Extend & Pretend Cowboy
10.4K posts
Extend & Pretend Cowboy
@Cashflow_Cowboy
Former investor turned builder. Community, investing nonsense, wrestling gifs. Austin TX evangelist. Guiding @moontower_soc
Austin, TX
Joined November 2013
- A grifter who can’t raise institutional capital looking to get money from retail tells you all you need to know about private markets becoming available to the retail channel
- Replying to @baldridgecpaYou win worst take on the internet today
- It’s almost like you need to return capital to get new capital to deployPE Fundraising is getting pretty brutal. Hard to believe that the last two weeks have made it better...
- WSJ has interesting numbers on the state of Private Equity in an article today. Thinking through capital dynamics, the industry is in a difficult spot and I'm having trouble imagining how this works out generally positively for investors of existing funds. WSJ chart shows the
- Private markets career paths are beginning the same journey as public markets. Seats will shrink, less compensation upside than before, higher competition in the industry for investments and jobs, worse returns, consolidation into bigger brands, etc. Ponder young ones.
- Longing for a simpler era when fintwit spent more time doing things like roasting Softbank's investment in WeWork.
- Private equity peaked as a professionYale is rumored to be selling a $6B PE portfolio. As of June 2024, the endowment was $41.4B, so it’s roughly 15% of the endowment for sale. The last time I can find a disclosure of the portfolio allocation, LBOs were 17.5% and illiquids were 45% with a target of 50%.
- Replying to @TheStalwart and @chamathHe's familiar with his investments declining by this much in a day
- I'll be curious to see how private equity and venture capital adapt to a different world going forward. We can't go from 0 to ~40% alts in institutional portfolios again. We won't have a multi-decade secular decline in interest rates again. The open investment land wasBig universities selling their illiquid PE funds is not getting the press it deserves. Im super curious about what the knock on effects are here.
- Replying to @GlobalflowsMost family offices are afraid of their own shadow and called 23 of the last 2 recessions.
- Replying to @capital_broBreakups are really hard. The reality is if you love someone like that in your life, they have a piece of you you'll never get back. Feelings will be really high for a while, and that's ok. Take care of yourself physically, spend time with people that make you feel secure.
