Two and Twenty: How the Masters of Private Equity Always Win
It’s pressing the right buttons at the right time to make the investment more valuable.
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
You’ll have to be able to grow the pie of economics for everyone, not just take a bigger slice of it.
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
The deal team refines this lens several times during the life of an investment, primarily to sharpen the view of the outcome that can be achieved, as it digs further into the operations of the target and generates ideas for how to improve the financials.
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
They are not day-to-day executives—they rely on excellent management, and therefore they have to know what excellent management looks like.
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
The bottom line: In private equity, you are not an advisor. You are a principal. A new recruit in private equity must accept this reality because the job isn’t like investment banking or management consulting. You eat what you cook. The hardest work often happens after you have closed a deal. This kind of discipline, to accept that you must stick
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The idea is to have a strong chance of winning on every investment.
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
it can take only three or four investment professionals to find, execute, and manage an investment worth billions of dollars.
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
collection of deals to showcase where they saw something unique, actioned it, and managed the outcome
Sachin Khajuria • Two and Twenty: How the Masters of Private Equity Always Win
They do enough work to establish that the risks are worth taking because the reward is at least commensurate and believe that the outcome is achievable.