Larry Kochard
speaker
464 appearances
1 recordings
1 series
first heard Feb 2026
last heard 11 Feb
Larry Kochard’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
So your unfunded is never going to get too out of line.
If you happen to get in a situation where your unfunded commitments do get out of line, you will certainly reduce that commitment pacing.
But you don't want to ever be in a position where you just stop committing.
That's a bad process because oftentimes it's times light during the GFC that those are some of the best vintage years across almost every private strategy because people are at that point handcuffed or hamstrung in terms of what they can do.
It was easier to get capacity.
Yes.
It's not as this is seamless that everyone's doors was open, open for business.
But you had a lot more flexibility into getting access to previously hard to access funds, whether it's venture, buyout, hedge funds.
And so that is just a golden opportunity because the bottom line is even LPs that are constrained, they're probably not going to pull back too much from those best funds, but they're going to pull back a little.
And so that does create an opening.
So you want to make sure you have the liquidity flexibility to be able to take advantage of that during those types of downturns.
Yes, without a doubt.
And so, you know, there's two sides of the coin.
One is avoid being put in the situation where you're having to redeem or at the worst case, sell secondary positions in private funds, because if you do sell positions in certain funds that, again, there's a lot of demand for, you may be in the penalty box forever and not get back into that fund.
versus a situation where you've already been working to build a relationship and this is going to give you an opening either to commit more, commit for the first time, or be able to potentially buy secondaries from those who really just need to, from a risk management standpoint, gather some liquidity.
Yes, that's a great question because the more you are prepared, both in terms of what is going to be the game plan that you go through, whether it's the GFC, whether it's during COVID, whether it's even just smaller downturns like we had back in April last year,
on Liberation Day, having a plan of how you're going to approach that, having a plan on the opposite side.
Let's say the markets rip, you know, the markets ripped post the depths of COVID.
And what do you do at that point?
Because, again, it's so easy to just say things are great.
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