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Ten years ago, I was an analyst for the General Motors pensionfund, working on fund investments into leveragedbuyoutfunds and venture capital deals. I literally wrote the investment memo for GMs investment into Accel IX, otherwise known as the "Facebook Fund." (I
It encompasses strategies such as venture capital, leveragedbuyouts and investing directly in publicly-traded private equity firms. LeveragedBuyouts In contrast, there are leveragedbuyouts (LBOs) that involve acquiring established companies with the aim of restructuring or improving their operations to enhance profitability.
It encompasses strategies such as venture capital, leveragedbuyouts and investing directly in publicly-traded private equity firms. LeveragedBuyouts In contrast, there are leveragedbuyouts (LBOs) that involve acquiring established companies with the aim of restructuring or improving their operations to enhance profitability.
But because these are really good businesses, which got levered, they got leveraged through these leveragebuyouts. Early nineties was the start of the modern high yield leveragebuyout business done at scale. There’s leverage. But Barry, can I tell you, but go back, go back to one thought though.
But there came to be, in certain situations, buyers that were bootstrap, buyers that were, we would call ’em today, they then leveragedbuyout financiers. And the institutional investors often are thinking if you’re a big state pensionfund, I want 10%, 20%. And now we call it the private equity industry.
And what was interesting was the first leveragedbuyout of a public company happened when I was in graduate school. KLINSKY: In 1979, it was the first leveragedbuyout of a public company. We had sold the family business, maybe buy another family business one day through a leveragedbuyout. KLINSKY: Yeah.
Ralph Berg, chief investment officer at OMERS for nearly two years, brings a fresh perspective to pensionfund management with a history and work pedigree different to what you might expect from a Canadian fund investment boss. We are starting to see LBO [leveragedbuyout] activity pick up again.
Pensionfunds, perhaps, maybe aren’t growing as much as they need them to. RITHOLTZ: Clearly, 401(k) is not a much faster growing part of the allocation landscape than either direct benefits or pensions, if anything, that side of the street is shrinking dramatically. And so, this is a ripe market for them.
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