Ron Biscardi, CEO of Context Capital Partners, explains why institutional allocators continuously retool hedge fund portfolios despite negative media headlines.
Opinion
Biscardi: Mid-tier funds are struggling to raise capital in the Middle East
“The funds at the top of the game are still, I think, doing really well there, but they've been there for 20 years. KKR, Blackstone, Carlisle. The next tier down, if you're a twenty billion dollar fund, a fifty billion dollar fund, and you don't have the same b…”
Assertion Not checkable as stated
Biscardi: How ex-convict Daniel Dart built an outsized allocator network
“First of all, this guy went to jail. His conviction got overturned. He's got an amazing story, and he's now running a five million dollar venture fund. He is literally everywhere, and he works the events like no one I've ever seen, and he knows everyone. He is…”
Insight
Biscardi: Mid-tier funds should avoid retail capital which buys mega-brands
“I think everyone is excited about getting retail flows. They're generally considered to be stickier in some ways, but I feel like, again, it's a category that tends to buy the biggest brands, and I wonder a firm that just doesn't have that same brand power, if…”
Prediction Not checkable as stated
Biscardi: Reopening IPOs will trigger a huge wave of venture interest
“If the IPO market starts to open and the M&A market gets going, I think you're going to see a huge wave of interest in venture, and especially in those funds that I think were very smart and didn't go crazy when things were at a peak and are now taking advanta…”
Opinion
Biscardi: Human fundamental analysis rarely generates an edge in liquid markets
“We've never been big on strategies that involve a human doing fundamental analysis and supposedly doing it better than the rest of the world does it. I think in liquid markets, that's an incredibly difficult thing to do, and it's never something that we've rea…”
Opinion
Biscardi: Volatile carry cash flow is the biggest problem for GPs
“It's the biggest problem for a GP. But LPs have this issue as well, especially on funds that have a more volatile return profile.”