The Ledger
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Lacaillade: Single family offices require at least $5B net worth to justify
“Like, I mean, I think it's definitely not a billion dollars. Like, I think it's, you have to be maybe worth ten billion. At least five.”
Lacaillade: Banning co-investment carry incentivizes fund size over alpha
“By saying you can never charge carry on a co-investment means that they're just going to solve for a bigger fund and become asset managers and not deliver the alpha that we all want as investors.”
Lacaillade: Track record ranks fourth or fifth when evaluating fund managers
“Track record is important. Like it tells you, do these people know how to invest? Like, are they smart? But for me, and I say this often, it's like, maybe it's number four or five on my list of things that are important, like the quality of the team. And we ca…”
Lacaillade: Lower middle market buyouts offer a repeatable 3x-5x return model
“So you buy a founder led business, you professionalize it, you buy it at like six to eight times EBITDA. You put on like maybe three turns of debt, maybe three to four, depends on the business, but you professionalize it, you grow it, say it had five million E…”
Lacaillade: Optimal private equity portfolios require 60 to 70 active GP relationships
“I think it's the diversification piece in, in private equity, the way to build an optimal portfolio, which I think is, I have 60, 70 active relationships in private equity. I think there's a lot of people out there that say it should be like 20 to 30.”
Lacaillade: In a 10-fund LP portfolio, 3-5 exceed expectations and 1-3 underperform
“If I do 10 funds, what I've found is three to five exceed expectations, three to five meet expectations, one to three underperform.”
Lacaillade: 95% of LP peers rely solely on manager-provided reference lists
“I think 95% of my peers just like do the reference list.”
Lacaillade: Subscale single-family offices pay higher fees for worse portfolios
“If you're subscale, it's probably going to have, you're going to have a less sophisticated investment portfolio and you're going to pay a lot more.”
Lacaillade: Venture Capital Displays Stronger Return Persistence Around Brand Than Buyouts
“Although that's probably more true in buyouts, I think, ah, where the track record piece, because in venture there is brand, right? And there is, I think, more persistence of returns around brand.”
Lacaillade: LP capital scarcity creates ideal window to build investment programs
“I mean, I think probably in 2016, 17, like a lot of funds were really oversubscribed quickly, but being in that moment where the power shifts, where there's a dearth of capital on the LP side, and there's that, that is a ideal time to scale a program. To build…”
Lacaillade: Deploying $30M annually in private equity lacks necessary LP scale
“There's a minimum scale. Like, if you're investing thirty million dollars a year, like, that's not enough money. Unless you want to do something, like, really concentrated, but I don't recommend that.”
Lacaillade: Over-indexing on interconnected endowments creates severe LP run risk
“If you get money from endowment A, endowment B, endowment C, endowment D, that all, like, are very close to each other and talk to each other, and then one of them leaves, Then they might all leave. So having diversity of, like, mindset”
Lacaillade: Fund managers at scale should cap single LP exposure at 20%
“If you're asking me, you're raising a fund, I think you don't want to have too many LPs, but you also want to have diversity. So I think probably max out ideally at least at scale at call it like 20% would be a lot.”