The Ledger, every show

“What's happening now is the deal activity has slowed. There's no question, especially compared to what it was in the heyday of 21, 20. What you're seeing in this market today is on the equity side, The deals being done are really good companies. Great companie…”

“One of the curious things about at least this cycle right now is that there really isn't any predominant theme that says, oh, here's an incredible opportunity space like in tech. As John was describing, there are great characteristics behind these industries t…”

“There are periods of time when someone who's doing portfolio construction, the way you're hearing here, will underperform because you're not 80% in venture, and venture's having a great time, and everyone goes, how come my portfolio's not up 800%? It's only up…”

“So there is probably more capital available in the Middle East today than there are in other parts of the world, just in terms of concentration. So yes, there is more. Is it unlimited? Is it enough to fund all the general partners? Absolutely not.”

“To me, one of the big challenges has been the relative inexperience of a huge, huge segment of the private markets universe, whether it's at Hamilton Lane, whether it's at our clients, whether it's in the general partner community. When you think about people …”

“On the investing side, again, one of the big changes in the industry over the years is everyone always used to do one thing, like you did private equity or you did private credit. Now you do everything and we do everything.”

“What you find out in a lot of these firms, what happened is individual people ended up making decisions and there were no governors around them. They just sort of all went, whether it's even the top person or they went in different directions and went the wron…”

“What really cost a lot of these firms was they bet big either on one company, one industry, one place, and as smart as these people are, and they're really smart strategically because they're investing for longer term. They have no choice. They make mistakes, …”

“Some of the economics at some of these firms Are not shared appropriately, and they lose key people, and too many people want to keep too much of the economics, and it blows the culture up.”

“When you look at KKR, there's two people. When you look at Carlyle, there's three people. When you look at some of the great firms, That have done really well in our industry. It is not one person and it's not 15 people. So I think you have to have this group …”

“And I think when you discover it, probably it's in downturns, unfortunately, when you see what really goes on.”

“These are the greatest effing salespeople on earth. They just are. They really are. They're so good. I say that to people all the time. We are dealing with some of the smartest, best, That salespeople will ever meet.”

“While we all worried about the big firms and how they would do succession planning, I would say they're doing a very good job of it.”

“I think where you worry about concentration in an industry is where there is one thing that happens. So if I'm concentrated in banks, well, they rise or fall kind of at the same time. If I'm in, natural resources was a big thing. Everyone was in oil and gas fo…”

“What you hear from managers, which is legitimate, is LPs yell at them if they're not investing. Like LPs hate paying on committed capital that isn't being invested, but God forbid they invested at the wrong time because then LPs yell at them for investing at t…”

“I think in 10 years you and I will have this conversation and we will be talking about portfolio construction and whether we're leaning more into growth, more into this, more into that, whatever.”

“Maybe some of the larger ones will. They're public, and maybe they won't have as much issue with it, and you can get it through FOIA, kind of those things that people do, but the venture firms, some of the smaller ones, no way.”

“In the public world, in bonds or even in stocks, a basis point matters. 10 basis points, you're like salivating. In the private markets, we're kind of like, ho hum, a hundred basis points here, a hundred basis points there, no big deal, who cares?”

“I think you look at real assets, and traditionally infrastructure has had an inflation component, and most investors are probably under allocated to infrastructure and real assets.”

“I think that we probably peaked on international investing a couple years ago. I think there is a little bit of a pullback, depending geographically who the investor is, but from the United States perspective, certainly there's been a pullback because of geopo…”

“We went public as a controlled company. And that means that there's an unequal balance between economic ownership and voting control. And that was a big deal for us. It was a big deal for our clients because what people didn't want is hedge fund X decides, oh,…”

“What I didn't realize, because we're not, I'm not a public company person, is stock price may or may not have anything to do with the underlying company, but it becomes something people look at, and so when it's going up, the company may be doing what it was d…”

“We are now about 550 people, which doesn't sound very large compared to a lot of companies, but when you're from four, it sounds huge. We are 150, hundred sixty billion under assets under management with another eight hundred billion under advisement, so we're…”

“Well, we're fortunate in the sense that we have a huge database just because when you have a trillion basically in assets that you're running on real time and doing cash flows, you have a lot of that data, but to have it all, like if I said, let's go get all o…”

“30% of deals in private equity, and this is over time, have gone from one general partner to another.”

“Nobody, well, except the smallest funds, nobody has a fund that doesn't have a huge international component.”

“The market used to be dominated by funds of funds, and that was not at all customized. You just all were the same. You went in a fund of funds, and that's what you got. That's not where the world is today.”