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 57 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 1 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
Toomey: HarbourVest walked away from impaired co-investments in 2001 and 2009
“We certainly have had investments where we've had to make the tough call to walk away from, right? We had a different view than the lead sponsor. We generally follow the sponsor and those situations, but we are fiduciaries. And so if we think that the risk rew…”
Toomey: HarbourVest first backed Insight Partners via secondaries in 2003
“We've actually sourced primary relationships first through the secondary business, because we got to know somebody and said, wow, this person said X, they delivered X plus 10%, and as a result, Insight Ventures is a perfect example. 2003, our first investment …”
Secondaries limit precise portfolio construction because buyers only get what LPs sell
“The downside of secondaries is you can't always be so precise the way you can on primaries or co-investments around picking your portfolio construction, X percent Europe, Y percent venture. The founder of the secondary business used to say, you can only buy wh…”
HarbourVest Partners has committed $30 billion to secondary transactions historically
“We've committed thirty billion dollars to secondaries in our history”
Toomey: Private equity access expanded beyond standard 10-year fund commitments
“So for the beginning of the industry until the last 10 years, if you really wanted to invest in private equity, your choices were generally a ten-year limited partnership. You would make an investment up front, and then the manager would invest and create liqu…”
Toomey: Careers follow a J-curve where mid-career contribution outpaces returns
“Oftentimes, there is a J-curve to it. And you get to a point in the middle of your career where you say, wait a minute, I'm contributing a lot. But I'm not actually receiving a lot in return, right? I mean, that's a common, you know, people get impatient, and …”
Toomey: A large buyout fund in late 1990s was $1B
“If you think about that, I mean, a large buyout fund in the late nineties was a billion dollars in size.”