The Ledger, every show
Every statement that passed quotation and attribution checks, across all 44 shows. Pick shows below, then mix any filter with any other.
shows 
every show 44 of 44
Goldman Sachs' Special Situations Group avoided losing capital during the 2008 crisis
“We're, I think the only principal investing group, maybe there's one other that didn't lose money in 2008 on a lot of capital. Now, we didn't make any returns, but we protected capital”
Perpetual Private BDC Redemption Requests Have Exceeded Standard 5% Limits
“And basically a lot of in the perpetual private BTC space, the amount of money people have asked for has exceeded what is the five percent limit.”
Sixth Street has never lost a single partner since the firm's inception
“We've never lost a partner at Sixth Street.”
Factory-Model Investing Began Spreading Across Asset Managers in 2018
“It filtered down to midsize firms, smaller firms for a whole bunch of reasons, but this whole factory model behavior started to reveal itself in 2018.”
Historical Private Capital Maintained Perfectly Matched Assets and Liabilities
“Going back to just the financial system, the private capital pro was pretty perfectly mass assets and liabilities.”
Tapering SMA Growth Forced Private Asset Managers Into Retail Wealth Channels
“The growth in institutional SMA started to really taper off. So the next place where the industry started to go was the wealth space.”
Alternative Asset Manager FRE Multiples Expanded From 10x to 30x
“These things for our industry started, you know, traded between in, let's say, early 2010, call it 10 to 15 times FRE. In 2018, when all this started, it stepped up to call it 15 to 20 times, obviously depends on the comp set. And before this current moment, w…”
The Private Credit Industry Will Recalibrate Toward More Prudent Underwriting Standards
“I think and hope that this is going to be a recalibration. People are going to readopt a more prudent underwriting. I think people in the industry will change behaviors. And by the way, in some cases, the market will change their behaviors because you may not …”
Goldman Sachs operated ten siloed investing fiefdoms before forming Special Situations Group
“There were 10 fiefdoms, different partners running investing businesses, and none of them talked to each other. They all had their own balance sheets, never spoke to each other.”
AI will eventually learn to quantify units of risk for private capital
“And at some point, I think the AI is going to figure out how to quantify unit units of risk for private capital. That'll happen someday.”
Spotify's pre-IPO convertible debt from Sixth Street carried a $25B valuation cap
“And that came up with, it was a convertible debt instrument. It had a cap. I think the cap was at twenty five billion dollars. It had some, a current yield component.”
Sixth Street formed a $20 billion joint venture partnership with Affirm
“You know, we did the affirm affirm, you know, Max Levchin's company. You know, we did a twenty billion dollar partnership with them. Where we formed a joint venture with them so they could originate more assets and have more operating leverage.”
Blackstone acquired Sixth Street-backed data center operator AirTrunk for roughly $16 billion
“Airtrunk, which we can talk about, because that's a company we started, literally started the white sheet of paper, which is actually just got bought Blackstone for, I think sixteen billion dollars or something like that.”
Sovereign wealth funds face rising competition from retail wealth for top GPs
“And by the way, I think for some of the traditional sovereign wealth funds in, in, in pension funds, you know, they've had sort of unfettered access to GPs. And I think that they've got more competition coming in from the wealth channel and insurance channel.”
The term direct lending did not exist when Goldman entered middle-market credit
“And that business plan was basically to do middle market direct lending, which at the time Goldman Sachs had never done. First of all, direct lending didn't exist. It wasn't a word. And Goldman Sachs had never done anything in the middle market.”
Private Capital Assets Grew From $2 Trillion Pre-GFC to $15 Trillion
“Private capital from pre-GFC to post-GFC is about two trillion pre-GFC. It's grown to four, around 14, 15 trillion.”
The Private Credit Market Expanded From $500 Billion to $2 Trillion
“Private credit, which is in the news today grew from five hundred billion to about two trillion, what it is today.”
Private Capital Fundraising Shifted From Commingled Funds to SMAs Around 2018
“Prior to 2018, for the most part, the private capital ecosystem was basically funneled through funds. So think about commingled funds. Lots of investors come into one fund to pursue a certain strategy. And all of a sudden there started to be every conversation…”
Alan Waxman: Goldman's Special Situations Group peaked at $25B in assets
“And that group was the largest principal investing Business at Goldman. It was the firm's balance sheet at its peak. I think we're like twenty five billion dollars of the firm's balance sheet.”
Sixth Street evaluates between 450 and 500 investment deals every month
“450 to 500 deals come into Sixth Street every month.”
Retail wealth investors allocate only 3 to 5 percent to private alternatives
“You know, they're relative to just a traditional, in their private portfolios, they're underexposed to private alternatives relative to, say, a pension fund at, call it 40%, or an endowment at 50%. So at three to five percent, that should probably go up.”
Airbnb required its $1 billion pandemic financing to close in seven days
“The second thing is they wanted to get it done. In seven days. So we had a team at Sixth Street in Asia, a team at Sixth Street in the US, a team at Sixth Street in Europe, literally working.”