Apollo Global Management, Inc.

Friedberg support ×2 ▼ on 📈 Private equity model is broken E270 · 2026-04-24 ▶ 21:12

the equity got fully impaired. And then the debt is clearly impaired because you can see how the debt and the CLOs are trading, ... the sales team is just not hitting their targets.

Chamath support ×3 ▼ on 📈 Private equity model is broken E245 · 2025-10-03 ▶ 12:52

I think private equity is totally screwed... private equity in general is totally owned... What you find in most private equity portfolios are B and C companies run by C and D folks... The money's already leaked into private credit, which is the next big bubble that's building.

Chamath support ×3 ▼ on 📈 Endowment liquidity crunch forces discounted private-equity secondaries E234 · 2025-07-04 ▶ 55:30

What they will have to do in order to finance their budget in probably 18 months is start to actively sell their private equity portfolio, which by the way, from 2019 to this year, almost doubled from 20 to 40%. So an insane asset allocation, frankly, an asset misallocation at the top of the market to the most illiquid asset class. And when people sniff this out, what they're going to do is, Harvard was able to sell a billion dollars recently of private equity stuff and managers that they didn't want to support anymore at a 7% discount. There is no smart money on the street that's going to look at any private equity portfolio from Harvard without asking for 20, 25, 30, 35, 40% discount, because your back will be totally against the wall.

If I can compound capital at 12.5% incentive fee for a very long time, it's better than 20% for a short period of time.

Chamath support ×2 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E227 · 2025-05-09 ▶ 1:29:19

The optimal basket of the companies you'd want to own for the future, because of these rules and regulatory burdens, are partially public, partially private, and so you need a vehicle that can straddle both if you want to own it.

Jason support ×2 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E227 · 2025-05-09 ▶ 1:10:04

Yeah, it's retail investors and sovereign wealth funds outside the US seem to be the answer to that question.

these interval funds are really interesting because I think the minimum investment is like $50,000 or something like that. And the conditions to qualify for such a fund are much smaller. So there's many more investors that can come. And I look at it a little bit of like, this is the democratization of tech investing.

Chamath oppose ×2 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E217 · 2025-03-01 ▶ 1:05:45

I think what's gonna happen is not much of anything. I think the rules are gonna stay exactly where they are.

Friedberg oppose ×3 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E217 · 2025-03-01 ▶ 1:03:27

I would want to invest in everything. I'm not disagreeing with the notion. I'm pointing out what will happen, which is predatory a*****s will show up and they'll rip people off. That's what happens in every one of these f*****g markets.

Jason support ×3 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E217 · 2025-03-01 ▶ 1:01:54

So all I'm arguing for is more education and a path for those people who want to do it, to show five hours of education, 50 questions, that they have an above average knowledge of how private companies work, just so they have the choice to do that.

Chamath support ×2 ▼ on 🏛️ Carried interest loophole gets closed in the Trump tax bill E214 · 2025-02-07 ▶ 1:05:25

I mean, who's going to stand up and lay on the railroad tracks for being able to amortize a multi-billion dollar sports team purchase or that when you make a fund investment, you should get long-term cap gains treatment? Who is going to be that person in this? Nobody's going to stand up for these things.

Gavin Baker oppose ×2 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E206 · 2024-12-07 ▶ 38:17

And I do think if you were to allow ordinary Americans to buy private companies that are held to a lower standard of disclosure and reporting to public companies, like something would have to change

Friedberg oppose ×3 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E206 · 2024-12-07 ▶ 37:23

In fact, I think it's more likely than not that people are going to go market bullsh** securities and private markets and rip poor people off even worse

Imagine if Elon could raise for SpaceX from regular Americans. I'm sure he would have loved to do that if it wasn't crazy risky with the SEC

Jason support ×2 ▲ on 🏛️ Atkins SEC loosens accredited-investor gating and retail money reaches private markets E206 · 2024-12-07 ▶ 39:08

I mean, there's such an easy solution to this. You just do a sophistication test. People take a five-hour course and they answer 50 questions. The end, like a driver's license

Chamath support ×3 ▼ on 📈 You cannot build durable public equity value on a bet-making business E190 · 2024-08-02 ▶ 1:06:11

But I think it just goes to show you that in finance, these entities that try to sell a piece of the quote unquote general partner as a company, I just think that it's frankly that it doesn't work. And this is just an example, yet another example that there's not a lot of equity value in these businesses.

Jason support ×2 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E146 · 2023-09-22 ▶ 49:27

They're cutting two funds out of their 20, and then they're cutting their commitments to the weaker ones of the other 18

Brad Gerstner support ×2 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E141 · 2023-08-11 ▶ 46:00

But now they have a lot of mouths to feed. So when you put money to work, you pull down more fee. And so, you know, these funds now, I mean, if you're Tiger or some of these big funds, you have giant cost bases that you've created because of the size of the firm that you created.

I think a lot of people realize that if you can get 2.5% or 3% management fee investing $300 million at a pop, that's an easier lifestyle than actually taking board seats and doing work. And so I think a lot of money and activity got pulled into the late stage market. Nearly every firm started doing that.

Chamath reversal ×3 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E139 · 2023-07-27 ▶ 30:11

The risk adjusted returns on ventures, and this is not to throw shade at even all of those people that you mentioned are fucking terrible.

Chamath reversal ×2 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E135 · 2023-07-01 ▶ 1:20:35

And all of a sudden, the profits don't matter, which means the outcomes don't matter, which means the diligence is perfunctory.

Sacks oppose ×3 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E135 · 2023-07-01 ▶ 1:22:20

So Insight was trying to raise a $10 billion fund and they've only been able to raise two, according to this article.

Sacks oppose ×2 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E132 · 2023-06-10 ▶ 39:14

Yeah, but I actually think retrenching is good because it simplifies things.

Chamath oppose ×3 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E132 · 2023-06-10 ▶ 28:03

Then they tried this like very convoluted evergreen structure right before the market fell apart, where you could basically become a permanent capital vehicle. And as far as I can tell from the outside looking in, it just seems like a tax, a tax play for the GPs to not have to sell and realize capital gains.

Chamath oppose ×2 ▲ on 📈 Private capital concentrates in a few mega-GPs that take themselves public E120 · 2023-03-17 ▶ 54:58

All roads lead to, it says we're in for a slog. And so trying to put a $2 billion fund to work doesn't seem to make a lot of economic sense to some of the smartest people in the room.