13 Comments
 

I talked to them about a PM seat. Offered some but not all of the flexibility I have in current seat and said they couldn’t buy out my deferred which kinda ended the conversation. 
Returns seem to be solid but not sure who is making that money. Have a pass through structure. Nothing particularly differentiating that I could discern, other than maybe a bit more flexibility from the risk model. 18-20% payouts. 

 

I talked to them about a PM seat. Offered some but not all of the flexibility I have in current seat and said they couldn’t buy out my deferred which kinda ended the conversation. 
Returns seem to be solid but not sure who is making that money. Have a pass through structure. Nothing particularly differentiating that I could discern, other than maybe a bit more flexibility from the risk model. 18-20% payouts. 

Not paying out deferred for a solid PM is unusual.

 

bump. how did the founder start this at such a young age w/o previous MM PM or analyst experience? He sounds smart on the podcast but to start an investment firm + grow to $5bn without prior record is impressive

 

There were quite a few articles about them on bbg and others this year. It seems weird to me. Performance in 2024 was pretty good, but they let go of a lot of PMs. Quite a few of them after less than 1 year or even just a few months. Without knowing any details and looking at this completely from an outsider's perspective this seems more like the usual PM churn in a MM. Not sure what's going on there 

 

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