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So when I was a fund manager and CIO of a fund complex, we always used to be upset with the distribution folks as to why they can't sell our funds...being an allocator now I understand why...they are all the same...other than short to medium term performance...most of them sound, feel, look the same...true of MFs, PE, VC, HFs...very disheartening actually
Having been on both sides, I should probably write up as to how to differentiate...but the problem is that the biggest differentiation is in the process...and there is not much there there...
I have come to appreciate that the firm level, for large asset managers, the distribution strategy and execution is probably a bigger source of firm alpha than investment performance
And if you think all of this is true for public markets...I assure you private markets are not much different...one more pitch on sourcing differentiation from them, I will do you know what
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