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.
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every show 44 of 44
Salem: Increased Competition from SPACs Will Force Private Equity Returns Down
“And I think SPACs aren't going away. And so I think there's even more competition. So I just think there's just one overarching fact here is returns have to go down. They just have to.”
Salem: Providence cut thousands of idle workers at Eircom
“And so we had to get rid of thousands of workers who literally just weren't doing anything.”
Only three in ten operating partners at Providence were actually good
“And of the 10 operating partners, three were good, three were mediocre, four were not so good.
Not because they were bad.
They just didn't want to work.”
Salem predicts private equity returns will inevitably dampen to single digits
“So I do think private equity will have a dampening of returns, meaningfully dampening, but when the 10 years trading at. Maybe if returns are only single digit for private equity, that's still good enough. I just think returns have to come down.”
Salem: Providence Consistently Beat New York PE Rivals by Being 'Nice Guys'
“Whenever I would go head to head with a New York Well-known private equity firm. We would always win because we were the nice guys.”
Private equity will shift to longer hold periods and midterm carry payouts
“And I think over the next 20 years you're gonna see That change in private equity where You're going to own your winners longer, and you're going to find ways to pay out, in essence, carry halfway through the point, because people still want to get paid.”
Salem: Year Up hires stayed 4-6 years at State Street versus 7-month elite grads
“And what we found is State Street would bring in these young year up kids and they would work their butts off and then end up staying for four, five, six years versus hiring the Boston College grad who would get trained, last for seven months and leave. And so…”
Salem: No Specialist Private Equity Firms Existed in London in 1999
“Back in 1999, there were no specialist private equity firms, and so we were fishing in a pond that was just ripe for pickings”
Salem: PE managers will increasingly partner as quasi in-house teams for mega-LPs
“You're gonna see, I think, people partnering with these big sources of capital and almost become in-house private equity teams for them, because every big asset allocator now wants to have their own private equity team, and so if they structure it the right wa…”
Salem: Prudential was the largest early institutional investor in private equity
“My job before Harvard Business School was working for Prudential Insurance Company, and Prudential Insurance Company was the biggest institutional investor investing in the very first private equity funds.”
Salem: Providence Equity Owned More European Cable TV and Made More Money There Than in US
“We owned the most cable TV in Europe than anybody at the time, and we made more money in Europe on cable TV than we ever did in the United States.”
Salem: Providence targeted $8B and received $18B in LP demand in 2007
“We went out to raise eight billion dollars. So the funds kept on doubling. And we had about eighteen billion of demand.”
Salem: Providence did more deals with Goldman Sachs PIA than any other PE firm
“We did more deals with Goldman Sachs PIA, you know, private equity division of Goldman Sachs than any other private equity firm because they knew we weren't a threat.”
Salem: Providence made 2.3x on Eircom over 2.3 years
“We made 2.3 times our money, and turns out it was coincidental when we took it public again in 2.3 years in the company.”
Salem: Providence Equity was first PE firm to sell GP stake to Dyal
“We were the first firm to ever do a deal with Dial Capital as a private equity fund, and we did a deal where we sold
A percentage of the general partner to a few LPs and to dial capital, and we didn't take the money out of the business.”