Gary Sernovitz, Managing Director at Lime Rock Partners and author of The Counting House, discusses the core psychological challenge of being an institutional Chief Investment Officer.
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“I have a tremendous amount of respect for people who do the CIO job because every day you're relearning things that you thought that you had figured out about a manager disappointing you, manager surprising you, things you missed”
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AssertionNot checkable as stated
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“If you talk to some of the guys in the GP stakes funds, It's a bet on the excess management fees rather than outperformance.”
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“There's a lot of firms, and that is the organizing thesis of that firm. All my friends got rich in private equity, why not me?”
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AssertionNot checkable as stated
Sernovitz: A Major Endowment Stated That Growth Equity Does Not Work
“A big endowment just said growth equity doesn't work.”
Gary SernovitzDec 18, 2023▶ 28:25Gary Sernovitz - Inside the CIO Seat (EP.357)
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“This was about how few decisions in a lower middle market private equity firm separate success and failure, genius and idiot and zombie, and I had a count. Six things we sold too early. Five deals that we decided not to do, but they were ours to do. We could h…”
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