Marketing decks & current events

Writing marketing decks is hard, regardless of what the strategy is. A few immediate points. First, there is no gold standard template. Trust us, we have looked long and hard for such a thing. Second, don’t get flustered by the word institutional. There are no written rules. For marketing decks to be considered “institutional” it…

The one thing alts managers get wrong in building their pitch book

Doesn’t matter the role, skillset, or experience, practically every investment professional seems to have an opinion on the “right” way to build their pitch book (a/k/a “marketing deck,” “pitch deck,” etc). And it’s because of that we see so many of them doing it “wrong.” You know the saying, “put 10 economists in a room…

Why placement agents aren’t always the answer

The path to us is oftentimes circuitous. We aren’t typically the first call. This distinguished honor generally falls to the placement industry. It’s understandable, of course. Managers want money and placement agents have the relationships. Unfortunately, the number of managers that find real success is extremely small – compared to all those that engage placement…

The Kash Curve: Understanding this graph will help you succeed as an asset manager

The Kash Curve & asset management In understanding and accounting for the Kash Curve, asset managers are much more likely to succeed. KILL ZONEAsset managers underestimate the investment and time it takes to start seeing notable results.Best be prepared for this reality when launching a fund. It is going to take longer and cost way…

When investors default – part 2: prevention is the best remedy

In last month’s article, we looked at what happens when an investor in a private equity fund defaults on its obligation to meet capital calls. In this article, we examine some of the other issues arising from an LP default for the fund, its manager, investors and financial regulators. If an investor fails to meet…

When investors default – part 1: commitments and consequences

In this article, the first of two (click here to read the follow up article), we look at what happens when an investor in a private equity fund defaults on its obligation to meet drawdown requests; the effects of a default on the fund manager and the other investors; and the tools available to the…

GP-led secondaries: Everything you wanted to know but were afraid to ask

Secondaries have been a hot topic in private equity in recent years. The first secondaries fund in history raised a mere $6 million in capital back in 1981. Forty years later, the biggest secondaries fund of all, managed by Ardian, has $19 billion in capital. In 2020 alone, secondaries funds raised $100 billion. Four of…

Performance analytics all PE firms should have

MJ Hudson recently acquired Oliver Gottschalg’s fund performance analytics firm PERACS. You can read more about it here. To be blunt, Oliver’s work is damn impressive. It is the first time I have encountered someone that can distil alpha down into something a lot more useful and understandable. He takes out the market bias, the…

The forever fund: evergreen capital in private equity

The traditional private equity fund is a 10-year close-ended vehicle, with a five-year investment period and an average holding period of three to six years. Some argue that the time-limited model encodes short-termism into the private equity perspective. The manager’s decisions to buy, hold and sell investments are influenced or even ordained by the ticking…

Crisis…which one?

Well, it’s hard to tell these days. There are many nominees for the most overused word of the pandemic, but “crisis” must be up there. Today’s crisis du jour is the one facing equity markets. No, no, not the one caused by hedge funds, this time: the one caused by seemingly ordinary people. Ordinary people…

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