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How I Invest with David Weisburd
E116: How Everyday Investors can Access Private Equity w/Pantheon ($70B AUM)
Nov 29, 2024
Victor Mayer, Managing Director at Pantheon, shares insights from a firm managing nearly $70 billion in assets. He discusses the surge of evergreen funds and their advantages over traditional structures, emphasizing improved access for smaller investors. Victor also delves into the strategic balance between small and large-cap investments, highlights the benefits of no-cost co-investment deals, and examines the complexities of navigating fee structures and adverse selection in capital-raising efforts.
34:45
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Quick takeaways
- Evergreen funds provide investors with continuous access to capital and reduce administrative burdens, making them appealing for wealth communities.
- Investing in small and mid cap buyout funds offers greater growth potential and higher returns compared to large cap investments, leveraging competitive advantages.
Deep dives
The Rise of Large Cap Funds
The trend of large cap funds growing in scale has created an environment where only a limited number of companies attract significant investment dollars. This influx results in general partners (GPs) struggling to distinguish themselves, often resorting to higher pricing and increased leverage to remain competitive. Consequently, the quality and selectivity of investments within these funds may decline, as GPs feel pressure to deploy capital quickly within a set investment period. For private wealth investors, this scenario signals potential challenges and risks inherent in investing in larger funds.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode