Blackstone

“Doubling people's money and generating 15 to 20% is the best you can expect if you are really excellent and long lived. That's the best.”

“Blackstone, Silverlake, when they came on the heels of SoftBank, what they did was they raised funds with a 15 and 20 year life.”

“Any of these publicly traded investment managers, they live and die by their ability to constantly be raising funds, which implicitly means you have to constantly be writing funds. The returns decay, but that's okay, because now you're feeding, you're, you kno…”

“You have to understand the Andreessen business model Andreessen Horowitz business model is to become Blackstone, but for technology.”

“And so they went to the University of California pension system, and they essentially got a huge infusion of capital. I think it was about four billion dollars where they guaranteed 11 and a half percent interest to these guys for the four billion dollars. And…”

“As with all things, when you're successful and you try to scale, returns decay. And this is not a slight on YC's returns, but it's what happens to everybody. So if you look at Blackstone's returns, they were incredible when they started, then they're Ok today.…”

“They're marching towards a trillion. They're going to be the next Blackstone, which I think is an incredible feat.”