Funds that Won

Saish Setty, a Princeton and Harvard Law alum, has been shaking up the financial scene at Parallaxes Capital since 2021. In this engaging conversation, he dives into the world of Tax Receivable Agreements (TRAs) and their growing significance in corporate finance, particularly during IPOs. Saish discusses the valuation complexities of tax assets and the innovative strategies his firm employs to provide liquidity. He also addresses risks involved with TRAs and emphasizes the future potential of this nascent asset class, making it a must-listen for finance enthusiasts.

Today we hear from a data scientist turned real estate investor who shares his journey of building a successful investment fund, Neal Bawa of GroCapitus. With over $300 million in investor funds, he explains how his data-driven approach and tax-saving strategies attracted a community of like-minded individuals, including technologists, doctors, and business professionals. From starting out without any investors to now managing close to a billion in assets, this guest's story is truly inspiring. Tune in to learn more about his unique investment strategies and the analytics behind real estate.About Neal:Neal Bawa is a technologist who is universally known in real estate circles as the Mad Scientist of Multifamily. Besides being one of the most in-demand speakers in commercial real estate, Neal is a data guru, a process freak, and an outsourcing expert.Neal treats his $1+ billion-dollar multifamily portfolio as an ongoing experiment in efficiency and optimization. The Mad Scientist lives by two mantras. His first mantra is that: We can only manage what we can measure. His second mantra is that: Data beats gut feel by a million miles. These mantras and a dozen other disruptive beliefs drive profit for his 900+ investors.YouTube: https://www.youtube.com/channel/UC1_NBRSd-yIX6tyg31RzCew

Incredible conversation with Carey Ransom, Managing Director of BankTech Ventures. We get into the weeds of his business, the value proposition of his fund, and some of the pitfalls and triumphs of fund management. Carey Ransom is an SaaS entrepreneur, executive, investor and advisor, and has started, grown and/or led 8 B2B and consumer SaaS companies during startup and growth phases. He is currently President of Operate and the Managing Director of BankTech Ventures, a newly-launched strategic investment fund focused on compelling technologies for community banks, and founded and funded by leaders in the community bank ecosystem. [00:02:00] Fully digitally transformed future bank.[00:06:08] Future of community banking.[00:11:37] The future state architecture.[00:14:14] Increasing strategic value for clients.[00:18:37] Bank tech fund motivation.[00:24:04] Community banking accelerator program.[00:28:02] Virtual relationship building.[00:34:05-00:34:16] Proper capitalization and company viability.[00:39:14] Value proposition to portfolio companies.[00:41:32] Introducing banks to each other.[00:46:08] Things I love and hate.[00:51:36] Resistance to learning and adapting.

Today we have Bob Elliott on the show, a prolific investment manager, and founder of Unlimited. Bob dives into how he thinks about the markets, strategic investing, the importance of value propositions, and more. Tune in to learn more about how Unlimited has become a thriving asset management empire in the alternative investment landscape.Bob Elliott is the Co-Founder, CEO, and CIO of Unlimited, which uses machine learning to create low-cost index replications of 2&20 style alternative investments like hedge funds, venture capital and private equity. The first product, $HFND ETF, was the fastest growing independent active ETF launch of 2022. In 2023 Unlimited used its technology to launch its Agile Strategy, which has many of the same desirable features of a multi-manager fund with much lower costs and better liquidity terms.Prior to founding Unlimited, Bob served on the Investment Committee at Bridgewater Associates where he created investment strategies across equities, fixed income, credit, exchange rates, and commodities, including many used in the flagship Pure Alpha fund. He also built and led Ray Dalio’s investment research team for nearly a decade. He’s the author of hundreds of Bridgewater’s widely read Daily Observations and directly counseled some of the world’s foremost policymakers and institutional investors on economic and investing issues.YouTube: https://www.youtube.com/channel/UC1_NBRSd-yIX6tyg31RzCew

We're talking Tiger Management and Tiger Global Management, two renowned investment firms with different strategies. I explore the challenges faced by Tiger Global Management, including a recent decrease in valuations and the need to notify limited partners of losses. I highlight the importance of effectively allocating funds and discuss the trend of smaller funds outperforming larger ones. YouTube: https://www.youtube.com/channel/UCPH22AufHvdg8hQvDvT6pPw[00:12:30] Tiger Management's downfall.[00:10:56] Too big, too fast.

JC Morales is a seasoned investor and operator in the short-term rental market with a unique interest in the Puerto Rican hospitality game. JC started his career as a kitesurfer but saw the opportunities in beachfront properties. JC's story is incredible and he gives some amazing insight into how an entrepreneur scales with limited resources. [00:01:06] Beach apartments and luxury assets.[00:03:58] The sweet spot of property.[00:07:09] Making money teaching kitesurfing.[00:08:39] Creative real estate strategies.[00:13:12] Short-term rental regulations.[00:18:16] Incredible returns on short-term rentals.[00:19:26] Puerto Rico's competitive advantage.[00:28:03] Tax incentives in Puerto Rico.[00:29:05] JC's Personal Background.[00:31:12] Entrepreneurship at a young age.[00:32:29] Living the new rich.[00:42:26] Education without implementation is insanity.[00:43:15] Primary residence and nomadic lifestyle.

In this episode, Lincoln interviews Jeff Mendez, an experienced investor, operator, and board member. They discuss Jeff's background in the direct-to-home space and his passion for real estate investing. Jeff shares his first investment experiences and why he believes real estate is a great investment option. Major takeaway? Build excellent systems. Overall, Jeff shares some incredibly valuable insights on building things that last. [00:02:29] Investing in real estate.[00:03:28] Mobile home parks[00:08:06] Reasons for not liking funds.[00:10:10] Syndication versus fund structure.[00:15:21] The current environment affecting business.[00:18:15] Return metrics in real estate.[00:22:24] What makes a fund win?[00:25:21] Being responsive to investors.[00:29:10] Legal audits and protection.[00:32:38] The importance of cleanliness.[00:35:58] VC investment strategies.[00:38:05] Exhilarating real estate deals.[00:41:33] Approaching prospective board members.[00:45:01] Creating value and avoiding pitfalls.[00:49:43] Value creation over money.[00:53:12] Work-life harmony.[00:56:03] Pet peeves in life.[00:58:24] First generation hustle.

We have a legend on the show today. John Pennington Jr. John shares his insights from starting over 14 businesses to running a dec-billion dollar family of funds. He shares some incredible nuggets of wisdom about finding the right partners, making the right plays in shifting markets, and why funds are the best way to scale in business. We get into the weeds and talk big picture, you don't want to miss this episode.Learn more about investment funds on our Youtube channel: https://www.youtube.com/channel/UC1_NBRSd-yIX6tyg31RzCew[00:01:03] Starting a hedge fund.[00:06:19] Transition to fund model.[00:07:19] Losing investors during transition.[00:10:13] Predicting the Asian debt crisis.[00:14:48] Becoming an institutional grade firm.[00:17:18] Capital raising strategies.[00:21:12] Pursuing institutional money.[00:25:37] Starting a business selling jeans.[00:28:29] The U.S. dollar as a product.[00:32:21] Going for a supersized idea.[00:34:00] Starting a big idea.[00:38:30] Building a strong team.[00:41:21] Choosing good partners.[00:45:25] The power of a fund.[00:47:26] Clawback in partnerships.[00:53:46] The best place for entrepreneurs.[00:54:08] Fear of being old and poor.[00:57:33] Overcoming obstacles and hard work.[01:01:08] Wasting Opportunities in America.[01:04:27] Educational purposes and legal advice.

From fleeing Vietnam and China with her family to building a $300M energy trading hedge fund, Nancy Morales is a force to be reckoned with. Lincoln and Nancy discuss energy trading, coming from remarkable beginnings, what makes a successful fund manager, and the unique perspective she brings to the industry. [00:01:32] Taking a Risk Together.[00:04:31] Every trade was do or die.[00:10:51] Trading electricity markets.[00:12:03] Leaving Vietnam for a better future.[00:17:00] Three different countries.[00:20:25] Female perspective and growth.[00:24:45] Traders' high earnings and structure.[00:29:22] Puerto Rico investment ventures.[00:34:09] Giving back.[00:36:55] Securities discussed on this podcast.

In this episode of Funds That Won, Lincoln interviews Nic DeAngelo, President of Saint Investment Group. Nick shares the story of how Saint Investment Group started as an acquisition-focused business and later expanded to include asset management and capital raising. With over $200 million in assets under management and a successful track record of exiting projects, Nick discusses the syndication side of their business. He also highlights the shift towards a fixed income approach and the package of real estate assets they have put together. Tune in to learn more about the growth and strategies of Saint Investment Group.[00:01:17] Syndication and project performance.[00:06:19] Real estate acquisitions and underwriting.[00:07:33] Residential mortgage market exploration.[00:10:51] Non-performing debt in banks.[00:16:35] Defense against risk-free rate.[00:19:05] Housing market misconceptions.[00:23:40] Starting a fund.[00:26:00] St. Investment Group's future.[00:30:51] Industrial growth and scalability.[00:33:08] Finding leverage points and buttons.[00:38:05] Adding value through networking.[00:40:13] Getting your foot in the door.[00:43:00] Balancing work and family.[00:46:29] Efficient calendar management.[00:49:37] Communication and teamwork in business.