Uncategorized

This time last year, I put out “My 2024 Anti List“, a compilation of actions I hoped GPs would refrain from taking in 2024. I figured I would continue the tradition for 2025 with the same disclaimer of not trying to put coal in the stockings of readers. It won’t take a detective’s license to […]

As an active participant in the private investing ecosystem, I am subconsciously urged to join the ubiquitous fray of end-of-year retrospections. However, I want my entry to be low-fuss and low-stress. As we all know, the investment world is extremely dynamic. Particularly, in the private investing world, absolute statements age very badly. In my view,

Allocator peers I have come to know well throughout my career have, at one point or another, strongly recommended or shamelessly professed their love for a particular manager. I am guilty of doing the same. Nerding out on managers with compatriots who share a similar passion for investing is actually the most fun part of

A few weeks ago, I posted Part 1 of the “Unbearable Lightness of Being a Fund 1”. As promised, I am delivering Part 2 of what I hope is helpful guidance, or at the very least, interesting and concise reading material for current and future Fund 1 managers to ponder, challenge, and compare to their

After over two decades of investment manager/sponsor assessments, I have concluded that “the worst time to conduct due diligence on a GP is when that GP is officially fundraising”. Although this statement has provocative overtones, embedded are large deposits of truth that I will attempt to excavate and refine convincingly. I respect the established conventions,

On the surface, the common maxim “capital is capital” might seem to predominantly drive GP decisions when raising capital. However, seasoned fund managers will be the first to tell you that there are strings attached to where their raised capital originates. Obviously, the fund and its strategy are the unifying factors for all who seek

Bearing the moniker of a first-time fund can sometimes feel like you are walking around with the words “cursed” or “kick me” tattooed on your forehead. Even from my privileged viewpoint as an allocator navigating inbound capital requests all day, the visible angst of a manager pitching his/her first fund can unescapably affect the mood

Taking time to process the sheer number of private deal sponsors in the investment market can be extremely disorienting, yet many asset managers turn coy when asked about competitors. Their assumption seems to be that providing accurate information about their rivals makes them look less unique or is some sort of self-inflicted injury caused by

Almost everybody has heard these sage words of advice from a parent, guardian, coach, pundit, teacher or mentor: “if something sounds too good to be true, it probably is”. In the world of finance, this assertion particularly forms the bedrock of the psyches of investors. Instinctively avoiding opportunities that seem just too simple or too

There is one thing that every GP/sponsor has up their sleeves when challenged about what makes them unique, which is their people. Since no two individuals are alike, it stands to reason that no assembled teams are identical. Here, “unique” implies neither “good”, “strong”, “efficient” or “elite”, but rather that a combination of people is a