BBR Partners was founded in 2000 with a client-centric, non-commission model to provide 'peace of mind' for wealthy families, growing from 5 employees to 190 people managing $32 billion.
The firm employs a contrarian and opportunistic investment philosophy, allocating capital to 'strategies' rather than traditional asset classes, focusing on areas with a lack of capital.
The current market view is cautious, with expectations of lower future returns from both public equities (S&P 500) and private equity compared to historical performance.
BBR is finding opportunities in niche, capital-starved areas like core real estate, venture capital, industrial outdoor storage, and structured lending for bourbon aging.
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Concerns Raised
Public equity markets, particularly the S&P 500 and MAG-7 stocks, are overvalued on most metrics.
Future returns for private equity will be significantly lower than the historical returns of the past 25 years.
Private credit funds may have understated risks due to a lack of requirements for loan loss reserves against income.
Opportunities Identified
Niche, capital-starved areas such as industrial outdoor storage and structured lending for bourbon aging.
Venture capital, which is perceived as having a favorable supply/demand dynamic for capital.
Core real estate, which the firm began investing in after viewing it as uninvestable for a decade.