Philippe Laffont

I think all of us on the show would say, well, it would have to be something that looks like Berkshire Hathaway, right? Berkshire is the model. And you want to do cash. You want to do publics. You want to do private. You want it to be a good deal for people. You want it to be permanent capital for you. And you want to try to be able to do that for a long time.

I think all of us on the show would say, well, it would have to be something that looks like Berkshire Hathaway, right? Berkshire is the model. And you want to do cash. You want to do publics. You want to do private. You want it to be a good deal for people. You want it to be permanent capital for you. And you want to try to be able to do that for a long time.

And I think that's sort of what those things do. And then I was like, OK, but then the problem is like you have a snowball at the top of the mountain. How do you get it to roll and to be big? And I was like, you know, we're not very well known. I have to admit, this is sort of one of my first podcasts, you know, ever. So I really appreciate you're doing great being here with you guys.

And I think that's sort of what those things do. And then I was like, OK, but then the problem is like you have a snowball at the top of the mountain. How do you get it to roll and to be big? And I was like, you know, we're not very well known. I have to admit, this is sort of one of my first podcasts, you know, ever. So I really appreciate you're doing great being here with you guys.

So I was like, I got to get the ball rolling at the top. And so I thought, okay, maybe I can get some tech entrepreneurs to help me out who believe in this concept of democratizing tech investing and stuff like that. So I went to see the family offices. I didn't quite see the founders directly, but the family offices for both the Bezos family and then the Dell family.

So I was like, I got to get the ball rolling at the top. And so I thought, okay, maybe I can get some tech entrepreneurs to help me out who believe in this concept of democratizing tech investing and stuff like that. So I went to see the family offices. I didn't quite see the founders directly, but the family offices for both the Bezos family and then the Dell family.

And I sort of pitched them the idea. They liked the idea. Then we pitched it. to the founders. And then we got to some agreement and they gave us a combined billion dollars to get going. And then we're also going to put a lot of personal money in it. And I was like, great.

And I sort of pitched them the idea. They liked the idea. Then we pitched it. to the founders. And then we got to some agreement and they gave us a combined billion dollars to get going. And then we're also going to put a lot of personal money in it. And I was like, great.

And I had read, I don't know if it's true that the largest fund that was ever launched was the, one of the first Blackstone song was 1.3. So then I said, okay, I need to launch the fund. That's 1.301 like that. I can claim that it's the largest launch. Yeah. ever, so I don't know if I'll get there or not, but that was the idea, and I think it's nice to have the backing of these guys.

And I had read, I don't know if it's true that the largest fund that was ever launched was the, one of the first Blackstone song was 1.3. So then I said, okay, I need to launch the fund. That's 1.301 like that. I can claim that it's the largest launch. Yeah. ever, so I don't know if I'll get there or not, but that was the idea, and I think it's nice to have the backing of these guys.

You mean you as an LPA now?

You mean you as an LPA now?

So this fund in particular starts to be marketed by one of the Wall Street firms. In this one, we picked UBS. They were the first ones who believed in us, but many other firms did. We'll work with others and we have great relationships with JP Morgan and others. So in time, you'll be available on all these different platforms.

So this fund in particular starts to be marketed by one of the Wall Street firms. In this one, we picked UBS. They were the first ones who believed in us, but many other firms did. We'll work with others and we have great relationships with JP Morgan and others. So in time, you'll be available on all these different platforms.

And then most of the people that we target usually have a relationship with a wealth management firm. And our hope in time is to work with a bit the leading wealth management firms and you can invest. And frankly, I'm like, hey, just start giving me a little bit of money.

And then most of the people that we target usually have a relationship with a wealth management firm. And our hope in time is to work with a bit the leading wealth management firms and you can invest. And frankly, I'm like, hey, just start giving me a little bit of money.

Of course, I knew I should be more prepared doing this. I don't remember exactly all the gaps are. But the point is, is that the number of people that can join the fund is much greater and the number and the amount of money they can put in is also much smaller. And as a result of that, you're reaching a wider audience.

Of course, I knew I should be more prepared doing this. I don't remember exactly all the gaps are. But the point is, is that the number of people that can join the fund is much greater and the number and the amount of money they can put in is also much smaller. And as a result of that, you're reaching a wider audience.

And that particular audience, they're happy because if you think about that fund, right? One thing that's a pain in the ass. How do you manage all the capital calls? They drive me crazy. How do you manage all the distributions? Oh, I just got some stock in a public IPO. Should I keep it? Should I not keep it? Is it a good company like Google that's going to 20x post IPO?

And that particular audience, they're happy because if you think about that fund, right? One thing that's a pain in the ass. How do you manage all the capital calls? They drive me crazy. How do you manage all the distributions? Oh, I just got some stock in a public IPO. Should I keep it? Should I not keep it? Is it a good company like Google that's going to 20x post IPO?