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 8 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
Abell: Data shows almost zero correlation between buying cheap and PE returns
“You might say, well, buying cheap is better, but when you look at the actual data, you do a regression analysis, and so maybe you would expect to see it in the cheaper you bought, the return would be up and to the right. And what we really see is that, one, th…”
Madorsky: Actual PE fund lifespans stretch to 15 to 18 years
“It's not 10 years the life of a fund. It's not 12 years the life of the fund plus the two-year extensions. It's 15 to 18 years.”
Abell: Vintage year benchmarks fail to match private equity investment timing
“A vintager benchmark has some significant flaws in it. First off, it puts against managers that have started their funds at similar times. These are managers that, of course, are investing over a two to five year period, depending on how quick or how slow they…”
Madorsky: Up to 85% of RCP's secondary returns come from appreciation
“So much so that when you deconstruct our returns, about 80 to 85% of our total returns has been through appreciation, not through discount.”
Madorsky: AI will build initial PE financial models within three years
“In three years, certainly AI will be able to create a first or second run at our models. It might not be able to fine tune or drive a lot of the assumptions that we need the qualitative rich data that we're collecting, but to actually create and populate the E…”
Abell: Private equity allocators either strictly outsource or invest in-house
“What they found out over time, and what I found out over time, is that there wasn't a lot of gray area. There were people that wanted to outsource it or needed to outsource it to someone like RCP, and there were people that were always going to do it themselve…”
Abell: Lower Middle Market PE Returns Come From Growth, Not Leverage
“So in our part of the market and the smaller part of the market, we don't use financial leverage to generate most of our returns. Most of the returns are generated through growth. They're generated through taking smaller, less sophisticated companies that have…”