What podcasts say about Erik Hirsch
Every statement, with the speaker, the exact quote and the moment it was said.
What Erik Hirsch has said on podcasts
30 statements · 8 positive · 13 negative · 3 mixed · 6 neutral
Accessing and navigating private markets is difficult for investors.
“Doing the private markets is really hard.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 1:52
Private-market returns are correlated with public-market returns.
“It's totally correlated to the private, to the public markets.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 3:48
Investors should not access private markets through an index.
“I would never recommend that a good way to access the private markets— you can't anyhow— would be through an index.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 6:46
Private-market manager performance dispersion remains as wide as twenty years ago.
“The dispersion of performance from kind of top to bottom is basically as big today as it was 20 years ago, despite a lot more capital coming in.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 7:19
Purchase price is not usually a major determinant of private-equity outcomes.
“Things like purchase price tend not to be a huge determinant of the outcome.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 8:19
Management choices cause wide dispersion in private-equity performance.
“It's that human component to this that causes dispersion to be very, very wide because good choices get made and bad choices get made.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 8:33
Investing in eight private funds can provide sufficient diversification.
“Just doing 8 funds gives you hundreds of companies, and that's enough diversification.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 9:17
Private markets provide investors with asymmetric access to information and opportunities.
“This is a very asymmetrical industry. It's not fair.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 12:15
Private markets experienced excessive pricing, euphoria, and questionable underwriting during COVID.
“Drunken bad behavior coming out of COVID and during COVID High prices paid, a lot of euphoria, a lot of questionable underwriting.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 14:54
Private-market manager performance dispersion was wide across 2021–2023 vintages.
“The difference between the managers in 2021, the best to worst, and 2022, best to worst, 2023, best to worst, really wide gapping because the behavior wasn't uniform.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 15:25
Private-market performance has lagged public markets over the last three to five years.
“for the last 3 to 5 years, it's been lagging the public markets.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 15:47
Private-market distributions are substantially lower.
“the distributions are way down.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 16:10
Private-market holding periods are increasing.
“holding periods are going up.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 16:27
Structural and regulatory changes are enabling individual investment in private markets.
“the rise of the, of the individual investor into the asset class I think has to do with more about some changing structures, some regulation change, the invention of some different fund structures that kind of create vehicles that work for them.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 16:47
Private credit replaced reduced regional-bank lending to private companies.
“the capital need from the companies didn't go away. So something needed to replace it. And so in comes private credit, effectively taking the place in a more scaled, maybe more professional in some cases, lending to private companies in lieu of what the regional banks were doing.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 20:30
Many newer private-credit managers lack experience operating through downturns.
“a whole lot of these people had never been operating in a down cycle because they're pretty young.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 21:50
Some private-credit portfolios are too risky and insufficiently diversified.
“There are absolutely private credit portfolios that have problems. Too risky, not diversified enough.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 22:13
Private credit will show a wide gap between successful and unsuccessful examples within five years.
“fast forward 5 years, you and I are going to be back sitting here hopefully, and we're going to be talking about, wow, private credit had this really big gapping of great examples of it working and really terrible examples of it not working.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 22:42
Reliable data about the private-credit industry remains difficult to obtain.
“data around, you know, this industry is hard to come by still.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 24:00
Private-credit default rates are approximately two percent.
“Default rates are basically sitting around 2%.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 26:47
Private-credit investor withdrawals will become less frequent as the market matures.
“fast forward a few years, this will happen less and less. More data, more maturity, more experience, more willingness to kind of stick through things.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 29:23
Institutional investors continue allocating money to private credit.
“There, you're continuing to see institutional investors moving money into private credit right now.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 30:08
Passive LP positions are marked according to the fund GP’s reported valuation.
“when you come in as a passive LP, however you came in, the mark is whatever the GP of that fund tells you it is.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 33:16
More buyers and brokers have made secondary-market sales more competitive.
“Today, one, there's a lot of buyers. And 2, there's a lot of brokers that sort of help sellers run efficient processes and make it competitive.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 34:55
Average private-market secondary discounts are approximately thirteen percent.
“today you're probably looking at average discounts running about 13%.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 35:09
Investor education about private markets is currently insufficient and needs improvement.
“I think right now we're still at a, at an undereducated level, and that needs to rise.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 39:52
Public markets tend to overreact to developments.
“the public market kind of swings too far in extremes.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 41:38
Private investors capture major gains before companies reach public markets.
“The money is not going to get made in a major way by the public holders. It's already been made by the private holders.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 43:32
Broad economic exposure and diversification require investing in private markets.
“if you want exposure to the entire set of the economy and if you want diversity, if you want all those things, you're going to have to come to the private markets.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 43:47
Long-term growth will continue for strong private-market firms such as Hamilton Lane.
“long term, the growth is continuing for good firms like ourselves, and that's not going to stop.”
Open the episode · Erik Hirsch, CEO of Hamilton Lane, on the Explosive Growth of Private MarketsListen at 44:07
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.