Corporate Finance | Private Equity | Asset Management
Tim Sullivan's key insights from decades of private market investing:
1. Operational Depth > Financial Tricks
Yale moved early to prioritize firms that create real value through operational improvement not just clever leverage.
2. Growth Can Kill Discipline
Rapid expansion in fund size, headcount, or deal volume often erodes what made a firm great to begin with. Resisting bloat is a major competitive edge.
3. Partnership Quality Matters Most
The best returns come from backing people not just strategies. Ask: Will this manager be a good partner in tough times when incentives are tested?
Yale’s decision to sell private equity stakes drew a lot of criticism. But it can also be viewed as a sign of good portfolio management. Liquidity, risk, and opportunity cost evolve, and so should allocations.
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