The Private Equity Firms' Private Equity Firm
Plus: Networks, The AWS of Finance, US Bank Results
Welcome to another issue of Net Interest. Every Friday I distil 25 years’ experience of looking at financial institutions into an email that explores key themes trending in the industry. If you’re reading this, but haven’t yet subscribed, join over 11,000 others by signing up now.
The Private Equity Firms’ Private Equity Firm
A few weeks ago, in Zuckerman’s Curse and the Economics of Fund Management, we talked about hedge funds. We concluded that owning a hedge fund, or at least a basket of them, could be more lucrative than investing in one. However, aside from Sculptor Capital Management (formerly Och Ziff) there aren’t that many publicly available.
What are publicly available are private equity firms. Large firms like Blackstone, KKR, Carlyle and Apollo all trade on the public markets. Joining their ranks in the not-too-distant future is Blue Owl, which is in the process of coming to the market via a SPAC merger.
Blue Owl is different from your regular SPAC because it is being formed …