Mario Giannini of Hamilton Lane discusses how ESG diligence acts as fundamental risk management using the collapse of FTX as an example.
Opinion
Giannini: Private equity marks are legitimate and outperformance is real
“So I think what you're seeing in the private markets is actually what's happening. It's not that the value's Are inflated, or there's a lag factor. They're legitimate valuations, and it's why, by the way, you're in private equity. It just, sorry, it performs b…”
Prediction Held up
Giannini: A Broad Distressed Debt Cycle Will Not Materialize
“There's not going to be a distress cycle. Sorry, there'll be some distress deals that are interesting, I'm sure, but you sort of had this period where, oh my gosh, things are going bad, let's raise a distress debt fund, and they still are trying, but just tell…”
Opinion
Giannini: The 2008 financial crisis was private equity's best event
“That is when, to me, private equity, private markets established themselves. It was the greatest thing that happened to the industry. And I know people will go, that asshole, what's he saying that for such a horrible time. But it's because at that point, every…”
Opinion
Giannini: LP advisory boards are a total waste of time
“I think advisory boards are a total effing waste of time. I have learned nothing. Here's what I've learned. Zero. Advisory boards are a place where LPs want to feel important and feel really good, and GPs want to make them feel important and really good, and s…”
Prediction Not checkable as stated
Giannini: A Large Number of Venture-Backed Companies Will Fail
“I think certainly on the venture side, there's no doubt that you're going to see a lot of venture companies just hit the wall.”
Prediction Not checkable as stated
Giannini: Recent PE Vintages Will Deliver Lower IRRs and Disappointing Returns
“We will have elongated hold periods, which means IRRs are coming down. Now, presumably the public market returns are also coming down from what they were the last five, 10 years. But I think people need to recognize that. I know general partners in particular …”