The Ledger, every show

“I think Andreessen came out recently and said, 80% of the founders that come to them are using open source Chinese LLMs, because it might be 70, 80% as effective, efficient, but it's a 10th the cost.”

“And anytime you use the mean variance optimization model, unconstrained, it pushes you entirely into privates, because that's the historical return profile.”

“We have a European GP. We actually are underwriting right now. We really like the firm, but the way the waterfall is calculated and the fact that the GP is actually charging some fees to the portfolio companies, they need to generate a 5.6 X gross to hit a thr…”

“Dietrich Foundation is 1.6 billion in total assets, and we have pretty unusual allocation where about 90% of our assets are in private strategies. Venture capital alone is around 52% of the total NAV right now, which is quite the outlier”

“Maybe they have, maybe five percent of the total NAV is in SpaceX. And this is the actual case for some institutions out there.”

“Since 2022, liquidity has been negative cash to LPs of about two hundred billion capital calls in excess of distributions.”

“It's 40% of the, call it 1000, Private unicorns in the U.S. Have not raised capital since 2021, I think, or 22.”

“There are a lot of new entrants, new LPs who came in to venture in, unfortunately, 20 and 21. These are gonna be tough vintages.”

“Fortunately, we have been performing, as far as we can tell by all reported surveys, our returns are number one for the trailing in 1015, and 20 years.”

“In fact, our portfolio in China over the last 10 years produced a hundred and sixty million of excess liquidity. One hundred and sixty million distributions over capital calls over the last decade in our China book.”

“If you take the top decile relative to the remainder public securities in the U.S., it's at three X. It's the highest ratio Market cap in a hundred years.”

“India will probably follow that path in the next 10 years, and it will be a robust exit market there as well.”

“We have a nice exposure to Enduro, and we have a couple of others that we're really excited about, and Enduro's not going to be the only winner in that space.”

“It's hard to compare India to China for many reasons, but the demographics are far superior. I think 50% of Indians are under 30 years old. I think it's 32% of Chinese.”

“The SAS multiples have gone down by 50% since they were last priced in a price round.”

“The 19 seventies venture finally began to take form, and Henry Hillman and my father were anchor investors in Kleiner Perkins Fund One, and a few years later in KKR Fund One.”

“So before he sold the company, he put all the stock of Dietrich Industries into a trust. So he had made the commitment there that the proceeds would go into the trust designed to fund the foundation upon his death And that's what he did. So he started with a h…”

“If you look at the dollar weighted average age of all of the partnerships we're in, it's about 7.1 years old. So we are as a portfolio out of the J curve.”

“Energy stocks, six of the top 10 market cap companies in the world in the seventies were energy stocks, and they were 24% of the S&P 500 versus four percent today.”

“It was a great opportunity because they wanted to move the program from consultant-centric to staff-centric. So we were relying on Cambridge. We moved away from them. I hired Chuck Kennedy, who is now the current CIO at CMU, as my number two, and we built out …”