YouSaid · the spoken record

Peter Lacaillade

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104

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2025-08-12

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2025-08-12

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1. “Might be a little off on the dates, but 2017 or so, 16, 17 SCS, we were transitioning from Gen 1 to Gen 2. We needed to do a more holistic solution. And StonePoint bought a firm that was called Focus Financial. And then you fast forward, they took it public. You fast forward a little more. We're talking 21, 2022, and focus at that point in time has grown to about 90 firms, 400 billion under management. But you basically have 90 firms doing 90 different things. And Clayton Newblair and Rice saw the opportunity to take it private and to actually integrate the company a bit and to really leverage the scale of focus across investments, technology, a bunch of different kind of vectors and not have nice.”

   2025-08-12 · Invest Like the Best · Peter Lacaillade - Backing The Best Managers In Private Markets - [Invest Like the Best, EP.437] · IDENTIFIED FROM THE TRANSCRIPT · source

2. “To go back to the private equities of Force for Good, because when I say that, I'm actually talking more about the companies themselves and the way it works. I'll back up. SES, a founder-led company, founded in 2002 by a guy named Pete Matoon and a few other folks who had a vision that the private wealth space had a real gap. You had the investment banks like Goldman Sachs on one side that had great brands and investment capabilities, but were very conflicting in what they did. And then you had independent shops that were good at trusting estates advice aligned, but not that savvy on the investment side. There was a gap in the market. They grew it to $7 billion at the time I joined in 2011. And a few years later, we did a deal with it here in Greenwich, Stone Point Capital, because we had a few early founders that were no longer involved, as well as a family or two that put us into business. We needed a liquidity solution. So we sold 25% of the equity to Stump Point. Stump point, incredible partners. And then...”

   2025-08-12 · Invest Like the Best · Peter Lacaillade - Backing The Best Managers In Private Markets - [Invest Like the Best, EP.437] · IDENTIFIED FROM THE TRANSCRIPT · source

3. “Appropriate given the illiquidity. However, one thing I love about private markets relative to public markets is there's the ability to pick top managers who persist over time or structural things that enable us to have conviction that we can deliver top quortile performance consistently. And if you do that, you can get another 5% plus on top of the through to 5% that you expect over public equities, which basically equates to high teens low 20s.”

   2025-08-12 · Invest Like the Best · Peter Lacaillade - Backing The Best Managers In Private Markets - [Invest Like the Best, EP.437] · IDENTIFIED FROM THE TRANSCRIPT · source

4. “I believe it to my core in investing and the alpha that I believe we can generate for our clients, but I also see it firsthand, having seen multiple private equity owners as partners with the firm we invest in or that I'm a part of. I think when done well, and actually I have a family business that was transitioned in a very great way to a private equity platform. So I've seen it a bunch of different ways. But if you think about it, I mean, private equity has major advantages to public markets because you're getting long duration capital that can take, there's not this thinking three to seven plus years. And they're thinking strategically when done well. And they just have major advantages over people in public markets that have to manage quarter to quarter and deal with the volatility of that, et cetera. The returns, if you look 25 years, there's a consistent, call it three to five percent alpha that you get from investing in the private market.”

   2025-08-12 · Invest Like the Best · Peter Lacaillade - Backing The Best Managers In Private Markets - [Invest Like the Best, EP.437] · IDENTIFIED FROM THE TRANSCRIPT · source