The David Rubenstein Show Josh Harris
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Oct 31, 2024 Josh Harris, a billionaire private equity investor and founder of 26North Partners, discusses his impressive journey from co-founding Apollo Global Management to owning major sports franchises. He shares insights on the dynamics of private equity and the thrilling experience of owning teams like the 76ers and the Washington Commanders. Harris emphasizes the importance of community involvement and plans for a new stadium, while drawing parallels between the emotional highs of investment success and winning in sports.
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Create Big-Firm Capabilities With Tight Alignment
- Build a firm with big‑firm capabilities but tight alignment between managers and investors.
- Make team compensation hinge on investor outcomes to focus on long‑term alpha.
Rapid Fundraising Shows Market Thirst
- Raising capital quickly signals investor appetite for a differentiated alts strategy.
- Harris raised $23 billion in 24 months, showing strong demand for focused, aligned platforms.
Buy Quality Businesses When Multiples Recede
- Buy high‑quality middle‑market companies when prices dislocate from peak multiples.
- Target businesses at attractive cash‑flow multiples and improve returns via operational work.