Wednesday, May 13

A Boy And His Dog

Here we are in mid May and I wonder: how did that happen? Almost half-way through the year.

This year Astorg will raise a next fund and the moment to strike is now: the markets are hot as the the pension funds circulate their record distributions back to private equity, an asset class that delivers 11-12% IRRs and the hope of matching unfunded liabilities. The flows go to the best managers; middling and lesser GPs go home empty handed. It's a mature market.

I'm in pfäffikon and Paris on Monday and Tuesday and home for dinner on Tuesday. Sonnet hosts Deloittes at an Alexander McQueen party at the museum.

Today's blog is what one calls a placeholder.