opportunities to make an impact are substantial. We intend to be strategic in our efforts, and I’m looking forward to working closely with the board to set our course of action for the long term.”

Mendell’s other previous positions include director of marketing and communications at CenterSquare Investment Management, vice president of communications at Polaris Partners and managing partner at the Weiser Group. She earned a B.S. in economics from the Wharton School of the University of Pennsylvania.

“Emily’s experience within our industry is only rivaled by her passion for our organization, its mission, and our members,” said Dana Johns, the chair of PEWIN’s board, in a statement. “She is a proven leader, a seasoned communicator, and an effective relationship builder. We are thrilled to have her in this role and look forward to her contributions to our collective success. This work could not be any more important, especially as women continue to make strides in terms of senior representation in private equity. We could not be more excited for Emily to help unify senior women leaders across the industry.”

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PEWIN’s membership includes more than 1,000 senior leaders in private equity from more than 30 countries across North America, Europe, Asia and Africa. The organization provides opportunities to network, share ideas and make deep connections with peers, with the goal of increasing the profile of women within private equity.

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S&P 500 Earnings Off 1% in Q3, Analysts Estimate

Marking a third straight period of losses, the index’s EPS suffered in financials, real estate, material, health care and energy, a survey finds.




Third time’s a charm? Not so much for the just-completed quarter that ran from July through September: Analysts’ consensus is that the S&P 500’s earnings per share will be down 1% year over year, marking the third straight period of negative numbers, according to S&P Capital IQ.

The good news is that analysts estimate the index will not be in the red for the following three quarters. This year’s fourth quarter is estimated to show an 8.2% gain, followed by 0.0% in 2024’s first quarter and 11.9% in its second. The projection for all of 2023 is for a flat performance (meaning zero), with an 11.9% advance for 2024 as a whole.

The rosier forecast for next year assumes that there will be no recession and that interest rates, which ballooned in 2023, will no longer rise and may even fall to some degree.

The minus 1% projection for third-quarter 2023 EPS is an improvement on the second period’s 5.4% loss and the first quarter’s 1.2% drop. As of Monday, 116 S&P 500 companies have issued EPS guidance for the third quarter. Of these, 74 gave negative EPS guidance and 42 positive, per FactSet Research. The number of companies issuing negative EPS guidance for the third quarter is greater than the five-year average of 58 and the 10-year average of 63. Company results for the quarter are starting to trickle in and will grow in coming weeks.

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In Q3, five of the S&P 500’s 11 sectors were in negative territory: energy, financials, health care, materials and real estate. In addition to the large-cap S&P 500, the Standard & Poor’s indexes for mid caps and small caps are projected to be underwater for the quarter.

S&P 500 energy stocks for the third quarter are anticipated to plummet 38%. “Relative to the third quarter of 2022, spot prices for West Texas Intermediate (WTI) crude oil are estimated to be down 12%, and we forecast spot prices for Henry Hub natural gas to be down a whopping 68%,” wrote Sam Stovall, chief investment strategist at CFRA Research, in a report.

Oil and gas prices in 2022’s third quarter were higher due to Russia’s invasion of Ukraine, which led to many Western nations barring Russian energy imports, thus jacking up oil and gas prices. As a result, 2022’s third period was good for energy profits.

Stovall pointed to rising rates and a sliding stock market for the financial sector’s projected 0.3% slip in the third quarter. Health care’s 10.8% fall stems from a drop in sales of COVID-19-related products and patent expirations, while higher costs from inflationary pressures “could put pressure on margins,” in Stovall’s view. For materials, anticipated to decline 17.7%, Stovall placed the blame on falling commodity prices—thanks to a strong U.S. dollar—plus weaker consumer and industrial demand owing to lingering recession fears. The same economic uncertainty and higher rates harmed real estate (off 28.7%), he indicated.

That is why the expected brightening picture up ahead will be doubly welcome after a triple play of bad quarters.

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