Why Public Credit Should Emulate Private Equity In the status quo, public credit compensates based on synthetic revenue rather than total return. In the pro forma, public credit emulates private equity: public credit restructures compensation into a system of profit sharing, and profit sharing is a function of total return. This compensation restructuring solves microeconomic […]
Why IRR trumps ROE: IRR measures Total Return As a performance metric, IRR is fundamentally superior to ROE, since IRR is a measure of total return. While IRR is a cash flow metric, ROE is an accounting metric. Further, IRR is more difficult to manipulate than ROE. The capital account measures performance The capital
Excerpt: Former Apple CEO is the June Luncheon Speaker at the Stillwater Club Michael Spindler was born in Berlin, Germany and holds a B.S. in Electrical Engineering from Technical University in Cologne. In 1980, Michael Spindler joined Apple Inc. as European Manager based in Paris, France. In 1985, he took responsibility for Apple’s International business
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Is EBITDA a proxy for Cash Flow? Leo Hindery: “We’re the kings and the queens of EBITDA, we’re all about cash flow, pre-tax cash flow, and we try not to pay taxes. And I don’t view that as anything but positive.” Cash flow is measured by the cash flow statement. Cash flow has a multitude
Notes on Michael H. Spindler Although Michael H. Spindler joined Apple in September 1980 as marketing manager for European operations, the native of Berlin, Germany, didn’t pop up on the radar screens of most Apple watchers until January 29, 1990, when he moved to Cupertino to assume the role of chief operating officer, taking over
Memorandum to: State Investment Council From: Corey Amon, Director Subject: Proposed Investment in Stellex Capital Partners II LP The Division of Investment (the “Division”) is proposing an investment of up to $125 million in Stellex Capital Partners II LP (the “Fund”). This memorandum is presented to the State Investment Council (the “Council”) pursuant to N.J.A.C.
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Memorandum to: State Investment Council From: Corey Amon, Director Subject: Proposed Investment in Silver Lake Partners VI, L.P. The Division of Investment (the “Division”) is proposing an investment of up to $100 million in Silver Lake Partners VI, L.P. (the “Fund”). This memorandum is presented to the State Investment Council (the “Council”) pursuant to N.J.A.C.
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Ohio Police & Fire Pension Fund: Minutes, Board of Trustees Investment Committee/Board Call to Order The meeting was called to order at 8:30 am. In Attendance: Committee Members/Trustees: Britt, Heller, Maloney Stifler, Miller, Montgomery, Moore, Wainscott and Desmond Absent: Corvi Staff: Abankwah, Duncan, Eichhorn, Foley, Gallagher, Graham, Hall, Hampton, Harville, Holodnak, Luke, McElroy, Miller, O’Brien,
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Memorandum to: State Investment Council From: Corey Amon, Director Subject: Proposed Investment in DivcoWest Fund VI-A, LP The Division of Investment (the “Division”) is proposing an investment of up to $100 million in DivcoWest Fund VI-A, LP (the “Fund”). The Fund is being sponsored by Divco West Real Estate Services, LLC (“DivcoWest” or the “Firm”).
Memorandum to: State Investment Council From: Corey Amon, Director Subject: Investment in TPG Capital’s Dragon Co-Invest, L.P. On October 29, 2019, the Division of Investment (the “Division”) invested $24 million in Dragon Co-Invest, L.P. (the “Fund”). This informational memorandum is presented to the State Investment Council (the “Council”) pursuant to N.J.A.C. 17:16-69.9. The attached schedule
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