How Many of you Buy MF PE Stocks?
Do you own MF PE stocks???
Wouldn't this be a great investment?
Why or why don't you invest in them?
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Have thought about this a couple times, personally haven't yet but am curious about it.
Friend longed 3 stocks including BX and its been doing excellent
BX, KKR both had great years. Carlyle is having a pretty solid year too. Surprised less people talk about these as public investments tbh
BX has been a great investment since that C corp conversion. Beyond the even driven element of the C Corp conversion opening the stock up to more buyers, you're getting best firm in its class with a super competent mgmt team.
I used to own some Apollo but recently dumped it after the whole Epstein thing. It’s no secret that most of these stocks have been on a roll for awhile, but just remember that you’re investing in the business, not a fund. When you invest in the fund, you get performance minus fees, which might be high teens or low 20% irr in the PE funds if you’re lucky. Investing in the business, you just get fees (+growth), which have been slowly drifting downwards (albeit not as bad as in the HF world). Not to mention, collecting generous performance fees is already probably priced into the equities, meaning that a individual funds getting killer returns doesn’t mean the business will deliver killer returns
Hm. The MFs are generally shifting their business models to have greater AUM dominance by credit / insurance products which are, while lower return, much easier to scale and have annuity-like features. Successfully scaling a business with these attributes generally results in lower cost of capital and permits management to redeploy capital to accretive ventures, such as permanent capital vehicles. Occasionally the market presents opportunities to purchase their shares at reasonable multiples of fee-based AUM with the carry component "for free" or very cheap. I think its a totally different investment vs. being an LP in a PE fund or something.
Long KKR / BX / Apollo ---> doing great
I just looked at the stocks for the four big MFs and saw that BX is trading at a wayyy higher multiple than the other two. Anyone have a guess why?
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