Capital Constellation

“What we've seen in other industries and Airbnb is a great example of this, but there are many, many others is entrepreneurs working together through a kind of virtual company. Through tech, through governance enables animal spirits to flourish and creates a ki…”

“And I think a lot of the greatest innovations in Financial markets have come not through technology changes, but through structural changes.”

“Seeding, let's be honest, is a fairly niche business. We will never be deploying tens of billions of dollars in this way, at least not in a year.”

“We have a trillion dollars of AUM amongst our partner institutions, and that's just today with the five that we have.”

“We did a study with MIT last year that argues that those vintages tend to outperform.”

“Asset owner base has a generational timeframe. Most of them are cashflow positive through 20, 60, 20, 70.”

“We started with asset owners on a hundred percent and management can vest in if certain milestones are reached over a very long period of time to something that will be meaningful to them and keep them part of the fold.”

“Constellation should be owned in equal parts by Alaska, Railpen, and PIFIS in Kuwait. And it's as simple as that. It's owned 33% by each group. We then structured it in such a way that other investors, such as the Swedish and the Kuwait Investment Authority, w…”

“First, we've noticed that slightly more mature GPs that might have two or three billion in AUM are still interested in this value proposition because if they can get a catalytic investment from their ideal client base, which is large pensions and sovereigns gl…”

“I think the ultimate goal would be to have, let's say, 10 to 12 asset owners be part of this. Beyond that, I think we start to get diseconomies of scale, and it's harder to share information.”