ke18sb:

your friend who you don't have his/her college/personal personal email, phone number, and/or mutual friends that have any of the above?

He didn't say it was a CLOSE friend

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
Best Response

Incidentally Pershing Square just brought in an associate from Apollo. I guess some prefer the excitement and upsides of working with an activist hedge fund over a more structured and stable environment like Apollo.

BTW I just read the linked post to Pershing Square Going Public and Kenny's excellent contributions there. You really know this stuff cold. I like how you touched upon prominent hedge funds setting up reinsurance vehicles. I think this is a very important and fascinating topic and am surprised that, with all the hedge fund professionals on this site, this topic has never been brought up in any discussions.

It really is a brainer if one has the resources and credibility to set up such a structure. People are basically paying you to lend you money (via management and performance fees) and it gives you a permanent capital base, not to mention the upsides associated with a successful IPO.

Too late for second-guessing Too late to go back to sleep.
 
brandon st randy:

Incidentally Pershing Square just brought in an associate from Apollo. I guess some prefer the excitement and upsides of working with an activist hedge fund over a more structured and stable environment like Apollo.

Uhhh....I wouldn't describe Apollo as "structured and stable" necessarily. Depends what he was doing over there but I imagine their distressed and PE arms are plenty exciting, and no one I know has ever accused Apollo of having limited upside. I assume that Pershing isn't hiring from their commercial real estate lending group.

The big PE firms are definitely larger and more hierarchical, and elite PE associates going to elite hedge funds after a few years is nothing new, but I wouldn't assume it's because of any lack of excitement or upside at the Apollos of the world.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
Kenny_Powers_CFA:
brandon st randy:

Incidentally Pershing Square just brought in an associate from Apollo. I guess some prefer the excitement and upsides of working with an activist hedge fund over a more structured and stable environment like Apollo.

Uhhh....I wouldn't describe Apollo as "structured and stable" necessarily. Depends what he was doing over there but I imagine their distressed and PE arms are plenty exciting, and no one I know has ever accused Apollo of having limited upside. I assume that Pershing isn't hiring from their commercial real estate lending group.

The big PE firms are definitely larger and more hierarchical, and elite PE associates going to elite hedge funds after a few years is nothing new, but I wouldn't assume it's because of any lack of excitement or upside at the Apollos of the world.

What I meant was that, with Pershing Square, depending on his role there, he will have more flexibility to take his own initiatives. If he come up with one good idea/stock pick deal works out well then he stands to share a considerable amount out of the performance fees generated--dontmakemeshortyou mentioned in another thread that the analyst who pitched the general growth story to Ackman got $20m for that. At Apollo as an associate he is not likely to make anywhere near that amount no matter how well the deals he were assigned to work out.

BTW I commented on your post from the Ackman going public thread as well. I am actually far more interested in this permanent capital/reinsurance aspect and hope to generate some more discussion on this. Buffet has been doing the reinsurance thing with Berkshire since the late 60s and Soros has like 4 such vehicles going.

Too late for second-guessing Too late to go back to sleep.
 

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