FREEDOMIZATIONTM
“Alternative perspectives on private assets investing”
About Us
The Problems
The sub-sectors of private assets have idiosyncrasies that when well understood can add to the robustness, resiliency, and completeness of a portfolio.
The large number of private assets investment managers/vehicles makes the terrain challenging to navigate without accurate information and astute guidance.
Manager due diligence tends to be quantitative, qualitative, iterative, abstract, and conceptual. Most lack the rigor to get and relay the full story of an investment manager’s essence and strategy.
On the surface most investment managers’ value-add skillsets seem similar. A keen eye for tangible differentiation steered by extensive asset class experience can reveal, dispute, or confirm true uniqueness
There is a considerable amount of confusion on how to construct a high-quality portfolio that takes returns, correlations, liquidity profiles and market resilience into consideration.
The private assets sector is constantly evolving with new sub-sectors regularly emerging – this causes a high degree of misinformation and sometimes disinformation around nascent sub-sectors.
Despite the astronomical growth of the private assets industry in the past decade, there still exists a knowledge gap regarding the characteristics, opportunities, advantages, scope of solutions, structures, etc. in the asset class.
Freedomization’s Solution
Extensive experience in the private assets investing/finance industry provides a versatile, unbiased, and common-sense approach to solving the needs of various types of investors with varying portfolio needs.
Having analyzed and invested in multiple private assets sub-sectors. Freedomization is well versed in the unique attributes of each and how they can be put together to construct versatile portfolios.
Freedomization has a long track record of educating investors (of various sophistication levels) on key aspects/benefits of private assets investing.
Through thorough market mapping, Freedomization has the ability to home in on the most suitable managers to solve specific investor needs.
Freedomization has conducted all facets of investment and operational due diligence. Freedomization’s goal is to use all methods to make asymmetric (managers telling you only what they want you to know) information as symmetric as possible.
Through numerous pitchbook reviews, data room dives, manager meetings, due diligence sessions, reference calls, etc., Freedomization’s personnel have developed a strong ability to detect key points of differentiation.
Freedomization has constructed, advised on, and assessed various private assets portfolios that are able to effectively complement traditional (public equity and fixed income) holding/exposure.
Freedomization’s private assets/finance industry network is deep and broad. This allows for minimal degrees of separation and the attainment of actionable insights that cut to the core of what is needed/important for private assets investing.
Insights
The Worst Time To Conduct Due Diligence
After over two decades of investment manager/sponsor assessments, I have
The Personality of Investors and Their Commitments
On the surface, the common maxim “capital is capital” might
The Unbearable Lightness of Being a Fund 1 (Part 1)
Bearing the moniker of a first-time fund can sometimes feel
Is There a Right Way To Talk About Competitors?
Taking time to process the sheer number of private deal
Private Manager Internal Teams
There is one thing that every GP/sponsor has up their
Private Investing Market Timing
Most investors will swear on their firstborn child that they
Ingredients for a Harmonious Limited Partner (LP) and General Partner (GP) Relationship
With 48 weeks of weekly writing under my belt, I
Manager (General Partner/Sponsor) Due Diligence Challenges
Manager (General Partner/Sponsor) Due Diligence Challenges Some of my recent
Buying Time – Unrealized Returns – Get Used to Waiting!
I am willing to bet my life savings (consequential to
Get Over Yourself – It is Serious but Not That Serious – Chill Out!
Although some in the investment world feel it is their
Ghosting – Limited Partners (LPs) keep disappearing on General Partners (GPs) – Why?
The bone-chilling coldness of being professionally iced is agitating, irritating,
Loyalty between Limited Partners (LPs) and General Partners (GPs)
I have written previously about the tension that naturally exists
The “Concerns” Section of a Due Diligence Report
Every private assets due diligence report has “thoroughness” or the
Fund Managers Missed Opportunities
I can vividly recall arriving 30 years ago in suburban
Fear Of Missing Out (“FOMO”)
The prevalence of “groupthink” among prospective LPs is one of
LPs Can Do Better
Despite holding positions that champion flexibility of thought, investment analysts
Power Dynamics
A complex, sometimes abstract system of changing/evolving power dynamics lies
Manager Onsite Visits
After the warm or cold initial LP solicitations, introductory meetings
Private Assets Portfolio Construction
When approaching prospective LPs, GPs should ponder the multi-dimensional puzzle
Soliciting Feedback from Allocators
There is nothing enjoyable about rejection, no matter how it
Allocator Empathy (Nurture Your Champion)
GPs face an uphill battle when attempting to secure capital
Sourcing Investment Ideas
I vividly recall sitting in multiple finalist presentations where the
Second Looks/Chances
The frenetic pace of information synthesizing and the sheer number
Reference Calls
From an allocator’s perspective, regardless of how inclusive (for legitimate
The Beauty of Venture Capital – A Love Letter
Dear Venture Capital, It has been a while now since
Co-investments – Friend or Foe?
Even more than the illiquidity (long lock-up periods), relative lack
Re-ups – Do you still love me?
The ultimate goal for most private equity investors is for
Burgeoning – Getting Bigger and Bigger
“What is your target fund size?” – this is one
Uncorrelated Returns
Portfolio construction in private assets investing is a domain saturated
My 2024 Anti List
Keeping with the sometimes-annoying tradition of a plethora of “lists”
The Many Faces of Track Records
The top of a limited partner’s (“LPs”) funnel is a
Can you tell me about your past mistakes?
Throughout the years, I have had countless conversations with fellow
Examining the Psyche behind GP-led Secondaries (Continuation Funds)
As part of the fellowship of analysts, allocators, and investors
An Undying Love Affair with Funds of Funds
I have always had a soft spot for funds of
Breaking a Culture of Echo Chamber Investing
In my almost 20 years of private assets investing, the
Team
Founder, Head of Research
Anthony K. Hagan
Background
- iCapital: SVP of Research and Education (5/2023 to 10/2023)
- Crewcial Partners: Partner/Director of Private Assets/IC Member/Mgmt. Committee (6/2007 - 5/2023)
- Princeton Theological Seminary: Investment Committee Member (2/2021 - Present) New York University (NYU), MBA