Hedge funds, venture capital, and private equity

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Hedge funds, venture capital, and private equity발음듣기

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One thing I probably should make clear is that this idea of getting a 2% management fee and then participating in the profits at around 20%, getting this 20% carried interest, this isn't unique to hedge funds.발음듣기

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This is actually the same compensation structure that you'll normally have at a venture capital fund or a private equity fund.발음듣기

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And just to be clear, venture capital really is a form of private equity.발음듣기

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But normally when someone says private equity, they're not talking about venture capital in particular.발음듣기

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In all of these situations, the managers will get roughly 2% for managing the fund and they'll get 20% of the profits.발음듣기

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The only difference really, in terms of how it's structured, in a venture capital or private equity fund will still have kind of a limited partnership for the actual fund.발음듣기

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And then they would have a management company that gets the management fees and the profits.발음듣기

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The only difference is because a hedge fund, for the most part, is probably going to invest in public securities, it could get the money right from the get-go and put that money to work because it tends to invest in fairly liquid assets.발음듣기

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So this is fairly liquid assets that they can just go out and buy.발음듣기

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So a hedge fund will normally just take as much money as it needs to invest right from the beginning.발음듣기

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A venture capital firm or a private equity firm, what they'll do is they'll say, look, I'm going to raise $100 million fund, but I'm not going to be able to just go out the door tomorrow and invest $100 million.발음듣기

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In the case of a venture capital firm, they're going to have to look at business plans and entrepreneurs and do their due diligence.발음듣기

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Same thing for a private equity firm.발음듣기

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They're going to have to look for companies that they might want to buy private equity.발음듣기

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You're normally talking about more mature companies that maybe this firm thinks that they can buy and turn around.발음듣기

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Maybe more mature companies that need some money to grow really fast.발음듣기

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Venture capital tends to be investing in some guys and a business plan or maybe these smaller kind of more, I guess we should call it, more risky companies.발음듣기

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But in either of these situations, they won't just find them tomorrow.발음듣기

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So what they do is they go to their investors and they get their investors to commit a certain amount of money, to say commit $100 million.발음듣기

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And they'll get the management fee on what those investors commit.발음듣기

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But they won't take the money right then and there.발음듣기

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They'll take the money as they need it.발음듣기

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They'll do what's called a capital call to their investors saying, hey, I just found a good $5 million investment.발음듣기

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I now need this percentage of what you committed to so that I can go out and make the investment in the hedge fund.발음듣기

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That's not the case.발음듣기

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All of it is up front.발음듣기

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But it really is the same compensation scheme.발음듣기

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And that's why if you go to any fancy business school, you'll find these are kind of the careers that, at least the people who are interested in - I don't want to give them any kind of characteristics - there's a bunch of reasons why people would want to go into these.발음듣기

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But these are definitely sought after careers at a lot of fancy business schools.발음듣기

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