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Kipp deVeer

lines on the record: 90
first: 2023-07-24
most recent: 2023-07-24
sittings or episodes: 1
sources: podcast

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“Services company. Once you have enough experience, you can figure it out. If you're trying to do more and more in healthcare and you want to actually invest in devices or in pharma, you need really differentiated experience. So we've obviously put that on as an overlay away from just calling and originating.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Simple answer is geographically. So big office in New York covers probably all the way out to Chicago. We've got a pretty substantial office in Chicago that'll go up to Toronto and goes as far south as Dallas. And then a big business, obviously in LA that's working Los Angeles and San Francisco for the most part. We always thought that everybody could do everything. One of the things that we've changed over the years is we've created a dedicated sponsors team, a dedicated non-sponsored team that we've filled with industry focused people. So we built verticals on the lending businesses in oil and gas, power and renewables, healthcare and life sciences, sports media and entertainment, software places where you can really drive origination if your knowledge is better. If you're a sponsor coverage guy and you're a generalist and someone shows you a consumer products company or a business.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Risk reward than being in the Mez, and sometimes it's the other way around. And it depends on the deal and the company and the economic environment and the rate environment. So we've always said fullest product suite that we can possibly offer. We'll deploy it the way that we want to for our investors, but for borrowers, we want to be able to show them a truly customized solution that we can work with them on. That's how you lead deals and get phone calls, right? But it's the scale of the people. It's the scale of the capital, the fact that we've been doing this together as a team for 20 plus years. And you can invest behind that. So you just continue to invest in hiring and retaining the best people. You can add industry capabilities across on top of the origination networks that you've built. So there's nothing about it that gets harder as you get bigger. It actually all gets easier.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“This is one of the few investment businesses in our opinion that's actually easier the bigger you get so long as you continue to invest behind it. The purview of most of our private credit businesses are whether it's asset focused, corporate US, sponsored Europe is really all about origination. So for us as we've grown, it's just really about adding people and adding capabilities. And I can build on that a little bit. But what started as a largely sponsored coverage oriented model has expanded pretty substantially. But in the sponsor business, the scale, I have more people to cover more sponsors. It's just feet on the street and capacity and all of that. We've always believed in having flexible capital, and that drives origination if you're just a MES fund, you only get calls on MES deals. If you're just a Unitronch guy, you just get calls on Unitranches, right? And by the way, sometimes being in the Unitranch is better.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“The collaboration in the culture has always been there. It's not even now versus then. We really don't like running sort of star systems. And those people don't stick with us very long. There's not that much that's different. I mean, what's different is it's bigger. There's more organizational complexity. It's geographically more dispersed. But to be honest, a lot of the same philosophy that's been there since we started is still there. And we as senior folks at the firm spend a lot of time making sure we don't lose that.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Private stock is part of their compensation. Much easier for them to value that when it has a ticker than when it doesn't. And you can actually sell it versus when you can. So, I mean, those were really the two big things, but we're now at a stage where we're large enough that we need to be thinking about this being a very large alternative asset manager 10 years from now and thinking about who's leading that company and having that be a respected public entity is an easy way to do that. You know, the downside is it's a public company and it comes with all the not fun stuff of running a public company.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we went public for a couple reasons, and I think they've all worked. Number one, we have a much better brand as a public company because our private equity business is not the same private equity business as KKR and Blackstone and others who are in the headlines all the time for buying $30 billion companies. I think we were just less well known. So for us, branding and that really did mean marketing and having investors think more highly of us for whatever reason and that it actually helped. The other thing was we didn't want to turn into a founder owned and controlled firm. We really wanted to be able to put stock in the hands of a very broad set of employees and to incentivize people away from just the investing business of you get a salary and a bonus and you get carry and that's why you work here right we wanted a shared common good that everyone was playing for which we did for a long time giving”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's even true for the non investment people. So we encourage our head of compliance to run compliance like a business. And if you don't have the right people in the right seats that you trust to do that, you have a problem. So for me, I sit on the board. I sit on the executive committee and I obviously run a large group of people at the firm for me and those four businesses, it's all about my partners who really run those four businesses with me day to day, being the right people and knowing what they need to do and if they have a problem, they know what to do about it. And if they don't, then they get to call me and we get to talk about it. It works pretty well.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“We have a 17 person executive committee that's representatives of folks of the firm. We meet every Monday. That includes investment people and includes folks US, Europe, Asia, includes at a compliance general counsel, CFO, et cetera. We do beyond that weekly meeting probably a quarterly partners meeting, which will have a set agenda for the day, and that's encouraging people to tell us what they think is most important in their business, either good or bad. And then twice a year we'll get the heads of every business together. We'll do that in January to basically put the budget for the year together to sign off on the budget, which is a bit of a social event, but also just kind of a day of commercial of how are we seeing the year coming together. And again, what are risks and opportunities? The most important thing that you need to do in our opinion is you need to let people run their businesses.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Kind of do. So there's a lot of that sharing of best practices. It's actually a pretty nice place to work. People want to help each other. And I think that translates across the firm.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Way of doing things is we want to be viewed as great partners. That's the most important thing because all we have at our firm is people and money. So you're either selling yourself as a person, otherwise you're just selling money, which lots of other firms have. And it doesn't matter if you're in the real estate business or equity or anything else. So I think we are culturally a little bit different than a lot of the other firms and that we actually collaborate as an organization. So to your question on the secondary side or any of the other businesses, how do we catalyze it? It's give them people and resources, but I also think we have a pretty special culture of how we think about sharing information and best practices and all of that. So if the secondaries folks come for the first time to the US direct lending annual meeting, they're like, whoa, that's a serious thing. Like you guys have this really well honed. And we're like, yeah, well, we've been at it for 20 years.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we have a way of doing things, frankly, in terms of business building, growth, leadership, all of that, culture, where we have the capacity to sort of turbocharge some things. Certainly a bigger brand that's more well known for something like an SSG, I think was the allure. But it's also access to resources. Our sales team, right? We have a relationship team that's out in the market in probably 15 geographies that's 100 people strong on the institutional side and coming on 100 people strong on the wealth management side. If you asked our folks in Asia, they'll say, we don't have that, we're really good investors, but we don't have that.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“They were a great fit, but that came on as a 20 billion AUM manager that we can really grow in a significant way, something we couldn't do from a standing start. The last one's probably Asia. We bought a company over there called SSG. For us, it was just too far away, too different culturally, going to London and figuring that out is one thing, going to Hong Kong and trying to figure that out as the Americans is a whole different thing. So we're fortunate that we were able to convince a couple of guys that had spun out of Lehman Brothers to start SSG to sell us the company a few years ago.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“And we've built on that, did another acquisition in real estate called Black Creek Group that managed at the time two private REITs, and that helped us bulk up. So real estate's been an area where we've acquired infrastructure is another place. We recently bought a business from AMP doing infra-debt lending about 10 years ago. We bought a small private equity firm in the infra space to start those capabilities. We bought a company called Landmark Partners a few years ago to get us into the secondaries business. That's something we're really excited about. Our view is there's a lot of this private capital that's now stuck with higher rates that really is going to create liquidity issues for a lot of investors. This could really be a shining moment for the secondaries business. There are really five or six scaled secondaries businesses. And we said we got to have one. Luckily, there was a little bit of a generational transition going on there. And we got along with them and they got along with us.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's some things that we did do through acquisition that we said if we're going to do it, we need to start big enough that it's relevant to a company like ours today. So the examples of that really were real estate. So we bought Apollo's real estate business, gosh, in 2006 after the MAX were leaving and that was kind of coming apart.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Partner Tony, when he set the firm up his belief starting the firm was if we can put some businesses alongside one another that all actually benefit from one another and make one another better will be onto something. And we started with liquid credit and that flipped into private equity, which then flipped into private credit. Those were our three businesses for a long time really coming into the GFC. Over the years, we have been able to grow credit organically by hiring teams and doing it ourselves without acquisition. So we built out a very significant business in European direct lending with no acquisitions just by going over to London and hiring Brits to do what we did and we opened in Stockholm and Paris and Amsterdam everywhere else. And we did that organically. We've also been building an alternative credit business, which is kind of a non-corporate lending business. We did that organically with hires.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“They didn't have the liquidity that they thought they had in liquid markets. And that was really when a lot of really sophisticated investors, also because we'd been putting track record together, came to us and they're like, so this private market stuff doesn't seem to be quite as volatile, doesn't offer liquidity, but seems to offer pretty good longer-term returns. Can you explain it to us? COVID was a bit of a inflection point too. So it's usually downturns that actually accelerate inflows into our business.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Most of the time for us, it's downturns. The private's market overall consolidate share away from the public markets during downturns. So O2 was kind of a more normal credit cycle, actually pretty similar in my opinion to where we are today, which is concerns about inflation, tightening monetary cycle, questioning certain business models. Back then, it was tech 1.0 and telecom. Too much leverage finance issuance in those sectors, et cetera. credit markets and the banks sort of sell off and private credit makes its first push. And I think we were there to make that first push. But the same thing happened during the GFC. That was the most significant one. But the GFC, I think, really... Taunt public market investors”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“When you think about the changes in this market over the 20 years you've been in the seat, you've gone from three or four billion to literally 100 times that. Were some of those key inflection points with the acceleration of assets over the last 20 or 15 years?”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Didn't understand the asset class and didn't know where to put it. And what's happened over now a long period of time is different investors have scoped the asset class, different managers, you know, we like to think we're one of the leaders, have built out enough of a track record that it's easy to audit. Our U.S. direct lending business, I can show someone $100 plus billion dollar track record over 20 years through market cycles that's generated a net 12 or 13. That's easy to underwrite if you're a large sovereign, if you're a pension. So you may have to come up to speed and learn, but you can do it. Back then, there wasn't enough information for people to really do that.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“But look, when we started, and even thinking back to the Indo days, private credit was not an asset class. We went out on an early trip pre the BDC, even getting formed to a couple of our large California LPs that the LA crew had known a long time. And when we pitched them what we did, which was full capital structure, lending solutions in those businesses in the beginning to private equity, but it can be applied anywhere. The question was, we wouldn't really know how to invest with you guys because we don't have an allocation and fixed income. It's illiquid. The returns are good enough that it might actually fit in our private equity bucket, but private equity doesn't have any expertise and credit. So the inefficiency even back then in 04 was that a lot of the investors around the world”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everybody asks me the question if I invest in private credit, which one's best? And the answer is, well, that has nothing to do with me. That has to do with you as an investor, right? It's what's best for you.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“When you started, you mentioned there was a $3 billion CLO business and then the beginning of private capital structure, a bunch of different structures where you're putting these assets in today. How do you categorize all the different pools and types of structures?”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“The other half of the fund is sort of just regular way buyouts. And we actually run our entire distressed and opportunistic business alongside the private equity group, and they have 10 plus billion of capital. So a lot of the distressed investing we're doing, we're doing with long-term ownership-oriented private equity mindset, not trading loans and bonds. We do that too, but it's a less significant part of the business.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, Aries today is about 2,600 people. We have 30 offices. The rough breakdown today is about 700 in the York, 700 in LA, and about 400 in London. And then the balance are either folks out originating New Deals or looking for clients. 360 something billion of AUM, but we're really still known as a credit first shop, right? We're about $250 billion of credit. And that kind of leads everything that we do. And it's led us into a bunch of other businesses, you know, private equity was there when we got there, but a lot of what we're doing in our private equity business is credit oriented. Core buyout reserves, probably a third to a half of what they do for restructuring and reorganization type situations where they'll go in and either buy debt or do some sort of hybrid security that they think will put them in a position to own a company.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“To closing a $750 million private equity fund. So for us as 30-year-olds, we said, you know, starting your own firm can be really hard and really expensive. What is our risk tolerance look like? Do we actually have enough money to start our own firm? And the answer is no. So it gave us a platform with some credibility, but also back to where I was earlier. It also gave us a sense in our mind of really be entrepreneurs and drive things and contribute to building the firm and its success and be there when it got going.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Smaller. For us it was perfect, to be honest. I'm coming up with my 20th anniversary. It's been pretty close to perfect for 20 years. But when we got there, they started originally two partners spun out of Apollo, right? So Tony Rusler and John Kissick, who founded the firm, were two original Apollo partners in LA. They left Apollo because their goal was to actually focus on credit. And Apollo at the time was going a different direction with large cap buyouts and real estate and everything else that they've done. And Tony and John said, I think if we set up a firm that we start to build back out around credit, we'll be able to expand into different areas, whether it's P or real estate or whatever else. But at the time when I got there, there was about 65 people. It was LA only. I think we managed probably $3 billion of CLO money, largely bank loans, but some high yield in there too, because they were all market value CLOs. And Tony and Bena Rosenthal were getting close.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Good partnership to do with someone else, and I was lucky we were for the most part 30. I was married with no kids. It felt like a great time to try to go do something on your own. That being said, there's also 30 with no money and having some stability and some intermediate step felt comfortable too. And that's when a couple of senior folks at Aries that was exclusively at the time in Los Angeles approached us. And they said, you know, we'd love to talk to you guys about potentially coming on board. We're going to go really commit to private debt. And we've done a bunch of deals with you guys and got a lot of respect for you. What would you think about that? So we entered into conversations with them probably March 04 and officially joined the three of us plus 10. Call it in May of 04.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“We want you to run leverage finance, we want you to run sponsors, we want you to build a CLO business, it took everybody about three years to figure out that RBC had the same issues as every other bank. And I say that with respect because it's a really well-run bank, but they just weren't ready to really commit to do what we wanted to do at the scale that we thought we could do it. Mike and Mike and I took our team through a process of exiting. We were managing about a billion dollar portfolio for the bank. We left with probably 10 people, a bunch of who still work for us. We convinced the bank to pay us a management fee to manage those assets because they didn't know how to do it without us. And that was March of 2004, the four of us are pretty close look at each other and we're like, all right, what should we do now? And I mean, there were thoughts of maybe we'll start our own firm, maybe someone will find us and there'll be.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Company in warrants that struck at zero. You charged five point fees. It was wildly inefficient. We had for a while a single LP in the bank. So they funded us doing everything from asset management to underwriting deals to we had a billion plus dollar private equity portfolio back then too, as well as a fund of funds. So we were on to the right things in terms of creating the playbook. We just didn't have the right capital over time because like the US banks the foreign banks also started to figure out we kind of want to be in large cap deals where we can earn fees and not really use the balance sheet. We and a bunch of others, some of whom are at Aries, some of whom are at Blackstone, some of whom are at Nuvi, you know, a bunch of people are all over the industry. We took about 40 or 50 people to the Royal Bank of Canada right after 9-11. And they gave us really purview to do everything.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very inefficient, much less well understood. And it's probably best to even try to lean towards the private credit piece of it, right? So syndicated loan market was there, but was really developing from the early into the mid 90s. So it had developed a bit, but you didn't have these big multi-billion dollar levered term loans that you have today. A high yield market was still driving everything from the Drexel days in the large market, and you still had small high yield deals, which you don't really have today. So over time, what we said, what we thought we could do was build sources of capital that could actually be long, flexible, do senior debt, do junior, et cetera. But the terms were wildly different, right? I mean, a senior deal was three and a half times levered with a 600 or 700 basis point spread to the risk-free rate. Mez deals were 15, 16% fixed-rate coupons with 7.5% of the.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Simple answer is the couple of folks that I opened the New York office with, we shift forward at Aries, I've been working with for 20 years. So I went to work there with them, which was a place called Indo Suez Capital. And we had a boutique inside a French bank doing kind of what I wanted to do, deal driven entrepreneurial, middle market companies, but we were way ahead of the game, I think, in terms of the playbook for direct lending and private credit, right? There was still so much going on in the big banks. And we had all said, we don't really want to work in the big banks. We want to work with these smaller acquisitive middle market companies looking to grow. And a couple of guys who had left Drexel and Kira Peabody had set up this partnership in 92 with a French bank. So my long partners, Mike Irrigetti is the CEO of Aries today, Michael Smith and Mitch Goldstein were all there. I went to work there for the summer just to try it out. And I loved it. But we were early days on the credit market.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know. I'm a little bit of a contrarian, I think, most of the time, people who work with me and live with me would probably say, I do like to challenge the common underpinning of what people seem to think. And look, the valley is an incredible place in terms of the innovation and the intellects and all of that, but it's also a really tough place in terms of just crowd thinking. People really tend to kind of move in the same direction all the time. So I think just being a little bit of a contrarian, being a little bit of a skeptic, I mean, I run a credit business. So that's how my brain's wired a little bit more for downside protection and a little bit less for wild growth at any price.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Give you the quick story, which is I told people that I was moving back to New York in 1999 to work in finance. And they were like, are you nuts? You know, what are you doing? Because about 25% of my class were CEOs of venture capital-backed funded startups. Most of them, as I made fun of them, leaving the Bay Area were not going to be real companies. And most of them weren't. And we were late, right? graduating 99 with too many people with too much money and the internet 1.0 by I guess that was the spring of 2000 right that had all sort of melted down and we joke in 99 that we were we were the only class where no one did great right out of school 95 96 97 98 I mean I could give you a couple of examples of folks that I know from those days who started a company as CEO ran it for nine months and sold it for $200 million nine months”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Desire to actually go do something not work at a big place. And, you know, JP Morgan was not the huge, huge place that it is today, but it was still a large bank where as a kid in the business, I was like, I have really no ability to make an impact here. And I wanted to put myself into a situation where I felt I could be impactful. I was fortunate. I got into business school at Stanford, went out there, spent two years in California. It was a great way to get out of New York. I'd spent my entire life in and around New York and it was definitely an eye-opener in terms of people, in terms of environment and culture. You're in the valley and you're with this whole group of people who have very different mindsets. You know, it's a pretty special place. And I think I learned a lot about myself, but I also didn't catch the Silicon Valley bug. You know, I didn't catch the GoBenture Capitalist or go work at a software company.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“And it was a good experience. We did everything from buying stocks to buying high yield to doing private deals. We did real estate stuff. So I got to work on a lot of really interesting things. I found myself there at a time where there was still very Going back to business school or not type of cult I wasn't entirely sure. Stay in finance turned out that what I was. Feeling I was lacking was sort of like an entrepreneur”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Recovered pretty quickly, but I was out. The whole process of banking interviews. March or April of my senior year, I had to figure out how to get a job, and I was fortunate, and I sort of networked enough that I got in the JP Morgan analyst program threw a little bit of luck and a little bit of hustle. And a half years there, started on the banking side, didn't like it very much, but learned a lot. The early 90s, banking was. Less valued advisor and much more transactional Wanted to do something where I thought I could have a longer term. View Generating some sort of return Always been interested in investing, so I flipped over into a nichey fund at JPMorgan Asset Management from 95 to 97.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Grew up in New Jersey in Shorthills, went to public high school there my whole life, and ended up leaving to go to Yale. So I'm a Yale 94 grad. Had a great experience there, had really no idea what I wanted to do with my life other than the fact that I grew up in kind of a finance family. My dad was a banker, and I kind of knew what that was. And growing up in Shorthills, you know a lot of bankers and lawyers and doctors. Are all choices pretty broad? Sort of took advantage of Yale, didn't major in economics or do any of that. I was a history major Up in the accounting class that everyone takes their senior year if you're declaring yourself potentially wanting to go be an investment banker. On a personal note, my mom was sick. Actually, she died of cancer the winter of my senior year at Yale. That threw me in an interesting spot.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our conversation covers Kip's path to Aries, the business and credit markets 20 years ago, and the exponential growth of Aries since. We turn to the firm's research process across origination and sourcing, underwriting, investment targets, and portfolio construction. We then discuss KIPP's perspectives on the credit environment, opportunities and risks, and close with a look at the future of Aries.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source
“Hello, I'm Ted Sites and this is Capital Allocators. This show is an open exploration of the people and process behind capital allocation through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital. You can join our mailing list and access premium content at capital allocators.com. Guest on today's show is Kip DeVere, a director and partner of Ares Management, the $30 billion MarketCap Public Company that manages three hundred sixty billion dollars in assets, including two hundred fifty billion in credit. KIP joined Ares 20 years ago and serves as the head of Ares Credit Group, CEO of the Public BDC Ares Capital Corporation, and a member of the Executive Management Committee.”
2023-07-24 · Capital Allocators · Kipp deVeer – The World of Private Credit at Ares (EP.329) · IDENTIFIED FROM THE TRANSCRIPT · source