Evidence receipt / belief
Published · transcript-backedDavid Rosenthal: belief
28 Sept 2022 Acquired Benchmark Part I
“I think actually, the analogy holds here of a fund might bring home a championship, but if you're a large endowment, you don't care about one fund.”
Source trail
Everything needed to verify it.
- Speaker
- David Rosenthal
- Attribution
- Verified speaker
- Claim type
- belief
- Recorded
- 28 Sept 2022
- Publisher
- Acquired
- Episode
- Benchmark Part I
Transcript context
…It's hard to underwrite because any LP that you talk to will tell you that it's not just the track records that we're looking at, it's not just the meetings we're having, and it's not just the relationship we have with these individuals. It's our belief that those individuals will create magic together. Will they be the Chicago Bulls or will they be the LeBron Miami Heat? You don't know that they're going to have the trust, process, and demeanor. The number one fear is everything looks great on paper, so we wrote a big check, but it turns out these guys can't work with each other. When you have a new firm with a new brand and a new set of people, that's the key risk. Hey, the Heat brought home a championship. I think actually, the analogy holds here of a fund might bring home a championship, but if you're a large endowment, you don't care about one fund. Right. You want to back in during the franchise.…
Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.