Peter Lacaillade
Managing Director, SCS Financial Services. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorexecutive
Peter Lacaillade is a Managing Director at SCS Financial Services, where he oversees the private investment program. He previously served as an Associate at HarbourVest Partners.
1shows
1appearances
55statements
5resolved
4supported
0contradicted
80%fully supported
Everything Peter Lacaillade said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Lacaillade: Bureaucracy and low pay depress competition among institutional LPs
“A lot of the big pools of capital have very bureaucratic structures and low pay.”
Lacaillade: Fund of funds act transactionally to optimize short-term optics
“Funded funds are transactional. They're trying to raise their next funds. You know, they're often, like, trying to, like, cut a deal, like, get, like, a, like, they want to look good early”
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…”
SCS Financial manages money for partners of Accel and Greylock
“And we manage money for the partners of founding partner of Excel and Greylock. So I knew that it was tough to get into those funds because I had it in and it still wasn't like”
Lacaillade: SCS Financial was one of few early institutional LPs in Founders Fund
“We were one of the only institutions in it. I mean, there were not that many institutions. Now everyone wants to get into it.”
Lacaillade: Tenzing co-investment is on track for a 4x-plus return
“Mentioned a situation with a London manager, Tenzing, where there was a co-investment. I was on the LPAC and basically very track. It's going to work out. It's going to be like a Forex plus deal.”
Lacaillade: SCS Financial holds ~130 co-investments at 10bps fee, 7-8% carry
“Well, first of all, like from a fee perspective, and we have like over a hundred, it's maybe a 130 or so direct investments. I think, I mean, essentially no management fee, like 10 basis points blended. And the carry is like seven or eight percent, which is th…”
SCS Financial Writes $20M-$100M Fund Checks and $5M-$15M Seed Checks
“My typical investment is somewhere between kind of 10 to 25. I'll go up to 50, I'll go down to five. Funds, I will write checks between 20 to like a hundred million. And actually in the seed venture, it's like kind of like five to 15.”
SCS Financial uses 48-hour memo approvals to bypass formal IC meetings
“We do standing investment committee Every other Monday, right? But for co-investments, there's no, we don't need to convene investment committee. You send out a memo, and the investment committee has 48 hours to reply.”
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: LPs stopped investing post-GFC and missed top vintages
“Going back to the start of our conversation, like, you know, six and oh seven, like, a lot of people poured a bunch of money into, like, large cap buyout stuff, and then, you know, didn't commit after the goal for, like, oh nine, 10, 1112, and they missed some…”
SCS Financial tightens LP commitments, force-ranking venture managers
“We are very tight. But we make exceptions for exceptional managers, but it is causing a force ranking of things right now.”
Lacaillade: SCS is currently a buyer, not seller, of venture assets
“And right now I think if we wanted to sell some of our venture stuff, it'd be very unattractive. So it's, yeah, we'd be a buyer right now. I'm a buyer, not a seller”
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: SCS Financial accounts for 50% of capital in select funds
“I'm like half a couple of funds.”
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.”
Peter Lacaillade allocates about 70% of personal capital to private equity
“I'm probably like 70, but I eat my own cooking.”
Lacaillade: $100M family offices should use multifamily offices or fund-of-funds
“You should probably, in that scenario, you should either partner with a multifamily office like SES, or you should invest in a fund of funds.”
Lacaillade: Emerging managers should target 20 LP meetings with high yield
“I'm a big proponent of doing targeted, like not meeting like a 120 LPs and taking the first dollars, but like having like a thoughtful, like do 20 meetings and try to have a, you know, 40, 50% yield.”
Lacaillade: SCS Financial does not accept cold email outreach from managers
“I don't do cold emails”
Lacaillade: SCS does 5–15 references by calling fund-of-funds that did 60
“I will maybe do, Five, 10, 15 reference calls where these funded funds will be like 60. But one of my reference calls will be the funded funds that did 60 calls.”
One line per show, most statements first. The link opens Peter's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
 20VCLEDGER | Managing Director, SCS Financial Services | 1 | 55 | 80% 4/5 | full record on 20VC → |