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
But if you're using secondaries as a seller perpetually to manage your portfolio because it got misallocated, the headwind that you will encounter from performance adversity in that will be substantial.
And by the way, a lot of secondary sales, interestingly, are initiated when there's a new regime.
When a new chief investment officer comes in, they look at what they call the quote unquote legacy privates.
They get to kind of take the hit because it wasn't their doing.
Move on, they want the ability to redeploy the portfolio.
But I think that speaks to the fact that a secondary for a lot of endowments and other investors like pensions is a tool of last resort because it can be so problematic.
That's right.
They are.
It's kind of like, you know, I mean, we see the same thing in public equities with management teams.
There's a new management team.
Is it not surprising that the write-offs happen in the first year of the new management?
I mean, that's natural.
And by the way, it's probably fair.
I mean, a new CIO should be empowered to put their mark on the portfolio.
But secondary sales do come at great cost if you're not careful.
And hopefully we're talking about a fairly small part of the portfolio.
And in most cases, that's what we see.
We don't see endowments out there selling half of their privates in the secondary market.
They're doing more targeted exposures that they're trying to really peel off.
But that's why when I say if I craft this perfect, unconstrained portfolio, it's a lot easier to work with privates when they're 30 to 35 percent of your portfolio, not 50, 60 or 70 percent.
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