Big Papi's at Bat in the Private Equity Game
After retiring, many athletes attempt to reinvent themselves by working in finance. Some famous athletes which come to mind are Steve Young, Gary Fenick, and the Admiral, David Robinson.
Recently David Ortiz has started a private-equity firm that will invest in baseball equipment and will recruit active players to invest, test, and endorse baseball equipment and leave the financing decisions to experienced financial investors.
What is your opinion on why athletes go into finance upon their retirement? Do you think David Oritz will be successful? Or will he end up failing like Jorge Posada and Dwayne Wade.
Interested in hearing your thoughts about this topic.
I might get monkey shit for this since its a touchy subject, but...perhaps it could help spur diversity or a higher Hispanic demographic in the buy-side (PE?).
Interesting response, what makes you think this is an attempt to increase diversity?
Well apparently PE firms have been deemed "notoriously white" across the board as opposed to banks (although the tippy top management are mostly what they appear). VC & startups have had some controversy there too. But not to get off topic at hand firms like KKR and Vista Equity Partners want to deem the example of pushing/promoting more diversity hires. So with David Ortiz entering the inner private equity circles deems that the barrier to entry isnt as discriminatory as people think. It really seems to be "sponsoring" this idea that you dont have to come from neccessarily a pedigreed background to start your own buyout shop. Dont get me wrong you still need years of experience, trust and strong connections to even be taken serious. Then again this is all an idea and there still seems to be a muted radicalization in finance and a movement no one knows exactly where its headed.
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