List of large SMs that still have a longer term investment horizon?
Looking for some names of larger SMs with longer-term investment horizons (2-5 years). Please don't make this a discussion about how LO or pod shops are better, that's not what I am asking about.
Dragoneer, Eminence, and Matrix are some that come to mind (may be wrong on these).
Guarantee you get zero answers to your question and multiple essays on why pod shops are tha best
TCI, select, akre, Windacre, valley forge, Altarock, baupost, Abrams, brave warrior, janchor. Some on that list unfortunately are very small headcount wise so basically impossible to get job (2-5 IPs). Trick is to find the firms that truly own businesses compared to the ones who want to find 1-3 year theses and will sell on the marginal data point
None of the tiger cibs on your list?
Viking/Coatue and their spins are more tactical. Not sure TGM, lone pine or maverick. The smaller LT-ones will have 5+ year longs but you spend >50% of time on shorts that tend to require shorter timeframes
Would prob add select equity to midwest's list
Of the large and well known ones, it kind of becomes a moot point. Places with 5-10-20 IPs, and who rarely hire, so its not something you can really focus on trying to recruit for (vs. like a P72 or a GS), unless you are already exceptionally well plugged into the network already. But I get its nice to at least know of them... I spent some useless time on linkedin and google and you can trace lineages and find a bunch.
Now the tail of smaller SMs who take duration is much larger. You are likely to have a much higher chance of breaking into a seat there, many of them do quite well, and you'll have a much higher chance of gaining attractive economics over time.
what's a good method of identifying/locating these smaller firms apart from networking?
Activists by the nature of what they do need the long term horizon and their fund is structure as so. Idk if that is what ur looking for tho
They’re typically structured as partnerships, generally LO, and tend to have lower fee structures than a normal HF. Eminence and Matrix are not 2-5 year shops lol. Dragoneer maybe, but time is their only edge / they’re always among the dumbest guys in the room (talking public side)
If you’re serious about being a LT investor in public markets and don’t want to screw yourself on long-term comp, do LO path, not LT SM HF path
Maybe Pershing square fits in this category? And definitionally, yes, activists in general. And maybe a handful of funds with actual duration (which, by the way, implies the founder’s personal $ is probably the majority of AUM, which is non-fee-paying AUM, which messes up your economics)
there seems to be a lot of dragoneer hate on this site. how do you scale to $20B+ by being the dumbest in the room? returns must at least be okay. not standing up for them - i don't know. genuinely curious
They scaled during ZIRP. Did not write down their privates so moic still 1x
curious what type of questions Dragoneer asks? Can you please give an example?
If you are your own sole client, that is a single manager with duration.
Nobody ever mentions family offices, but most of them are LT investment horizon to avoid short term cap gains.
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