Keep pulling the thread on Jay Ripley.
Industry data shows that returns from large private equity firms are often no better than the median, despite employing highly talented professionals.
Analysis of industry data reveals that early-stage private equity funds (Fund 1, Fund 2) exhibit wider return dispersion, but their average returns are better than mid-cap funds, which in turn outperform large-cap funds.
Performance persistence for top-quartile managers no longer exists in the seed and micro-VC space, though it may still hold for large-cap venture firms.
Artificial intelligence represents a significantly greater threat to the average small business compared to most previous technological innovations.
One of StonePoint Capital's most successful investments during the 2008 financial crisis era was the acquisition of a business that sold foreclosures at auction.
The investment thesis for venture capitalists spinning out of large tech companies like Airbnb has a typical shelf life of three funds.
By the time a venture manager who spun out of a company like Airbnb reaches their fourth fund, their original network of colleagues has typically left, forcing them to source deals from strangers.
Global Endowment Management (GEM) is an endowment-style OCIO that oversees $12 billion in assets.
StonePoint Capital's private equity strategy often involved 51-49 partnership deals, where they would acquire a 51% controlling stake from a founder who retained 49%.
A new source of private equity talent is emerging from graduates of elite business schools who have successfully completed the search fund process and are now transitioning into roles as independent sponsors.
An independent sponsor's willingness to walk away from deals is a strong predictor of their long-term success as a fund manager.
Venture capital is a power-law business where approximately 80% of the industry's gains are generated by just 15% of the funds.