Capital

Managers of private equity (PE) and venture capital (VC) firms have the same goal in mind: maximizing returns. Yet PE buyout and VC early-stage funds go about it in very…

In the 1970s, when trailblazers Henry Kravis and Teddy Forstmann helped launch one of the most successful financial products of the past half-century, leveraged buyouts (LBOs) were conducted on a…

Your potential alpha isn’t just where the map differs from the territory. It’s where the map differs from the territory and where other investors are misusing that map. Continuing in…

To mark Enterprising Investor’s 10th anniversary, we have compiled retrospectives of our coverage of the most critical themes in finance and investing over the last decade. The story of the…

Investment performance is assessed on a risk-adjusted basis. But with financial markets growing ever more competitive, private capital fund managers have developed tools to reduce risk while protecting or even…

What makes financial capitalism so compelling is the idea that modern fund managers fully participate to the upside of their investment decisions with little exposure to the downside. This “Heads…

Goodbye, Pitta It was a sunny afternoon when I dropped off the beautiful bird in a wooded park in the middle of a concrete jungle of a city. The pitta…

Under the private equity fundraising model, every few years fund managers secure capital commitments with a 10-year duration and charge management and advisory fees during the lock-up period. While longer-dated…

Global private capital firms are charting a well-traveled course. With their sprawling empires, the largest alternative asset managers have adopted strategies that borrow extensively from the octopus-like corporate conglomerate business…