Dyal Capital

“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.”

“From an underwriting perspective, we still use that original lens of cash on cash returns. We certainly don't get the type of cash on cash returns that we got back then in the hedge fund space with 25% yields, but we really think about it from an underwriting …”

“As these firms did get bigger, they were using up a lot of capital, and that's been the major use case for almost all the capital that's gone in the ground over the last decade. There are secondary use cases. Of course, there are times when we're buying out a …”

“We underwrote that every hedge fund could get eight to 10% net every year. A bad year was eight, a good year was 12, and that was it.”

“When you put a team of bankers in a room, man, everything seems like a deal that can be done. It can be structured. We can find a way. So I'm glad our team has evolved now to have a few more naysayers where the few of us that have banking in our background wou…”

“It probably was more of a cash out trade vis-a-vis the hedge fund industry, 1520 years ago, because the motivation was really a tax arbitrage. And a hedge fund that is trading relatively actively is going to generate mostly short-term gains, and that will pay …”

“And so in our world where we've done, I want to say, 19 of the 22 deals above six hundred million of check size. So we have a high eighties percent market share.”

“Well, even if you just look at the top 250 firms, the organic growth in those firms is outpacing the ability of us and our two peers to raise capital.”

“Well, it's not something we like to shout from the rooftops, and I guess here I am shouting it from the rooftops, but these businesses can be extremely profitable. I think the old adage that the management fees keep the lights on, I think that's a good motto. …”

“We look like a private equity fund on the way in, we get commitments from investors, we call capital to do deals, but we never plan on selling a partnership or ending a partnership, and we really don't ever have a way for investors to elect to redeem. There's …”