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debt

4 statements across 4 episodes · 1 bullish · 2 bearish · 4 people on the record · first statement Sep 24, 2018 by Raphael Arndt · across every show →

Everything said about debt, oldest first

Sep 24, 2018 negative
Insight
Arndt: Private Equity Leverage Adds LP Risk While Benefiting Managers
“Usually just using more debt gives the LPs more risk and more upside for the manager. But with a lot of downside risk”
Raphael Arndt Sep 24, 2018 ▶ 43:59 Raphael Arndt – Australia's Sovereign Wealth Fund CIO (Capital Allocators, Episode 70)
May 23, 2022
Disclosure
Upper 90 structures deals as 10-20% equity and 80-90% debt upfront
“We make that decision up front. 10 to 20% in equity, 80 to 90% in debt.”
Billy Libby May 23, 2022 ▶ 34:19 Billy Libby – Disruptive Venture Funding at Upper90 (Capital Allocators, EP.251)
Apr 27, 2023 negative
Assertion Supported
Sack: Middle-market private equity has never acquired businesses primarily with debt
“Private equity firms acquire businesses mostly using debt. Show me one of those. I would love some of that. That's never been the way it is in middle market private equity. Certainly not the way it is now.”
Aaron Sack Apr 27, 2023 ▶ 23:11 Aaron Sack – Branded Middle Market Investing at Morgan Stanley (Capital Allocators, EP.311)
Jul 17, 2023 positive
Disclosure
Klarman: Baupost expands debt holdings to about 15% of its portfolio
“Now, we've rebalanced into credit. Everything we do is bottom-up. It's not top-down asset allocation, but we found enough debt to make that about 15% of our portfolio, and that's been pretty steadily growing.”
Seth Klarman Jul 17, 2023 ▶ 1:10:03 Seth Klarman – Timeless Value Investing (EP.328)
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