Expanding AUM to satisfy employee career ambitions often dilutes investment returns
Josh Steiner · Making Mistakes – Josh Steiner (EP.502) · May 18, 2026 · at 40:00
Josh Steiner, former private equity investor at Quadrangle Group, explains how internal human capital pressures can compromise an investment firm's core strategy.
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“There are definitely times where both forms of growth can dilute the returns and lead to a drift in strategy relative to what made the firm successful initially. That's driven by the fact that you had people who wanted to grow their careers, but there hadn't been an honest conversation about whether, in fact, that desire to grow their careers was consistent with what you were trying to achieve for your investors.”
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