What 99% of Investors Don’t Know About GP Stakes with Michael Rees

The Tony Robbins Podcast

Tony Robbins

Marketing, Smallbusinessowner, Education, Tonyrobbins, Business

4.4 • 6.8K Ratings

🗓️ 1 July 2025

⏱️ 65 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to the second episode of The Holy Grail of Investing podcast!

In this fascinating conversation, my co-hosts ChristopherZook and Mark Wade of CAZ Investments, sit down with Michael Rees, Co-President of Blue Owl Capital to unpack the asset class known as GP Stakes.

This strategy has grown geometrically over the past decade and is rapidly becoming one of the more coveted strategies among the world’s most sophisticated investors who want broad exposure to Private Equity.

Watch this episode now on YouTube at @TonyRobbinsLive

Learn more at www.TheHolyGrailofInvesting.com and www.CAZInvestments.com

"The Holy Grail of Investing podcast is about more than just investing—it’s about giving listeners a front-row seat to how some of the world’s greatest investors think,” said Tony Robbins. “These conversations usually happen behind closed doors, and now we are making them available to a much broader audience—even those just starting to explore private market opportunities.”

Hosted by Tony Robbins and investor Christopher Zook, this new podcast offers rare, behind-the-scenes conversations with legendary private market investors—exploring not just how they invest, but why they do what they do.

Transcript

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0:00.0	Hi, it's Tony Robbins. Welcome to the Holy Grail of Investing Podcast.
0:04.1	The opportunity set to invest in private markets and companies is so big. We're only scratching the surface.
0:11.3	In this episode, my co-host sits down with Michael Reese, a blue owl capital, a true expert in a powerful, often overlooked area of investing called GP Stakes.
0:20.4	A lot of people don't know how profitable these businesses are and the return on the equity that the GP makes.
0:26.6	Recurring revenue, low capital intensity.
0:29.6	Is there a better business model on the planet than managing a private asset management firm?
0:33.6	I have to say our gold standard that we're looking for in a firm
0:38.6	comes down to longevity. It's insane to think we're only going to allow to go into a government
0:43.9	bond instead of investing in the wonderful businesses that make up the United States of America.
0:48.7	I know your buttons to push. It got me a little wound up there. There are a lot of private equity firms
0:53.5	that don't know they're managing their last fund.
0:56.2	What counsel would you give to the audience?
0:59.0	This is what you need to know before you invest in private markets.
1:07.1	Now, if you're not familiar with GP Stakes, the GP stands for general partner, basically an owner.
1:12.6	Most investors can only get into private equity by being what's called a limited partner,
1:16.3	an LP, and they pay fees for the privilege to invest.
1:20.1	Usually the private equity firm charges you a 2% management fee on all your assets each year,
1:25.4	whether they make you money or not.
1:26.9	They also get 20% of the increased profits.
1:30.4	But when you own a GP stake, you're not just investing in a fund.
1:34.7	You own a piece of the entire private equity firm itself.
1:37.9	That means you sit shoulder to shoulder with the owners because you are an owner.
	...

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