A Quote by Erik Prince
I started a private equity fund and we invest in energy, mining, agriculture kind of things in Africa.
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We've got to move beyond the idea that the public and private sectors are at odds. Government has to lay the groundwork for private equity to productively invest in things like education. It's a partnership, not a battle.
We really wake up every day trying to build businesses. That is the goal of private equity. It's a misnomer out there that private equity profits by shrinking companies. In fact, it's just the opposite. Private equity creates value by growing great companies.
China is taking over Brazil, and that is worrying. They are investing in mining, agriculture, energy, ports, and airports.
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.
Nobody in my generation ever started out in private equity. We got there by accident. There was no private equity business - actually, the word didn't even exist - when I started. I got there out of the purest of happenstance and so I think many people find what they really enjoy doing just in that way. So another piece of advice for you is: don't worry too much about what you're going to be doing when you get out of business school - life will come your way.
Private equity has absolutely no reason to exist. The private equity holder has all the upside and the banks all the downside.
Private-equity and hedge-fund guys typically come into a situation of mediocrity, where rapid change may result in a profit.
I think this is also a great time to invest in private equity, helping companies grow from the ground up.
I would much rather invest in stocks, bonds, private equity and hedge funds than watches.
An index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index fund might invest in every single stock or almost every single stock in the U.S. market, it might invest in every single stock abroad, or it might invest in all of the bonds that are out there. And you can make a perfectly fine investing portfolio that mixes equal parts of all three of those.
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.
In my worldview, time is energy that you can invest in things, and money is energy that you can invest. Time has significantly more leverage than money in terms of how much energy you get out of time.
In the '70s and '80s, what private equity did is it changed corporate America. It started holding companies accountable, and for the first time managers started thinking like owners.
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.
I've probably done more venture capital deals and expansion financings than I have done private equity deals. But both are the same. Private equity companies have also built jobs.
Like its agriculture, Africa's markets are highly under-capitalized and inefficient. We know from our work around the continent that transaction costs of reaching the market, and the risks of transacting in rural, agriculture markets, are extremely high. In fact, only one third of agricultural output produced in Africa even reaches the market.
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