Jeff Blazek
speaker
496 appearances
1 recordings
1 series
first heard Feb 2026
last heard 13 Feb
Jeff Blazek’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
And I do think the denominator effects, you can go from 50 to 60 fairly quickly.
And you have a different portfolio then.
You don't have a portfolio, you have a problem.
You're now managing existing commitments, figuring out how to reach in the couch cushions to find the change to put in the machine to feed the commitment cycle.
Because the majority of your portfolio, you cannot control anymore.
It is at the GP's control.
and it's being marked in a very different way, I just feel like you now have a portfolio that is not manageable.
It is going to be anchored by commitments and decisions that you made possibly five to seven years ago.
And you might be in a position where you have to make some difficult decisions about doing a secondary sale because you're just not able to manage the current economic environment accordingly.
So my opinion is to have a private portfolio
That is more than a majority of your overall asset allocation.
A lot of endowments do try to do that, but if you talk to them right now, they're struggling with managing that.
And in a lot of cases doing secondary sales because they feel like it's no longer optimal and it's become an out of trust.
That's right.
And by the way, in venture and growth equity, I'm not sure a 10% discount is realistic.
I think it could be 20 or 30%, which makes the math even harder.
So a secondary sale, which we like secondaries growing as a market.
We think GP-led, LP-led, these are all compelling areas.
It helps lubricate the private system.
So we're believers in that space.
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