The Ledger, every show

“And notwithstanding the endowment headlines, we think a much bigger fund flow that's going to swamp that is the democratization. It's the retail flows. Almost everything we're doing in illiquids is either to get paid to access that, seed things that can take a…”

“The places where you're going to see bigger hits are on the multi-manager pod hedge funds, which are incredibly tax inefficient, but have been a good source of risk-adjusted returns for some of the larger tax-exempt allocators. That's where I think the bigger …”

“Private equity returns will be lower over the next 25 years than they've been over the past 25 years.”

“The re-up process was relatively straightforward. That is unequivocally not the case anymore. We would be investing two times more than we have just in re-ups if that was the case. There are a lot of good, not great managers that would have their big LPs write…”

“I mean, I think what GA is doing is really cool in terms of having an AI bot on their investment committee, thinking about investment decisions they made in the past and having that institutional memory in a bot.”

“The underwriting process might have software that scores something first, but if that score can be a LLM that is looking at your data and outcomes and learning, it will do that better than a human.”

“If what we're really using AI for early is efficiency enhancements, that just means in the future, I'm going to be hiring less junior people because the junior people I have are going to be more efficient.”

“Obviously, they all have to get audited, and it all has to be gap, and you've got to get Houlihan Loki or someone else to sign off on the valuation, but I don't think you're going to see the volatility in private markets. You're just going to see a real slowdo…”

“The big Ivy League endowments haven't been huge private credit owners. They've done a lot of Growth equity in VC, it's actually pretty tax efficient, and they've done a lot of public equity that's not been high turnover.”

“If you look at assets raised By institutional real estate managers, the amount in private REITs versus private equity structured vehicles, the private REITs have swamped it.”

“And so on average, our turnover has been about 15% a year. There's been years it's a little lower, a little higher than The highest number has been kind of low twenties. The lowest number is kind of high single digits, but we look at that data.”

“The fact that we didn't start managing money till March one of 2000, like almost right on top of the NASDAQ high, really framed our investment approach for years to come, and I think it served us well”