Graham Weaver

I mean, over that time, CalPERS probably went from a 0% allocation to, I don't know, 20% allocation. That's a lot of money. Multiply that by foundations, endowments, and everybody. And so you had this just massive tailwind. And then the second one, the obvious one is debt was really cheap. And so that's a big part of the private equity model and borrowing was cheap.

I mean, over that time, CalPERS probably went from a 0% allocation to, I don't know, 20% allocation. That's a lot of money. Multiply that by foundations, endowments, and everybody. And so you had this just massive tailwind. And then the second one, the obvious one is debt was really cheap. And so that's a big part of the private equity model and borrowing was cheap.

And so you had multiple expansion over that entire period of time. I don't care what anyone says. There was multiple expansion. I mean, we were buying the same companies in 1994 at five times that we're paying 13 times for now and excited about to do so. So you had that trend going on over that same period of time and therefore returns were good, generally speaking.

And so you had multiple expansion over that entire period of time. I don't care what anyone says. There was multiple expansion. I mean, we were buying the same companies in 1994 at five times that we're paying 13 times for now and excited about to do so. So you had that trend going on over that same period of time and therefore returns were good, generally speaking.

Today, you fast forward, there's 5,500 private equity funds. It's very efficient. Interest rates are going the other way. That's dynamic one. And then dynamic two is there's eight dynamics very early and it's tiny dollars, but individuals are starting to be able to go into private equity through their wealth management, which didn't used to be a thing.

Today, you fast forward, there's 5,500 private equity funds. It's very efficient. Interest rates are going the other way. That's dynamic one. And then dynamic two is there's eight dynamics very early and it's tiny dollars, but individuals are starting to be able to go into private equity through their wealth management, which didn't used to be a thing.

I think the impact of all that is that the people who were putting up median returns and felt like they had this God-given right to raise their next fund and it was going to be bigger, I think that's not going to work out very well in the next decade or so. I think you're going to have to be pretty differentiated or

I think the impact of all that is that the people who were putting up median returns and felt like they had this God-given right to raise their next fund and it was going to be bigger, I think that's not going to work out very well in the next decade or so. I think you're going to have to be pretty differentiated or

The really, really massive firms that are able to collect the money from the individuals, which is the new tailwind coming in, I think they're going to be able to amass assets. But I think it's hard. It's gotten harder every single year I've been in it for 31 years. I think it's going to get even harder just given some of the potential headwinds of interest rates.

The really, really massive firms that are able to collect the money from the individuals, which is the new tailwind coming in, I think they're going to be able to amass assets. But I think it's hard. It's gotten harder every single year I've been in it for 31 years. I think it's going to get even harder just given some of the potential headwinds of interest rates.

One of the themes here has been between your class and Alpine and the talent program, all these things requires that you see the best in people. What have you found are the keys to doing that specific thing well?

One of the themes here has been between your class and Alpine and the talent program, all these things requires that you see the best in people. What have you found are the keys to doing that specific thing well?

I think one of my probably favorite things is when I went back, when I was telling you earlier about Irv Grosbeck and how at certain times in my life, I would walk in and ask for his advice. And he would tell me, hey, I've seen a lot of students, I've seen a lot of people, you got this. Coming from him, I would believe it. It would matter that he said that.

I think one of my probably favorite things is when I went back, when I was telling you earlier about Irv Grosbeck and how at certain times in my life, I would walk in and ask for his advice. And he would tell me, hey, I've seen a lot of students, I've seen a lot of people, you got this. Coming from him, I would believe it. It would matter that he said that.

I think a big part of it, Patrick, is we get to be that force now. for these MBAs who are coming in and saying, hey, look, here's been your track record. We've done this a lot. You're going to be awesome at this. You're ready. We're going to help you go do that. And then it becomes somewhat self-fulfilling.

I think a big part of it, Patrick, is we get to be that force now. for these MBAs who are coming in and saying, hey, look, here's been your track record. We've done this a lot. You're going to be awesome at this. You're ready. We're going to help you go do that. And then it becomes somewhat self-fulfilling.

The students believe it and they start behaving as though it's true and that kind of becomes true. So I think seeing the best in people is, it's really one of my favorite things about Alpine. Our passion statement at Alpine is unleashing heroes.

The students believe it and they start behaving as though it's true and that kind of becomes true. So I think seeing the best in people is, it's really one of my favorite things about Alpine. Our passion statement at Alpine is unleashing heroes.

And so we think that the people we're bringing on at Alpine and our companies really are heroes and they haven't had the arena yet to really like fully be the hero that they can be.

And so we think that the people we're bringing on at Alpine and our companies really are heroes and they haven't had the arena yet to really like fully be the hero that they can be.