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<ul class="summary-list"><li>Apollo Global Management has been investing big in non-bank loans.</li><li>Helping fund that growth has been growing demand for retirement products, said CEO Marc Rowan.</li></ul>There's been a lot of attention on Apollo Global Management's <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-ceo-marc-rowan-defends-private-credit-from-jamie-dimon-2024-5">burgeoning lending business</a>, which the firm projects will double in size to <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-global-management-investor-day-presentation-one-trillion-private-lending-2024-10">$1.2 trillion in five years</a>.Helping to fund those loans is Apollo's retirement business, which <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/apollo-ceo-marc-rowan-management-tactics-430-am-wakeup-call-2024-10">Apollo CEO and cofounder Marc Rowan</a> sees as the investment firm's "single biggest opportunity" for future growth.In a conference call to discuss third-quarter earnings, Rowan said Apollo's insurance affiliate Athene had become an industry leader in annuities, or insurance products used in retirement, to generate regular income. Athene saw $20 billion in inflows during the third quarter and $77 billion over the last year, which helped drive a 16% year-over-year growth in assets under management to $733 billion.<div type="image" title="Apollo chart showing capital inflows." height="884" width="1597" msid="114993225" hostid="261" sizebytes="75180"></div>Rowan said he sees continued growth in that sector, aided by the company's efforts to provide new and improved retirement products, including tools to guarantee income for life."The notion of simplification and getting to guaranteed lifetime income, I believe, to be the North Star for where we would like to go," Rowan said on the call. "But this notion of rethinking the product set, I believe to be the single biggest opportunity in front of us, and that is what is baked into our five-year plan over the next few years."The opportunity stands to become even bigger, Rowan said, if regulators open up 401(k)s and other tax-deferred retirement accounts to investments led by alternative asset managers like Apollo."Should we get access to 401(k) through broad-based reform or regulatory change or regulatory encouragement, I believe that would be upside not just for us, but for the entire industry," he said.Rowan has been a major proponent of Australia's retirement model, which was opened up to private assets around forty years ago in a <a target="_blank" href="https://www.businessinsider.com/how-make-us-retirement-system-better-australia-superannuation-benefits-2024-4">process called superannuation</a>. Rowan said that plans with private assets, which can access the compounding effects of private equity, have 40% to 60% better outcomes than those just with public assets."I do envision a day when we will be talking about 60-40 portfolios that are comprised of public and private," Rowan said.This would be a huge shift from the current regime, where much of American retirement savings are in the public stocks or bonds. But to Rowan, a retirement system where between $12 trillion to $13 trillion of American's wealth is in 401(k)s that are largely invested in the <a target="_blank" href="https://www.businessinsider.com/stock-market-whiplash-shows-dont-worry-too-much-about-401k-2024-8">S&amp;P 500 </a>makes little sense."I jokingly say sometimes, we levered the entire retirement of America to <a target="_blank" href="https://www.businessinsider.com/nvidia-stock-price-blackwell-ai-market-value-costco-jensen-huang-2024-10">Nvidia's performance</a>," Rowan said last month. "It just doesn't seem smart."The Trump Administration opened some 401(k) investing to private equity <a target="_blank" href="https://www.bloomberg.com/news/articles/2020-06-03/private-equity-firms-get-trump-administration-s-nod-to-tap-401ks">in 2020</a>, suggesting that a Trump victory could help fuel the alternative industry's expansion efforts. Rowan hasn't endorsed a US presidential candidate.

Your nest egg is private-equity giant Apollo's 'single biggest opportunity' for growth

LVMH-backed PE fund seeks SEBI approval, look at 9 brands in the luxury giant’s portfolio

Investments by <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) and <keyword id="6357097" type="General" weightage="20" keywordseo="venture-capital" source="Orion">venture capital</keyword> (VC) funds to homegrown companies declined to $27.9 billion across 697 transactions this year (as of December 20), compared to $47.62 billion across 1,364 deals in 2022, according to a new report. 2023 saw more money being pulled out from the country by private equity players, with overall exits reaching $19.34 billion from 248 companies, in comparison to 233 exits worth $18.45 billion in 2022, according to data from Venture Intelligence and industry body IVCA. Meanwhile, venture <keyword id="989750" type="General" weightage="20" keywordseo="capital-funding" source="Orion">capital funding</keyword> for <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> declined by 72 per cent this year compared to last year. The new-age companies in the country received $7.5 billion across all stages (as of December 15), compared with $25 billion last year, according to the data. The fall in <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> this year is chiefly attributed to slow late-stage deals (Series D and above), which more than halved to $3.5 billion from $11.70 billion in 2022. The early-stage funding deals slowed down. The number of deals declined to almost half to 414 rounds from 871 rounds in the year-ago period, according to the report. Growth-stage funding rounds dropped to $1.9 billion via 99 deals, compared with $6.84 billion from 230 deals in 2022. Making a dent in India's startup growth story, the country slipped to fourth position in the global ranking among the highest-funded geographies in 2023, as it recorded lowest funding in five years. After grabbing the third spot globally in 2021 as well as in 2022, India ranked fourth behind the US, the UK and China this year, receiving only $7 billion in total funding (till December 5), according to recent data by global market intelligence platform Tracxn. In the third quarter (Q3) this year, India even slipped to fifth position among the highest-funded countries -- behind the US, the UK, China and France.

PE, VC investments in domestic companies drop to $27.9 bn in 2023

<ul class="summary-list"><li>Arizona opened the doors for outside investors in law firms, and Steve German had high hopes.</li><li>But he says his co-owner, 777 Partners, was hit by scandal and didn't invest the millions it promised.</li></ul>Two years ago, Steve German was optimistic.He'd done well for himself as a trial lawyer in Phoenix, suing insurance companies on behalf of workers who were denied benefits. And he'd just launched a venture with the Miami investment firm 777 Partners that he hoped would revolutionize the legal business.Arizona had recently begun permitting nonlawyers to invest in law firms, which is banned in nearly every other state. German seemed poised to ride the wave of deregulation and build what he'd later describe as "generational wealth."State bar associations have long restricted lawyers from selling stakes in their firms to outside investors, out of a desire to protect consumers from bad advice, to keep financiers from distorting firms' ethical obligations to their clients — and to keep profits in the hands of lawyers. That meant that firms basically had to eat what they killed: Any investments in marketing, technology, or building cases had to come from client fees or the firm's cut of jury awards and settlements.Allowing private-equity riches to pour into law firms looked like it could be a game changer. When he spoke with Business Insider <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">in 2022</a>, German excitedly described how he might use 777's money to take lower fees and allow clients to designate charities they'd like to benefit. He was making connections with referral sources and said he'd hired BerlinRosen, one of the better-known public-relations firms that work with plaintiffs' lawyers."It was something that was revolutionary in many ways, and it was something I saw as a way to do good," German said. The firm, called Scout Law Group, was one of the first such firms — known as an <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">alternative business structure</a> — to be approved by state regulators."The ABS program reminds me of when Uber first came to town and everyone was like, 'Oh, my god, that's crazy,'" Andy Kvesic, who serves on the state committee that approves ABS applications, said.German's optimism was short-lived. Before 2022 came to an end, his relationship with 777 had begun to sour amid disputes over funding. Now, German has become a vocal critic of Arizona's hands-off approach to regulating these new entities.German said 777 didn't supply money on the terms or timeline it promised and planned. While he got some funding and was able to build a portfolio of about 300 to 400 cases, German said the millions that his partner had promised never flowed in. He had to whip out his own checkbook to pay vendors and employees, he said in a <a target="_blank" href="https://www.documentcloud.org/documents/24752517-german-v-scout-law-group-and-777-partners-et-al">lawsuit filed in April</a> alleging fraud, breach of contract, and unpaid wages. It's one of several lawsuits involving 777, which, according to <a target="_blank" href="https://www.semafor.com/article/11/30/2023/feds-probe-sports-investor-777-over-money-flows">Semafor,</a> has also been under Justice Department scrutiny.777 has not yet filed an answer to German's complaint. The firm did not respond to a request for comment.He first decided to resign from Scout last summer, a few months after the firm and its leaders filed licensing paperwork with state regulators that he said he now believed was incomplete. But he told BI that after he forwarded his "break-up letter" to state regulators, he came to regret the decision; it touched off a bar investigation and resulted, for a period, in the suspension of Scout's license. He ended up rescinding the resignation and sticking around until 777 picked a new compliance lawyer in December, he said.After all that, he expected that the firm and its new leaders' license application would be closely scrutinized. He said the steady drumbeat of negative reporting made it clear that 777 hadn't been up front about the controversies it was involved in.But, he said, the committee that reviews ABS applications renewed Scout's license with barely any discussion. German also sits on the committee, and he was recused from the decision. But he said that and subsequent board decisions, like giving a pass to a lawyer who failed to mention that he'd been suspended in another state, unsettled him."What we're doing is sending the wrong message," he said. "What we're saying is, don't disclose your bad stuff."<h2 id="36d168a2-3b57-4875-b8ab-b0c81b9db7d8">Regulators approved 777 Partners despite litigation, DOJ probe</h2>German isn't the first business partner to sue 777 Partners, and he may not be the last. After the firm began investing in soccer clubs, Brazil's news outlet O Globo reported that one of its owners, Josh Wander, was on probation until 2018 for a cocaine-related charge. (At the time, 777 called it "ancient history.") The firm's reliance on insurance premiums, which are normally invested conservatively to ensure future claims can be paid, to fund its risky bets in sports teams and other speculative investments was <a target="_blank" href="https://www.semafor.com/article/11/15/2023/mystery-investor-777-partners-bought-european-sports-teams-with-insurance-customers-cash">unearthed</a> by Semafor, and insurance regulators and business partners have been asking questions and filing lawsuits.But German said on some level, it's about more than money. Revelations about 777's other business lines — for instance, its work with online payday lenders that charge sky-high interest rates and pay Native American tribes to use their sovereign immunity as a legal shield — repulsed him when he learned about them in July after reading about the firm in the soccer publication Josimar, he said.Asked how he didn't know about the controversies until 2023, German said he'd asked Steven Pasko, one of 777's principals, whether the firm was the subject of any lawsuits while he was filling out ABS licensing paperwork, and he had denied it. He said he still didn't know how the controversies didn't come to the attention of ABS committee staff."These people are the exact opposite of who should be approved," he said. "We're supposed to be looking out for the public interest, and we're letting in guys who are sued for RICO?"The ABS committee's minutes <a target="_blank" href="https://www.azcourts.gov/Portals/26/ABS%20Regular%20Minutes.pdf">show</a> that Scout's renewal application passed 5-1, with two recusals and two absences. According to the committee's <a target="_blank" href="https://www.azcourts.gov/Portals/26/ABS%20Committee%20Annual%20Report%20to%20Supreme%20Court%20for%202023%20-%20FINAL.pdf">most recent annual report</a>, 25 new entities got a green light last year; one application was denied. The number of complaints jumped from zero in 2022 to 24 in 2023, though no discipline was imposed on any of the four entities that were the subject of complaints.Lynda Shely, an Arizona legal-ethics lawyer who is also a member of the committee, said she would not comment specifically on German's dispute with 777 and Scout, which she has advised. She was also recused from the vote on Scout's renewal application. But she pushed back on the idea that Arizona was being too permissive, saying many applications didn't even make it to a vote because of the heavy scrutiny applied by committee staff. Funding and marketing firms were cutting deals with law firms in nonpublic arrangements for years before Arizona changed its rules, she added."There's a whole lot of disclosure that occurs through our model," she said. "There's more transparency about the relationship with an ABS."As BI reported in 2022, <a target="_blank" href="https://www.businessinsider.com/how-to-benefit-from-arizona-law-firm-ownership-structure-2022-10">Arizona's ABS structure</a> has unleashed a wave of experimentation. In some entities, lawyers and accountants are working side by side to serve clients better, and in others, technologists are helping traditional law firms work more efficiently, with the potential to share in the upside. Advocates see it as a way for lawyers to sell packages of valuable services, instead of selling billable hours.But one of the most common uses of an ABS has been for personal-injury and mass-tort attorneys to team up with funders and marketers more directly than is possible under legal-ethics rules in other states.Defenders of traditional law-firm structures say lawyers take an oath to do what's best for their clients. They argue that involving outside funders in firm management creates a risk that profits come first and clients come second.But some advocates for systems like Arizona's say those risks can be managed by requiring lawyers to have the final say, keeping a close eye on the new firms, and taking complaints seriously. They say there's nothing wrong with lawyers using outside money to reach more injured clients, who may not know where to turn when facing medical bills from car wrecks and dangerous drugs."So far, it is a success," Shely said. As with any new initiative, she said, it "will have growing pains and need to adjust and tweak things as we go."For much of 2023, German said, he expressed his discontent with 777's leadership, including its then-general counsel, Ed Gehres, and its chief financial officer, Damien Alfalla. He said he had conversations with other investors about buying 777's stake in Scout, but the talks ultimately went nowhere. He said other investors wanted to borrow money against Scout's unearned contingency fees, which could have made it impossible for those clients to find a new lawyer if they had to leave Scout for some reason.Gehres and Alfalla didn't respond to emails seeking comment.In the wake of his own dispute with 777, he said, he has become alarmed by the permissive approach the state has taken toward licensing and thinks more scrutiny is needed. He still believes that the ABS model has the potential to fill gaps in the legal marketplace, he said, but that greenlighting any applicant — many of which have little connection to Arizona — is a mistake.Allowing outside investment into law firms, he said, "is a privilege." "It serves a purpose for access to justice," he added. "It's not for a billionaire equity fund to use to game the process."Correction: June 18, 2024 — An earlier version of this story misspelled the name of 777 Partners' former chief financial officer. He is Damien Alfalla, not Damian Alfalla.

A lawyer dreamed of disrupting the legal industry with private equity. It turned into a nightmare.

<ul class="summary-list"><li>Apollo's Scott Kleinman warned of a "dry spell" for investors as deals from a friendlier era unwind.</li><li>Managers must adjust financial projections from deals done in the zero-interest rate era.</li></ul>A leading private equity executive just warned that investors are in for a "pretty dry spell for a few years.""I'm here to tell you everything is not going to be OK," Scott Kleinman, the co-president of Apollo Global Management, said at a session during Berlin's SuperReturn International conference on Wednesday.Managers have to adjust their financial projections for deals struck in the looser world of zero interest rates, when financing was cheap and consumers spent more."It's going to be a little bit tougher for private equity firms to see the types of returns they were looking for, versus in years past," Kleinman <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-05/-everything-is-not-going-to-be-ok-in-pe-apollo-s-kleinman-says?srnd=homepage-asia">told Bloomberg Television</a> on the conference's sidelines.Some fund managers have to <a target="_blank" href="https://markets.businessinsider.com/news/bonds/private-equity-firms-junk-debt-dividends-loans-bonds-rates-2024-2">think creatively</a> about how they wind down these deals, since the public markets have been touch-and-go for initial public offerings and potential private buyers have higher debt costs than a few years ago.Private equity firms can't hold their investments forever. Their fund agreements typically limit their involvement to about 10 years, from fundraising to purchasing to selling, although it's become more common for investors to agree to extend the fund's life.Investors don't want their money tied up for long, since they can't reinvest it. Across every stage of investing, from <a target="_blank" href="https://www.businessinsider.com/investors-secondhand-shares-portfolio-companies-to-free-up-cash-2024-1">venture capital's startups</a> to private equity's late-stage companies, investors are clamoring to get their money back. But managers don't want to sell at what they think is a discount to what the investment is worth."Eventually, sponsors are just going to have to accept that the valuation environment is lower and start selling companies," Kleinman said.Apollo, long known for distressed investing, will be ready to invest: It had $65 billion of dry powder on hand at the end of the first quarter. The firm manages more than $670 billion overall.

Get ready to make less money off your investments, says a private equity executive

Veteran analysts say the world's biggest private-equity firm could be in big trouble

Capital markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="261" meta.entityid="Sebi">SEBI</keyword> has put on hold the proposed Rs 4,000-crore initial <keyword id="21443197" type="General" weightage="20" keywordseo="public-offering" source="keywords">public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) of <keyword id="21741786" type="General" weightage="20" keywordseo="JSW-Cement" source="keywords" meta.keywordsubtype="org" meta.entityname="JSW Cement" meta.hostid="261" meta.entityid="JSW Cement">JSW Cement</keyword>. Without specifying reasons, SEBI stated that the "issuance of observations (has been) kept in abeyance," according to an update on its website on Monday. JSW Cement, part of the diversified <keyword id="20099967" type="General" weightage="20" keywordseo="jsw-group" source="keywords">JSW Group</keyword>, filed the preliminary IPO papers with SEBI on August 16. The proposed issue involves a new issue of <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> worth Rs 2,000 crore and an offer-for-sale (OFS) of Rs 2,000 crore by <keyword id="23013062" type="General" weightage="20" keywordseo="investor-shareholders" source="keywords">investor shareholders</keyword>, according to the draft red herring prospectus (DRHP) filed with the regulator. Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd will offload shares worth Rs 937.5 crore each and <keyword id="19934368" type="General" weightage="20" keywordseo="State-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="State Bank of India" meta.hostid="261" meta.entityid="State Bank of India">State Bank of India</keyword> (SBI) will divest shares valued at Rs 125 crore. Proceeds from the fresh issue to the tune of Rs 800 crore will be used for partially financing the establishment of a new integrated <keyword id="23013063" type="General" weightage="20" keywordseo="cement-unit" source="keywords">cement unit</keyword> in Nagaur, Rajasthan, while Rs 720 crore will be allocated for payment of debt and the remaining funds will be allocated for general corporate purposes. JSW Cement, which has a manufacturing capacity of 19 MT annually, aims to achieve the capacity of 60 MTPA. It currently has manufacturing units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra. Besides, JSW Cement through its subsidiary Shiva Cement operates a clinker unit in Odisha. JSW Group has business interests in sectors such as steel, energy, maritime infrastructure, defence, B2B e-commerce, realty, paints, sports and venture capital. JM Financial Ltd, Axis Capital Ltd, Citigroup Global Markets India Private Ltd, DAM Capital Advisors Ltd, Goldman Sachs (India) Securities Private Ltd, Jefferies India Private Ltd, Kotak Mahindra Capital Company Ltd and SBI Capital Markets Ltd are responsible for managing the company's IPO process.

SEBI places JSW Cement's Rs 4,000-cr IPO on hold for now

Automaker <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> lndia has invested about Rs 1.99 crore in <keyword id="21061376" type="General" weightage="20" keywordseo="amlgo-labs-private-limited" source="keywords">Amlgo Labs Private Limited</keyword>, a technology-led startup. The startup operates in the area of data analytics, cloud engineering, machine learning (ML) and artificial intelligence (Al), to assist companies in data driven decision making. With this, Maruti Suzuki will own an equity stake of over 6.44 per cent in the startup, the automaker informed stock exchanges on Saturday. The investment is being made through the Maruti Suzuki lnnovation Fund, an initiative to undertake strategic investments in startups which exhibit high levels of technological innovation. This is the second such investment by the company. Earlier, the company invested in <keyword id="21061374" type="General" weightage="20" keywordseo="sociograph-solutions-private-limited" source="keywords">Sociograph Solutions Private Limited</keyword>, specialised in AI, in June 2022. "We have been working with startups since 2019, as a part of the Maruti Suzuki lnnovation Program. Aligned with the government's Start Up India initiative, we are actively working to help strengthen the startup ecosystem and encourage innovation to develop solutions relevant to the automobile industry," HisashiTakeuchi, Managing Director and CEO, Maruti Suzuki India. "Our investment in Amlgo Labs Private Limited will help us to further strengthen quality of new models, using advanced analytics and machine learning," Takeuchi added. According to <keyword id="20693796" type="General" weightage="20" keywordseo="ajay-yadav" source="keywords">Ajay Yadav</keyword>, Founder, Amlgo Labs Private Limited said, "Our collaboration with Maruti Suzuki has proven to be fruitful, helping our company augment and scale up operations. Combining our expertise in Data Analytics, Machine Learning and Artificial Intelligence based solutions, with mentorship and networking opportunities offered by Maruti Suzuki, we will be able to further refine our offering." Started its journey in July 2017, the startup firm has offices in Gurugram and Bengaluru in lndia and Delaware in the US. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-12-review/articleshow/108723955.cms" target="_blank">OnePlus 12 review: A feature-packed device with promising battery back-up</a><a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/jsw-group-and-saic-motors-jv-jsw-mg-motor-india-set-to-up-production-to-3-lakh-vehicles-a-year-with-a-new-car-every-3-6-months/articleshow/108647799.cms" target="_blank">JSW Group and SAIC Motor’s JV ‘JSW MG Motor India’ set to up production to 3 lakh vehicles a year with a new car every 3-6 months</a><a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16-review/articleshow/108514221.cms" target="_blank">Asus ROG Strix Scar 16 review – powerful gaming laptop with a cool design</a>

Maruti Suzuki invests in machine learning, artificial intelligence startup Amlgo Labs

<ul class="summary-list"><li>Job titles in the $4.3 trillion hedge-fund industry vary greatly from firm to firm.</li><li>The lack of uniformity allows both firms and employees to present themselves in the best light.</li></ul>The well-publicized battle between David Einhorn's Greenlight Capital and its former employee James Fishback can seem, to industry outsiders especially, a bit trivial.While Fishback's <a target="_blank" href="https://www.businessinsider.com/greenlight-former-macro-analyst-sues-david-einhorn-2024-10">most recent legal filing claims age discrimination</a> and asks for at least $5 million from his old firm, the genesis of the messy dispute involves Fishback's title during the two-plus years he spent at Greenlight.He said he was the firm's head of macro. The firm said he was just an analyst — and an <a target="_blank" href="https://www.businessinsider.com/david-einhorns-files-lawsuit-against-james-fishback-2024-6">unproductive one at that</a>. Lawsuits, spiteful tweets, and plenty of memes <a target="_blank" href="https://www.businessinsider.com/david-einhorn-greenlight-lawsuit-james-fishback-2024-5">ensued</a>.While the disagreement is on the extreme end of the spectrum, hedge-fund industry veterans say title confusion, inflation, and misalignment are rampant.Titles within banks and private equity firms follow a de facto industry standard. A managing director at Morgan Stanley does more or less the same thing an MD at Goldman Sachs does.This is not the case in the hedge-fund world.While the biggest managers <a target="_blank" href="https://www.businessinsider.com/morgan-stanley-prime-brokerage-novick-shaw-startup-hedge-fund-mistakes-2024-9">have become more institutional</a>, the $4.3 trillion industry is more opaque and founder-led than other sections of finance.Hedge funds are a disparate group spanning firms with thousands of people worldwide and new launches with a pair of analysts and a Bloomberg terminal. This lack of uniformity and the relentless war for talent has firms and employees alike taking advantage of the ambiguity.Fishback, for example, references not an offer letter or an internal HR system to prove his title in his legal filings but an email sent to a third party by Greenlight's chief operating officer offhandedly referring to Fishback as the firm's "head of macro."Recruiters and hiring managers at big-name funds say candidates constantly give themselves more prestigious-sounding titles on LinkedIn. A dozen headhunters, fund executives, consultants, and others who spoke with Business Insider argued that as firms build out the non-investment sides of their businesses to support their growth, titles will only get more inflated."It's extremely tough to know who's real and who isn't," said one longtime recruiter who mostly focuses on quant firms and large multistrategy managers."An MD title at the banks, that means something. An MD title at a hedge fund doesn't mean anything."<h2 id="731f7cfe-0e1f-42aa-921c-ef631afc0183">Global heads, chairmen, investment officers, and more</h2>As one person who works in a hiring position at a large multistrategy firm told BI, "titles are free" — and firms use them. Industry insiders said a title could be a carrot for recruiting or retention, especially as the biggest funds become more institutional and add more non-investment roles to their firms.More than 200 people who work at the $64 billion firm Citadel have a title on LinkedIn that deems them the "head" of some part of the business, for example. That's roughly one out of every 14 people within the hedge fund — and doesn't include its founder, Ken Griffin; its chief operating officer, Gerald Beeson; and others on the leadership team.A person close to the Miami-based firm said Citadel's flat structure means that no matter an individual's title, the internal expectations to produce are very high.This person added that Citadel's pursuit of top external talent — the firm just hired Apple's top recruiter, Sjoerd Gehring, to be its chief people officer, and it poached Google's Paul Darrah this year to be its chief workplace officer — means some accomplished employees receive big titles to match their experience.Jose Gamez, for example, spent nearly 20 years working as a chef at several Four Seasons hotels, including five years leading the kitchen at <a target="_blank" href="https://www.nytimes.com/2020/04/07/us/coronavirus-citadel-securities-four-seasons-florida.html">the one in Palm Beach that Citadel Securities took over</a> during the pandemic. He's now the global head of culinary and executive chef for Citadel and Citadel Securities.Even for investing talent, titles can be tricky to understand from the outside, in many cases, because of the differing internal structures across the industry that obscure who actually makes trading decisions.Rokos has two dozen employees with the title "investment officer" in their LinkedIn profiles. A person familiar with the London-based firm said that while these employees sit somewhere between an analyst and a portfolio manager, the fact that its billionaire founder, Chris Rokos, makes all investment calls for the fund complicates titles. The manager declined to comment.At the <a target="_blank" href="https://www.businessinsider.com/who-bobby-jain-has-hired-jain-capital-hedge-fund-launch-2023-12">newly launched Jain Global</a>, there is a chairman of fundamental equities, Paul Enright, and a chief investment officer of fundamental equities, Townie Wells. Wells, a person familiar with the matter said, manages a portfolio on top of running the business, while Enright is more focused on mentorship and talent development.The chairman title is uncommon in hedge funds, especially for an individual business within a multistrategy manager, but the person close to Jain said it was what made the most sense for Enright, a former Viking Global portfolio manager who had been running his own money for years and decided to come back to the industry to work at the new fund.Firms can also tweak common industry titles internally.Millennium, for example, has ditched the sub-PM title, elevating those who once held that role to PM. These individuals, though, report to a senior PM, who can oversee several PMs within a pod.A person close to the firm said that as Millennium has grown, individual investing teams have become broader, necessitating more structure. All the teams at Millennium — there are more than 300 — are led by a senior PM, and it's not uncommon for PMs working under a senior PM to own part of the book and take risk themselves.In some cases, however, a PM's responsibilities can be more akin to those of a senior analyst or a sub-PM — but a PM title sounds better to external candidates."People will join because they want to be a PM," one recruiter said. "They know the power in that title."<h2 id="80e6436b-e9f6-4264-9dc3-db69994eef27">Keeping it under wraps</h2>Plenty of funds intentionally keep roles vague and closely monitor what their team members are publicly sharing about themselves.At Coatue, executives sign off on what employees put as their title on LinkedIn, people familiar with the firm's operations said. Members of Tiger Global's front-office team use "investor" as their title on LinkedIn instead of a more specific role.Quants like Marshall Wace, D.E. Shaw, and Two Sigma are famously guarded about their internal workings. At each firm, dozens of employees use catchall titles like "quantitative researcher" that can span experience levels.Both sides can be frustrating, especially for headhunters and business development pros at large firms trying to grow their teams.Oversharing or exaggerating titles can lead to inflated salaries and outside offers that aren't commensurate with a prospect's actual experience. Vague titles, on the other hand, can leave allocators struggling to understand what exactly their fees are paying for. Internally, employees who lack ownership of a specific sector or business find that their end-of-year bonuses are left to the whim of the founder.Fund executives and recruiters alike believe that the industry's institutionalization will eventually codify titles across firms. <a target="_blank" href="https://www.businessinsider.com/how-to-get-a-hedge-fund-job-point72-academy-applicants-2022-1">Talent-development programs at firms like Point72</a> and more structured <a target="_blank" href="https://www.businessinsider.com/why-elliott-alums-are-launching-their-own-funds-2024-8">career-development paths at managers like Elliott</a> already feel more like private equity or banking than the Wild West hedge-fund days of yore.Don Steinbrugge, the CEO of the hedge-fund consultancy Agecroft Partners, said lofty-sounding roles without equivalent responsibilities — like a vice president of a bank — would have their match in hedge funds."Titles are something that's very important to people. It's something that impacts their reputation in the industry," Steinbrugge said."Over time, people will have titles that sound more important."

What's in a title? How hedge funds and their employees use the industry's lack of consistency to their advantage

<ul class="summary-list"><li>Private equity-owned companies are issuing a lot of debt to take advantage of low borrowing costs. </li><li>Private equity companies are using proceeds to pay themselves and their investors, <a href="https://www.ft.com/content/956c1f0a-bb53-4982-9c07-b839f3446c2c" target="_blank" rel="noopener">the FT reported.</a></li></ul>Private equity companies, faced with a weak market for initial public offerings and lower borrowing costs, are loading their portfolio companies with more debt to pay themselves and their investors. <a href="https://www.ft.com/content/956c1f0a-bb53-4982-9c07-b839f3446c2c" target="_blank" rel="noopener">The Financial Times reported</a> on Monday that private equity firms are tapping the debt market at a blistering pace in order to fund dividend payments so far this year. Citing data from PitchBook, the report says that companies issued $8.1 billion of high-yield loans to fund payments to investors last month, six times the amount sold in December. Most of that amount was sold by companies that are owned by private equity. The moves are powered by a drop in borrowing costs in recent months, pushing PE firms to hit the debt market to satisfy the demands of their investors and return some cash to shareholders. The strong pace of so-called dividend recapitalizations has occurred amid sluggish demand for new IPOs, which are often used as a strategy for PE firms to exit their investments and pay back investors. The FT cited debt deals from companies owned by firms including Blackstone, KKR, and Warburg Pincus that were used to fund dividend payments to the PE companies and refinance higher-cost debt. Previously, a <a href="https://markets.businessinsider.com/news/stocks/kkr-kravis-private-equity-inflation-rates-recession-economy-israel-ukraine-2024-1?_gl=1*ty0yi8*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwNzE0NjE5MC43NS4xLjE3MDcxNTgzMzQuMzUuMC4w">challenging economic outlook</a> and high interest rates made such moves difficult. Now, with more favorable borrowing costs as debt markets begin to price in rate cuts from the Federal Reserve and as investors see the economy on solid footing, more companies are tapping the debt market to issue loans and bonds.Total high-yield loan issuance was $65 billion in January, the highest amount since September. Meanwhile, investment grade bond issuance hit $180 billion last month, a record total for January, the FT said.

Companies are issuing tons of debt to pay their private equity owners and their investors

<ul class="summary-list"><li>Quant giant D.E. Shaw has hired people from non-traditional finance backgrounds for decades.</li><li>The firm's head of recruiting told BI he looks for certain traits when hiring, including "learning agility."</li></ul>It was 2011, and Tim Willenken had just spent the past 12 years — four as an undergrad and eight in a doctoral program — preparing to be a philosophy professor.There was just one problem: He didn't want to be in academia anymore.He "had no idea where to start" looking for a job, knowing just about the professions he had been exposed to in graduate school — doctors, lawyers, and professors, he told Business Insider.To learn about what else was out there, he went through his Facebook friends list and called people working at companies in roles he hadn't heard of before. He eventually spoke to an old college friend he knew through debate club who had previously worked at D.E. Shaw."That was the first time I'd heard of the firm," said Willenken, a senior vice president in the D.E. Shaw's corporate development unit. "I think I'd had one conversation about what a hedge fund was when I applied." D.E. Shaw, started in 1988 by now-billionaire computer scientist David Shaw in New York, is remarkably secretive even for the guarded world of hedge funds, but what little has leaked paints the manager as being on the <a target="_blank" class="" href="https://www.businessinsider.com/first-half-quant-returns-from-de-shaw-two-sigma-renaissance-2024-7">cutting edge</a> of quant finance.While working at the $60 billion fund is now the goal for many finance-focused students at <a target="_blank" class="" href="https://www.businessinsider.com/de-shaws-summer-internship-recruitment-interview-tips-2023-4">top universities</a> and a destination for quants, the manager has also maintained its long history of hiring non-traditional talent. Early hires included crime fiction writer Charles Ardai and Amazon founder Jeff Bezos, and the manager now boasts on its website that employees come "by way of academia, Silicon Valley, or an NGO."Other hedge funds are also hoping to convince academics, technologists, and others to join their ranks instead of staying in their field or working in Big Tech as they grow and compete to have best-in-class talent rosters. These offers are not just down to compensation, which is handsome at hedge funds.The firm's head of recruiting, Jeremy Reff, a former English major at Harvard who has worked at the fund for nearly two decades, is in charge of continuing and improving on this tradition of non-traditional hires. While some who join D.E. Shaw may require additional training or a longer runway to get up to speed, he said, the return on these hires outstrips the costs."There are benefits to having a beginner's mindset," he said, and the firm's expansion into different investment strategy types, such as <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/the-d-e-shaw-group-raises-combined-1-1-billion-for-two-new-funds-focused-on-private-market-opportunities-301746589.html">private investing</a> and discretionary global macro, can be attributed to the curious nature of these hires.  The reality, though, is that a lot of roles don't have exact equivalents to other parts of the industry, so people from outside finance are not on that much different footing as those with more traditional finance backgrounds, he said. "We are looking for traits and attributes more than one particular skill," he said.<h2 id="1ec22262-b503-4604-bafe-92fe9e0ecb78">Mentorship, prerequisites, and 'learning agility'</h2>While the firm is happy to invest ample time in training talented recruits, certain roles still require certain skills. For example, knowing how to program is a must if you're applying to be a <a target="_blank" class="" href="https://www.businessinsider.com/wall-street-top-technology-projects-goldman-blackstone-morgan-stanley-2024-8#d-e-shaw-s-generative-ai-approach-encourages-programmers-to-build-their-own-tools-4">software engineer</a>, Reff said.The firm's learning and development team is structured to get people up to speed on financial markets and where the firm sits within them. The rotational associates program lets new hires work for different teams in different roles so new employees can get a sense of where they fit best.The real learning happens on the job though."The only real way to learn is to get your hands dirty," Willenken said.Reff's job is to find people who can keep up. The interview process is designed to test potential at the firm, including creativity and "learning agility.""There are thousands of indicators for success that we use," he said. "No one is hired solely based on their résumé."   The firm used to consider <a target="_blank" class="" href="https://nymag.com/intelligencer/2019/09/david-e-shaw-college-donations.html">standardized test scores</a> as part of its hiring process but has phased them out over the last few years. "They aren't predictive of success," Reff said.The résumés are generally reviewed blindly, meaning names are not attached to the qualifications and experience.   The process has changed significantly since Reff was hired in 2006, two years after graduating from undergrad; he recalled speaking to his interviewer for a while about the Spanish novel "Don Quixote." Now, it's a more structured process, incorporating industry best practices with the firm's internal metrics and "secret sauce."  "We don't get it 100% correct, of course, and are always tinkering with it," he said.<h2 id="067dcf50-7ee4-431a-b455-7435b3922f71">Academics, doctors, and veterans</h2>The end result is that driven people find their place in the firm, one way or another. Ana Díaz Rivero, a quantitative researcher, "never had an interest in finance," but wanted to leave academia after getting her doctorate in physics.Her role allowed her to "continue pursuing academic research without being in academia," she said."A lot of the skills and tools we use are very similar. The principles behind how we do research are very similar," she said.For those who have joined the firm after working in a non-finance field, incorporating past abilities and skills into their current roles was a big selling point.For some, the biggest carryover from their former careers is habits they learned, like Lindsay Temes's military-trained punctuality and organizational skills. For others, like Dr. Omar Ali, a healthcare specialist on the fundamental equities team, there's more overlap.<div type="image" title="Lindsey Temes sits at a table, writing on a notepad" height="2667" width="4000" msid="114980202" hostid="261" sizebytes="1074078"></div>Temes, a vice president in the COO Group, spent more than a decade in the Air Force before leaving in 2018 to attend graduate programs at Harvard and MIT.As a Pat Tillman Foundation scholar, a program named for the late former football player-turned-soldier that covers veterans' education expenses, she was introduced to D.E. Shaw and found it was a place where she "would be valued and heard."  She overcame some initial hesitancy about financial services thanks to employees from non-traditional backgrounds who stressed that her role wasn't going to be "static."  A former doctor for the UK's National Health Service, Ali said that "the day-to-day is certainly different than working in medicine," but the jump to finance wasn't as daunting as it can seem from the outside.<div type="image" title="Dr. Omar Ali smiles while sitting in a conference room" height="1525" width="2000" msid="114980199" hostid="261" sizebytes="230880"></div>He said firms that focus on their employees' talents and not on fitting people into specific boxes make the transition easy."My real value is not my ability to navigate a balance sheet, it's my practical expertise in the field and my background," he said.<h2 id="900d026f-556a-4784-8b67-9629236daaba">Don't want to 'win' on compensation</h2>Hedge funds are known for paying their employees well, especially compared to fields like academia or government work.Job postings show positions such as a software developer making $200,000 a year, and a summer internship on the fundamental research team for college students is offering $18,000 a month in salary, plus overtime, along with a $10,000 signing bonus, a $10,000 housing allowance, and thousands of dollars in stipends for "self-study" materials and technology equipment.But Reff said, "I never want to win on solely compensation," and those who have joined from outside finance say they were drawn to the firm for a number of reasons beyond pay.Díaz Rivero and Ali knew of D.E. Shaw Research, a computational drug discovery company led by Shaw, which put the hedge fund on their radar. Willenken, the doctor of philosophy, appreciated that his role included the parts of academia he enjoyed most without the siloed approach academic research roles typically require.Timelines are tighter and there's more collaboration on the corporate development team, he said, and "the questions are a little more concrete than in philosophy." But he is using the same muscles to search for answers to questions that don't have easy answers.   "There's not a lot of low-hanging fruit. If there was an obvious answer, someone would have thought of it by now," he said.Reff has a shorthand he uses with potential recruits to describe the firm: "These are a bunch of people who really want to get things right."  "I think that's very attractive to people in a lot of different fields," he said.

Why quant giant D.E. Shaw seeks out academics, doctors, and veterans to work at the $60 billion hedge fund

The <keyword id="20086142" type="General" weightage="20" keywordseo="Indian-Renewable-Energy-Development-Agency" source="keywords">Indian Renewable Energy Development Agency</keyword> (IREDA) declared its Q1 FY25 results. For the April-June quarter, the company's <keyword id="20066400" type="General" weightage="20" keywordseo="revenue-from-operations" source="keywords">revenue from operations</keyword> stood at Rs 1,510.71 crore, up from Rs 1,391.64 crore as of March 31, 2024. The company's net <keyword id="20298212" type="General" weightage="20" keywordseo="profit-after-tax" source="keywords">profit after tax</keyword> also inched up from Rs 337.38 crore in the previous quarter to Rs 383.69 crore as of June 30th, 2024. The company's <keyword id="19985211" type="General" weightage="20" keywordseo="net-worth" source="keywords">net worth</keyword> also saw a significant jump from Rs 8,599.43 crore as of March 31st, 2024, to Rs 9,110.49 crore as of June 2024. For the quarter ended June 2023, IREDA's net worth was Rs 6,290.40 crore. On a year-on-year basis, the company also managed to bring down its <keyword id="21183774" type="General" weightage="20" keywordseo="debt-equity-ratio" source="keywords">debt-equity ratio</keyword> from 6.35 as of June 2023 to 5.83 as of June 2024. Notably, a lower debt-equity ratio indicates that the company does not have high debts commensurate with its equities and is relatively debt-free. On a year-to-year basis, the company also succeeded in bringing down its net <keyword id="21671151" type="General" weightage="20" keywordseo="non-performing-asset-ratio" source="keywords">non-performing asset ratio</keyword> from 1.61% during the same period last year to 0.95% during April–June 2024. At a little over 25%, the company largely kept its net profit margins steady. At the close of day's trade today, IREDA was trading at Rs 284.00, up by 0.11%.The stock has had an impressive year so far, generating a YTD (yield-to-date) of about 171%. However, the last quarter saw IREDA's operating margins shrink slightly on a YoY basis, from 38.42% as of June, 23 to 31.47% as of June 2024. The company's EPS (earning per share) also inched up from 1.29 in June 2023 to 1.43 as of June 30th, 2024. Recently, the company raised Rs 2,500 crore via private placement in June 2024, for general corporate purposes and funding renewable energy projects.

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