The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 5 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
BlackRock LTPC rotates internal deal teams to re-underwrite companies without selling
“What we're saying is that we can do the same thing either with a different deal team, with different operating partners, with different consultant on a regular basis. And achieve the same result without all the cost friction of selling the company three or fou…”
BlackRock LTPC uses an LP-approved fixed budget instead of percentage fees
“We went back to the roots of private equity where management fee was really designed to cover the operating costs, and now we have a fixed budget approach, and that has a significant impact because first, we ask our investor to approve the budget, but second, …”
BlackRock LTPC eschews dividend recaps and maximum leverage for moderate debt
“We're not going to use leverage to max it out and dividend recap, because that's really doesn't work in our model. We're going to use leverage in a moderate way, but we will be able to use it and increase the leverage on a timely basis, but really in an effort…”
BlackRock Long-Term Private Capital avoids selling companies just to crystallize carry
“What we're trying to do here is really to Be more company focused and look at buying good companies and making them better and making them great. As my partner, Colm Lanigan says, cost reduction is not really a strategy, so we are extremely focused on growth, …”
BlackRock LTPC targets $500M to $1.5B equity checks in 10-15 companies
“So equity check of between 500 and a billion and a half. So let's call it 10 to 15 companies at the end. And again, the holy grail is really that once we have this portfolio of seven, eight, nine, 10 companies, that it generates enough cash flow to let us cont…”