A good default, like Portugal or Greece, would be very good for the private equity business.
— David Bonderman
Competitive Private Equity quotations
Congress has all sorts of rules, hedge fund managers, private equity managers, executives, movie stars, fall into that allow them to escape or defer into the future not paying their taxes. And if you can defer your tax into the future, it's the best deal in the world, because you don't just get to eat your cake and have it too. You get to eat your cake and have a bigger cake.

In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.

I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.
Private equity has absolutely no reason to exist.
The private equity holder has all the upside and the banks all the downside.
Our economy is a plantation run for the aristocrats - the CEOs, hedge funds, private equity firms - while the field hands are left with the scraps.

Not all private equity people are evil. Only some.
I think this is also a great time to invest in private equity, helping companies grow from the ground up.
If private-equity firms are as good at remaking companies as they claim, they don't need tax loopholes to make money.
Private equity firms aren't necessarily evil by definition.
There are many stories of successful turnarounds fueled by private equity, often involving multiple floundering businesses that are rolled into a single entity, eliminating duplicative overhead.
Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.
I delivered lectures, and I was also a consultant for international companies in finance, both private equity and big venture capital funds.
Private equity has been the purview of super wealthy individuals and institutions.
It's clear to me when you do private equity well, you're making companies more efficient and helping them grow and become more profitable. That success means our investors - such as public pension funds - benefit, which contributes to the economic wealth of society.
People used to think that private equity was basically just a compensation scheme, but it is much more about making companies more efficient.
It's quite astonishing how much money people make in the hedge fund business and in the private equity field, and how well-off affluent families really are.
Some of the very best private equity people, in my experience, are people who start out as stock pickers - people who really understood value, how to take a company's financials apart and couple that with good judgment about businesses, macro trends, and where things are going.
The private equity world is a relatively small one.
There are currently probably a few thousand professional jobs worldwide. In private equity, that's probably about all there is. So in the scheme of things, the firms are all relatively small.
Private equity capital in each of those markets Europe and Asia - while those markets have very different characteristics - fills a niche where either strategic investors or the public markets don't go, or don't want to go for some particular reason. I think that's going to continue to be the case going forward.
A consolidation makes sense only if you can lower your overall interest rate.
Many people consolidate by taking out a home equity line loan or home equity line of credit (HELOC), refinancing a mortgage, or taking out a personal loan. They then use this cheaper debt to pay off more expensive debt, most frequently credit card loans, but also auto loans, private student loans, or other debt.
I see myself as a private-equity investor that helps rebuild companies.
Restructuring is a cottage industry in that there aren't that many serious practitioners.
Generally, an indie film in the U.K. is put together much like in the states. We got a tax credit. You sell the domestic rights, which can be quite low, but it's enough to push you over the line. And you get a tax credit on top of that, and then you cobble it together with private equity or gap financing and things like that.
The role of private equity as fiduciaries is certainly to make money.
If you have money draining out of the public equity markets, that inevitably affects the private equity market. They cannot exist going in different directions because somehow that will rent the fabric of the universe. It's just not permitted that that happens. Obviously there can be anomalies for brief periods of time but it just can't happen forever.
Venture capital has peaked in terms of its appetite, in terms of how much money it wants to put in. So now private equity funds are piling in. Primarily because interest rates are virtually zero so there's no fixed income play and they're not moving around.
[I believe in] the throne...parliamentary institutions...private enterprise and individual opinion against the socialization of the state...equity in the distribution of public burdens and strict maintenance of public faith with the creditors of the state [and] a fresh guarantee of peace by an alliance with France and...Belgium for the defence of our common interests against unprovoked attack.
Let's face it, we're skunk drunk and it's because of money.
It's almost like we all need to enter Betty Ford Clinic 2.0 together. This time, it's not stock market money but private equity, M&A, VCs and to some degree the reckless abandonment of logic by some advertisers who are perpetuating what is sure to end badly when the economy turns. Hubris is back my friends.
The lingo used in the space is so arcane and out of date that investors have no context for the discussions. The failure to establish a clear, effective communication system has been the biggest sin private equity has committed.
Private-equity and hedge-fund guys typically come into a situation of mediocrity, where rapid change may result in a profit.