Matt Wolf
speaker
221 appearances
14 recordings
2 series
first heard Jan 2025
last heard Jun 2025
Matt Wolf’s voice in public audio — every appearance, attributed to the second.
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No, but I knew that what happened between us and the circumstances in which the film was being finished was part of the story. So I had to pivot in that regard and also to recognize there were things going on that I didn't know about while we were making the film. But at the end of the day, I wanted to make a portrait of this singular artist and that didn't change.
I don't know. I can't speculate what Paul would have done.
He can't speak for himself, so I think he would be happy that people are excited to learn his story.
You know, I learned what it's like to be the subject of a documentary and how scary we are when we come and film you. Yeah. You know, like, I got some new perspective about how it feels to be on the other side of the camera because Paul was so forthcoming about it, and I had a lot of empathy for it.
I mean, Paul had issues of control because he was a brilliant artist and all artists are controlling, but he lost control of his narrative in the media. Of course, he was going to be skeptical or cautious around a younger filmmaker like myself.
Yeah, happy to, Scott, thanks. I guess quick background on myself, spent nearly 20 years in sort of the valuation, private equity deal space at Elliott Davis, which is a firm sort of based in the Southeast, serving clients nationally, again, very focused on middle market,
deals, audit, tax, consulting, advisory, and heavily leaning into industry and technology-based approaches to solving our clients' problems. So exciting firm, exciting time to be an advisor to these, to middle market deals nationally, globally. And it's just been a wild ride the past few months or so, as I'm sure all your listeners can also attest to. And
What I've been really looking at lately, Scott, is just some of the changes to allocation ideology from limited partners and other sort of institutional investors. We've seen a pullback from public equities into high-yield credits, into gold, of all things, as people try to navigate this sort of changing geopolitical, changing macroeconomic
regime, I guess, for lack of a better word, and more specific to private equity. We saw big news a few days, maybe a week ago now, of Yale selling up as much as $6 billion of its private equity holdings. We've seen this convergence in returns between, at least historically now, between private equity returns and public equity returns.
And just thinking about what does that mean going forward, not only for
institutional investors and limited partners allocation to private equity but what does that mean for the the actual sponsors and how to think about deals how to how to go for how to source deals execute deals what does that mean for hold periods as um you know the the sort of global financial system works through this regime change and and a lot of investors take a you know another look at private equity and talk about that because there's there's
It's a trillion-dollar question. It's a great question. And I guess for additional context, at least the way that I think about it and the way a lot of observers think about it is private equity, the value proposition was, OK, invest in my fund. Your money will be locked up. but you'll get a rate of return higher than market index, pick an index, right?
Sort of like a CD at the bank, which are also coming back into vogue now that we have positive real interest rates. But yeah, lock up the money for a time period and you'll get a higher rate of return. But Bain actually came out with this really interesting study that showed the sort of premium to private equity returns above those public equity benchmarks
It fell pretty significantly over the past few years to about 11% from an average of 29% between 2014, 2017. And so now that value proposition is changing. And going forward, I'm still... Ultimately, private equity is just sort of an allocation tool. It's an asset class.
And I'm very bullish on it because I think going forward, as sponsors and firms sort of arrange their talent and kind of figure out what does it mean to source and execute and optimize on deals going forward, because that's looking different now than it did in the prior cycle.
And the firms that figure that out, they're going to be able to go back to that sort of tried and true value proposition and tell those investors whether they are high net worth individuals or otherwise accredited investors or large pension funds, large institutional investors and say,
Look, we know that private equity went through this sort of difficult time of constricted returns as we all tried to figure out how do we now do deals in this period of real positive interest rates that we haven't experienced for 15 plus years. But we figured it out. Right. We are focusing on these niches. We have these operating partners. We have this model that we followed.
And I can point to the last fund and show how we outperformed. And you should you should try us again. So I think that's a long way of saying that I think the sort of private equity sponsor model is going through.
its own changes and there will be some sponsors that figure it out and they can sustain an advantage and demonstrate and sustain returns above public equity in such a way that some investors will want to lock up their money with them to access that return And there will be some sponsors that struggle to do that. But still, at the end of the day, private equity is an asset class just like others.
And I think there will be space for that as an asset class across various investor categories.
Showing 61–80 of 221 · page 4 of 12
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