I will start off with the potion from 1:30 to 1:50. GP calls capital from investor, and then you as an investor, are stuck for 8-10 years? Have to wait until sponsor returns capital? What? Who signs up for this?
I've said this a million times before....Just let me point and click in my brokerage account when I want to buy or sell something, instead of making a "request". I get it. I'm sure some of these funds have done very well. I'm just not a fan of the being a high fee paying, low control investor.
Also, her comments in the last minute are outstanding. As an example, I just looked at the history of Blue Owl as a firm. Goes back to 2009. Mergers, acquisitions, etc. Not my cup of tea.
Yeah, historically pensions, endowments, and other institutional investors were the primary LPs, and because they had patient capital to deploy, they were comfortable locking it up, especially if there was a history of strong returns. Things are changing with “retail” becoming LPs and track records being manufactured through financial engineering of marks.
Great podcast episode from 2 of my favourite private markets focused Substacks! Learnt a lot, especially regarding interval funds.
🙏🙏🙏
Excellent interview.
I will start off with the potion from 1:30 to 1:50. GP calls capital from investor, and then you as an investor, are stuck for 8-10 years? Have to wait until sponsor returns capital? What? Who signs up for this?
I've said this a million times before....Just let me point and click in my brokerage account when I want to buy or sell something, instead of making a "request". I get it. I'm sure some of these funds have done very well. I'm just not a fan of the being a high fee paying, low control investor.
Also, her comments in the last minute are outstanding. As an example, I just looked at the history of Blue Owl as a firm. Goes back to 2009. Mergers, acquisitions, etc. Not my cup of tea.
Thanks, really enjoyed speaking with her too.
Yeah, historically pensions, endowments, and other institutional investors were the primary LPs, and because they had patient capital to deploy, they were comfortable locking it up, especially if there was a history of strong returns. Things are changing with “retail” becoming LPs and track records being manufactured through financial engineering of marks.