Page: Värde avoided using founder names to prevent a cult of personality
Marcia Page · Marcia Page – Corn Capitalist with a Velvet Hammer at Värde and MPowered (EP.355) · Dec 11, 2023 · at 22:56
Marcia Page, co-founder of Värde Partners, discusses the firm's founding philosophy and cultural choices with Ted Seides.
0:00 / 0:14exact quote · 14.1s
720p mp4 · rendered on demand · StarZero watermark
“When we named the firm, Varde is the Swedish word for value. We intentionally avoided using our names specifically in the business to avoid the cult of personality that can be associated with this business.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Marcia Page
Page: Värde requires at least two diverse applicants before starting interviews
“Generally, we do not launch the interview process until we have at least two diverse candidates in our pool. Statistically, there's a much higher likelihood that you'll have at least one of those candidates go to the next level of interviews than having just o…”
Page: Diverse-owned firms manage just 1.4% of the $82T US institutional market
“Secondly, for me, the real clincher was a Knight Foundation report that showed that only 1.4% Of 82 trillion in institutionally run assets in the United States are run by diverse owned firms. 1.4%.”
Page: Liquid credit markets dislocate first before illiquid markets yield motivated sellers
“The biggest dislocations can often happen earlier, and you're going to be all in on your liquid strategies while you wait for the illiquid markets to turn into motivated sellers that ultimately allow you to shift the portfolio to more illiquid strategies.”
Page: Värde transitioned partner economics via declining interest rather than buyouts
“So there isn't a buyout per se for the next generation of partners, but rather a declining interest in the firm and enormous amount of skin in the game as to the underlying economics over that period of time. That's what allows economics to free up, such that …”
Page: GP stake sales exist to solve liquidity challenges for rising partners
“You understand why those solutions exist, because there are points in time where that transition creates liquidity challenges potentially for that next generation of leaders.”
Page: Multi-year restructurings require dedicated fund structures to avoid asset mismatches
“To have the ability to have the time to do a proper restructuring and or the staying power definitely requires the right kind of fund structure. Sometimes it's the mismatch in that funding structure against what you're trying to accomplish over a multi-year pe…”