Blackstone 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.

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E234 · 2025-07-04 ▶ 1:07:16

And Chamath, you talked about all this sideline cash sitting there in money market accounts, markets at an all-time high, Uber blew past 88, so I should be retired right now. What are your thoughts on M&A, IPOs? Feels like, man, we've got a really frisky, hot market right now.

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.

Then wait till we see the flurry of S1s that have already been filed. Figma is a generational potential company that's going to be coming. I think we're going to see fantastic assets coming out. I think the market is saying we're open for business.

Chamath support ×2 ▲ on 📈 Rate cuts plus the AI wave start a new venture cycle - a golden era, not a bubble E232 · 2025-06-21 ▶ 1:17:01

really what happened was I had a lot of very smart money people on Wall Street and some crypto folks call me that I respect. ... Basically, what they said is like, it would be really good if you did it. I don't know if I'm going to do it, but I'm heavily leaning towards doing it.

I do think that we're starting to see a healthier market where we know a lot of dollars have gone in, but now we're starting to see some dollars coming out. So I think that's both in M&A, by the way, and it's also in IPOs.

Friedberg reversal ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E232 · 2025-06-21 ▶ 1:01:08

So are the institutional fund managers hungry for access to some of these new high-growth offerings? ... And now is there kind of this pent up hunger or pent up demand for new issuances, for high growth tech issuances? Is that what we're seeing? ... And if there is, obviously it bodes well for late stage growth startups that are looking to go public because the demand will be there.

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E232 · 2025-06-21 ▶ 59:37

Lena Conn is no longer in the building and M&A is back on the menu. As are IPOs ... So when you look at what's happening under the Trump administration, look at what's actually happening. The game on the field is three major IPOs, and then massive amounts of billion-dollar acquisitions.

Friedberg support ×2 ▲ on 🏛️ Washington starts taking equity and royalties in exchange for permits and grants E228 · 2025-05-17 ▶ 1:03:47

their business model, Bergam stated business model in the interview I did with him is land leases and royalties. Enter into private partnerships and then participate in the value creation.

Chamath support ×3 ▲ on 🏛️ Washington starts taking equity and royalties in exchange for permits and grants E228 · 2025-05-17 ▶ 1:17:11

there is no way to quickly raise several trillion dollars without selling land and without giving land leases and without taking royalties for drilling.

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.

Jason oppose ×2 ▲ on 📈 Rate cuts plus the AI wave start a new venture cycle - a golden era, not a bubble E227 · 2025-05-09 ▶ 1:09:05

And now we have venture capital constricting in terms of new funds being done. And people are making larger funds to do later and later stage investments

ever since, you know, the 20 and 21, which were very high, if you look at 22, 23, 24, and now the 25, I'm like, how is this that it's worse than 0.4, 0.5, 0.6 that were normal years? How is this worse than 13 and 14 and 15?

Friedberg support ×2 ▼ on 📈 Venture has to shrink to clear public-market alpha - fund sizes and GP count come down E227 · 2025-05-09 ▶ 1:10:09

At the end of the day, it is what it is, and you're going to see a reduction in venture dollars. And that's just the market normalizing.

Chamath support ×3 ▼ on 📈 Venture has to shrink to clear public-market alpha - fund sizes and GP count come down E227 · 2025-05-09 ▶ 1:12:35

at current course and speed, with the lack of IPOs and with the lack of M&A, you can't justify that asset class on its own, in my opinion, unless you think about it as like something that you're doing almost philanthropically

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E227 · 2025-05-09 ▶ 1:09:05

since the wrath of Lina Khan the last four years under Biden, you know, you had this 2021 spike of IPOs, peak ZERP, a lot of inventory, a lot of risk capital have been put to work for 10 years. And after that 2021 spike, things have been flatlined and companies are preferring to stay private.

there's such a view that like large companies are bad and we got to bust them and we're not going to let them do any M&A. And as a result of that, small companies no longer get bought by big ones. And for me, it's a disaster

Chamath oppose ×3 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E227 · 2025-05-09 ▶ 1:10:41

part of the reason is because of this strangulation of illiquidity that's caused artificially by administrations, by regulations, and by agencies like the FTC.

Chamath support ×2 ▲ on 🏛️ Washington starts taking equity and royalties in exchange for permits and grants E226 · 2025-05-02 ▶ 1:00:23

The thing that the Chinese did that was so brilliant, which we still don't have an answer for, is they have these national champions. And being a national champion allows you, and we'll talk about this in AI, it allows you to blur the lines between the public and private partnership. It allows you to blur the law. It allows you to blur capital. And I'm not saying we have to do that. But what I am saying is we need to have our own answer to it.

Gavin Baker oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E221 · 2025-03-29 ▶ 15:49

But there have been quite a few acquisitions by big companies of smaller companies in the last month. And I think because none of the companies that have been bought have been public, maybe it's flying a little under the radar, but it's happening in an, I think, an accelerating way. And I think this would be very good for the market and animal spirits and everything that we care about.

Jason oppose ×2 ▼ on 📈 The exit drought is a valuation overhang, not antitrust or markets E221 · 2025-03-29 ▶ 15:22

I mean, M&A with Whiz and now CoreWeave going public. Rathalina Khan is over. We got to give the administration a lot of credit for maybe removing the roadblocks to M&A and IPOs, or at least people perceive that.