Qneiform’s Post

I never knew where my curiosity would lead me as a founder. But just like Steve Jobs said, it all connects in hindsight. I wrote my diploma master’s thesis on the secondary market for private equity in the early 2000s. I went off to start my career — as a transaction analyst and a co-portfolio manager for a publicly traded closed-end technology fund. Then, I started my hedge fund with a friend from college. It was 2006. We raised $3M in funds to start. The financial crisis hit not long after. Amazingly, we did well: ➤ We grew from 2 employees to 15  ➤ and from $3M to $150M AUM ➤ returned 24.9% (annualized) for our investors in 2007 and 2008 You might think, with results like that, I’d want to stay. But the truth is, I wasn’t satisfied. The work was incredibly stressful and left part of my curiosity unsatisfied. And curiosity is what drives me the most as an entrepreneur. After selling my stake, I advised investment managers, wealth managers, and family offices. It didn’t take long for me to notice a consistent pain point for my clients: There was no good way to collaborate with managers for alternative investment exposure. That left a whole universe of investment assets that banks, wealth managers, and family offices couldn’t easily access. As a former hedge fund owner, I had some theories about how to make it work. But doing so would require something that didn’t exist yet: matching investment innovation with product innovation specifically designed for our core target group: The wealth channel: banks, wealth managers, family offices, and high net-worth individuals Through investment vehicles that: ➤ were semi-liquid ➤ had minimal fees and low entry costs ➤ have low friction in access, reduced complexity, and provide transparency ➤ are bankable that the wealth channel can integrate into their existing portfolios of public market assets In 2018, I co-founded Stableton to build just such a product. It wasn’t all smooth sailing. We started with all kinds of alternative investments and quickly overwhelmed ourselves. In 2020, we stepped back, regrouped, and drilled down on our best offering: Growth equity/pre-IPO. These are the blue-chip equities of private markets. Mature, well-developed, with proven business models and funding. With our knowledge of secondary transactions — something I had from my early days — we built a portfolio with all Top 20 pre-IPO tech companies. SpaceX, OpenAI, Canva… All of them in one passive portfolio with 0 performance fees. Today, we’re doing 50-100 secondaries per annum, are a team of 25 specialists, and are Europe’s go-to partner for pre-IPO investing with CHF 270mn in assets under management. The work connects all the dots in my life in a way I never could have foreseen. But Steve Jobs was right: It really does make sense in hindsight ;)

7 Lifetime-Worth Lessons from Hedge Fund Billionaire Stanley Druckenmiller —> The Present Is Superfluous Most investors are preoccupied with a company’s current performance. Druckenmiller, however, prioritizes foresight, envisioning what industries and enterprises will look like 2-3 years into the future. 2. Synthesize Macro and Micro Perspectives Unlike conventional bottom-up investors, Druckenmiller employs a hybrid approach. He amalgamates top-down macroeconomic analysis with granular scrutiny of specific companies, enabling him to anticipate transformative trends. 3. Pursue Asymmetric Opportunities Druckenmiller’s ethos revolves around asymmetric wagers—positions where potential upside dwarfs downside risk. When his convictions diverge markedly from market consensus, he commits substantial capital, seizing imbalances with calculated audacity. 4. Commit with Conviction He advocates for concentrated bets when probabilities align decisively in his favor. This principle, inherited from his mentor George Soros, was exemplified in their audacious and historic short against the Bank of England. 5. Leverage as a Strategic Amplifier To magnify returns on high-conviction plays, Druckenmiller leverages capital judiciously. Given the intricacies of macroeconomic forecasting, he employs this tool sparingly and only in scenarios of exceptional clarity. 6. Diversify Across Asset Classes Macro investing necessitates dexterity across markets. Druckenmiller traverses asset classes—equities, fixed income, currencies, and more—deploying capital wherever the risk-reward equation is most compelling. 7. Exhibit Cognitive Agility Intellectual flexibility is paramount. Druckenmiller swiftly discards untenable theses when confronted with new evidence, adhering to the maxim that obstinacy in error is the nemesis of prosperity. #startups #venturecapital #investing #raisingcapital #investemnt #Entrepreneurship #ZiadSelo #StartupValuation #LeanStartups #Fundraising #Hedgefund ——— Found it useful? Follow Ziad Selo for investment insights and capital-raising strategies

📎 Pershing Square’s Billion-Dollar Deal: Bill Ackman and Ryan Israel Strike Gold ➡️ In a landmark move, billionaire investor Bill Ackman and his protégé, Ryan Israel, have secured a staggering $1.05-billion stake sale in Pershing Square Capital Management. This deal not only solidifies Ackman’s position as one of the most influential figures in the investment world but also catapults Israel into the exclusive billionaire club. ➡️ The transaction, which involves selling a 10% stake in Pershing Square to a consortium of investors, including family offices, institutions, and publicly traded companies, values the hedge fund at an impressive $10.5 billion. This valuation more than doubles Ackman’s net worth, taking it to a staggering $9.2 billion, while simultaneously propelling Ryan Israel’s net worth past the $1-billion mark. Ackman, known for his bold investment strategies and outspoken personality, has built Pershing Square into a formidable force in the investment realm. With a five-year compound annual return of 31%, significantly outperforming the S&P 500 Index, the firm has consistently delivered impressive results for its investors. ➡️ The deal not only unlocks significant liquidity for Pershing Square but also paves the way for the launch of a new U.S.-listed closed-end fund, Pershing Square USA, aimed at attracting retail investors. This move capitalizes on Ackman’s growing celebrity status and his ability to cultivate a massive social media following, which has undoubtedly played a role in the firm’s success and future growth prospects. ➡️ Israel, Ackman’s chief investment officer and designated successor, has been an integral part of Pershing Square’s success story. Having joined the firm in 2009 after a stint at Goldman Sachs, Israel’s contributions have been instrumental in the firm’s remarkable performance. His newfound billionaire status is a testament to his investment acumen and the trust placed in him by Ackman himself. The Pershing Square deal serves as a powerful reminder of the potential rewards that can come from unwavering dedication, strategic vision, and the ability to adapt to changing market dynamics. Ackman and Israel’s success underscores the importance of cultivating a strong team, embracing innovative approaches, and leveraging the power of personal branding in today’s interconnected world. For startup founders, this story highlights the value of persistence, calculated risk-taking, and the relentless pursuit of excellence, even in the face of adversity. #VentureStories

The quest for private markets liquidity continues... Per PitchBook, Hamilton Lane recently closed a $5.6B secondaries fund - its largest fund to date. If institutional LPs in private equity and late-stage venture capital funds are wondering where liquidity opportunities are going to come from - secondary funds like this are a likely candidate. Tight capital markets have made exit opportunities very challenging. However, there is a standard ten year structure on most private equity and venture capital funds. The liquidity has to come from somewhere (and sooner rather than later). While investors may not be thrilled with some of the valuations, secondary funds like this will likely play a significant role in getting the exit landscape up and running again. Endeavor Colorado #privateequity #venturecapital #founders #entrepreneurship #innovation #investing #startups https://lnkd.in/gK-9CNcW

Meet David Tepper: A $20 Billion Investing Legend • Founder & CEO of Appaloosa Hedge Fund • Mastermind of 20%+ Annual Returns for Decades • 2008 Power Move: Delivered an Unbelievable 120% Return Here are David Tepper's Top 7 Investing Rules—Unlock the Strategies Behind His Success: 1. Stay Flexible in Your Strategy David Tepper's superpower? Flexibility. He adapts to changing market conditions with ease. From stocks to bonds to distressed assets, Tepper stays versatile—never tied to a single investment type. 2. Master the Risk-Reward Ratio David Tepper excels at spotting opportunities where the upside far outweighs the downside. Even in tough situations, he calculates every move with a meticulous focus on risk vs. reward. 3. Stay Humble and Realistic David Tepper knows the market can surprise anyone. He avoids arrogance, never assumes he’s always right, and lets realism—not pride—drive his decisions. 4. Invest When "the World is Ending" David Tepper thrives when others panic. His contrarian mindset and courage to act during fear-filled downturns—like in 2008—have led to some of his biggest wins. 5. Ignore the Market Noise David Tepper stays calm in chaos. He focuses on fundamentals, not short-term volatility, allowing him to make rational decisions when others overreact. 6. Bet Big When the Odds Favor You David Tepper seizes opportunities with boldness. His $7 billion profit from massive U.S. bank bets in 2009 shows the power of going all in when the conditions are right. 7. Master Central Bank Policy David Tepper knows the power of macroeconomics. He emphasizes understanding central bank decisions, famously advising, “Never fight the FED.” #startups #venturecapital #investing #raisingcapital #investemnt #Entrepreneurship #ZiadSelo #StartupValuation #LeanStartups #Fundraising #Hedgefund ——— Found it useful? Follow Ziad Selo for investment insights and capital-raising strategies

The lack of exits from both private equity and venture capital funds over the last few years continues to have a significant impact on the behavior of large investors. Per the attached article from Institutional Investor, single family offices have moved more capital into fixed income and liquid equites (ie. the stock market). With yields on fixed income securities now higher, the move into that asset class is easy to understand. I would expect a larger allocation to fixed income to endure, as interest rates are likely to remain at or near their current level for the foreseeable future. However, I suspect that the move into liquid stocks is driven more by the need for near-term liquidity, rather than any structural change in asset allocation philosophy. The truth is that family offices need both access to growth companies AND liquidity. If exits in the private markets begin to uptick again, I would expect family offices to once again deploy capital to PE and VC. Private equity and venture capital continue to be the most effective method to access the return profile of growth-stage companies. That is not going to change. However, the liquidity side of the equation needs to return to normalcy. #privateequity #venturecapital #innovation #entrepreneurship #founders #startups #investing Endeavor Colorado Zeb King Tegan Stanbach Kathryn Dickson https://lnkd.in/g4rqxzhQ

William Albert Ackman’s investment firm, Pershing Square USA, withdrew its planned IPO for a US closed-end fund after facing several challenges during the listing process.  Initially, Ackman had floated a potential size of US$25 billion for the offering, but that estimate was reduced to US$2 billion, making it a sharp drop from what would have been the largest US closed-end fund ever.  The decision came after investors questioned whether waiting for the fund to trade would be more advantageous than purchasing shares in the IPO.  Ackman stated that they would re-evaluate the structure based on investor feedback and report back once they are ready to launch a revised transaction. The IPO was initially expected to raise $25 billion, but the company struggled to meet this target, with estimates later revised to between US$2.5 billion and US$4 billion.  A US$25 million valuation is ridiculously optimistic when the largest closed-end fund now is below US$10 billion in valuation.  Despite securing commitments from several large investors, including Baupost Group, Putnam Investments, and the Teacher Retirement System of Texas, the company faced challenges in attracting sufficient investor interest.  The IPO was launched during a challenging market environment, with investors showing reduced appetite for closed-end funds.  The IPO faced regulatory delays, with the registration statement filed with the US Securities and Exchange Commission not becoming effective until 29th July.  Some investors expressed concerns about the size of the IPO, with the initial target of US$25 billion considered too large by some.  Pershing Square’s European-listed fund has historically traded at a discount to its net asset value. There is no expectation that this fund would outperform the market. This was an exercise of the ego, not business. Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

William Albert Ackman’s investment firm, Pershing Square USA, withdrew its planned IPO for a US closed-end fund after facing several challenges during the listing process.  Initially, Ackman had floated a potential size of US$25 billion for the offering, but that estimate was reduced to US$2 billion, making it a sharp drop from what would have been the largest US closed-end fund ever.  The decision came after investors questioned whether waiting for the fund to trade would be more advantageous than purchasing shares in the IPO.  Ackman stated that they would re-evaluate the structure based on investor feedback and report back once they are ready to launch a revised transaction. The IPO was initially expected to raise $25 billion, but the company struggled to meet this target, with estimates later revised to between US$2.5 billion and US$4 billion.  A US$25 million valuation is ridiculously optimistic when the largest closed-end fund now is below US$10 billion in valuation.  Despite securing commitments from several large investors, including Baupost Group, Putnam Investments, and the Teacher Retirement System of Texas, the company faced challenges in attracting sufficient investor interest.  The IPO was launched during a challenging market environment, with investors showing reduced appetite for closed-end funds.  The IPO faced regulatory delays, with the registration statement filed with the US Securities and Exchange Commission not becoming effective until 29th July.  Some investors expressed concerns about the size of the IPO, with the initial target of US$25 billion considered too large by some.  Pershing Square’s European-listed fund has historically traded at a discount to its net asset value. There is no expectation that this fund would outperform the market. This was an exercise of the ego, not business. Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ

Private market investing is plagued with poor access and high fees. Since 2018, I’ve built an award-winning fintech investment firm with over USD 250mn in assets under management. So, I have learned a thing or two through 70+ private market transactions in the past 5 years, growing to 100 transactions per year in 2024 (!), covering all the Top 20 unicorns. Starting today, I’ll post regularly about how the game will change in the next 5 years and why every investor will have private companies in their portfolio. Since I haven’t really talked about myself much on LinkedIn, I suppose I should tell you why I think you should read what I’m about to say. I’m a lifelong entrepreneur who started a hedge fund at age 28 with no experience and $2.8M in assets. 2 years later, we’d grown to $150M: a 5300%+ increase. My co-founder and I achieved that success despite our lack of experience by leaning into what I view as a founder’s most important qualities: Curiosity and ambition to succeed. Or more specifically, a drive to uncover new things and find solutions. Nobody enters the world knowing how to do much. But curious people can learn to do just about anything. Running a hedge fund taught me so much that I became a consultant for alternative investment managers while still managing money for wealth managers and family offices. After doing that for a while, I realized something: Access to these strategies wasn’t working at either end. Managers struggle with complex setups, and investors face high minimums, complex structures, lack of transparency, and high fees. This realization led eventually to my current scaleup company, Stableton: A fintech platform and investment firm giving investors unparalleled access to the Top 20 pre-IPO tech companies in one portfolio or individually. We connect investors interested in private tech companies with sellers seeking liquidity through our investment products and platform. We are not a broker or a tech solution, effectively, we are building the Vanguard or iShares of private market investing, aiming to conquer the industry by storm. And we do so in a way that utilizes cutting-edge technology: Something else traditional private market products struggle to accomplish. In 2022, we raised one of the largest funding rounds in Switzerland and won the Swiss Fintech Award for Growth Stage Startup of the Year, and we’re not slowing down. We plan to disrupt private market investments over the next five years. As fintechs like Robinhood revolutionize access to public stocks, it’s only a matter of time before high-growth pre-IPO firms follow suit. Let me know in the comments what investment topics you’d like to see me discuss 👇 For more in-depth learnings, check out my newsletter: https://lnkd.in/eG6ufZtT #fintech #investment #investing #secondaries #wealthmanagement

William Albert Ackman’s investment firm, Pershing Square USA, withdrew its planned IPO for a US closed-end fund after facing several challenges during the listing process.  Initially, Ackman had floated a potential size of US$25 billion for the offering, but that estimate was reduced to US$2 billion, making it a sharp drop from what would have been the largest US closed-end fund ever.  The decision came after investors questioned whether waiting for the fund to trade would be more advantageous than purchasing shares in the IPO.  Ackman stated that they would re-evaluate the structure based on investor feedback and report back once they are ready to launch a revised transaction. The IPO was initially expected to raise $25 billion, but the company struggled to meet this target, with estimates later revised to between US$2.5 billion and US$4 billion.  A US$25 million valuation is ridiculously optimistic when the largest closed-end fund now is below US$10 billion in valuation.  Despite securing commitments from several large investors, including Baupost Group, Putnam Investments, and the Teacher Retirement System of Texas, the company faced challenges in attracting sufficient investor interest.  The IPO was launched during a challenging market environment, with investors showing reduced appetite for closed-end funds.  The IPO faced regulatory delays, with the registration statement filed with the US Securities and Exchange Commission not becoming effective until 29th July.  Some investors expressed concerns about the size of the IPO, with the initial target of US$25 billion considered too large by some.  Pershing Square’s European-listed fund has historically traded at a discount to its net asset value. There is no expectation that this fund would outperform the market. This was an exercise of the ego, not business. Terence Nunis Terence K. J. Nunis, Consultant Chief Executive Officer, Equinox GEMTZ