18 Burst results for "Private Equity Shop"

"private equity shop" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:35 min | Last month

"private equity shop" Discussed on Bloomberg Radio New York

"The co managing partner at Bain capital which manages over a $155 billion He is also the chief investment officer of being capital credit which runs about $58 billion in assets Let's talk a little bit about bane because they really are kind of an interesting private equity shop They have employees across the U.S. and around the world how did they manage this during the lockdown Were you able to deal with this or did you go into the pandemic semi virtual anyway So because we have such a big global footprint and such a diversity of businesses from life sciences to obviously private equity and credit and tech growth and venture capital and many others We were used to working across our platform and how do we activate our platform when we're looking at various situations Now we obviously had never encountered anything like we saw in March of 2020 But we had the technology in place in huge credit to our technology team that everything worked We decided early on that we were going to make sure everybody from the most junior analysts to the most senior people in the firm had any technology they needed at their homes If they needed routers if they needed their Internet new laptops a screen A lot of firms spend a lot of time figuring out what they were going to do And we made the concerted effort to enable people as fast as possible In Boston we even had a group going around with literally a pickup truck and they moved our trade stations our trader stations and reset them up in their homes Within the first week of the pandemic we never missed an hour But when I stepped back and I reflect on that period of time and what we've learned over the last two years it really has brought out the entrepreneurial spirit that defines us And it has brought us closer together People hop on a Zoom with colleagues in Mumbai with more ease and more comfort today than they used to go from the 37th floor to the 38th floor to ask somebody a question It's just been amazing to see the resourcefulness that individual people have brought to this situation and the aggregation of that and the sharing of learnings has made a huge difference in our ability to be effective We've hired hundreds of people during the pandemic We've continued to increase our assets under management We have found great investment opportunities across all of our business units And while I never would like to do it again I am just incredibly proud of what the team has accomplished and to be part of it And I know that may sound corny but it truly has been the finest hour for our people And the compassion and resourcefulness people have shown has been amazing Really really interesting Let's talk about diversity a little bit Finance has been criticized for lacking in diversity We tend to be a bit of a white male industry There are signs that's improving but finance still lags a lot of other industries Tell us a little bit about what bane is doing to address that issue This is a huge issue in finance in a lot of industries across the U.S. And we recognize that we have to apply the same creativity We do to our investments into our portfolio companies to bring a more diverse group of people into the industry Obviously underrepresented groups but also diversity of thought diversity of geography diversity of socioeconomic backgrounds And we also recognize that we can solve it ourselves And we have made sure to consult with expertise and partner with organizations like MLT and SEO And we have found that technology has really helped us reach a broader group of people When you don't hire a lot of people in any given year we have 1500 people and we may hire 20 associates and analysts maybe 40 associates and analysts in the United States a year that's not a huge amount And therefore it was really easy to just lapse into keep going to the same schools you're going to And we recognize that that wasn't going to solve the problem So we are using Zoom to host informational forum to teach people about what investing is who we are To coach people on the interview process whether they interview with us or somebody else And really start engaging with larger groups across the country Really interesting stuff Coming up we continue our conversation with Jonathan Levine being capital co managing.

Bain capital United States Mumbai Boston MLT Jonathan Levine being capital co
"private equity shop" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:50 min | Last month

"private equity shop" Discussed on Bloomberg Radio New York

"Bloomberg radio and Bloomberg television British prime minister Boris Johnson visited Kyiv Saturday and met with Ukrainian president zelensky in person correspondent Ralph Sanchez has more Yeah so this was a surprise visit planned in utmost secrecy We had no idea until suddenly a picture popped up of Boris Johnson in full suit sitting across the table from president zelensky in his trademark fatigues A spokesperson for Johnson described the surprise visit as a show of solidarity with the Ukrainian people The leaders discussed the new $130 million package of financial and military aid The prize amount at this week's masters golf tournament is growing Folks with the event announced the total prize money up for grabs 15 million this year That's up from last year's purse of 11.5 million and it makes it the highest payout ever at a major Whoever wins on Sunday will bring home 2.7 million and the famous green jacket of course Second and third place will both win over a million Scottie scheffler leads by three strokes heading into tomorrow's final round I'm Chris coraggio And I'm Susanna Palmer in the Bloomberg newsroom New York is set to rely on an influx of federal funds and higher than expected tax revenues to balance a $220 billion one year state budget which governor Kathy hochul signed today Disagreements over policy issues held up passage of the spending plan over a week passed in April 1st deadline It's set to boost pay for healthcare and home care workers shave 16 cents off the cost of a gallon of gas through December and help New Yorkers with unpaid rent and utility bills Some Democrats voted against parts of the spending plan in part for cracking down on people with repeated low level offenses Some lawmakers also balked at spending an eventual $850 million supporting a new $1.4 billion stadium for the Buffalo Bills The Trump organization persuaded a New York judge to let it keep operating the fairy point golf course in The Bronx fighting off the city's attempt to cancel the contract We get more about that from Bloomberg's Charlie pellet The city ended $17 million worth of contracts with the company in February of last year after the January 6th assault on the U.S. capitol including deals to operate a carousel and two ice rinks in Central Park The company which had a November 14th deadline to leave the course sued the city in June Andreas halvorsen's mega hedge fund firm Viking global investors is looking to relocate its Manhattan offices and snap up more space as it ramps up growth in New York City We're hearing the firm is in talks for more than 100,000 ft² of space at 6 65th Avenue and office tower that's undergoing a $400 million redevelopment by Brookfield properties a source says discussions are ongoing and nothing is finalized Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I am Susanna Palmer This is Bloomberg I'm Barry Rudolph you're listening to masters and business on Bloomberg radio my extra special guest this week is Jonathan Levine He is the co managing partner at Bain capital which manages over a $155 billion He is also the chief investment officer of bean capital credit which runs about $58 billion in assets Let's talk a little bit about bane because they really are kind of an interesting private equity shop They have employees across the U.S. and around the world how did they manage this during the lockdown Were you able to deal with this or did you go into the pandemic semi virtual anyway So because we have such a big global footprint and such a diversity of businesses from life sciences to obviously private equity and credit and tech growth and venture capital and many others We were used to working across our platform and how do we activate our platform when we're looking at various situations Now we obviously had never encountered anything like we saw in March of 2020 But we had the technology in place in huge credit to our technology team that everything worked We decided early on that we were going to make sure everybody from the most junior analysts to the most senior people in the firm had any technology they needed at their homes If they needed routers if they needed their Internet set up new laptops a screen A lot of firms spent a lot of time figuring out what they were going to do And we made the concerted effort to enable people as fast as possible In Boston we even had a group going around with literally a pickup truck and they moved our trade stations our trader stations and reset them up in their homes Within the first week of the pandemic we never missed an hour But when I stepped back and I reflect on that period of time and what we've learned over the last two years it really has brought out the entrepreneurial spirit that defines us And it has brought us closer together People hop on a Zoom with colleagues in Mumbai with more ease and more comfort today than they used to go from the 37th floor to the 38th floor to ask somebody a question It's just been amazing to see the resourcefulness that individual people have brought to this situation and the aggregation of that and the sharing of learnings has made a huge difference in our ability to be effective We've hired hundreds of people during the pandemic We've continued to increase our assets under management We have found great investment opportunities across all of our business units And while I never would like to do it again I am just incredibly proud of what the team has accomplished and to be part of it And I know that may sound corny but it truly has been the finest hour for our people And the compassion and resourcefulness people have shown has been amazing Really really interesting Let's talk about diversity a little bit Finance has been criticized for lacking in diversity We tend to be a bit of a white male industry There are signs that's improving but finance still lags a lot of other industries Tell us a little bit about what Bain is doing to address that issue This is a huge issue in finance and in a lot of industries across the U.S. And we recognize that we have to apply the same creativity We do to our investments into our portfolio companies to bring a more diverse group of people into the industry Obviously underrepresented groups but also diversity of thought diversity of geography diversity of socioeconomic backgrounds And we also recognize that we can solve it ourselves And we have made sure to consult with expertise and partner with organizations like MLT and SEO And we have found that technology has really helped us reach a broader group of people When you don't hire a lot of people in any given year we have 1500 people and we may hire 20 associates and analysts maybe 40 associates and analysts in the United States a year That's not a huge amount And therefore it was really easy to just lapse into keep going to the same schools you're going to And we recognize that that wasn't going to solve the problem So we are using Zoom to host informational forum to teach people about what investing is who we are to coach people on the interview process whether they interview with us or somebody else And really start engaging with larger groups across the country Really interesting stuff Coming up we continue our conversation with Jonathan Levine name capital co managing partner.

Susanna Palmer Boris Johnson Bloomberg radio zelensky Ralph Sanchez president zelensky Scottie scheffler Chris coraggio Bloomberg Kathy hochul Charlie pellet Andreas halvorsen Viking global
"private equity shop" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:10 min | Last month

"private equity shop" Discussed on Bloomberg Radio New York

"Services and the ad council Carol messer This stock has been on a tear since early May Tim stenbeck So take us into the economic impact of this along with reporters and editors who helped make your business week profitable Let's dig into it with Bloomberg business week editor Joe Weber It's the cover story of the upcoming issue Bloomberg business week We did afternoons at two eastern These are retailers that have been on everybody's radar Those Apple numbers continuing to come in On Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Texas authorities say 11 people were hurt in Austin Friday night when a vehicle struck pedestrian standing outside a food truck Two people are said to have potentially life threatening injuries and two others have serious injuries A spokeswoman for Austin Travis county said the crash near downtown Austin happened when two cars collided at a nearby intersection sending one car into a crowd by a food truck The investigation into the incident is continuing And actor Will Smith is reacting to being banned by the academy for a decade Has the very latest In a brief statement the actor said he accepts and respects the academy's decision The ban means Smith can't attend academy events including the Oscars either in person or virtually Smith slaps comedian Chris Rock on stage at this year's Oscars the academy called the slap on acceptable and harmful behavior I met mattson and that's the very latest I'm Jim Forbes Now this Bloomberg sports update after a reign out Thursday in a short lockout to start the season the Yankees open their season in The Bronx Friday afternoon meeting the Boston Red Sox 6 to 5 and 11 innings on Josh Donaldson's walk off single which scorned Isaiah kinder philippa with the winning run Yankee home runs from Giancarlo Stanton DJ le mayhew and Anthony Rizzo Garrett cold started in the lasted four innings allowing three runs on four hits with a walk and three strikeouts in getting to know decision The mets were not happy when nationals pitchers hit them with pitches three times on Thursday night of the season opener and the anger level was cranked up even more when Francisco Lindor was beamed and Friday nights game by nationals reliever Steve seach sea shack was ejected and Lindor left the game x-rays on his jaw were negative and he passed concussion testing But let's go on to defeat the national 7 to three has Max Scherzer wins his mets debut allowing three runs three earned runs on three hits and 6 innings walking one and striking out 6 Sterling morte with three runs batted in a single and double Jeff McNeil homered on his birthday drove in two runs and Robinson Cano with a two run single as well In the NHL the islanders defeated Carolina two to one on Kyle Palmer's goal with 14 seconds left in the game The hurricanes had tied the game just 42 seconds earlier on a goal by Vincent trochek Sean Gabriel pajo scored the other islander goal goaltender Ilya sorokin stopped 19 shots for the win In the NBA the next time with Cleveland for the 7th position in the play and tournament seating after a one 18 one O 7 win over the Cavaliers at the Barclays center Kevin Durant with 36 points the next in Washington playing out the string the next defeated the wizard It's one 1492 Scottie scheffler atop the leaderboard at the master's golf tournament after two rounds of play at 8 under par defending champion Hideki matsuyama three under par Tiger Woods made the cut He's won over with a Bloomberg sports update on Tom Rogers I'm Barry Rudolph you're listening to masters and business on Bloomberg radio my extra special guest this week is Jonathan Levine He is the co managing partner at Bain capital which manages over a $155 billion He is also the chief investment officer of Bain capital credit which runs about $58 billion in assets Let's talk a little bit about bane because they really are kind of an interesting private equity shop They have employees across the U.S. and around the world how did they manage this during the lockdown Were you able to deal with this or did you go into the pandemic semi virtual anyway So because we have such a big global footprint and such a diversity of businesses from life sciences to obviously private equity and credit and tech growth and venture capital and many others We were used to working across our platform and how do we activate our platform when we're looking at various situations Now we obviously had never encountered anything like we saw in March of 2020 But we had the technology in place in huge credit to our technology team that everything worked We decided early on that we were going to make sure everybody from the most junior analysts to the most senior people in the firm had any technology they needed at their homes If they need to routers if they needed their Internet sped up new laptops a screen A lot of firms spend a lot of time figuring out what they were going to do And we made the concerted effort to enable people as fast as possible In Boston we even had a group going around with literally a pickup truck and they moved our trade stations our trader stations and reset them up in their homes Within the first week of the pandemic we never missed an hour But when I stepped back and I reflect on that period of time and what we've learned over the last two years it really has brought out the entrepreneurial spirit that defines us And it has brought us closer together People hop on a Zoom with colleagues in Mumbai with more ease and more comfort today.

Bloomberg Carol messer Tim stenbeck Joe Weber Austin Travis county Oscars Jim Forbes Josh Donaldson Isaiah kinder philippa Giancarlo Stanton le mayhew Anthony Rizzo Garrett Austin Francisco Lindor Steve seach Lindor Sterling morte mets Jeff McNeil Robinson Cano
"private equity shop" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

08:45 min | Last month

"private equity shop" Discussed on Bloomberg Radio New York

"Is acknowledging President Biden could get COVID as an increase in positive cases rumbles through official Washington We believe we have the tools and protocol to address this point we are in the virus but like anyone else the president may at some point test positive for COVID White House press secretary Jen Psaki said the president follows strict COVID protocols including regular testing The U.S. is seeing signs Russia is trying to recruit upwards of 60,000 troops CNN reports a senior U.S. defense official said Russia is trying to reinforce their invasion forces through reservists and new conscripts The trial of four men charged with plotting to kidnap and kill Michigan's governor is ending in not guilty verdicts and a mistrial The jury found two men not guilty and could not reach a verdict with two others resulting in a mistrial The four men faced life in prison sentences if found guilty I'm Brian schuch And I'm Charlie pellet Our Bloomberg world headquarters Markets ended a losing week on a negative note with equities fading in the final few minutes of trading the S&P and NASDAQ both declined while the Dow advanced Wall Street's focus will shift to earnings next week when financial start reporting as for the broader investment backdrop Dana deoria is co chief investment officer at investment I think the market has a lot to contend with in terms of obviously geopolitical crisis midterm election is generally a more difficult period of time right After the midterms markets tend to pick up So I think if you can kind of stick with it there's an upside at the other side of this Invest nets Dana diora economists of boosted their U.S. inflation forecast again and with that story here's Bloomberg's Vinny del giudice Hang on to your hat Economists surveyed by Bloomberg now say inflation could average 5.7% by the end of this year That's up from the prior forecast 4.5% just a month ago even as the Federal Reserve tries to stomp it out They also see an almost 30% chance of recession next year Any doubts you had ice Bloomberg radio As for forecasts for economic growth January as chief economist at Goldman Sachs We're expecting a slowdown from 5 and a half percent growth last year to just under 2% this year If we look at it on a fourth quarter to fourth quarter basis So basically from very far above trend very strong V shaped recovery to something around the economy strength pace And the fed will be pushing on because the labor market is overheated and inflation is too high The on hazus of Goldman Sachs the S&P down 11 today down three tenths NASDAQ down 186.1 .3% the Dow up by four tenths of 1% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Charlie pallets This is Bloomberg I'm Barry rid holtz you're listening to masters and business on Bloomberg radio my extra special guest this week is Jonathan Levine He is the co managing partner at Bain capital which manages over a $155 billion He is also the chief investment officer of bean capital credit which runs about $58 billion in assets Let's talk a little bit about bane because they really are kind of an interesting private equity shop They have employees across the U.S. and around the world how did they manage this during the lockdown Were you able to deal with this or did you go into the pandemic semi virtual anyway So because we have such a big global footprint and such a diversity of businesses from life sciences to obviously private equity and credit and tech growth and venture capital and many others We were used to working across our platform and how do we activate our platform when we're looking at various situations Now we obviously had never encountered anything like we saw in March of 2020 But we had the technology in place in huge credit to our technology team that everything worked We decided early on that we were going to make sure everybody from the most junior analysts to the most senior people in the firm had any technology they needed at their homes If they needed routers if they needed their Internet new laptops a screen A lot of firms spent a lot of time figuring out what they were going to do And we made the concerted effort to enable people as fast as possible In Boston we even had a group going around with literally a pickup truck and they moved our trade stations our trader stations and reset them up in their homes Within the first week of the pandemic we never missed an hour But when I stepped back and I reflect on that period of time and what we've learned over the last two years it really has brought out the entrepreneurial spirit that defines us And it has brought us closer together People hop on a Zoom with colleagues in Mumbai with more ease and more comfort today than they used to go from the 37th floor to the 38th floor to ask somebody a question It's just been amazing to see the resourcefulness that individual people have brought to this situation and the aggregation of that and the sharing of learnings has made a huge difference in our ability to be effective We've hired hundreds of people during the pandemic We've continued to increase our assets under management We have found great investment opportunities across all of our business units And while I never would like to do it again I am just incredibly proud of what the team has accomplished and to be part of it And I know that may sound corny but it truly has been the finest hour for our people And the compassion and resourcefulness people have shown has been amazing Really really interesting Let's talk about diversity a little bit Finance has been criticized for lacking in diversity We tend to be a bit of a white male industry There are signs that's improving but finance still lags a lot of other industries Tell us a little bit about what Bain is doing to address that issue This is a huge issue in finance in a lot of industries across the U.S. And we recognize that we have to apply the same creativity We do to our investments into our portfolio companies to bring a more diverse group of people into the industry Obviously underrepresented groups but also diversity of thought diversity of geography diversity of socioeconomic backgrounds And we also recognize that we can solve it ourselves And we have made sure to consult with expertise and partner with organizations like MLT and we have found that technology has really helped us reach a broader group of people When you don't hire a lot of people in any given year we have 1500 people and we may hire 20 associates and analysts maybe 40 associates and analysts in the United States a year that's not a huge amount And therefore it was really easy to just lapse into keep going to the same schools you're going to And we recognize that that wasn't going to solve the problem So we are using Zoom to host informational forum to teach people about what investing is who we are to coach people on the interview process whether they interview with us or somebody else And really start engaging with larger groups across the country Really interesting stuff Coming up we continue our conversation with Jonathan Levine being capital co managing partner.

Bloomberg President Biden COVID Jen Psaki U.S. Brian schuch Charlie pellet Bloomberg world headquarters M Dana deoria Dana diora Vinny del giudice Russia Goldman Sachs Charlie pallets
"private equity shop" Discussed on Oil and Gas Startups Podcast

Oil and Gas Startups Podcast

04:55 min | 9 months ago

"private equity shop" Discussed on Oil and Gas Startups Podcast

"Greg started out as a banker and then in private equity with private equity shop and worked hat memorial production partners for awhile and he formed grit energy with larry a few other people with financing from cornelius hill tells more about that detail have already had one level of success. That was their first company grit energy one and now. They're on their second. Grit energy in incarnation. Although greg you didn't ask me about the naming of grit air oil and gas to was a huge mistake should into grit or i guess energy. Get to grid if the crowd was bigger. That would just be uproar. Yeah we probably wouldn't be able to finish the program anyway. Greg has really been leader in his company and we'll give some really good insight for those in the audience that are looking to find a way to get into this space and access private equity and that'll be the of our presentation. Mike freeman is a partner of mine. In haynes and boone in our dallas office has worked for a number of years with various private equity shops as well as their portfolio companies. So mike has been on both sides of those negotiations. Seen how the sausage is made and we'll be able to help kind intermediate between the discussions of our panelists because our third panelist chuck gates has worked for a long time in the private equity space graduate of rice university and had worked at anderson for a number of years. And now we'll i think his title now as viceroy of the galaxy galactic. Viceroy lactic viceroy. So he's he's kind of moved up in his career. I kid you not. I went in on linked lincoln. And they make you put a title. So i was like unemployed. Dude doesn't sound very good to put in galactic viceroy. I kid you not. Somebody sends me a message. Saying congratulations on the new job. So i messaged back. Well thank you very much. I'm just pursuing my dreams and the person came back and said i know you'll crush it and it's worked out well for chuck. This is. his wardrobe has really improved over the years. I'll say some. Someone actually tweeted out about two weeks after. I got fired last year. Something to the effect of they always say dress for the job. You want chuck took that shit real seriously sir. All right let's get. Let's get into it. As i said earlier the theme of this presidential what we think the audience is here to find out is how do we how does how does one with a great prospect. Go about finding enough capital to be able to acquire the prospect and develop it. And i've thought we could start off with greg. Because he's had that exercise actually on both sides he seemed pitches from management teams looking for financing. But he's also honed his skills and has been able to really establish a good relationship with his private equity provider. So greg maybe just a background on how you kind of got into this business. And then your most recent incarnation of to grip. Good morning so kind of starting early. Two thousand eleven we I was lucky enough to be a part of the gop creation of what turned into mardi opco memorial but that was the deal that was a consolidation of some portfolio companies..

cornelius hill Greg chuck gates private equity space graduate Mike freeman greg larry haynes boone chuck dallas mike anderson lincoln opco memorial gop
"private equity shop" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:56 min | 1 year ago

"private equity shop" Discussed on Bloomberg Radio New York

"Leaves today for the United Kingdom. It is the president's first overseas trip of his term as he tries to reassert the United States on the world stage. He set the stakes for the eight day trip and sweeping terms, believing that the West must publicly demonstrated can compete economically with China. The trip ends with a summit with Russia's Vladimir Putin. And the White House press plane was delayed for more than six hours, thanks to Takeda's reporters on board. The plane say swarms of cicadas invaded exterior sections of the plane. Reporters had to be moved to a replacement aircraft that took about six hours, making it a true red eye flight in more ways than one. In sports. It's Game six tonight between the Islanders in the Bruins, New York leads that series three games to two in the NBA playoffs, Philadelphia in Utah win and in baseball, the those beat the Mets, the Yankees and Giants win and the Red Sox and Nats lose. Global news 24 hours a day on air and on Bloomberg. Quick take powered by more than 2700 journalists and analysts and more than 120 countries. I maybe Morris, this is Bloomberg. The following commentaries from Bloomberg opinion. Wall Street is dealing like it's 2007. I'm Terra La Chappelle, a columnist for Bloomberg Opinion. Never mind the return to normal. Wall Street's private equity shops are staging a return to abnormal. Leverage. Buyouts are happening at a speed and extravagance not seen since 2006 and 2007 and the run up to the financial crisis. Private equity firms have already made $470 billion of acquisitions this year that includes Blackstone's $10 Billion Deal for data center operator Q. T s Realty Trust. And if that headline didn't transport you back 14 years This club deal announcement almost certainly well. Blackstone is also teamed up with Carlisle and Hellman and Friedman and a $34 billion LBO of medical supplier MEDLINE Industries..

Vladimir Putin Yankees Red Sox $470 billion Mets $34 billion MEDLINE Industries 2007 Blackstone today United Kingdom two $10 Billion Carlisle 2006 Giants more than 2700 journalists United States White House more than 120 countries
"private equity shop" Discussed on Grant’s Current Yield Podcast

Grant’s Current Yield Podcast

03:25 min | 1 year ago

"private equity shop" Discussed on Grant’s Current Yield Podcast

"Can bear the debt or if this is a cynical attempt to extract as much value as they can as quickly as they can while the getting is good. That's a good question. It's a loaded one really tough to answer because the the investors who are extracting the value are saying look we have no intention of sacrificing the rest of our equity and just trying to get what we can not nailed down before everything comes crashing down. That's correct. That's not their perspective. And if it were their perspective there would be legal challenges to that credit is just bring fraudulent conveyance actions. If you were if if if an issue where where to say, we're taking value off the table, even though it's going to leave this company in a precarious position and and potentially a bankruptcy risk. They would be litigation. So I would think that the sponsors are more likely taking the position that this is a performing issuer at this is a performing borrower. They've done a good job of Market has a robust appetite for this kind of paper and we're both fine appetite and we're we're using that Capital to make other Investments. That's the position they would most likely and you've been you've worked on both sides of the corporate leverage both for private Equity shops and for life is and also on behest of investor. What's your take on the topic I take on the topic is that it's it's it's a difficult one to sum up immediately because on the investor side, I do note the extraordinary demand for this type of paper for these type of instruments and in a lot of cases. I've talked to investors who said we understand the risks they are significant risk. It's part of the risks that were willing to bed. So this part of me that says did that mean this part of the when my reaction to that is these are informed investors that are generally making informed decisions and going that there are significant risks involved on the birth. I wonder the extent to which these investors really know how porous these documents are and a lot of times these lessons about how porous the documents are aren't really full-on until they've learned first-hand..

"private equity shop" Discussed on Oil and Gas Startups Podcast

Oil and Gas Startups Podcast

05:30 min | 1 year ago

"private equity shop" Discussed on Oil and Gas Startups Podcast

"Harvard is is. I would contest cornell massachusetts. That's fair that's fair so you went to harvard. You got into harvard How did it go like just. The experience from harvard perspective right like is hard. Hard is easy as everyone says. It's a that's a good question. I thought So i mean the first thing when you kind of get to harvard. Is you realize that you're pretty stupid. I mean at least i did. I mean maybe that's fair. i can't speak for everyone. There was pretty much every room. Everyone else's realized that boat robichaud was stupid. But no you're surrounded by just a credibly accomplished people who've been focused on kind of academics and really checking all the boxes for free college throughout their entire life. So you're you're kind of with the navy seals of of caller academics and extracurriculars. So i thought You know it can be. It can be incredibly easy. I mean it's hard to fail i'll give you that. It's a out here way. So i had a roommate. Fairus heikal who If he if he's tuning in. I'm sure he'll shout out bears cycle. Yeah yes a ferris ferris king close to close to failing a couple of times. He uses watch youtube videos all day in the room. So i mean you gotta you gotta gotta watch a lot of youtube to To fail at harvard. But yeah i would say From an academic perspective. You know it's some people take incredibly seriously. Usually the pre med s- people wanna go to Or the law school folks who Kind of need a transcript to To get into The next stage in their life right and he degrades and whatnot but but for the average person who doesn't wanna do that he no. It's kinda it's a little bit of a It's a little bit of a a strange place like you've made it right. Most people who get into harvard have worked their entire life to get into you. Get there and you say. I got to harvard. It's great and then you realize you're eighteen years old and you have a whole life ahead of you really know what you want to do with the rest of it. So so you end up. Had another roommate who Who actually do quite well. He's he's He's at a private equity shop his partner there. And he's he's done incredibly well but he had probably a a two point two. Gpa in history with one of his papers beginning in fourteen ninety. Two columbus sailed the ocean blue and embraced a d. minus he He was a super focused in In kind of getting aware he wanted to be in that was in..

harvard robichaud Fairus heikal cornell massachusetts youtube navy columbus
"private equity shop" Discussed on BiggerPockets Real Estate Podcast

BiggerPockets Real Estate Podcast

03:10 min | 1 year ago

"private equity shop" Discussed on BiggerPockets Real Estate Podcast

"Lived a great life and that whole that whole is gone. And so i'm sure all of you guys have folks out there who tell you what to do. Oh you shouldn't do that. Come on man. You really gonna do that with your business really really. You're going to hire property manager and not save all that money. Wait a second. You're gonna flip houses. are you crazy. Who here has heard something like that. Guess what you are going to continue to hear something like that forever. The reason this room is so special at least in the world of real estate is that nobody here is going to say that to you and if they do go back to my second slide about people knowing more than they think they know right so this is your life. You know what you need to do. You know what's important you know what's necessary. I love this quote. We cannot change the cards. We're dealt just how we play the hand. So i learned all this information about my three dads. My daughter's getting better. And as i said i decided it was time to make a change. Bigger pockets was doing well. I needed to kind of figure out what mattered to me again. I needed to figure out what was next. So i set forth got together with scott and brandon. Who at this point were pretty much running the day-to-day along with dave and the rest of the team. And we've put together a search midsummer. We found a group that we thought was going to be spectacular. We've met lots of folks and it was a private equity shop out of omaha. Nebraska company called mccarthy capital. Mccarthy was gonna come in and become my new partner. I was going to step down fourteen years of building my baby and it was time to step away so along with mccarthy we put together a board of which i am a part. We hired a chairman of the board mr mike zule and.

Mccarthy mccarthy capital mr mike zule property manager omaha chairman Nebraska partner dave scott brandon
"private equity shop" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

03:44 min | 1 year ago

"private equity shop" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

"We tend to look for larger firms and firms that have founders who yes are looking for some liquidity but they're also looking for the next hill to climb and want to help us do that and they're a little bit longer term par for force. Then there's the whole issue minority investments Versus majority versus one hundred percent purchased so love different models out there. I would encourage firms that are thinking about doing something to take a deep dive a what day to looks like and really really looked for the partner that that creates the right opportunity for them to grow and build their own net worth and build their own revenue base versus just kind of punching out so well said in talking about valuation back in june of this year. There is very exciting news about your company when you sold a minority portion of cap trust to private equity shop. She tea cr. Why after all these years did you decide to take on. Capitol parker well. That's a great question and yes. For many years we just bootstrapped the company. I'm really since inception. Which meant we will reinvest our own capital each year back into people buying vowels as i mentioned earlier or new systems or acquisitions where we got to last year in the fall of last year so about a year ago we started to see a an acceleration of the opportunity with larger firms. I'm talking about firms that are three four five billion dollars in assets under management coming to us having conversations and saying we're doing twenty or thirty million dollars in revenue but but we really recognize that that's nowhere near where we need to be to have the kind of scale that.

Capitol parker partner
"private equity shop" Discussed on Oil and Gas Startups Podcast

Oil and Gas Startups Podcast

07:23 min | 1 year ago

"private equity shop" Discussed on Oil and Gas Startups Podcast

"To go before and i think it needs to check itself it does check itself actually having the blame animus in none of us accounts like new and other Probably you know acts as a regulatory mechanism a little bit on the really hard stuff that sometimes gets a little too To darken into difficult. So i think it's a good thing without its downsides and what i'll go ahead and say is i actually agree with that. I do think the information flow is important. I have seen that itself. Regulates i mean. I've had some moments where some things have been said. And you know bomber jump in and defend me or the like and so. I think it's a good thing. I can I can I can definitely buy off on that. And and at the end of the day. I will again say. If he's always been really fair to me in particular everyone else can take a joke. And so the element about If if you've ever been in the crosshairs from your In in even if people can't you know there's always people that people aren't assholes. I mean there. There are assholes everywhere but If you if. I said something that you've been near. I'll take it though an. I've seen people do that. That doesn't taught so. I think you're right. I think it's a good place. I think it's generally good natured. Everyone's wearing everyone's talking to you know row and make our energy community better in this weird twisted way that we all kind of stumbled upon them to do that. Chuck having on your house. Hopefulness regard Another reason why people are jumping the There is lots of leadership in our industry. You look around and glorious. And i don't know about you like i don't really see a lot of same. Don't worry we'll get through snow or call me eager mostly like yeah should really bad this. You're going on renewed until all the way out. Y'all cw rescued by covid area. Just own bets of wells. People are like minimum. I dread were the people who have a very short list curious if you think warm people who were to university. It's tom from rebel rooms. Yeah i mean that. That's actually a really good point. Remain you know. Unfortunately too many of our ceo's that had their great run made their incredibly graceful visits could be senior statesman. Came back into this and just messed it up. You know. And i'm not going to name any names but obviously you know folks. No i'm talking about and and Because it was just so bad. I mean if this were you know college football i mean not even berry. Switzer could win in this environment. I mean we really did have just the massive black swan on so many levels and so you're right it. It is really hard because we don't you know now that you're saying that we really don't have a lot in the way of leadership that we can we can look to and i've actually felt really bad. Taking those hundred phone calls talking to folks. Because i don't feel like. I have any good words i can give these people that i'm talking to the the one thing i have done when i have those phone calls and this is serious. You're gonna laugh when i say this but it is serious. I've actually i started out with. Can you move back in with your parents if all goes bad and you know you kind of get a laugh you get a chuckling all but you. This really is kind of the environment win. Doing something entrepreneurial makes a lot of sense. I mean people say if you're going to start a an oil and gas company today. What would you do chuck. And i'd say well. I wouldn't but you know if you're going to do it. I mean this is really the time when somebody goes out and knocks on doors and farmlands in kansas and buys up a bunch of working interest or somebody that goes and knocks on doors in colorado because that might be the ugliest oil and gas environment out there and buys up stuff and is very disciplined uses. Its own money. Uses his or her own money. Maybe it somebody that decides to figure out how to use new technology. We have in such a that they can have a competitive advantage. It was really interesting. One of the one of the large independence. That's out there. Really good friends with their head of strategy and we went and had a drank. We were talking about things i was talking about. Is i've joined the advisory board at cottonwood ventures. So i am not an energy technology guy per se but i'm kind of being drawn into it And i'd done some of it. Back at stevens twenty years ago when a before i joined kane and i was talking about well you know. I'm seeing all list a i. They're using to automate lifting and excetera and the response was really interesting is yes a lot of that. Technology makes a lotta sense. cuts costs we. Just don't have the people to be able to implement it because you need to have a person you need to have a person get immersed in it so that they can actually tell the. Cfo the c. Oh hey here's how we're going to use. It hurts out. Works in in does this. And so that's what. My advice winds abandoned these people that i have the discussion with its go. Do something entrepreneurial you can move back in with your parents. All all else fails well. That's not the end of the world. And 'cause i plan to move back in with my parents before i get another job. This is too cool being unemployed but we really go out and figure out something some new way to do things because at the end of the day i mean. That's the opportunity staring in the face because the old model of let's get an engineer landman geologist together and go get a five hundred million dollar equity line of credit from a private equity shop. That's just not happening. And i really do think if you're going to be competitive going forward. You have to be able to do something whether that's a skill whether that identifying deals or something you have to be able to do something that the rest of the market can't do or else you're not going to have a leg up. There's.

Chuck Switzer ceo cottonwood ventures Cfo engineer kansas advisory board stevens kane colorado geologist
"private equity shop" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

08:23 min | 1 year ago

"private equity shop" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

"So i think it's fair to say that you guys i republic wealth management on the map first republic had always had a wealth management unit but it was asleep one and even though there were some advisors under the platform that we're generating multi-million annual revenue. They were sleepy and the firm really wasn't out there actively recruiting and they were rarely the first choice of any top adviser looking to make a change there is no question that the acquisition of luminous and then followed by the acquisition of paul trump and tunnels constellation really began to capture the attention of wirehouse advisors. That was really the beginning of it. First republic has had great successively in recruiting corner office. Wirehouse advisors and those folks are joining because they believe it offers a significantly less bureaucratic culture than the wirehouse world with more of a boutique environment and the firm is paying competitive transition packages. I love to hear what you thought about. First republic's culture and value proposition. Let me i just say that. If i wasn't creating evoke advisers and being our platform i would definitely stay at first. Public republic is a great organization. Imagine team led by bob thornton on the wealth. Managers side has done an incredible job. They really have and the main thing. All of those things you say are true. Many i think the main reason why people should consider Public because the bank really tries does try to do. What's best for the client. They have been organization. That i really believe is looking for the best interests of the client so they definitely have have a great platform and again the size issues. What we were concerned with and and you know just harder to manage when when the assets growing so quickly like that in especially in in some areas where you size really embarrassed they performance so i really believe that there there has entails different from from others when we came over. The key thing was that we went into the a right. We went from ra to ra for sha public. We did not go into the broker dealer and frost. That was the that was a threshold item sticking with first republic for a moment. You said it yourself. You're only in business for five years before you sold to first republic so did first republic come knocking or were you looking for an acquirer. The appropriate boutique acquire. I would answer by saying it was probably both in that. Lots of firms came knocking. I was surprised. I i would be probably two out over my skis. Say at least two a month but it felt like at least two a month. People call up in sam a private equity shop bro. I know i represent a bank and and so fielding these inquiries and they would come in through one partly so the rarely with all of the partners need with the opportunity to understand what they were trying to do. David comeback in salads with this guy won a look at maybe acquiring the firm. Eric would or somebody else so it started by people coming and knocking on our door. Once the knock scott loud enough we felt like we should somebody be should explore this we then retain professional help and went out and sort of did it what i consider to be properly right for that. If we're gonna consider doing let's see what the universe looks like doing strategically we didn't want to just add hawk fall into something we're we're we're much more I think our dna has to be proactive about things not reactive to things in everything we do. This is one of those things where our heads were sorta down. We're serving our clients and trying to grow business and people kept saying you're the prettiest girl dance. We should definitely need talk about doing an acquisition when that got to be to the senate was. We brought in professional help to help manage that process. Yeah it's so interesting. I mean you know. We said we agree that that acquisition of luminous really put first republic on the map. And so i remember reading at the time that the amount that they paid to acquire luminous was mind boggling at the time i mean no one had seen the a deal like that in wealth management for you know for a an individual business and yet today we're watching a hundred twenty five million dollars sale five years later is still an extraordinary deal but the truth is today regularly. The market is incredibly robust and every day were reading about an acquisition because private equity acquirers. Any number of constituencies see wealth management in new Wealth business as a really good investment. If i admitted on that topic one of the disappointments i had the day after we founded evoke and all the press comes out and i think there were four different articles written about david. I with that we ripped off the bank and that somehow they were foolish to whoever acquired us. What were they thinking to pay that much money for us in the first place. And it kinda bummed me out a little bit because to your point. I'm not suggesting for minute. We didn't have a great outcome. But but our i think our clients got a great outcome that we were able to service them better and give them things that they wouldn't have gotten otherwise and more over the bank. Got a huge win in that we bought into twelve lesnar asset management business. A leopard had over one hundred fifty billion dollars. So i think it was one of those rare things in life where all the constituents benefitted I like to think of. It is a good outcome. We just left. Because we had differences strategically and i get frustrated. When i hear that from people that somehow somebody had been taken advantage of. Because i don't that's all yeah no. I don't think that's true at all. I wanna pivot next to the third time you made wealth management history by leaving first republic last year and separating from your several partners informing evoke. But i agree with you. I think that if you were to ask first republic they'd be one of the first to tell you it was a wonderful deal one because they thought you're a great you know again it. Put them on the map and everybody benefited from it. I don't think that they feel for a second that they got taken advantage of are that it was a bad deal. I know that they were disappointed to lose you. But i don't think that they regretted having bought you in the first place. I would agree with you. Strongly on that point in two thousand eight well before going. Independent was the mainstream option. It is today. It was really clear to mark and david that they needed to make a move. That was in the best interest of their clients. One were they could have greater control and freedom to do what they thought was best. They didn't see that as courageous but in fact as an imperative then came a second move to first republic which allowed them to grow the business further yet still left them feeling that there was more to be done in our next episode mark. David discussed building in. Ria the second time around in a world that looks very different than it did. A dozen years ago. So be sure to tune in until then i thank you for listening and i encourage you to visit our website. Diamond dash consultants dot com and click on the tools and resources link for valuable content. You'll also find links to subscribe for regular updates to the series if you're not a recipient of our weekly email perspectives for advisors. Click on the blog alling to browse recent articles. These written pieces are an ideal way to stay informed about what's going on. In the wealth management industry without expending the energy that full-on exploration requires feel free to email. Or call me. If you have specific questions. I can be reached at nine. O eight eight seven nine one zero zero two or buy sell at nine seven three four seven six eight five seven eight or by email. At 'em diamond at diamond dash consultants dot com. Please note that all requests are handled with complete discretion and confidentiality and again. If you enjoyed this episode feel free to share it with a colleague who might benefit from its content and a special thanks to adviser hub dot com for sharing this podcast with.

David Wirehouse paul trump bob thornton senate Eric scott
"private equity shop" Discussed on Oil and Gas Startups Podcast

Oil and Gas Startups Podcast

05:50 min | 2 years ago

"private equity shop" Discussed on Oil and Gas Startups Podcast

"We drilled a few wells down there. They were successful. And then the guys who did the investment so the money from the other side, not the operator. They pulled me over and I started working for them, and so they were backed by. Private Equity Shop in Boston. That had a lot of power generation technology stuff that they were investing in, but then they wanted to build an MP company, so I came in. This employee number two on that deal. We bought a bunch of assets in the Permian we bought. An asset in the San Juan and we bought to water flowed properties one in Oklahoma one in sort of in the panhandle where I went to school. And then Bought an asset in East Texas style, Texas and then the one that killed the whole thing was the platform that we bought in the Gulf, and so we we put all those together. We cleaned them up. We were operating them. Everything was going really well until the end of thirteen sort of first quarter fourteen. So this is about five years of work. And then we quickly like had a meeting starts scrambling said we've got to get rid of all these things. 'cause like this is going down the toilet very fast. And so we started the vesting everything returned some capital, and then I spent the last six months in bankruptcy court with trying to get rid of this. Platform that it toppled over and Katrina that we were trying to clean up and. So. Don't ever do a platform remediation horrible thing to be involved with especially after the. FIASCO! Of Bankruptcy Court and trying to clean up that mess kill. Yeah, and of course like I'm the guy like lowest person on the team. The one who's doing all the work behind the scenes and like you look like you can handle this so much. Just. Take care versus you let us know how it works out. Of finished up that we'll sitting on my hands. Had already been engaged with. The Sky and Austin with us, phoebe. I told him so many times. I am not going. We get banking because honestly bankers drive me freaking crazy especially with..

Bankruptcy Court Private Equity Shop San Juan East Texas Gulf Katrina Texas Oklahoma Austin Boston
"private equity shop" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:55 min | 2 years ago

"private equity shop" Discussed on Bloomberg Radio New York

"Well a private equity maybe a little politics yeah valuations on the campaign trail that are kind of pushing yeah yeah because to be efficient alright let's get back to Charlie tell at first he's got an update on what's going on after the close to each other all right well couple of earnings reports out from both Rambus and juniper let's begin with juniper it shares now are down by one point four percent juniper networks reporting after the bell also looking at shares of Rambus right now all over the map of Lasko going by on Rambus now looking at that stock is down by just about five point six percent the Dow the S. and P. and nasdaq all in retreat right now with the S. and P. five hundred index falling fifty two points down one point six percent today the Dow also down one point six percent down four hundred fifty three points nasdaq lower by a hundred and seventy five a drop there of one point nine percent stock slump bonds rallied his concern over the impact of a deadly virus that originated in China rattled global markets the ten year twenty five thirty seconds with the old of one point five nine percent Catherine Rooney Vera is head of research and strategy at Baltic everyone likes to look back at sars mirrors evil Zeca and the market tends to rebound pretty rapidly in those previous cases about two to three months of course in this case China is more integrated than bigger part of the global economy so really the question of markets are asking themselves how much is going to come off of Chinese Judy please China being one twenty percent of global GDP at this point lucky's market a Colorado based grower that bills itself as offering quote organic for the ninety nine percent file for bankruptcy after began closing most of its stores about three thousand jobs are at stake again after earnings juniper networks of trading lower juniper down one point six percent Rambus right now down by five point six percent an Exxon Mobil plans to accelerate drilling off the coast of Deana at an oil discovery to hold billions more barrels than previously thought again recapping stocks lower gold up eight tenths of one percent West Texas intermediate crude down two point seven percent in the S. P. falling one point six percent I'm Charlie public that is a Bloomberg business flat Charlie we are up to date thank you so much you listen to Bloomberg businessweek Carol master along with Jason Kelly our guest at this hour and twenty on chairman of tree I'll go Anton I feel like I did as a go bye week doesn't go by where there is certainly some concern about the growing power of the private markets in which private equity plays what does the private equity industry what are what's on their mind what do they need to be concerned about in regards to maybe future legislation or regulation there's going to be more regulation because there's going to be more people involved and and and more you know more of the retail side so there is going to be more there's already a lot actually and I think this is an industry where LP's play a big role LP's are I mean investors in this asset class are you know big pension funds or other institutions of the same type and they and they come with their own regulation and it's actually quite tough right from there I in their upping the pressure it sounds like right I mean they're demanding more transparency around fees around the ultimate investments that funds make right yeah I mean they they want to understand what their money is is used for and and where they invested center just to make sure that they can you know invest with the same groups over and over so yes they are doing that so in terms of anything new that might come down how do you see it what what specifically might come down as more regulation of the industry more transparency for sure what does that mean like in terms of reporting or what like what yeah more more more reporting more more salt behind valuations it's already much much better than ten fifteen years ago you know ten fifteen years ago you had different prices for the same asset but the same time right in different reports today you pretty much have the same number for one main reason and it's called the secondary market if if if a phone trades on the market and the discount is huge compared to others because marks are you know way up there that's one reason that's that's one reason to to look very closely at your numbers and what about the political side I mean we are in a in it US presidential election year we've had Elizabeth Warren and others come out and call out private equity specifically and buying name you know she's talked about Blackstone and other there is how old is seriously are the private equity managers taking that how seriously should they take it in Europe I think they are I I for its work scapegoats somewhere today I think they have to be aware that this is coming we had that in Europe already a few years ago right so I mean as a as a European I I know what it means I did it change behavior in Europe I think it changed the way that private equity players were describing them themselves and and their language and and they put a lot of you know they they put a lot of work into showing the people how many jobs they were creating what value they were bringing to the market it cetera so there were there were going at that they were doing a good job in in showing people that they were not bad right well I think it's what's hard about private equity the industry right there's contrasts I mean I think there's that side where they make investments that other folks would not even touch certainly the not the traditional banking world or financial world or even you know the public market so there's that service and then there's the other that feels like buy a property clean it out get rid of all the costs sell it make a profit move on so you know there's that message that and maybe a little bit there is a little bit about that yeah of that going on well at the end of the day I think that private equity has indeed created a lot of jobs and a lot of value and I think many studies show that there are of the up obviously if you counter examples of private equity shops that didn't behave very well but if you look at it deeply I mean it's really a small number of firms and people the vast majority are doing a great job in in providing again value to to their investors and and and two companies there they are owning and yet it you know going back because of the you said they do have a public relations problem to to a large extent because Elizabeth Warren can catch a lot of attention and maybe it's the power of the language and and the power of the rhetoric but the narrative does say you know this goes back to a previous presidential election where Mitt Romney you know suffered pretty mightily and it may have lost the election you know into that association I agree a hundred percent I think that they they all have to make sure that their company cation is getting better and that they actually tell people what they're doing it right and and people will understand that this is this is okay right right well they'll be inching to see two F. private equity can get ahead and and be a part of at least this move and it feels like to companies and investors at the end a much more holistic way right you know just thinking about the end investor in twenty read to catch up with you chairman of tree Aug you can check out online his outrageous predictions at for private equity twenty twenty and some not so so out they tend to come at least partially true some of them so check that out always grateful to him for something by ended his world travels all right coming up we've got certainly very topical discussion has do with football and concussions are waiting to talk with the founder of extreme performance lab joining us on the phone from the home of the Superbowl this year first up though let's get back to all the national headlines.

Charlie
"private equity shop" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:49 min | 2 years ago

"private equity shop" Discussed on Bloomberg Radio New York

"You're listening to Bloomberg best on Bloomberg radio also and I'm AT Baxter the California state teachers retirement system or as it's known casters is the second largest U. S. pension fund at two hundred forty two billion dollars it plans to increase its allocation to private equity and real estate assets as it aims for seven percent annual returns and bluebirds Lisa Bravo with spoke with Chris ailment the fun see I owe about reaching that goal amid a backdrop of ultra low rates so Chris I was looking at your allocations and currently private equity stands at about nine percent eight point eight percent of the portfolio at your target allocation is thirteen percent how you plan to get up to that thirty percent well private equity is always a challenge because you're investing in a partnership they're going to have up to four to five years to invest that capital so it's not like a stock or you can just pinpoint your allocation and nail it is set point in time you're you're aiming for a moving target four to five years from now the answer lycee is were a steady pace investor so we're going to be allocating in a private equity as we have for the last couple of years on a steady basis over the next few years we're also gonna be looking at as a lot of people co investment opportunities and if it comes up the secondary investment where partnerships we might be and now become available from other people will look at those as a way to buy into the market and increase our exposure we're not going to chase that thirteen percent target were investors so we want to be a steady investor overtime spread out over the vintage years as best we can rather invest more money with a smaller cadre of private equity managers or I disperse those funds over a broad swath of P. E. finds well past history tells you that that broad swath of private equity firms is not going to get you the returns you need the median private equity portfolio return or a G. P. return is usually actually equal to or less than what you can get in public stock so everybody is trying to chase what they perceive as the cream of the crop in private equity it's very important to be very focused and do a large due diligence back on the past track record normally in investing a past record gives you know future indication there's a little bit of persistency in private equity although I have to say it's it's diminishing so I think it's going to get tougher and tougher our history here in cal stirs has been to be bigger bites with fewer people there are few of our peers and have done as you mentioned a number of G. P. say over seven hundred and in the end they've been disappointed in the in the average blender return they've gotten what about direct investments direct investing takes a lot of skill and it takes a very specific business model because you're basically competing with the Gee bees and I can tell you at cal stirs being and division of the state of California government isn't the right business structure for us to be able to be a large direct investor I'd rather partner up with some of the Canadians maybe some of the Asian funds that have already started to do direct investing and for team up with the general partner in a side account where we can use their skills takes a lot to really build that ability so for us it's really the first progressions co investments then probably separate counts in collaboration with our peers and direct investing and I'm just wondering when you say it's difficult to build that a team is a because of salaries and how high they are in a P. E. space or is it just because you need all of the research and other resources is all that you need a business model year if you look at most of the private equity shops they are private there are few the Republic but they've got the resources the structure of the time period and you're right it's compensation and structure of it that are the key if you're gonna go into a business you really need to look at what's the right business model and then operate out of that government is not the right business model to run a money manager or even run a private equity shop I want to switch gears a little bit Chris are from private equity real estate that's another area that I believe you're thinking of increasing your allocation to currently it's about thirty two billion dollars of the overall portfolio how much you plan to increase that the C. hit on the right hard questions real state right now for us is about a little over thirteen thirteen and a half percent in our asset allocation a ring to be discussing here in November of the board is likely to raise that long term target to as much as fifteen percent we're not gonna Russian of press into real estate either this is a very frothy market so we're going to take our time probably actually be a little bit of an that seller for the next year or so and then get back into the market over time as we think prices might be reasonable when you look at cap rates particularly on the big gateway cities New York Boston DC out here Los Angeles San Francisco Seattle prices are through two thousand seven prices so most of what we've done to date has been build to suit a little bit of development a little bit of property improvement and what we really found in real estate is buy and hold so I've been investing in real estate since the mid nineteen eighties most of the return that I've gotten at a real estate is actually the least income not capital appreciation so we're not taking a lot of risk with that real estate is very core oriented very low leverage and steady income oriented it almost becomes a bit of a surrogate for what you use to get out of fixed income that was Chris Hillman casters CIO coming up Goldman Sachs CEO David Solomon.

Bloomberg California thirteen percent five years two hundred forty two billion thirty two billion dollars fifteen percent thirty percent eight percent seven percent nine percent
"private equity shop" Discussed on Oil and Gas Startups Podcast

Oil and Gas Startups Podcast

12:29 min | 3 years ago

"private equity shop" Discussed on Oil and Gas Startups Podcast

"You know, let me earn some sweat, equity, some of some sort, you know, that's probably the route, I would try to go, you know, it could take a long time, though. You know, because you gotta find this individual, especially the one gas market is capital, intensive least, you know, so it's a lot of capital and you gotta find maybe not one individual, but a group of individuals that's willing to compile a mass of money that you can do something with, you know find one individual and it's gonna be hard to find somebody that's gonna give you twenty million. That's a high net worth vidual that's gonna take a lot of chances. And normally he won't somebody else to share the risk with. So me, personally, I would try to. Find high net individuals that I could prove myself to, I would, you know, you almost have to have something to go into with. And that's that's what comes down. I've listened to a lot of people branching out startups type conferences and stuff like this. When I was younger, and a lot of most of the private equity shops, the biggest question they get is you invest in, in an asset or invest in a management team. And a lot of them will answer it differently. But a lot of answer at the same because especially if your management team that's kind of recently stitch together, and doesn't really have a track record of grown and asset divestiture and whatnot. They're mostly going to want to see a management team bringing an asset right? Like saying, okay, we haven't we haven't closed on this yet. We know that we can do good things with this by optimizing operations and, and exploring and, and doing whatever we can do, right. You bring the asset to the p group in your telling them this is our asset this, this assets built for our management team. Mm-hmm. We can do that a lot of pe- firms. That's what they wanna see some, you know, the have a proven track record that have been stitch together. Maybe it's a bunch of buddies that all worked at Exxon together, and they're leaving Exxon branch out some p companies will invest in that management team to go find an asset. Right. And I've seen it where some were some startups like that have, you know, at one hundred million dollars contributed to him and they didn't find an asset in a year. So they had a you know, close it up. You know, and that's why a lotta pe- companies don't they rather invest into an asset rather than a management team. Because if you're bringing something, a full model built out put together four specific asset they're more likely to invest in that because it's kinda turn key for them. Yeah, you can deploy the capital quickly close deal. Whereas in David talked about this pretty extensively on us on our podcast raised over two million dollars from friends and family up to go. Find an asset and burn through it all. And so that was his tuition that he paid. Learn how to do it the correct way. So, and I mean it's, it's trial and error. I mean, I've had I failed in my life and it happens. Sometimes you don't make the right decisions, you know, and you learn from those decisions, and I think if you haven't failed you definitely haven't lived, and you haven't done it. Right. You know, going back to your question Jakup, I mean, me, personally, I tend to take more risk. You know, I would try to source out some private wealth funding myself, but an order to term to build long term capital for yourself. You know, I mean, the one of the smartest shits decision would probably be to join, you know, some type of major something that you could stick with for longtime earn equity throughout your years. You have a safety net to fall back on. But it really just all depends on the individual, you know what type of risk taker. You are, you know, me personally, every since I left Oxy, you know. And I started working with a bunch of individuals, and those kind of doing my own thing, being my own boss, just like. I can't go back and to a corporate life and answer somebody in engines. And I've really thoroughly. Enjoy what I do I thoroughly enjoy the people that I work with and the expect my values in my opinion on things you know. So it's all about having the right and as we were talking a little bit before this. It's all about having the right people that you surround yourself with, you know, and as we said, you know, if you can't have a beer or a drink with your partner after you spend all day in a meeting together at the end of the day, and you just don't wanna be around him. It's obviously not the right mesh. You know, you need to be able to enjoy the people you work with on a day, and damn basis. And that's what we have ruckus, and it's fantastic. Like I love people. I don't see these people enough, but at the end of the day, I love talking, you know, personal chat with them even after a long day of work discussion that, and that's what really brings people together when and you enjoy doing what you do. Professionally around other those individuals response because no, everyone tries to have this cookie cutter approach. No, the right way to move forward in life, and it's not the same for everybody. Like, f I can't look at most people in the is until them to do what I did yet. Goo quit your two hundred thousand dollar year job with your wife and three kids, you have no medical insurance, like, yeah. Fucking gopher that. Yeah. Yeah. Break my finger right after Manosque, not have a medical insurance. So, but just type. Had to relearn how to type. But, you know, a lot of people can't stomach that risk. I can just because it's my personality type to be able to, you know take that type of risk, but, you know, everybody has their own path that they take. So you can't just say, what's the right path to take in the supplies to everybody. You really have to kind of look at yourself inside. And see, you know you as a person what what's right for you. Well, and you're right there. I mean they're like you said there is no cookie cutter approach whenever I was trying to find the land manager for me at lily's now searching, I had a lot of good guys that I worked with Oxy that maybe I wanted to try to steal away found one guy that I was good friends with that. I could get along with, and he was probably the most risk averse person. I know you know, and it was a it was a chore. Get me to try to get him to leave Oxy. You know, he didn't want to and the actually the day he accepted the job was the day. He told me he came to turn me down in the Houston, stay at. But it was that we were having launched and I continued to pitch to him, and I changed his mind on the spot. You know. Yeah. But not everybody has that assist in, you know, because he'd been there for six years, or so, I could have been there for a long time. He was a second generation laymen in as well. You know what you're taking I had to be real with them, you know, like we have like sixteen month goal here. You know, and so hopefully, we can make a lot of money doing. It good possibility that we make nothing, you know. And when you gotta tell somebody that they're like does. But does it make it sweeter? We don't win though, because we actually look at something that you don't have. And you're like, man, but I could have you don't you don't sound very convincing right now, lose everything that we have. But it is the reality, though, is, I mean that's the thing. A lot of people can't stomach it. I had one kid when I left Oxy going to kids then going to three kids and the mortgage, yet, the more risk versus tend to want to be the complete opposite. You know, my wife would kill me for it, you know, and she still wants to sometimes because I'll take chances, and I wanna blow everything we have a savings account or some I believe, in, we're gonna do it going all in on bitcoin. Motherfuckers? Look where you sit. No. But there's a chance, you know, and you just gotta play smart. You gotta play it right? Because like I mean there is no cookie. Cutter approach can't you can try to follow in somebody else's footsteps that, you know, but all you're going to be successful, you know, you're gonna have hard times, you're gonna come across times, another story that I didn't even mention when I was at x g literally two thousand twelve when exit g started, you know, we were great market was doing fantastic. It already rebounded after the two thousand eight collapse. It was back up on its high people were just rolling in, you know, two thousand fourteen came and just that's when the market, just claps and lex g at the time, we're living, a lot out of kaslo. What at our cash flow, do it dried up quick because prices was at one hundred fell down to blow forty, and we're like, oh, shit. You know, so Exo g actually laid everybody off the two principals of the company laid everybody off. But then hired me back on as a consultant from kind the time I wouldn't get near the work that I. Was doing as a fulltime employees. You know, and I was like crap man. Like you know what am I going to do here? This create, you know, the preneurs that I am I was like, you know, I have the ability to get my name out there for, for some type of service work, you know. So I started my own kind of land broker business and within the matter of a month. I mean, it's kind of fate, and you just have to trust and certain things you, you really have to and big contract came my way with Texas gas up in the north side of the Woodland's. They were putting together a big development for developing called fosters ridge from DR Horton house, building community, and there were needed to run a major gasline residential out to this community, and they needed meet acquire all of the surface to get there. So this is a long term project for me as I was getting some other side work from here and there, and then I was still doing consultant for g and so it turned out open my own brokerage shop my stayed busy when at the time my wife was kicking me thinking you should go get it go back. Oxy go get another job aware. You know we have health insurance in time. We did you know, and you're just taking your like we're young. We got a kid. Hopefully nobody gets sick. You know, type deal but we're paying out of pocket if we do you know but that was a big chance to because I you know, I believe that the market would take a turn extra g would come back around, and did, you know, we are working contract, all of us for like eight months, and I still had a lot of work that I was doing between. So his great is actually probably making more money then than I was full time, you know, but, you know it's just taking chances kinda whatever environment that you kinda put yourself in or that you get put in, you know, you don't get to make all the choices, but you just have to make the right decisions in and try to just, you know, use your best. Guess and you know decide what your personality is in, in terms of your risk tolerance. Something interesting and ask you about kinda ruining it back when you were telling the story, you said, you always had that incident entered ARCO in your. Mind of the Tony that you didn't have the background or the accolades to be Landman form. And so he went back to school. You know how that something like me not told you start a rough making straight out of high school and worked in the field for the past decade. And so that's something that people take a lot of digs me for you, not have the college degree college background. And for me like there's not a person on this planet that likes learning as much as me, I spend all day reading and learning sometimes I kind of get that, like, might man, you know, like Jake is like, what two weeks ago man I'm gonna see trade, petro school or petrol skills, you know like give them sponsorship on the podcasts. Like, I'm going to learn some basic geology from petro skills, so, you know, you kind of talked about that, like internal, you know, triceps that you had inside like, oh, I gotta go back to school. And get this to prove to people that I do you know, I can't be Landman do serve to have this. So, you You know. know how do you feel about that now can you know, looking back on, it is something that I mean obviously it worked out for you, because you met you met your partners in the class. But yeah, I mean, if I wouldn't I mean, I think my master's program paid for it, self day one. I met some of the greatest people that I still know today, and I get still get the call friends and work with but you know that always that weight, my mind, not because I didn't think I had the capabilities, but the more this industry was moving. And I saw it firsthand that, you know, back when my mom was a land, man. It was like, you know, high school diplomas all you needed, you know, than a bachelor's degree became very important. And then like now today bachelor's degrees, or, you know, Dhamma dozen. And so it's the graduate courses that really put you head of people and, you know, it wasn't so much that it's like I just wanted something that I could fall back on, like, if you know, during down downtime, which, you know, we're seeing more frequently we're still having today that, you know, if I you know, didn't have friends or people that I could do a start up with that. I could go back to a major and try to get you know some type of position but not be stuck in a pigeonhole. You know, I wanted to chase after and just get additional schooling. I.

Oxy partner consultant Exxon Texas kaslo Landman Jakup petro school David Manosque DR Horton house Jake Houston ARCO one hundred million dollars two hundred thousand dollar two million dollars
"private equity shop" Discussed on KSFO-AM

KSFO-AM

02:33 min | 3 years ago

"private equity shop" Discussed on KSFO-AM

"A robo call like God. How awesome is that? On. Here. You would think that CEO a one of the largest telecommunication companies mobile in particular would understand how to mute. We can pause. Yeah. You would think it was the same day that AT and T announced that Comcast have exchanged dozens of calls with new technology designed to be as robocall proof as possible too. So. Something that company the companies, I guess you could say we're calling are calling an industry. I I mean, you can't make this stuff up. I mean, there's there's there's no bigger pile of eg the ones based on that he Africa Levi's goes, let's see Levi's is about to go public again for the second time. It went public in one thousand nine hundred seventy one. In sixty six years. Chris what's different about this time? That's a great question. Because you know, I look around, you know, you're with my walks at the mall, and I see a couple of different Levi stores, they're not really big out there. But when you look at what they're selling compared to like lucky brand or your religion or some of the other these others, I kind of scratch my head a little bit. I'm really kinda curious to see how this plays out. You know, again, we have to ask ourselves. Why do they go public more often than not when a company has been public goes private and comes back out again, it's because some private equity shop, you know, took them private now needs to monetize, and, you know, show some returns for their portfolio. It could be some of that in an interesting time to Christ this deal because as we've talked about. The state of the consumer not exactly vibrant, and we've seen that reflected in some of the recent data, whether it's retail sales or branding delinquencies. So it it. It's an interesting interesting time for them to do this. My sense is they had to do it the management team may not have had as many choices as we might think. Now, you mentioned retail consumers, and we know the retail landscape is changing, and that has a lot to do with it. Chris. We'll talk to you again on Monday, my friend. Thank you so much. You got good luck. Good luck with your equipment there. Christopher Christopher says with dramatic a research out there have cocktail investing as well. As the coast of the cocktail investing podcast. Get yourself a waterproof phone, folks, laptops. When are they going to know when will we see them? I think we'll see waterproof tablets before. Then we probably do have.

Africa Levi Christopher Christopher Chris AT Comcast CEO sixty six years
Toys 'R' Us to close doors, leaving void for toy lovers

Knowledge@Wharton

06:37 min | 4 years ago

Toys 'R' Us to close doors, leaving void for toy lovers

"Podcast is brought to you by knowledge award. Longtime toy retailer, toys, R us filed for bankruptcy some six months ago. Now it appears as it if it will be holding liquidation sales across the United States at about nine hundred locations and closing its doors forever. And the statistics say that between ten and fifteen percent of all toy sales could go away most likely forever. If that liquidation does happen, it is another amazing story of the shift. We have seen the last few years away from big box retailers and towards online to discuss the fate of toys R us were joined here in studio by Denise Dahllof research director for the Baker retailing center here at the school and on the phone with Mark Cohen, director of retail studies at Columbia University, as well as a former CEO of Sears, Canada, Bradley's, and Lazarus department stores, Denise great scene. Thanks for coming in. Thanks for having. Thank you, Mark. Great to talk to you again. You bet. So Mark, I mean, give us your reaction to what's going on with toys R us. I think for a lot of of average consumers who maybe were following the story closely over the last couple years. This one kind of catches them a bit as a surprise. Well, it it really is no surprise. You know, the debt bomb that's been ticking away since the company was taken private by three private equity shops has gone off. The business is a very challenging one. It has always been for many years toys R us was the the only game in town if you will. They were the one of the original superstores. They have faced extraordinary competition from players like WalMart and target. They haven't been able to defend themselves and with this overhang of enormous death the the light started to them and now they're about to go out even the combination with some of their baby babies R Us stores that did not allow them to to get that growth that they were looking for too little too late. Denise. What was your reaction to all of this? In addition to the competition, as Mark said, has changed so much, but also the consumer has changed so much kids spend way more time playing online video games. So there you have games that are digitized. So you don't have to go to Toys R Us store for those. And in addition, the shopping experience, the process has moved online and toys R us hasn't been the strongest in that area and come competitors like Amazon, WalMart and target have been very strong online. So those also added to the difficulties. Were there any rumors marker whispers that that you had heard of of any company may be wanting to buy toys toys R us in the lead up in the last couple of months. I haven't heard anything at all, and I would've expected there would have been some interest on the part of the real estate community, but then there's such a glut of excess. Vailable space throughout the country that no surprise that nobody has stepped up at least not yet. That's one of the big stories in this that we wanted to touch on and we'll touch on it. Now, as you mentioned, there's a lot of retail space in malls and and other locations which still is not filled when you look at it at the real estate aspect of this. Are there any natural companies out there that could potentially fill some of that space? I'm not gonna even say all of that space. I think there's so much excess that's been developed over the last thirty or forty years much of which or or there's so much of that excess. That's now going vacant through these serial bankruptcies and liquidations that you'd have to be crazy to make any kind of concerted bid on this space unless you had something you really could roll out. And frankly, I, I don't see anybody making the math work. These are not necessarily expensive stores, but there's a lot of them and anybody who's interested in opening brick and mortar can pick and choose from enormous portfolio of vailable spaces. That would really very, very low rents. Another trend we've seen in real estate for retailers has been smaller format stores. So all. The Toys R Us stores are pretty pretty large. So who's gonna fill that space? Unless those bigger spaces are going to be broken up into smaller spaces, right? So other retailers could move in, for example, target has been downsizing and launch the smaller stores, or many retailers have gone the showroom route where you only keep a limited amount of inventory at the store and just use it more for you. Know advice for selecting what you need and then order it online. What do you think this this? I mean, obviously the shift as you kind of luted too, but what does it say about the toy industry as a whole? Because I mean, Mattel, and and some of these other companies Hasbro obviously have done pretty well over the years, but some of the reporting said that that this could be a segment losing toys rust that may not ever come back so that has an impact on some of these companies as well. It has been a weaker cadre in the sense of there hasn't been much growth. As I said earlier, kids are, you know, interacting more digitally. So there's just not as much demand. And then there has also been a lot of price pressure, you know, coming from imported goods from from lower cost countries, and now that you know, WalMart, Amazon and target are in the game. You know, they could also be more price, competition and price wars starting Mark. Well, there's no question that apps and the devices that support them have become increasingly a toy of choice at holiday time is enormous energy in that space. The the physical toy industry has struggled with coming up with the next. You know, tickle me Elmo. The next cabbage patch doll that parents have to have their kids.

Mark Cohen Toys R Us Walmart Denise Dahllof Amazon United States Columbia University Sears Baker Retailing Center R Us Canada Lazarus Department Research Director Director CEO Mattel Bradley