Aaron Sack
Head, Morgan Stanley Capital Partners. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorexecutive
Sack oversees Morgan Stanley's middle-market private equity buyout strategies, targeting control investments in founder- and family-owned businesses across services, consumer, and healthcare sectors. Prior to joining Morgan Stanley in 2007, he served as a Principal at Apollo Advisors and as an investor in Goldman Sachs' Principal Investment Area.
1shows
1appearances
14statements
2resolved
2supported
0contradicted
100%fully supported
Everything Aaron Sack said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Sack: Middle-market private equity has never acquired businesses primarily with debt
“Private equity firms acquire businesses mostly using debt. Show me one of those. I would love some of that. That's never been the way it is in middle market private equity. Certainly not the way it is now.”
Sack: Strong writing skills create an early career edge in finance
“What you'll learn is a lot of people really don't write very well. Today, it's worse than ever. Maybe chat bots will bail us out of that, but people can't write. So if you can write early in your career, you can actually make a niche for yourself in distilling…”
Sack: Leaving internal sponsors at Goldman means breaking snow alone
“What you learn at Goldman is when you raise your hand and leave the people who are your sponsors, you're breaking snow on your own now”
Sack: Business owners struggle to differentiate between middle-market PE firms
“It is very difficult for a business owner to differentiate and distinguish between all of the varieties of rocks and trees and lakes and rivers and mountains and hills that are the middle market private equity diaspora.”
Sack: Captive PE funds are probably not immune to bank balance sheet shocks
“In a rough environment with a huge balance sheet mistake, do I really think that our investment funds are fully immune from some of the macro noise that comes with being part of a big institution? Probably not.”
Sack: Generalist Private Equity Strategies Are Out of Vogue
“The concept of being a generalist is very out of vogue. Frankly, it's a tough story.”
Sack: Morgan Stanley PE's recent deal used senior debt at around 3x EBITDA
“So the financing was there. It was interested. It was constructive, but it was senior only through something like three-ish Turns of EBITDA, not seven or eight or nine or whatever people out there reading about private equity think we do, and we put a lot of o…”
Sack: MSCP operating partners receive full carry and investment committee seats
“We've incorporated operating partners who are full members of our investment committee and in our carry pool and joined at the hip with us.”
Sack: Add-On Acquisitions Are Middle-Market PE's Most Powerful Weapon
“And then ultimately, the most wonderful weapon in middle market investing is add-on acquisitions. I do not see that slowing, the ability to really drive meaningful add-on acquisitions that add scale, add geographic depth and reach, and can be leveraged over th…”
Sack: Economic cycle could be a slow ten-year expansion
“And the good news, it could be a long expansion, because it's certainly not going to be terribly vibrant, but it could be a ten-year slow expansion during which new business formation happens.”
Sack: Private Equity Faces Seminal, Difficult Period for Returns
“Could be right now because I really do think that this is a seminal moment for private equity investors and thinking very hard about ways we're going to continue to deliver value commensurate with the past. So I think this is a difficult period. I really do.”
Sack: Morgan Stanley Capital Partners targets 50% to 70% equity stakes
“Ultimately, we are trying to find smaller investments in illiquid founder and family-owned businesses where we typically take 50 to 60, 70% of the equity ownership, partner with them for a number of years, transform the businesses organically and through acqui…”
Sack: 30% of Morgan Stanley Capital Partners Senior Team Focuses on Operations
“So now 30% of our senior team is purely operations focused.”
Sack: Joining Goldman Sachs over dot-com startups was unpopular in early 2000
“Went back there after business school, which was very unpopular in March, February of 2000. You were really viewed quite negatively, and Unimaginatively, if you were going back into these, when you could be working at pets.com.”
One line per show, most statements first. The link opens Aaron's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
 CAPITAL ALLOCATORSLEDGER | Head, Morgan Stanley Capital Partners | 1 | 14 | 100% 2/2 | full record on Capital Allocators → |