Andy Lee – Empty Rooms: Investing in Tax Assets at Parallaxes Capital (Capital Allocators, EP.305)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 30 March 2023

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

My guest on today’s sponsored insight is Andy Lee, the Founder and CIO of Parallaxes Capital. Andy spun out of Lone Star in 2017 to focus on the niche opportunity to invest in Tax Receivable Agreements or TRAs.

Our conversation covers Andy’s background and path to the hidden gem of TRAs. We cover the basics of a TRA, rationale for their use, drivers of return, and risks. We then discuss Parallaxes’ investment process, team, the future of the organization.

For full show notes, visit the episode webpage here.

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Transcript

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0:00.0	Hello, I'm Ted Sides, and this is Capital Allocators.
0:10.2	This show is an open exploration of the people and process behind capital allocation.
0:16.3	Through conversations with leaders in the money game, we learn how these holders of the keys to the
0:21.8	kingdom allocate their time and their capital. You can join our mailing list and access premium
0:27.8	content at capital allocators.com. All opinions expressed by TED and podcast guests are
0:35.0	solely their own opinions and do not reflect the opinion of capital
0:37.7	allocators or their firms. This podcast is for informational purposes only and should not be relied
0:42.2	upon as a basis for investment decisions. Clients of capital allocators or podcast guests may
0:47.2	maintain positions and securities discussed on this podcast. In our continuing series of empty rooms, opportunities ignored by most investors because they
0:57.5	either don't want to or can't participate. My guest on today's sponsored insight is Andy Lee,
1:05.0	the founder and chief investment officer of Parallaxis Capital. Andy spun out of Lone Star in 2017 to focus on the niche opportunity to invest in tax
1:16.2	receivable agreements or TRAs.
1:20.2	Our conversation covers Andy's background and path to the hidden gem of TRAs.
1:25.1	We cover the basics of a TRA, rationale for their use, drivers of return,
1:30.9	and risks. We then discuss Parallax's investment process, team, and the future of the organization.
1:38.2	Please enjoy my conversation with Andy Lee. Andy, great to be with you.
1:44.7	Pleasure.
1:45.5	Why don't you take me back to your beginning in the business and even before your
1:51.2	initial interest in finance?
1:52.9	So I'm from the middle of nowhere, Champaign, Illinois.
1:55.6	I had the opportunity to go to college a little early.
1:58.3	I went to college at 15 and wanted to be an archaeologist being
	...

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