YouSaid · the spoken record

Philip Freise

lines on the record: 74
first: 2025-06-30
most recent: 2025-06-30
sittings or episodes: 1
sources: podcast

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“Very important question. We have 670 billion under management now. This number will go up massively. But what I want to see, I think historically the kind of individual retail type broad-based investor base is roughly 20%, maybe 30%. I want to see that to go to 50% just to have that spread of what we discussed before.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the industry is big. Everybody has his place. I have done venture myself to know that it's an entirely different skill set. So not worried about it”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“It was literally at that time kind of early angel kind of family KKR stuff. And I was the maverick in terms of having done venture investing.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh my god, I have to hide now under the table. We literally at KKR had the chance to invest in Alibaba a long time ago and that came on my desk and I said no big mistake.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I was the first institutional investor through the door. I just didn't have the fund to invest I know, but this is again every failure you have in life is an opportunity. You know, I learned from it because of that we did get your guide, which is a fantastic success now.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, I love the opera, I love classical music, I love many things, but it's an orchestra, quite frankly, where the tuba player, the violinist, the bassist, all of them are world class, but my job is to be the conductor and try to motivate everybody and bring them together as a team.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Arrogant skills is what he taught me. I will never forget when I was the new kid on the block in KKR and I entered for the first time the office and I didn't know what to do quite frankly. I was just shy. He and his cousin came over and just said hi. You know, we are Henry and George and this is the firm we built and tell us about you. I was so mortified but so inspired by it.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“It means when you're in the eye of the storm like COVID or like now do not make the mistake to think that is structural, you've got to stay through it. You got to look for the long term. And when you look back now, it's also obvious, but it's never obvious. You just got to, endurance is what matters in our industry. You never give up.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Venture Park. I set it up. It failed, and I learned to keep going, to remain humble, and to really, really, really think about your investors.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm crazy about trying to innovate the Byrite Festival, which is the Richard Wagner Festival in Germany. I'm also a trusty of the Royal Opera House. I do love the opera, yes, but I love all kinds of music. But it's, you know, I love it because I learned so much from these artists, right? When you see the shining eyes of the opera singer or the ballet dancer, I mean, it was so incredible to experience during COVID when they couldn't perform what it meant to them once the curtain could rise again. So in many ways, whether you are a Formula One driver or you are an artist or you're an investor, if you don't love what you do, then you ain't be good at it. And if you're really good at what you do and you love it, there will be money that follows.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“It's only an output. It's not the main reason we do that. For me, at least it's not. I mean, I enjoy everyday speaking with people in completely different ways of life. You may know that I'm a crazy music fan”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I just stumbled into so when I made the decision to leave a high paying job at McKinsey, people thought I'm absolutely crazy because I gave up the safety net for no certainty at all. And you know how it is to be a founder, you are one day. Think on paper a gazillionaire, and the other day you are broke. It's the most incredible experience that because you learn very quickly from that that it's not the money that matters, it's the learning. When I went to KKL, it was a startup. Let's make no mistake, right? It was when I joined whatever 39 people and I had no idea what it means to build a career track record in investing in funds. Know it is the important yardstick my job is to create results for all these pensioners and for what we do.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“You gotta go and see the new Brad Pitt movie, F1 the movie, which I think is spectacular. If I had had a say in how we call it, one of our production companies produced it, it wouldn't be called F1 the Movie, it would be called It Is Not About the Money. And you'll see when you see the movie Why that's the message that I would give to people when they ask me what my relationship with money was in”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Do and I allocate it every year. I'm just a long term investor, so there's no point in checking it every quarter. But if I check it every five years and I reallocate it to the same allocation, by the way, I allocate, I think, 30% to my industry and the rest is S&P 500 and a bit of bonds. But if you do that, imagine everybody was able to do that. I sleep well at night and I look again in 10 years and I see the compounding that has resulted. There's no reason why what America allows or Norway allows shouldn't be available for all of us in Europe. It's just a regulatory question. And the question of courage for the political systems to say, I go from a PSU-go pension system to one that has a private capital accumulated column.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think yes, we will see it. I think I was in McKinsey some time ago, but I still have a 401k plan from that. I mean, I wasn't there that long, but I still have whatever the number is.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“A brilliant question, and it's the most important question, and that's exactly why our industry, the investing industry needs to open for the many. That's why what I said earlier, the fact that we were only allowing 1% of all the private individuals to participate in the industry, in the alternative investing industry, that is not sustainable. If this becomes, if your dad and my dad and others have the ability to save for their own retirement and they can select 5%, 10% of their capital pot that we have now said everybody can have for their future retirement. And they allocated to us and we invested in OpenAI, it becomes suddenly available to the many, right, rather than the few. So that's the answer. The answer is broad-based. Participation in the alternatives industry. And that is why this is so important.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Be fine because Norgesbank has led to that structural unemployment because of the largest investor in the AI company, and therefore they could redistribute the spoils of it. I do think there will be a transition now where white-collar jobs will be impacted, and we need to answer the question on societal level, how do we cope with that in terms of the earnings and the results from the investing to make sure they are broadly based for everyone impacted by this.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“It only works if Norgus Bank, let's assume Norgusbank, which is the Norwegian sovereign wealth fund, would suddenly be the British bank, and everybody of us has a stake in those companies. So if we had a fund that is actually catering to the pensions of everyone, which owns 20% of OpenAI, you would be celebrating that development, right? Because we find a new balance between work and leisure and there will be different jobs, but people don't have to trepidate the outcome of this. The problem is right now there is no such mechanism because we don't participate in the value creation.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Too early to tell. I totally, well, I think it will. However, productivity gains, which will be extremely beneficial to the world don't mean that the challenges I just mentioned will be solved because there will be this disruption phase where many, many people who are”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, so you do financial repression, which means you force your interest rates to be below the rate of inflation, which means in real terms everybody who has assets loses. And that is a very inflammatory way of dealing with it. We know what that meant in the 30s, right? And quite frankly, we're having a philosophical debate now. Our generation, so the people that are not retired yet, will ask the questions. The statistics I give you. Goes much beyond now what we do as a job, but there's a direct correlation between all of this. So I come back to what you and I do every day. There's much of a purpose in it. It's not about just making returns, or it's actually making pension affordable for millions and millions of people. And we need to have a political system where what we do benefits as broad a population as possible.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Those numbers don't mean anything, but if people convince themselves that spending 20, 25% of an ongoing budget in any country on interest for your debt is too high and you can't pay for innovation, for healthcare, for defense, etc., at some point there will be calls for one of two things. Either increased taxation, which typically means that a lot of your value creators leave your country, or radical cuts in spending. We have seen both in Japan and the United States of America that is extremely hard for a political system that is elected every four years to actually have the discipline of reducing these expenditures. I mean, Japan still has a structural deficit the way they have. So if you don't, if you can't really raise taxation and if you can't really reduce expenditure, the only other way to do it to get rid of your interest income, if your interest load, is to inflate away your debt.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“And I'm going to have a hobby economist conversation because it's a fascinating conversation. You know, the chickens will always come home to roost. That's what I've learned in economic theory. Because here's what we miss sometimes. A lot of this is very much virtual. What's the biggest coin of the realm? What's the biggest currency of our business and of our economy? Rust.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“But you know, imagine if we had the German, the British, the French Naugus Bank, right? That would have mean. And that's the conversation I had with Angela Merkel 10 years ago. It was absolutely possible. We slept through it. It doesn't mean because we missed it we couldn't do it in the future. We must do it.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“You think about 20, 25, 30% of all of our budgets going to two sources. One, you just service the interest of the existing debt stock. It's huge. I mean, in many countries, these are higher expenditures than our healthcare, our defense budgets. Then it becomes very clear that the only way to restrain that is on the expenditure side, where on the, for instance, on the pension systems and the benefit systems, we do not benefit from the capital accumulation and the wealth creation. It is mind-boggling. You know, if you and I were Norwegian, we wouldn't worry a bit about this because the Norwegians Solven Wealth Fund do everything they have done has created such a capital stock that every single person doesn't need to worry about their pension.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Just think generally I'm a free marketeer. I think tariffs are not the answer. I know that's a controversial statement in today's world. You know, we need to work on the underlying issues in our Western democracies. For instance, we have too high deficits. Those deficits lead to exceedingly high indebtedness. We are therefore not crisis prone to try to raise money through tariffs is not the right approach.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I'm gonna answer that question indirectly by saying what I'm observing because we own fantastic investments in related industries is the dearth of good engineers. And what we see is when the automotive industry is shrinking because of some of the factors you mentioned, those people immediately find jobs in other industries which are growing, whether that is sensors, whether that is defense. Of course, we need to have a fair playing field, right, between different economic regions in the world. I always worry when certain industries do not find fair conditions to compete.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“We are experimenting today in blunt speaking, which I'm happy to experiment in. We absolutely overregulated that space. We need to unleash the power of that technological innovation and not stifle it by too much innovation for sure.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a beautiful question. We come back to Mario Draghi. The second thing he said after you got to invest $750 billion a year to catch up is we need a capital market union. We need to come together and do away with artificial limits between 27 nation states and the UK when it comes to concepts like securitization or going public laws. Yes, of course we need a European SEC. Yes, of course we need a bit more of one pan-European place where people can go public. It's extremely important.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“So we are absolutely rock solid, disciplined on this. We don't do more than 10 of one fund. I think in terms of underwriting, the absolute maximum is 15%, but it's in that range.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Winners totally compound, but it doesn't mean that you can put your entire fund into one winner, right? This is what we discussed before.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“The best for sure. That's the good news about markets and innovation cycles, and Recravice was the best by far in his industry. He set up a whole industry. People are fast to copy. People are fast to innovate. They're fast to follow. Tosseness is the best, but in five years time we look back and say, of course, Tossen couldn't have done it all by himself. There will be Muard at Hamatan. There will be others. To what extent?”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Overnight say, Hey, I was a healthcare investor, now I'm a space investor. You need to build going back to our original conversation about what makes a good venture investor. Need to have a deep thematic”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's very relevant. If you think about Buffett, he will tell you whatever noise there is in the world. I'm going to look at a few essential elements. I'm going to look at the founder. I'm going to look at the business itself. Is it in a large market? Has it been unassailable position in that market? Is it innovative enough to have product cycle innovation? And is it having a good return on capital? And then I'm putting incentives in for these people to just keep running faster than it. I love his thinking. That is a very different thing as saying I invest in energy and I invest in certain industry verticals. He has a human spin on thematics. That said, I do think thematic investing is valid. If you now think in Europe Draghi is right and there are certain elements where we just have to invest and that for instance is space and defense if that is part of your investing theme then that makes sense because you can”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Bitcoin is a very interesting innovation and will take larger share, but it's too early now for us to call that that will be the reserve currency of the world. And you know Harry why? Nobody talks about quantum computers anymore. Think about what that means, right? If we have quantum in terms of all the impact of that and people will just not replace 80% US dollars with Bitcoin overnight, I think Bitcoin will take a larger share as will the euro, but it's going to be more of a mix”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, I think that it's impossible to replace a reserve currency that quickly. Will the US dollar be the reserve currency in 50 years? I couldn't tell you. I do think in 10 years' time, the percentage of reserves the US represents will probably have reduced slightly. The problem that the monetary system has is if you want to replace one thing, you need to decide what you replace it with. Right now, the only credible alternative is the euro. And we in Europe, we need to get our act together. It's a fantastic opportunity for us to take larger share.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Transformed by technology. And if I see that there's unparalleled openness to actually institute change for the better, which I think is the case in Europe right now, then I invest. I just have to be able institutionally to be patient and to hold for longer. Because you're not able to predict what's going to happen in three years. It's impossible. So if something goes wrong, you just have to be able to hold longer.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Vedalio, fourthly, points out that when you have large amounts of debts accumulated, we are just one step away from a major crisis because debt bubbles at some point get resolved by internal strife, war, or massive transformations in the monetary system. So we have four disruptions at the same time technology, geopolitics, monetary sphere, and at the same time huge demographic crisis we talked about. feeling of unparalleled inequality between certain segments of the population and others in certain regions of the world and others. We are investing against an unbelievable backdrop of risk and volatility and uncertainty, but especially in times like this, I remind myself of what Warren Buffett says, you've got to focus on what you can control. I have a spectacular founder like Muad at Hamatan. I have a large market that will be”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“You started this conversation with AI, you're right. I mean, AI is a fundamental transformation of all the assumptions that we had made around politicity, around the innovation cycles you need in certain industries like healthcare, defense, etc. So that alone was already massive. And then at the same time, you have this incredible pivot from the post-war consensus of how everything works. After the Second World War, there was an institutional ecosystem built with the IMF and the World Bank and the United Nations and there was a clear understanding of how everything works. And people had forgotten about the 1900 to 1930 period when it was much more bilateral and was much more nation states and it was much more everyone for itself. People also thirdly had taken for granted the unique role of the US dollar as a reserve currency. Also that is being questioned now.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Maudrago is right, we are behind in defense, for instance, but look in scarcity and hours of need, innovation kicks in. And look at what happened because of the hour of need and that innovation that we are in Europe have seen the US has done by saying 10% of the spend of the Department of Defense needs to go actually in the innovative ecosystem and space the same, right? SpaceX was just the result of opening it up to the private sphere. That is coming here now. We have had a terrible tragedy in Ukraine for years now and they are still standing and it's because of the innovative companies like Helsing that have supported them. So short answer to your question is yes, innovation is the answer to these problems. I wouldn't be so negative. They are coming now much faster than some people realize.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, I'm grateful for any capital that comes into Europe, regardless of the destination, because we need more capital in Europe. Mario Draghi is right. We need to invest $750,000, $800 billion a year alone to catch up with on innovation, AI, but also to complete in other industries defense, high-tech, et cetera. Nonetheless, for the future, you're absolutely 100% spot on. We gotta wake up in Europe. As for instance, Germany has now decided to invest 25% of its GDP and make sure when we make these investments, we build equity value. You know, it's being done here in the UK with the Mansion House complex. We need to professionalize together our pension systems and allow more investments and alternatives to build capital accumulation. And that means in 10, 20, 30 years, hopefully we retain a larger percentage of the value creation we make with alternatives investment.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to disclose one thing to you the large majority is America. You have some pockets in Europe like Holland and Norway that are very strong. The Middle East is incredibly innovative and takes a large chunk. Do you know how you find”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that the answer is not the fund. If you ask me, will KKI Europe's asset under management double and triple over the next 10 years? The answer is yes, because the universe for what we do is radically expanding. When I did the BMG deal, that was a one and a half billion deal for a 50% stake in that music company. You fast forward 10 years and we had a 10 billion deal to buy half of Axel Springer, which again was a 50-50 deal with the family. You can very easily see how that could scale further. The capital itself will be doubled and triple. The source of it won't be necessary a fund. It could be those retail funds that I mentioned, or it could be some part of the insurance capital. So the funnel becomes much bigger. We are responsible for a much broader scope of capital to invest and the demand for what we do in Europe is also growing much faster, more segments of the market want private equity investment.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Money so basically we Apollo and others have now taken under our wings insurance companies that provide all this liquidity. So you see the innovation goes beyond what some people talk about continuation vehicles, etc. It extends to completely new areas of the market.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“One of our investments. So he said to the public if you value more stability, why don't you become a 30% order of KKR's general partnership, so of our partner economics in exchange for that pool? And that's how we ourselves became owners of a 5 billion pool that had been valued at 1 and that became 10 and that's now 30. So we are actually the largest investor in our own things. To cut a long story short, what he saw at that time was that Warren Buffett had innovated in an incredible way where he got Geico and other insurance companies to provide the liquidity for all the investments he made, right? Because he owns these insurance companies. So all the people who write who have insurance policy, they pay up front, the cash comes in. And normally it sits in interest-bearing accounts earning nothing. And now he uses it as the source to buy whatever companies he buys, American Express. That is now the innovation that we see in our industry on top of this reach.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Is in dire need of liquidity, there's others who are dying to provide liquidity, so there's a market, right? So what's happening is secondaries as an asset class is going through the roof. They are going and buying fun stakes, providing liquidity to some LPs who need it. And also there's innovations in the industry, which I hadn't seen in my lifetime before, where you have evergreen products because you think about the treadmill system that we have in our industry, which is you have to go every three to five years and present your case again to the LPs. Then you have a new fund, then you have another new fund that is being replaced. I mean, I call it very much the Warren Buffett. I remember still at that time, again, I was a young Turk at KKR and our brilliant mind, Scott Nuttall, who's Normak Kussy, or he came up with this idea to go public for KKR by merging with a public LP vehicle, actually, which hadn't worked because the public markets were assuming that we would lose 80% of every.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Elements that were completely excluding alternatives so far, which is the 401k pensions, the individual investors. You think about it. We have, I think it's $192 trillion of savings that are completely excluding alternatives that are in a high net worth and individual investor base. The innovation that was underpinning Naugisbank, right? The Norwegian, sorry, RELF fund, to allow them to participate in all of this long-term investing that we do and investing in these growth companies and creating huge values is now extending itself to individual investors. I think it's 1% of the $192 trillion are invested in alternatives. If that only goes to 5%, you suddenly have $10 trillion. You think about the magnitude relative to the entire institutional investing base. To answer your question, while that whole universe on the left”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. I agree, and that is why we don't see fund sizes halving, because exactly what you said, a lot of these opportunities are so capital intensive, because you suddenly have some interesting places to deploy. Now, it doesn't mean that the fundamental underpinning of what we all do, it doesn't matter whether it's venture or private equity. We are the answer to the demographic crisis that Elon Musk is putting his finger on. We have an aging society everywhere. People are retiring ever later, but they have to retire. They have ever fewer babies. So if we don't have a capital stock compounding and accumulating for the benefits of retired race, people cannot pay for their old age. Therefore, what is happening right now is a pretty narrow investor base, university endowments, insurance companies, sovereign wealth funds, pension funds that underpinned our industry and yours are being complemented by ever-growing”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“Markets and they want to privatize that is a structural factor. If you think about my industry, I give you one set for KKR over the last 15 years only 15% of our exits were actually IPOs, 85% of our exits were either strategic exits, so some large company came along. So the structural crisis of the IPO market right now is not resulting in a structural crisis for our firm and for our industry. It's slightly different for venture.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“And I'm going to make the point which has led to so many of our partners choosing to be rather with us than to be public. I mean, the space company, OHB, was a public company. GFK, the market research firm, was a public company. Both of them owned by a family foundation and a family who both said the public markets are not helping us because they just can't cope with all that volatility and all that change. So we rather have KKR take it private and be with them for the long term and they help us deal with all of that change. That's a structural factor. That's different from 2001.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source
“I hear you, and you're absolutely right. The party that was celebrated in 2122 in terms of the velocity of fundraising and investing was absolutely artificial, inflated, and not sustainable. And the hangover had to be tough. The hangover, I don't think it's structural, it just has to clear the excesses. I remember very well in 2001 how the venture industry had to digest the exuberance. So you had many funds which had to halve, right? People gave money back on a grand scale. We haven't seen that yet. And the halving, if you will, of the universe of public companies is also structural.”
2025-06-30 · The Twenty Minute VC · 20VC: Inside KKR's Monster $8BN European Fund | The $500M Turkey Gamble That Went Wrong | Do Andreessen & General Catalyst Scare KKR? | Will AI Kill the PE Model? | Can The PE Model Survive without IPOs and Where is the Liquidity with Philip Freise · IDENTIFIED FROM THE TRANSCRIPT · source