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 10 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
Adamson: Greatest financial market innovations stem from structural, not technological, changes
“And I think a lot of the greatest innovations in Financial markets have come not through technology changes, but through structural changes.”
Adamson: Finance lacks the collaborative virtual platforms seen in the tech industry
“What we've seen in other industries and Airbnb is a great example of this, but there are many, many others is entrepreneurs working together through a kind of virtual company. Through tech, through governance enables animal spirits to flourish and creates a ki…”
Adamson: PE seeding is a niche strategy that cannot deploy billions annually
“Seeding, let's be honest, is a fairly niche business. We will never be deploying tens of billions of dollars in this way, at least not in a year.”
Adamson: MIT study shows early private equity fund vintages tend to outperform
“We did a study with MIT last year that argues that those vintages tend to outperform.”
Adamson: Constellation launched with 100% asset owner equity and milestone-based vesting
“We started with asset owners on a hundred percent and management can vest in if certain milestones are reached over a very long period of time to something that will be meaningful to them and keep them part of the fold.”
Adamson: GPs with $3B AUM still seek catalytic sovereign wealth backing
“First, we've noticed that slightly more mature GPs that might have two or three billion in AUM are still interested in this value proposition because if they can get a catalytic investment from their ideal client base, which is large pensions and sovereigns gl…”
Adamson: Constellation caps asset owner membership at 12 to avoid scale diseconomies
“I think the ultimate goal would be to have, let's say, 10 to 12 asset owners be part of this. Beyond that, I think we start to get diseconomies of scale, and it's harder to share information.”
Adamson: Constellation's five institutional partners manage $1 trillion in combined AUM
“We have a trillion dollars of AUM amongst our partner institutions, and that's just today with the five that we have.”
Adamson: Constellation's institutional backers project positive cash flows through 2060
“Asset owner base has a generational timeframe. Most of them are cashflow positive through 20, 60, 20, 70.”
Adamson: Constellation is equally owned by Alaska, Railpen, and Kuwait's PIFIS
“Constellation should be owned in equal parts by Alaska, Railpen, and PIFIS in Kuwait. And it's as simple as that. It's owned 33% by each group. We then structured it in such a way that other investors, such as the Swedish and the Kuwait Investment Authority, w…”