Imagine raising >$10bn and signaling to your LPs that you're only starting to figure out the strategy and vision (lol).
I think this was a way to try and divorce themselves from all the bad posts/attention around historical returns and company culture.
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He's right, look at how the page redirects you. https://whitehorseliquidity.com/team/
What if they only raised that much in the first place because their LPs got them confused with HIG's Whitehorse?
Apparently they have been in a lawsuit with HIG for ages and may have lost the naming rights to the firm, but tbc. Kind of funny that they make this big theatrical display but in reality they just lost the naming rights. Used car salesmen / very inauthentic.
You're right, that's hilarious. Lawsuit doc - https://www.ipo.gov.uk/t-challenge-decision-results/o081023.pdf
"There are five actions involved in these consolidated proceedings, namely (i) one opposition brought by Whitehorse Liquidity Partners Inc (“LP”) against a trade mark application filed by H.I.G. Whitehorse Management, LLC (“HIG”); (ii) two oppositions brought by HIG against two trade mark applications filed by LP and (iii) two applications for revocation of two trade mark registrations owned by HIG brought by LP"
This is so jokes! Incredible.
That's wild
🤣🤣 the pitch killed me. Bunch of jokers
“Tell a friend”. Le me: first two funds won’t generate carry 😊
"the idea was formed during a bike ride in the Yukon" - that's a nice way of saying they got sued and are being forced to change the name. Should have called themselves "4% IRR Partners".
Car salesman couldn’t accept his defeat
Cringelord Capital Partners
*redacted*
Oh wow. That is such a lame rebrand.
.
Can someone explain the disconnect here? According to PSERS's investment memo in 2021, they've generated some pretty good IRRs contrary to what other people are saying. Were they overvaluing their assets and suddenly took a huge loss one year or something?
Edit:
Found a presentation by Oregon Public Employees Retirement Fund as of 12/31/22. Would the latest funds (IV and V) explain why people are saying the IRRs are so poor? Looks as if funds IV and V are fully paid out based on the fact that the market value is $0. So that's essentially 0% IRR on both those funds. Honestly, I'm baffled how Oregon made the decision, after consecutively losing money on two of their funds, decided not only to re-up on investing, but double down their capital commitment on the latest fund. These people are just lighting their beneficiaries' money on fire.
The link to this publicly available information is: https://www.oregon.gov/treasury/invested-for-oregon/Documents/Invested-…
The commitment is 0 meaning that they probably sold out of those positions via a secondary. I just looked at Whitehorse' deck and the returns are god awful.
A secondary to get out of a secondary? Twice? The vintages are one year apart each, why bother re-upping on the next one then?
because firm reported IRRs can be completely fabricated (huge difference between inception IRR, IRR from first capital call, IRR from each separate investment date), so you need to use the MOIC to better understand. A 1.25 MOIC with 20%+ IRR is just a quick buy/sell, less than a year hold. Sure, your returns are good over that period, but a lot of these institutional investors may also be looking to get decent MOICs over the fund life
It is honestly a bit sad and embarrassing to see the same individuals try and slander Whitehorse every time there’s an opportunity to bring their name up.
For folks that are reading this that are taking these comments at face value… just know that a lot of these comments are driven by ex members of the firm that got let go and are still upset about it.
There is a reason why they continue to raise larger and larger funds and attract top talent. Don’t believe everything you read on the internet
You seem to be in the know. Can you let us know what their IRRs are?
Edit: I should specify, IRRs are on the funds that have been fully realized. I don't want valuations to obscure the real picture*
All these funds were raised in a historic bull market… what are the returns of mature funds?
Long live Whitehorse. Top decile returns.
Net Returns as of September 30, 2023:
Fund I (2016) - $400mm: Net TVPI 1.12x, Net DPI 0.94x, Net IRR 4.7%. Carry wiped out.
Fund II (2018) - $1bn: Net TVPI 1.24x, Net DPI 0.70x, Net IRR 7.7%. Carry wiped out.
Fund III (2019) - $2bn: Net TVPI 1.34x, Net DPI 0.85x, Net IRR 15.8%.
Fund IV (2021) - $4bn: Net TVPI 1.21x, Net DPI 0.57x, Net IRR, 16.3%.
Fund V (2023) - $5.02bn: Net TVPI 1.10x, Net DPI 0.33x, Net IRR 17.9%
Carry is irrelevant as long as they keep raising bigger and bigger funds
Carry will matter to the principals who don't get equity in the business. Granted, their base/bonus are very nice but at the end of the day, if you aren't an equity owner in the business you'll want a big carry payout.
Can you please advise how to pull this info (and from where in the website). Presume I have a contact in IR that can help me look at different fund sponsors
What did Yann do to Ya’ll.
Yann going out to LPs asking for money like:
Didn’t promote me
I don't trust a millionaire that drives a beat up Toyota to act all "with the people".
Yann is the kind of guy to have the media take photos of him posing with an old bicycle and then when they're gone jump in a G-wagon and drive off. Guy never struck me as authentic and always had this sketchy vibe.
Our favorite top decile IRR fund is in the news again!
https://www.bloomberg.com/graphics/2024-dawson-heavy-debt/?srnd=homepag…
I saw this. I don't understand what they are doing with the different tranches though going to different parties. Are they taking the best assets/securities for their flagship funds, then syndicating the rest out to their coinvestors? Wouldn't that mean their coinvestor returns are even worse than their track record?
The most senior tranche goes to their fund with a capped return, the junior tranche goes to idiots that don't mind not getting their money back, but in the case of their Fund 1 it looks like even the most senior tranche may not get made whole. Frankly, any LP that commits to their funds should be freaking embarrassed - their returns have been a total joke and the firm is run by a used car salesman.
Can you copy paste and PM it lol
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