Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208)

Capital Allocators – Inside the Institutional Investment Industry

Ted Seides – Allocator and Asset Management Expert

Investing, Capitalallocation, Business

4.8 • 806 Ratings

🗓️ 13 August 2021

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today’s show is a special sponsor insight highlighting an example of the terrific research that comes out of Pitchbook.

My guest is Wylie Fernyhough, PitchBook’s lead private equity analyst, where he produces industry research and dives deep on thematic areas of interest.

Our conversation covers his research on the business of buying stakes in asset managers. We discuss its history, rationale, and perspectives from each side of the table involved in these transactions - the stake buyer, the manager who sells a stake in their business, and investors in the manager’s funds. We also touch on the seeding business, private equity investments in sports franchises, and publicly listed alternative managers.

We are grateful to PitchBook for their sponsorship of Private Equity Masters, and eager to highlight the great work they do.

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Transcript

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0:00.0	Capital Allocators is brought to you by Ten East, an investment platform for sophisticated investors to access private markets.
0:10.5	Ten East brings benefits of having your own family office without the cost and headaches of doing so.
0:16.8	It's founded and led by Michael LaFelle, former deputy executive managing member of Davidson Kempner.
0:24.2	Michael and his investment team offer members the opportunity to co-invest by offering at their
0:29.1	discretion. Michael and his team source, diligence, and commit material personal capital to each
0:35.3	investment. The opportunities shared on the Ten East platform
0:38.9	offer exposure to private credit, real estate, niche venture and private equity, and other
0:44.5	idiosyncratic investments that typically aren't available through traditional channels.
0:49.2	The principles have over a decade track record of investing in these types of exposures
0:53.5	across more than 350
0:55.7	transactions. Post-investment, the Tennis team conducts ongoing monitoring and reporting,
1:01.8	just as you'd expect from an institutional investment organization. I've known Michael for about a
1:07.0	decade, and after becoming impressed by the quality of 10 East offerings, its research
1:11.6	process, and high-quality investment team, I became an advisor to the organization, an investor
1:17.1	in multiple offerings. You can learn more and join me as a member at 10east.com. That's the number 10,
1:25.0	east.co.
1:38.0	Hello, I'm Ted Sides, and this is Capital Allocators.
1:43.9	This show is an open exploration of the people and process behind capital allocation. Through conversations with
1:45.9	leaders in the money game, we learn how these holders of the keys to the kingdom allocate
1:51.3	their time and their capital. You can keep up to date by visiting capital allocators.com.
2:00.3	Today's show is a special sponsor insight, highlighting an example of the terrific research
2:06.3	that comes out of Pitchbook.
	...

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