Steve (Stephen) Ketchum

speaker

528 appearances 1 recordings 1 series first heard Jul 2026 last heard 15 Jul

Steve (Stephen) Ketchum’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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How I Invest with David Weisburd · E403: Why the Best Investment Firms Stay Small | Sound Point Capital Founder · 15 Jul 2026 podcast

So yes, in aggregate, we're blessed to have a meaningful amount of capital and trust from investors.

But we work very hard to stratify that such that any strategy is modest in size.

Part of it is there's a cadence, right?

So as opposed to private equity where the investment period tends to be 10 plus years, the investment period for credit type drawdown funds, we have evergreen funds, we have hedge fund strategies, we have separately managed accounts, we have drawdown funds where you raise money, draw the capital down, and then there's a period of two or three years where we can invest that capital and then we pay it back to investors.

And so the cadence, the way that we know that it's time to go raise another fund in the same strategy, another vintage, is when we're 70 or 80% invested in the current vintage, it's time to go back out to the market and say, look, we want to start to raise capital.

We expect that we'll have deployed 100% of our capital in the next four months.

So we want to get ready to move on to the next vintage.

Absolutely.

So we just raised the third vintage of our strategic capital fund, and that is part of our capital solutions business, where we provide liquidity to companies that have encountered a bump along the road.

They have some liquidity issue.

They're not heading into chapter 11, but they just need a bridge to a better time.

And we had some success in starting the business eight years ago.

We raised our first fund with call it $450 million of capital.

We raised a second fund that was slightly larger and we had great success in deploying it.

We deployed it more quickly than we expected.

So we went back to our initial investors and said, it's time for us to start launching Fund 3.

And it was really because of the opportunity set.

And so we were pleased that Fund 3 was almost triple the size of Fund 2.

And going back to the initial point of showing restraint and not having more capital than ideas,

We probably could have raised $4 to $5 billion for that Fund 3.

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