I knew his name generally, but did not know his background - thank you for sharing. The point about the ponzi scheme of management money is why I left the financial sponsor industry. Not only are the incentives such that bigger is more important than better, but the sponsors are often buying and selling to each other because there are no other buyers! Often the LPs at these various funds are the same people. Pure rent extraction versus value creation lining the pockets of the GPs.
I knew his name generally, but did not know his background - thank you for sharing. The point about the ponzi scheme of management money is why I left the financial sponsor industry. Not only are the incentives such that bigger is more important than better, but the sponsors are often buying and selling to each other because there are no other buyers! Often the LPs at these various funds are the same people. Pure rent extraction versus value creation lining the pockets of the GPs.