YouSaid · the spoken record

David Layton

lines on the record: 80
first: 2023-02-24
most recent: 2023-02-24
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Where it's about the debate, right? It's about the fight. It's about challenging each other. It's about diversity of perspectives when you're making those investment decisions. And that is an absolutely critical.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“And I'm telling you, if you average together those investments that I didn't make together with the investments that we did make, I would have a much more average track record. Those investments were done by other firms. I've gone back and looked at it. They were not as successful as the ones that did happen. And so surrounding yourself with partners that are going to challenge you and push you and cover your blind spots is something that's really important. There's a lot of investment firms that get founded by an individual and they have a type of transaction that they're known for and they build a financial product around themselves and they build a team around themselves. And that type of a strategy works until it doesn't work. And we at partners group have really tried to build a culture”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say that investing is a team sport. I always maybe thought about it growing up as more of an individual pursuit. You know, I had a client recently who pulled out my track record. They were in a due diligence session. They said, Dave, this is a fantastic track record. What's the secret of your success? And I thought that's an ego affirming question, right? You like to hear that to some degree. You get that little tingle up your spine. And I thought about how to answer it. What I told her was what you don't see on that list is company A, company B, company CDE. Those are all companies that I had under exclusivity at some point during my career, but my partners, people that used to be my bosses that are today my partners, wouldn't let me invest.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“This is an asset class that's been around for a little while, and it might have been the fast money lore of doing deals and kind of transactions that got you interested into this space. This is an asset class that you can have a tremendous impact as an owner, but you've got to be prepared to roll up your sleeves and work. So we're sending many of our young professionals to work in our portfolio, right? to get experience, how to run projects and how to run businesses and send them to work for our CEOs as much as they spend time working within our halls. And I think that's something that young professionals need to be aware of. The needs of young talent are changing. Get some operating experience.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“So I do spend quite a bit of time with our hires, our new hires, and I think we're going to hire 55 kids out of school this year directly into our analyst program where they rotate across our different things. And I always set the tone. First day of training when they come in. And one of the things that I tell them is that this is no longer a young asset class, right?”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“It's interesting. I've got a couple in the chamber. One my wife gave me that's called This Is Your Mind on Plants and then one called Chip War by Peter Miller that I'm looking forward to getting into.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I just finished Bono's memoir surrender. I usually read something a little bit more light and a little bit more serious. There's also a book called The Weirdest People in the World that was a really interesting read.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think my parents had a big influence. My dad was a business person and I had a tremendous work ethic. My mother's unbelievably loyal person and helped to inspire that in me. I've got a couple of partners in particular. One, Walter Keller, he is just an elephant memory, right? Every way that we've screwed up as a firm, he's got it in his head and he brings it up and he keeps us out of trouble to the point where actually Close to my office in the campus for everybody to see, everybody on the floor, I have all of the lessons learned of the firm every way that we've lost money. And that's largely a download out of Walter's head for the rest of our colleagues to kind of understand the lessons that we've had over time. And he's been a great mentor. And our three founders have all been in their own way, real mentors to me as well.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“So, my wife owns the remote at home. And so if we're streaming something, it's usually something about British baking or Indian dating or something along those lines. I really love this Mandalorian series and getting into that.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“I absolutely dodged a bullet there. And I'm grateful every day, actually, that I landed in a place, in a culture, that is thoughtful, that is thinking towards the future, that's a little bit more humble and able to navigate an environment as opposed to getting lost in ego, I absolutely am grateful every day that I dodged a bullet there. No question, Barry.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, the first one, 75, but really doing Of consumers, of people that are out participating in the market or making these incremental changes that are more or less in line with consensus on what the Fed should be doing. And they've chosen to go in a more or less consensus-driven pattern for most of the changes. And so what that means is opposed to shocking the market and changing behavior through setting a tone up front. They need to wait for the impacts of those rate hikes to flow through. And that just takes some time. So I have no doubt that That it will take some time for the full impact of many of these hikes to be felt into fully changed behavior, and therefore there could be the potential of oversteering or overshooting as a result of that.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it's possible. Fed had a choice of either taking a big ratchet all at once, shocking the market, and changing behavior. We're doing it slowly and incrementally. I mean, it was a fast rate hike, obviously, but doing it basis points. The first one.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not absolutely not. And if you think about 401k plans, for example, the place that our asset class is going to be most relevant for the near term is in the defined contribution portions of that 401k market where you still have a sophisticated portfolio manager that's putting those portfolios together. I don't think that anybody in the near term expects within their 401k allocation to be able to go in there and bounce to a big private equity fund. That's not going to be the case. We are going to attract demand from increasingly individual set of investors, and that's going to come with regulation. And the big firms will be able to deal with that.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“So the industry as it's expanded from a small niche industry years ago to an industry today already managing $10 trillion of assets, already a fiduciary for the funds of hardworking capital regulation has already increased substantially. Compliance needs have increased substantially within our industry. And I have no doubt that that trend will continue. We continue to appeal, I think, to particularly sophisticated investors, and that has to continue to be the case. This is not an asset class that I think Like retail, retail investors are going to allocate to, even that fund that you mentioned previously where it's a minimum of 50,000 or whatever it is, I think our average investor there's 200,000. So it's a sophisticated investor that's allocating. It's not”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“It wouldn't be outrageous. And what that means is you really have to pick your spots. It used to be that you could invest into a good grower and just assume the economy would take care of some portion of the value creation strategy. Today, you have to be buying companies that are growing really disproportionately strong in order to go long equity. And so the average company that we invested to on the equity side was growing at double digit, growing its earnings by double digits. And those are the type of businesses that you can continue to generate strong returns on. But it requires that thematic research to make sure you're getting your spots really well. And it also requires an ownership model that's quite intense to drive transformation. And on the credit side, there's a real opportunity today to invest at attractive returns. I see that in the investment committee every week.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“And then we took a look at, okay, now within private credit, you can lend at 4.25 times EBITDA and gets, in some cases, a double-digit return doing that if you're kind of structuring solutions for the right type of clients. And then you have to wonder, you know, on the equity side, you really have to work to generate that outperformance. And so on a relative value basis, there's a lot of investors that are finding private credit as a particularly attractive place to invest right now. And we have a lot of very interesting dialogue with our clients about that.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Leverage levels with regards to rate, et cetera. And I punched in the new environment. I just said, okay, that's 6.7 times leverage. You're not going to get that anymore. But that's going to be more like four, four and a quarter, right? We changed that. And there was $250 basis points of return gone because of that element. Okay, this cost of capital is no longer applicable. It's more like double that today. And that brought it down by another $150 basis points or whatever.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the private credit industry has really come into its own since this rate hike cycle began and demand for absolutely private credit has increased. Disproportionate to a lot of other asset types that are more dependent. And so if you think about the equity side, for example, I was sitting down with a client recently and trying to illustrate the impact that this changing rate environment would have. And I pulled out an old model for an investment that they liked in particular. And it was a 21% return that had been underwritten. And here's the assumptions that we had with regards to...”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Put into private markets certainly depends on people's risk tolerance. This is an illiquid asset class. We can do things as an industry to make it more convenient and to create some degree of liquidity in good times. But this is always going to be an asset class, again, that prioritizes long-term performance over. Near term liquidity. And so it depends on the investor's desire to do that. But by and large, the investors that we talk to are looking to increase their allocations to private markets because it is such an important part of their allocation.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Know, I came from an interesting client meeting this week, Fortune 100 Company that is in the process of reclassifying some of their investment buckets. And they're actually going to take their long-term bond portfolio and blend it together with their private credit portfolio because they think that private credit offers better risk return in the current market environment and not less risk, et cetera. So they're thinking about opening up access to private credit out of this portfolio. So institutional investors are thinking about how I think they can use private markets more effectively within their portfolio. And individual investors, we think, in many instances can benefit to having access to a strong performing asset class like the private markets. Now, it's certainly not for everyone, right? The amount of allocation that people”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“That represents a manager's window. And so the message to our team, the message to our people is it's the people in that room that you work for. Those are the people that you report to. Those are the people that you owe something to. And we've really tried to create that sense of client centricity and alignment with our clients, not just in our documentation and with our incentives, but also culturally within the fabric of our firm.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“And we're a very client centric firm. You know, we talked a little bit about our Colorado campus. And how we've created a field that's a little bit more like a factory feel. You know, when I was a kid, I remember my dad ran a manufacturing facility, and I remember being with him on the floor at the manager's window or whatever, and him walking around that floor. And I had in my mind, you know, the feeling like there's no question in my mind who these people work for. Like he walked that floor and he really, you know, drove it. And I always loved that visual of the manager's window in a factory. And so on our floor. We have client conference rooms that look out over our employees”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the private markets is a fantastic asset class from an alignment of interest perspective. We win when our clients win. And that comes from having our capital invested alongside theirs and having very strict requirements for performance before we get paid performance fees. And I think that alignment of interest is something that is really, really strong. In turn, we then create the same types of relationships with our management teams. So it goes all the way down the chain with regards to alignment of interest.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Panic selling is rarely a thing within private markets. And it is sometimes a thing in the public markets. And that's a big difference with regards to how people think about their holdings between the two asset classes”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“To freak people out. It just is what it is. So we don't feel pressure to sell things at all when the markets start to bounce around.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you have A market that's driven by decisions, by sophisticated investors, To invest or to divest. You don't have a lot of fear-based selling. Going on within the private markets.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Not in every space, not in every sector, and not for every type of company. You do see some big valuations there. But on average as an industry, our average company didn't participate in the hype necessarily fully that the private markets experienced. And so it shouldn't surprise people that your average private markets company doesn't correct in value at the same level. In addition to that, the private markets has historically been pretty good at driving assets, aligning interest with management teams, having a pretty compelling business case that they're driving. And so, for example, our average portfolio company has had double digit growth over the past year, and that helps to offset some of the downward pressure that the markets bring.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Your average private markets company increased in value from about 11 times to about 12 times. Okay, and so you're not, you know, we pretty steady.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they're very closely linked in many regards. There are some differences. The public markets did experience a lot more hype in certain periods of time. And so a lot of people look at the private markets and say, shouldn't there be a correction in the private markets that is on par with what we're seeing in the public markets? And so let me just create a little bit of context for some of the differences in valuation that have been out there between You know, the 2018 time period and 2021, the public markets experience multiple expansion on an EV to EBITDA basis of about $11, $12 times historically. I think it went up to 18 times at the peak and it's come down to 13 or 14 times or whatever it is more recently, a pretty substantial kind of pullback. Over that same period of time, private markets”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“They don't know about them. So interesting, a lot of those businesses are now owned by private markets firms. Ten trillion dollars of assets that are anchoring the economy. And so there's been this shift in roles where the private markets used to be very speculative and now that's where you go to get exposure to the real economy. And the private markets used to be bedrock companies that anchor the economy and now it's a technology index effectively for many investors. And I think that Isn't well known by a lot of investors? And it's one of the things that's driving interest in our space by investors that haven't traditionally had access. That's one of the reasons why private investors, for example, are increasingly interested in private markets is because that's the only way you can place that you can go to access certain sectors.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“And crop protection companies that are out there. The logistics companies that are out there, a lot of them are not appealing to public markets investors because they don't have the sizzle and don't have also.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“The vast majority are technology companies selling the dream or their shell companies without financial substance. Those are the companies going public. There's a lot more speculation happening in the public markets these days. Meanwhile, the public, the private markets have been increasingly relevant to owning the real economy. If you think about the food value chain, for example, right, what are the types of companies that are going public in the food value chain? You have the ones that have a big brand and a network effect, right? Like a grubhub or something along those lines that is in the public eye and draws the interest of public investors. Meanwhile, if you think about the rest of the food value chain, right, the agricultural businesses, the fertilizer company,”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Because you were meant to allocate maybe a small little sliver of your economy and the public markets is where you go to invest into bedrock companies that anchor the economy, household names, et cetera. That has changed. If you look at the companies that have been going public, the capital formation that's been occurring within the public markets, a lot of people are shocked when they dig into it, and they learn that only 20% of the companies that have been going public more recently have an earnings history.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I wouldn't say it's all about what's private, but there has clearly been an evolution that a lot of people haven't been fully conscious of. It's been a shift in roles, really, that the public markets are playing and the private markets are playing. It used to be the private markets were where you went to bet. Speculative investments. This is where you went to get your risky venture capital exposure or your highly leveraged equity exposure. It was called an alternative asset class.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“It's through a lot of work. It's through a lot of research. And it's by having people that specialize in that particular area. It's about surrounding yourself with not generalist consultants that come in and tell you this market is big and growing. We want our teams to engage with organizations that are specialized or better yet individuals that have been running companies in those spaces and that have been there and done that and know where the bodies are buried.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“And the COVID environment has actually accelerated some of those themes that we were thinking about and have been thinking about for a long time. So the digital payment space, for example, that's not a new topic, right? There's been a transition to digital payment for a long period of time, but COVID helped to accelerate that. And so we invested into one of Europe's largest electronic toll collection companies. Here in New York, you have EasyPass and other markets. There's SunPass and other things like that. We invested into Europe's largest electronic toll collection company. And that's an example of a trend that we were watching for a long time. And then COVID helped to really accelerate that. And people really stopped using cash, let me tell you, during that period of time.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“That they understand how that market's going to evolve, who the winners likely are going to be. And we're putting our emphasis not on what's the size of the business today, but we put our emphasis around which company is likely to be a market leader four, five, six years from now in that particular space. And that takes work. That takes research.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Well You know, the generalist investor model where you look for interesting businesses and invest in them out of a generalist perspective is tough. It's going to be tough, we think, for a long time. If you think about what is going to differentiate firms in the future, we think it's going to be having a real perspective on the way an industry is going to move and how it's going to evolve. There's so much digital transformation occurring, so much disruption occurring that if you invest into a space, not being a specialist in that area, we think it's really tough. Our firm is putting a tremendous amount of emphasis on thematic research. We want our people to be deep, as we talked about before, spend a couple of years on a space before ultimately investing into that space to make sure”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Ten years later, right? It wasn't about individuals generating transaction volume. It was about which institutions can build something that's truly differentiated, a platform with a different way to engage with clients and have a differentiated client engagement model. And we think that the private markets may very well follow a similar path. And the values of our industry need to shift from individuals generating transactions. And that being where the emphasis is, towards platforms that are building something truly differentiated.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Built around transactions and transactional skill sets, then as well, right? It was an inefficient market. People would get their newspapers and read their ticker. They would talk to their broker with no idea of where the market actually was at that moment. And the whole incentive system for the industry, the public markets at that time, was around how much transaction volume can generate in an inefficient market. Think about”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Factors have changed, and some of them have even turned into headwinds. And so as a result of that, the formula for success that I think many of these more transactionally oriented firms are pursuing, we think is going to be challenged. And as a result of that, this environment that we're in is going to initiate a period of natural selection whereby the strong firms will get stronger and the weak firms will struggle and struggle to raise new capital. And this isn't dissimilar from what's happened in prior eras within the financial services sector. I mean, if you think about the public markets in the 80s, right, you had stockbrokers that were driving Ferraris, right? And the value system.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“The world has changed, right? We are in a new rate environment and many of the tailwinds that have allowed many firms to be successful and generate strong returns have turned into headwinds. And we had a long period of cheap capital and high amounts of free capital, essentially, and large amounts of leverage being available. That was a tailwind. We had a long period of globalization, right, where we could take costs out of our portfolio companies, take them out into a global marketplace and improve margins. Strong macro growth environment. And many of those”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, no, I mean, the innovation at that company today is really, really incredible. And, you know, there's a lot of people who kind of say, what are you doing investing into a consumer business? It's a fairly competitive one too. In an environment like this, and that's a business growing at 25% last year, it's got enormous potential in the Asian and US markets where it's growing really, really strong. And, you know, people think of it as a very masculine company, but it's female segment has a tremendous amount of potential. And with some of the innovation that they're driving, with some of those colors, et cetera, that you're talking about their...”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Breitling, I think, is one of the coolest Swiss Watch companies ever with its aviation heritage and the partnerships that it's done and in the automotive space and diving and space. It's got such an incredible heritage and we're really happy to be a part of it. I”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's going to be some combination, but individual investors and defined contribution coming online more fully is certainly an element of that. You know, our industry has been growing for a long period of time. It has grown across different rate environments. And we're big believers that it will continue to grow and that this is going to be an industry that continues to benefit from some of the tailwinds that do exist.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“That's the, and I think that's the future. Limited partnerships that have been the traditional structure that our industry have used, these are archaic structures, right? They were innovativated in the 1970s and 80s as a tool for individual wealth creation. And they have been gery-rigged effectively to now manage $10 trillion of assets, which is pretty incredible. That's a lot of money. They are not the future, right? The future is, we think, vehicles that have some structure to them that allows for easier access. So when you talk about...”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. So our clients get access to all of our investment content that that particular fund is targeting. We have been really focused as a firm on not creating silos, not having one team that just works for this particular financial product and this team that works for this financial product. But all of our investment professionals work for all of our clients collectively. And that gives us the ability to create a vehicle, for example, for an individual client, a bespoke solution for an individual client, or a structure for a group of like investors like private clients and have them participate in the exact same investment content that our other large investors get access to. And so that vehicle, you don't have to worry about having the A team on the big institutional money and the B team on the retail money, which is something that some people do worry about. Our investors get”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“Our kids are all going to have 401ks. And so the sources of funds for our industry is going to change as a result of that. It's been primarily pension, historically. It's been a lot of insurance and that sort of thing. And the future is private individuals. And we think define contribution programs. And we're a firm that is really cutting edge and leading with regards to providing the types of solutions that those type of clients are looking for.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“So if you're an institution investing $100 billion today or $50 billion or $10 billion, private markets is already a big part of your portfolio. But for individuals, historically, there have not been great options to invest into private companies. It's been one of the best performing asset classes for decades, and there's a real democratization of access to private markets. And we're one of the firms that's been leading that. Look, our parents all had pension funds.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source
“In the private markets, you find a sector that you like, you do your research, you find a company that you like, you have to wait for years until an event comes up, and then there's only one firm that's allowed to create that exposure. And you have to go up against some of the most aggressive, smart individuals that you will ever come across in your life. And you have to differentiate yourself. And Partners Group has, I think, done a good job of winning more than its fair share of transactions in the market by being a differentiated kind of firm, a differentiated kind of owner, one that's a true partner to industry, a partner for growth. And that's helped to distinguish us against some pretty stiff competition.”
2023-02-24 · Masters in Business · David Layton on Being an Outbound Global Driven Firm · IDENTIFIED FROM THE TRANSCRIPT · source