The most counterintuitive thing about private markets is that the biggest source of alpha isn't picking the right companies — it's getting access to them in the first place. Most of the best private companies never need to raise money from you, and if they do, they have more than enough interest from investors they already know and trust.
The number one thing LPs want to know is: can you actually get into deals? Because there are plenty of smart people who can analyze a company, but if you can't get allocation, it doesn't matter. So the access question is really the first filter.
2mo ago
Underscored — save the words that stop you in your tracks.
