Sub Doc Sully

@LeylaKuni @NycMsk @DerAltView Even then, something looks off. What portfolio are you possibly buying at a 94% discount that contains quality names like Resolute?

@NycMsk @DerAltView it very likely was a package deal the fund bought - there are several fund stakes acquired on the same day.

Ladies and gentlemen, I present to you the granddaddy of all granddaddies of NAV squeezing (an apt term coined by @DerAltView) Secondaries fund buys a stake in another fund for $3.93M Marks it at $60.10M That's +1,429% "return" on this position in the same quarter. Manager compensation? 12.5% on total gains (including unrealized). They earned $7M on an accounting entry.

@quads_man Is carpentry passion or just random alternative?

Either way, I’m definitely not staying where I am. I don’t expect anyone has read, but if you have, I’m curious to hear your thoughts

… and at the same time I feel I lack the level of enthusiasm and intrinsic motivation to compete in an industry where there are plenty who absolutely love the game…

@bassamus @NicoGladia 100%. No one failed to understand anything. Putting red gates down is a small price to pay for gathering huge amounts of incremental AUM. Press firestorm impacting their PE valuation multiple is probably the surprise to the downside.

@NicoGladia Or maybe they didn’t care

This article demonstrates a few things. 1. Apollo, BX & friends failed to understand that wrapping long term assets into short term oriented vehicles to be distributed to short term oriented investors was going to end this way. 2. The same pundits are throwing the distributors under the bus. All those vehicles are sold through distribution agreements. Managers are throwing the responsibility of a potential mis-sell on key mechanisms back to the distributor 3. Managing drawdown vehicles and open ended do not require the same skillset and being succesfull in one does not imply success in the other model. HF industry went through it pre GFC with a few long only bros moving L/S and blowing up on rookie mistakes. The same is happening here (one real life example: one manager did not consider hedging 50% FX exposure in a PE open end vehicle..) 4. Blame game begins. Early innings.

@HighyieldHarry @thomabravo LPs aren’t complaining

This isn't a good move @thomabravo Unless, you want to add a 3-day headsup re: any attempts to coordinate with a deal-away lender

@Nigerianlightn1 @holistic_pm @BoringBiz_ Presumably minority interests?

@holistic_pm @ALLOCATOOR @BoringBiz_ Do they keep the creator in place? I don’t see why they would sell, or how the product maintains its value if the creator steps away

Youtube is probably a Mag 7 on its own Few realize this yet

@holistic_pm @BoringBiz_ How are valuations in this space? We’ve been burnt by Amazon aggregator deals

@BoringBiz_ I am studying a co-investment opportunity in a YouTube channel aggregating company, it’s very interesting

Bain shooting straight on how being public shifts your motivations

The father of seven has not finished a thought in four years. he is just moving. feeding. driving. wiping. his brain is soup and his back is finished and he has no opinions about civilization he is too tired for opinions. and meanwhile civilization is growing out of him like he is dirt and he doesnt even notice because there is milk on the floor again. the childfree man has read eleven books this year about the decline of the west and he is the decline and the books are the evidence and he will understand this at fifty eight in a room that is very clean and very quiet

Does Marc know he is on this Peace Board?

@MsZeli @CricketCatMeow @Maattthheew Has to be, otherwise so obviously Ellie

@CricketCatMeow @Maattthheew But is that actually the Secret Traitor shown? Could just be a crew member robed up for filming the in-between bits??

TRAITORS EPISODE 3 SPREADSHEET - Wow, wow, wow...what an episode!!! Lots to take away from it, and you can see the full breakdown in my spreadsheet. Final guesses for secret traitor? 😶 #TheTraitors #TheTraitorsUK #TraitorsUKSpreadsheet

@notUSN_Capt @amendandpretend Yeah, TB is held as god tier by LPs. Nearly every other firm is worse off

@amendandpretend God I wish 😂 Just an LP since fund III Scroll my media - it’s been great

@BoozeBreath @LeylaKuni I reckon there will be fees at the asset-level

@LeylaKuni Fees aren’t thaaaaat baaaaad all things considered.

Retail investors, the battle for your money is heating up. Capital Group is partnering with KKR to bring private market access to its vast distribution network of financial advisors (and ~20 million households) KKR brings nearly five decades of private markets experience to the table. From Bloomberg: "The two new funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+, have targets of 60% publicly traded debt and 40% private credit, including direct loans and debt backed by tangible assets. Two more planned funds will include private equity and real assets" Fees, you ask? 0.84% and 0.89% (and no incentive fee)

@LeylaKuni “Since 2001” is meaningless and only really relevant for PG

Drivers of performance in evergreen vehicles - that highlighted column is unrealized gains as % of total gains. For those new to our show, *unrealized* = paper marks

@itsmarkmoran How many are bots do you think?

The comments here are fascinating social insight:

How do evergreen products go to accounting for 20% of private market AUM over the next 10Y? US HNWs only need to allocate 6% of their private market exposures to evergreens (from 1% today) for this target to be hit.

@IlliquidInsight @piktoggle_ Not heard one actual positive review from GPs using it

@piktoggle_ Hebbia spams FinTwit with poorly disguised ads like no other

@BallerIndustry @levelsio Q

Bank Statement Converter made $42,175 USD in August. #BuildInPublic

$PLTR

Has anyone given serious thought to whether you can sell just the unfunded portion of an LP commitment? Assuming it is called, how would you treat the NAV and subsequent performance?

@pvtcreditguy Looks like a CFO, but in a corporate shell / issuing bonds, to avoid issues with re-securitising some of the underlying ABS etc. BX have done similar, just not at scale. I wonder whether any Apollo funds with 3P capital will have exposure to the equity.

These guys are ballers. Keep winning.