PITTI Finance

670 posts

PITTI Finance

PITTI Finance

@PITTI_FI

Business, Finance & Economics | PE background | CFA. Web versions of the tiny Finance stories available here : https://t.co/tuNA0R47xc

Katılım Ağustos 2023
28 Takip Edilen419 Takipçiler
PITTI Finance
PITTI Finance@PITTI_FI·
after 15-17 years, when everything has been tried to get liquidity… the structure to hold the assets (fund, SPVs, feeders, LPs’ own intermediary vehicles) is more costly than NAV. Selling a 0 would be a good decision but noone makes this assessment
Leyla@LeylaKuni

Global zombie fund AUM is likely at $1 trillion at this point. Secondary market pricing: - Funds less than 5 years old are priced at an average of 95% of NAV. - Tail-end funds more than ten years old are priced at 73% of NAV. All links here: accreditedinsight.com/p/1t-in-pe-zom…

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PITTI Finance retweetledi
PITTI
PITTI@PITTI_DATA·
Before listening to the podcast I had come to the same conclusion that failure rates were a major obstacle, based on my research last year, looking into the true value of the collateral of GPU-backed debt: I wasn’t concerned about depreciation rates but about Nvidia guarantees
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PITTI@PITTI_DATA

@scaling01 Everyone in this industry ignores the GPU failures rates because of the Nvidia guarantee. However it seems particularly important if you have to ship the replacement parts on a rocket that costs $$$$

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PITTI Finance
PITTI Finance@PITTI_FI·
@dntbankonit @holistic_pm I’m not saying that it’s the end of the world, it is just a niche of the ecosystem that no-one knows about. With a lot of financial engineering. I used to provide leverage (NAV lending) on secondary portfolios. Basically a LBO on a LBO portfolio. And you can get a IG rating…
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PITTI Finance
PITTI Finance@PITTI_FI·
@dntbankonit @holistic_pm Software really is the elephant in the room: - for NAV lenders who have not negotiated a high cash sweep it can result in unreasonably high leverage - if cash sweep was high, equity holders (LPs) can end up with significantly less than they thought 7/n
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PITTI Finance
PITTI Finance@PITTI_FI·
17capital raised $7.5bn for NAV financing. I can see it deployed in a couple of years (I used to do 1bn/year on a subsegment of this market… five years ago). I don’t think the retail investors who are just finding out about liquidity engineering are quite ready for what’s coming
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PITTI Finance
PITTI Finance@PITTI_FI·
Tfw their enemies finance their war efforts by : 1/ buying leveraged calls on the S&P and leveraged puts on oil 2/ announcing they are open to peace talks 3/ cashing in Rinse and repeat
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PITTI Finance
PITTI Finance@PITTI_FI·
@holistic_pm From what I saw, they are a very strong team. They were almost first movers in the market, were creative on structures and avoided all obvious pitfalls
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The Institutional Limited Partner
The Institutional Limited Partner@holistic_pm·
@PITTI_FI We are LPs of Fund I, and honestly, they have done a pretty good job. The first one was $ 2.5 bn deployed and recycled in a bit more than 4 years. But they offered tons of co-invest capacity.
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PITTI Finance
PITTI Finance@PITTI_FI·
I don’t expect many of the people who follow me here to understand French but, a couple of years ago, someone wrote about me in a book in French (using my example to criticize the financial Machine). In my response, I wrote about my role in the Machine
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Boring_Business@BoringBiz_

Lesson people learn too late in life The extra hour at your desk on weekdays or grinding your weekends is not getting you the promotion Want to move up the ladder fast? > Make people above you look good > Find mentors who vouch for you behind closed doors > Do boring things well with consistency > Be as close to the revenue as possible Hard work matters, but it’s only half the battle. What you really need are relationships and a little bit of luck early in your career

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Keşfet

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