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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We ended up self-imposing a cap of $1.5 billion.

And, you know, it's interesting.

I had LPs and colleagues and friends say, well, didn't it sting to not accept 3x the capital that you ultimately accepted?

We can all do the math about what that might mean for management fees and additional performance fees.

But for us, being long-term greedy is the best way to build a good business and foster trust with our partners and our investors.

Part of it is...

I don't have an agenda in terms of selling the business or monetizing the business.

I love what I'm doing and I'll be doing it hopefully knock on wood for a long, long time, right?

So that's part of what makes it easy.

I think the other part is I've been hanging around this business for 30 plus years.

And I've seen the movie where you raise fund one here and fund two here, and then you become a victim of your own success.

And you end up raising your third or fourth vintage and making it two or three or four X the prior vintage.

And so there are a whole host of reasons that that's not a good idea.

Maybe the addressable market isn't big enough.

Maybe the team that you've built to manage a fund this size

isn't big enough to thoughtfully deploy a fund that's this size.

And what's the manifestation of that?

Maybe the fourth or fifth fund, the next vintage, goes back to being this size.

Or in the worst case scenario, there isn't a next vintage.

So having seen other people make that mistake, it's easy for me to say, that makes no sense.

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