The AltView

HLNE management says: 1. People (like the AltView, maybe?) don’t understand how secondaries work. Hmm. 2. HL’s Private Asset Fund was changed at the request of PAF investors, who wanted a different structure. Really? Can we talk to these investors? What WE don’t understand: how investors would knowingly vote to pay millions and millions in incremental fees. The AltView was able to figure it out. We think the voting investors didn’t know. Because if the PAF investors did know, those investors would have their own (fiduciary) problem. @LeylaKuni @NickNemo17 thealtview.substack.com/p/recording-20…

There are so many silly arguments used in favor of investing in Private Equity. Among the most common: the number of public companies has shrunk, by about half, since 2000. And the number of private companies controlled by venture capital and private equity funds vastly outstrips publicly traded ones. Since the vast majority of these are puny, this framing exaggerates the overall opportunity. If financial services marketers were committed to mathematical integrity, they’d never use this approach. One private company that is not small: SpaceX. The company is apparently worth nearly 12% of the total universe of managed private funds. When SpaceX can be bought in the public markets, the investible universe of all privates (measured in dollars) will notably shrink. Of course, in the Alt-sellers’ framework, it’s just one company of thousands….@SpaceX @

More @FTAlphaville love for @DerAltView ft.com/content/1e0825…

Is the *Passive Alpha* band breaking up? IPERS has announced a nationwide search for a new CEO. Suggested Interview Questions from the AltView: 1. Is it ok to have no benchmark for 30% of an investment portfolio? 2. Re: Swedish Naming Conventions: might you rename Liquid Absolute Return Strategies (LARS), which lost 20% of its value last year AND is benchmarked to cash, SVEN: Significant Volatility Expected Normallly? 3. Is it cool to claim alpha--year-in, year-out-- on passive equity investments? The AltView Substack is FREE: thealtview.substack.com/p/ipers-passiv…

AltView Mug Unveiling! open.substack.com/pub/thealtview…

@ManagerTactical You mean hat trick

18 year old American 🇺🇸 forward Julian Hall with a with a brace vs Columbus. Hall has 10 goals and 3 assists in 14 MLS games this season. For context, Ricardo Pepi’s best season in MLS was at this same age with 13 goals scored in 31 games.

@gwilliams81 @LeylaKuni well they had to have the money to pay for the stuff, thats not nuthin'

@LeylaKuni @DerAltView 🤡 🤡 🤡

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.

At The AltView, sometimes we struggle with basic concepts. For example, we can't understand how Hamilton Lane recommended its Private Assets Fund investors vote to make fund changes that cost said investors (conservatively!) an extra $100 million in fees, while ALSO saying that those changes would be good for the fund's investors. Interested in knowing who wrote the proxy that explained (sort of) it all, we did some digging..... The AltView substack (FREE) thealtview.substack.com/publish/posts/…

@ArtiesSeptum @LeylaKuni Thought the same thing!

@LeylaKuni @DerAltView "VIG" Private Equity Fund Couldn't be more aptly named

@LeylaKuni commenting just becuase i laughed out loud long enough to feel like a like wouldn't suffice :)

Something something Enron??

The AltView of private real estate: 1. Historical results from public REITS>private RE 2. Return prospects better for public REITS So, 3. Sure, lets keep investing in Private RE! thealtview.substack.com/p/an-altview-o…

Barf

One of the alarming trends at the SEC is the simple abandonment of cases. Today, the Commission just dropped its proceedings against Neil Cole, a fraudster CEO whose company Iconix engaged in a desperate scheme to manage earnings.

@MebFaber so the special skill of the firm is marketing, i guess

Another day, another CEF launching with a 2% annual fee and sales load. There are lots of reasons to launch a CEF in 2026, and none of them benefit the shareholders. Y'all are crazy.

zito is so stupid ;)