Peter Singlehurst (Baillie Gifford) - Structural Advantage In Private Markets

In this episode of Far From The Finishing Post we speak to Peter Singlehurst. Peter heads up Baillie Gifford's private companies team and manages the Schiehallion Fund, which invests in private businesses such as Stripe and Space X. Peter discusses Baillie Gifford's development investing in private companies and how a long-term and supportive approach aligns with the ambitions of some of the world's leading entrepreneurs.

Show notes:

[1:21] Peter talks about his early career and the evolution of private investing at Baillie Gifford
[7:03] Building an infrastructure for private investing and the importance of patience
[9:56] Lessons from customer-obsessed Transferwise and learning from mistakes
[13:10] Knowing when to invest additional capital in companies going through difficult times
[16:24] Building and sustaining a strong reputation in private markets
[19:08] The durability of Baillie Gifford's competitive advantages
[22:43] The relationship with earlier stage venture investors
[25:18] Access to proprietary deals versus ones that come via intermediaries
[27:47] Being selective and not needing to make sacrifices
[29:30] Insights into company culture are only gained over time
[31:18] Assessing probabilities and finding companies that get better as they get bigger
[34:44] Applying probabilities to companies creating new markets versus those disrupting existing ones
[36:50] Opportunities as software broadens its reach across industries
[40:40] Capital needs and Schiehallion's role as a provider of capital
[43:19] Being open-minded and prepared to believe things that go against a prevailing narrative