GroveStreet
also referred to as: grove street
17 statements across 1 episodes · 3 bullish · 4 bearish · 1 people on the record · first statement Oct 30, 2023 by Bruce Ou · said 9 times in 1 episodes since 2023 · across every show →
Mentions by year
brought up most by Bruce Ou (7), Ted Seides (2)
tap a year for its mentions
2023 9 mentions in 1 episode
Everything said about GroveStreet, oldest first
Oct 30, 2023 positive
Ou: GroveStreet Mandates Partner Co-Investment and Carried-Interest Compensation
“So from day one, it was structured that the senior members of Grove Street are required to commit personal capital alongside our clients. And for the partners, a significant portion of long-term compensation comes only in the form of performance-based carried …”
Oct 30, 2023
Ou: GroveStreet Has Managed $10B Across 43 SMAs and 14 Clients
“14 is the number of clients that we have had since inception. 14 great, elite clients. For them, we have built 43 separately managed accounts. So you can do the math, lots of repeat customers. And in total, the clients have committed about ten billion dollars …”
Oct 30, 2023
Oct 30, 2023
Oct 30, 2023
Ou: GroveStreet buyout co-investments target 3-4x leverage at entry
“The capital structure dynamics is also, I would say, more consistent than different. They tend to be anywhere between three to four times in leverage and entry. So when we see a deal that's four and a half times or more, we tend to raise our eyebrows.”
Oct 30, 2023
Ou: GroveStreet nets co-investment performance together with primary fund performance
“We construct our co-invest as organic parts of a SMA, meaning the co-invest performance is netted and pulled together with the fund performance in determining our net performance, something different from industry practice.”
Oct 30, 2023
Oct 30, 2023 neutral
Ou: GroveStreet targets VC, growth equity, and sub-$1.5B buyout funds
“Our targets have remained quite consistent over the 25 years, and those are venture capital, growth equity, and lower mid-market buyouts, which we typically define as funds sub one and a half billion dollars, and we do them through commitments to funds and co-…”
Oct 30, 2023 neutral
Oct 30, 2023
Oct 30, 2023 negative
Oct 30, 2023 positive
Ou: GroveStreet backed American Industrial Partners at $400M before client handoff
“We first invested in a fund here in New York called American Industrial Partners when they were owning four hundred million dollars. As the team continued to deliver results and became a consensus fund among LPs, we handed that relationship over to our clients…”
Oct 30, 2023 negative
Ou: Operationally intensive buyout teams use less initial leverage
“It is usually the case that an operational intensive team tends to use also less leverage at the beginning. So if we see a team that tends to use a higher leverage at the beginning, that is a bit of a warning signal to us, because if you are trying to really i…”
Oct 30, 2023 bearish
Oct 30, 2023 positive
Ou: GroveStreet buys concentrated secondaries for primary-like multiples, not IRR
“We approached it with a opportunistic, high selectivity strategy. So where we, let's say, have a mature venture fund where the value drivers is comes down to two or three companies that we know intimately and can form good opinions that are different from the …”
Oct 30, 2023 neutral
Ou: GroveStreet invests in first-time funds, never first-time investors
“Now, even for fund ones, we would never invest in first time investors. As we'd say, we'd invest in first time funds, but not first time investors. There's need to be teams that have demonstrated track records in their prior Pretty fun careers, whether spin ou…”