3 Principles Used to Raise $500M in 2 Years
episode
Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors
51 min
2 speakers
8 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How did Josh Parker secure a $500 million commitment when Ancora was only two years old?
Most managers will never see a $500 million commitment in their entire career. Josh Parker got one when his firm was barely two years old. So if you're raising institutional capital, you'll hear exactly how he turned a niche real estate thesis into a half a billion dollar check from one of the world's largest insurers using reputation, relationships, and results instead of a long track record. We're going to break down how he stayed convicted in uncertain markets, made his young platform institutional ready with institutional grade process and clarity, and then protected his leverage when that same partner changed strategies and wanted control. So if you manage other people's money and care about scaling AUM without losing your edge, then this is the playbook.
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Now, let's get back to the show. Josh, welcome to the show, man.
Brian, great to see you. Great to be here. Thanks so much for having me on.
Yeah, it's great to have you here, man. I'm a huge fan of you and I'm excited for what we're about to talk about. So before we dive in, what's the one thing you want people to walk away from this conversation understanding?
And I'm a fan of the podcast and your listeners get so many great nuggets of information. I think I think mine is really about how to maintain conviction and periods of uncertainty.
Oh, man. Awesome. Boy, in this market, do we all need that? I would say definitely. So I'm looking forward to learning more from you on how that's going to go. So, you know, let's dive in. So walk me through the specific moves that got that global insurer to write a half a billion dollar check to you and your firm was barely two years old. What did you even put in front of them to get you to take them seriously?
Yeah, that's a that's a great question and a good place to start. We were really fortunate to build a partnership with Legal & General, which is one of the largest insurance companies, pension funds and asset managers in the world. And I'll tell you, it really comes down to building relationships and being consistent and delivering results. You know, that that deal, like every other deal done is based on relationships, based on trust, based on reliability. You know, back in in 2019, you know, we're working on deals and we're talking to folks in the market. And I was like, man, it just feels like everybody I'm talking to is talking like it's 2007. And for anybody that was active in the business, then you remember valuations were high rent only grew significantly.
You know, vacancy was never a problem. And it just it felt like those same narratives were starting to come up again. And I said, man, you know, we really should think about how to fill the silos up and be ready for any sort of disruption that's coming. Frankly, be ready to take advantage of the pricing and dislocation that can happen. So we started looking around, you know, and talking to folks through our network and got connected with a guy named Bill Hughes. He was sort of a legend in European real estate. He was the head of real assets at Legal & General at the time. He's since retired. But, you know, we had a call and, you know, I kind of told him about our thesis and what we were working on and what we're starting to build.
He said, Josh, I think that's a very clever idea. And I thought, clever, OK, sure.
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Chapters
8 chapters
1
How did Josh Parker secure a $500 million commitment when Ancora was only two years old?
0:00–6:38
2
What role did reputation, relationships, and repeatable results play in winning Legal & General’s investment?
6:38–13:54
3
How did the COVID‑19 shutdown affect the two‑year fundraising process and what adaptations were made?
13:54–19:35
4
Why is patience considered the most underrated skill in institutional fundraising?
19:35–25:34
5
How do you structure a 50/50 joint‑venture with a large insurer instead of a traditional blind‑pool fund?
25:34–32:27
6
What does “institution‑ready” mean for a young fund – track record, team, and processes?
32:27–39:22
7
How can fund managers align long‑duration capital with long‑hold assets like university‑backed real estate?
39:22–44:51
8
What concrete move can a small fund make this quarter to attract its first anchor partner?
44:51–50:43
Speakers
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