YouSaid · the spoken record

Mike Arougheti

lines on the record
59
first
2024-07-23
most recent
2024-07-23
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

  1. “Bennett likes to joke. You had two New Yorkers fairly young at the time hair gel was still a thing. And we were sizing each other up. And the way he tells it, he's, I'm sitting there, I'm looking at this young guy with the slick back hair. And I'm like, I really like this guy, but I don't know. And I'm, I tell him, I was thinking the exact same thing when I had met him too. So it was a...”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  2. “Aries, and he called me in 2003 to say, hey, we're building this thing and we see this opportunity in private credit. Do you want to join? And it just so happens that we had spun out of yet another bank. We had a portfolio of assets. We had a team of about 15 people. And so we joined forces and the rest is history.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  3. “So the short answer is Bennett Rosenthal. And back to the whole Drexel connection, I left Kidder with a bunch of Drexel alums to go to a place called Indo-Suez Capital, which if you actually look at who was there and what we were doing, a lot of folks that are now actually prominent in private credit did some time there, including my current partners at Run Credit. And we were very early partnering with a French bank to make middle market loans to private equity firms, but in a way that feels a lot like the business now. And in 1997, we were looking to expand and we interviewed Bennett, my now very close friend and partner because he had worked for Les Lieberman as an associate at Drexel. And I was working for less at the time. And so we snipped each other out a little bit. And then ultimately Bennett chose to move to LA and go work at Apollo and then ultimately spun out.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  4. “I'm sure I did many nights, but I had the exact opposite view because my dad had said you should get an apartment downtown because it'll be easy, but I took a different tact. But I like the $24,000 a year, actually. Fun fact, Ken Mollis and I started the same year at Drexel, $36,000 now. Wow. And I was shocked that somebody was willing to pay me that much money.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  5. “I did the opposite. Like, when I started down at Drexel in 1981, I decided to do exactly the opposite. I got an apartment on the upper west side under the theory that even if I went home at 2 in the morning, I would at least see the city. My ride home and my ride back and would maybe pass Lincoln Center or something that would give me some joy.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  6. “I grew up in New York and the northern suburbs. I was familiar with the city, but I don't know why I chose it. Hanover Square back then, literally, if I had to go grocery shopping, I had to get on the subway and go to 14th Street.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  7. “But that was how I set I'm going to cope. So it was 100 per square. The apartment was 300 over square. So I lived for two years in this hundred yard radius. But the reason it was good memory is to have a bed that close to the office proved to be quite the asset for the entire group of analysts and associates there. So it was like that movie, the apartment where everyone has a key to Mike's apartment. But it was an incredible training ground and just the discipline and the work ethic and the attention to detail. It was a great foundation for me.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  8. “It was 100 plus hour weeks constantly. My first apartment was across the street from the office, so Kitter Peabody was not a good thing.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT

  9. “Yeah, it's so funny because now I have a college age son and watching him go through his own process, you realize just how little you really know when you get out of college. And I always had an entrepreneurial bent, like a desire to build businesses, but I didn't really know what a career in finance would mean. Candidly, I graduated early in three years. And I had no friends around me that were actually going through the job process. So luckily, someone who I was friends with the year prior to me got me this job at kidder peabody. Sounded pretty cool. The pay was good. I think it was $26,000 back then, which was quite exciting. And I went for it. And the rest is history. The funny thing is now sitting here running Aries and talking about culture and the younger generation. The memory I had was just, I don't think I've ever worked that hard. I don't know if I ever will. I know that you know this, but.”

    2024-07-23 · Goldman Sachs Exchanges · Private credit investing with Ares Management’s Mike Arougheti · IDENTIFIED FROM THE TRANSCRIPT