10+ hours of podcasts, in 5 minutes.
10 quotes from 1 episode on Fund Shack, each with a timestamped link to the source.
Adam Turtle states that limited partners have plenty of cash for private equity. Investors are slowing down commitments to punish underperforming 2020 to 2022 fund vintages and rotating money into defense and middle-market buyouts.
Adam Turtle argues that the market currently holds ample available capital for private investments.
“The truth is we're not in a period where there's a massive capital squeeze…”
From Adam Turtle on Why Private Equity Capital Isn't Squeezed
Difficult market conditions expose which fund managers relied on a favorable environment to generate returns.
“We're also in a period which I think best links to that great Warren Buffett quote about the tide going out and you see who's wearing shorts.”
From Adam Turtle on Why Private Equity Capital Isn't Squeezed
Many European private equity groups choose to remain small and concentrate purely on generating carried interest.
“…your classic smaller group of partners investing together probably with the view that yes they're ambitious but they're ambitious to generate carry and increase their investments in their fund.”
Returns from 2020 to 2022 disappointed institutional allocators. This track record forced limited partners to overhaul underwriting standards and change the speed of capital deployment.
“The overall performance in those vintages is reasonably disappointing…”
From Adam Turtle on Why Private Equity Capital Isn't Squeezed
“…and certainly disappointing versus what the investors were hoping to receive from those vintages.”
From Adam Turtle on Why Private Equity Capital Isn't Squeezed
“There's this sort of strategic realignment of appetite which clearly has an impact on the speed of their investment behavior…”
From Adam Turtle on Why Private Equity Capital Isn't Squeezed
Limited partners dismantled the automatic preference for enterprise software and healthcare. Capital now rotates into defense, middle-market buyouts, and AI-resilient assets.
“On the LP side, we're in a really interesting period in the market because for the last certainly for the last 10 years, there have been certain prevailing orthodoxies about which segments are almost whitelisted for investment from a sectoral perspective that have been somewhat undermined over the last 12 months or so…”
From Adam Turtle on Why Private Equity Capital Isn't Squeezed
A firm often dies before the managers recognize the danger. Once existing investors refuse to commit to a new vehicle, staff exit and make fundraising impossible.
“People are often the last to know that they are a zombie fund. And often the market has made that conclusion before you realize it.”
From Adam Turtle: Private Equity Has Split Into Three Speeds
“If the existings are ultimately not willing to support the manager and if you're unable to raise the fund…”
From Adam Turtle: Private Equity Has Split Into Three Speeds
“…what will then happen is your team will start to leave and then you will get into a spiral where it becomes impossible to raise money.”
From Adam Turtle: Private Equity Has Split Into Three Speeds
How we attribute quotes. Every quote was matched against the episode transcript, so the words and the timestamp are real (we trim filler words like "um", nothing else). The name comes from our written summary of the episode, and we use it only when a separate check of the captions finds that person on the episode. YouTube gives us no voice-by-voice transcript, so open the timestamp to hear who is talking. See a wrong name? Tell us and we fix or remove it.
The week's private equity podcasts, boiled down to one short Sunday read, for deal professionals, operating partners, and LPs.
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