Rupak Ghose’s Post

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Advising Boards, investors and writing

My piece in the FT today on the masters of the universe on Wall Street... Can hedge funds become asset gathering machines like private firms? Has Bill Ackman called the top on his own performance? Remember how Och Ziff turned out...a slow car crash! The big 3 in PE - Blackstone, KKR and Apollo - today manage $2.3 trillion of assets under management....PE is only 30% of Blackstone today... HFs never scaled and the top "pod shops" are closed to new money or quasi-family offices... Ackman is raising permanent capital so not the issue of monthly redemptions but what PE multiple do you put on an earnings stream from a firm that has massive key man risk and looks so different to the infrastructure and diversification of a Citadel? What do you think? #markets #IPO https://lnkd.in/eZpeMN7x

IPO of Bill Ackman’s Pershing Square sets up test for the hedge fund world

IPO of Bill Ackman’s Pershing Square sets up test for the hedge fund world

ft.com

Federico Suarez Rendon

❄Transatlantic-o Connector❄ NED | Curious

4mo

Tricky one Rupak Ghose I see delta for HFs in the digital asset space but not sure if you can put some “turns” on this yet 🤔

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Peter Best

Chief Operating Officer | Head of Strategy | Business Manager | Strategic Transformation | Product Manager | Founder/CEO - Capital Markets & FX

4mo

It does feel like the top of the market!

Tired of making money?

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Thanks for sharing

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