YouSaid · the spoken record

Wylie Fernyhough

lines on the record: 61
first: 2021-08-13
most recent: 2021-08-13
sittings or episodes: 1
sources: podcast

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“So let's fast forward to today. There's a lot of interesting dynamics on the manager side, on the client side, on the investor in funds that are doing this. And maybe we'll tackle them one by one. So you started with the investors or some large investors wanting to have a deeper interest in the fund manager. I guess somewhere along the way, that became a good business because now we have funds like Dial and others. What does this business look like from an investor's perspective in, say, a stake of an asset manager?”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“In general, it was that strategic element there were a lot. Large, we'll say institutions that were looking to have a closer relationship. And so Whether it was a large pension looking to get a better allocation and just economic relationship with, let's say, Apollo, for instance. And I think that was really the main driver is a lot of these institutions saw the amount of capital they were committing, wanted a closer relationship, and maybe to share in some of the economics that they were helping to create.”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so we've then seen some expansion into the smaller end as well. And so now there's a mix of strategics, of sponsors, of kind of hybrids along the spectrum. Some of these are using funds. Some of them are balance sheet. And so it's a really complex area today as compared to what it was when it really first started.”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“That wasn't the best business model to be investing in. So the next generation of funds where we had Dial and Petersill come to market with funds too, and Blackstone came in in that 2013 to 14 time frame, they were more hybrid. So there were some hedge funds, some private capital. And then from 2015 on, it was really fully in private capital firms. And so these sponsors really have been covering the top end. And I would say the Vista investment really was kind of the game changer there. But beyond some of those firms, we've seen some of the more defining investments in Silver Lake, Primera, BC Partners, HIG, Gallop, on and on and on. And I would say one of the things that's happened more recently is now that we have kind of established middle market. And so there are kind of two players really in there that stand out. Bonicord and Azimut alternative capital partners.”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, to really look at the history of stakes, you have to go back a good 30 plus years to when Blackstone sold a minority stake to Nico Securities in nineteen eighty eight. And this was just after their first fund was launched and they sold a 20% stake at about a five hundred million dollars valuation. Blackstone used that money to expand their offerings and really turbocharge their growth. You saw about a decade later AIG bought a stake in Blackstone and following that we saw Cowper's and some sovereign wealth funds buy stakes in Apollo, Silver Lake, Carlisle in that two thousand six to eight time frame. And all of those were strategic deals done by large asset owners. So sponsors kind of come in later and so we really saw Petersill and Dial come in in the 2011 to 12 timeframe. And they invested mostly in hedge funds, especially in that first round of funds that were raised. And they realized.”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the most of my time has been focused really on looking at GP stakes and then the publicly traded private equity firm. So think Blue Owl, Blackstone, the big names”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“Gone, so made a proactive jump to do something else. And I'd love to say that there was this great moment of enlightenment that I needed to study private markets, but it was really more of, I want to stay in Seattle and work in something finance or finance related and just jumped on LinkedIn, found pitchbook. Applied and said I know something about private equity. I was a finance major. I'm studying for the CFA. I got this. In here and worked up, and now I lead the private equity team covering the US.”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“Happy to do so. So back in college, I was studying business, and I think like a lot of people. Exactly where I wanted to be, so I was an accounting major, a marketing major just hopped through a lot of things. And there was an investment program. School that allowed us to invest part of the endowment A pretty small amount of money, but we got to do active stock selection, and it really showed me. Interest in investing that I have today. And so after that, Major to finance and then ended up going to an RIA. A school working as a research analyst, then portfolio manager. A pretty interesting role. Was there for a few years? Was about to be acquired Seat was going to be”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
“Today's show is a special sponsor insight highlighting an example of the terrific research that comes out of pitchbook. My guest is Wiley Furnio, Pitchbook's lead private equity analyst where he produces industry research and dives deep on thematic areas of interest. Our conversation covers his research on the business of buying stakes in asset managers. We discuss its history, rationale, and perspectives from each side of the table involved in these transactions, the stake buyer, the manager who sells a stake in their business, and investors in the manager's funds. We also touch on the seating business, private equity investments in sports franchises, and publicly listed alternative managers. We're grateful to Pitchbook for their sponsorship of private equity masters and eager to highlight the great work they do.”
2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
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2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source
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2021-08-13 · Capital Allocators · Wylie Fernyhough – Private Equity Stakes (Capital Allocators, EP.208) · IDENTIFIED FROM THE TRANSCRIPT · source