Managing Partner @unityinvests. Prev. Partner at Pleiad and GSPS, @jpmorgan, @Yale @Harvard. Musings and pontifications. https://nitter.gq/t.co/XIJFMlbazi
Joined August 2010
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@AnthropicAI is reportedly heading to an IPO at a ~$2T valuation. @FT reports it is also offering @blackstone 10%+ to anchor $9B of junior debt in a $60B chip financing.
Both numbers cannot be right at the same time. A thread:
You do not have to be wrong on AI to lose money lending into it.
At Unity, we only do short-duration GPU financing with conflict-free, high-quality offtakers. Curious how others are reading this. What is the market telling us?
Full paper on our Substack:
unityinvestments.com/post/si…
Starting at 24, I spent five years at an ex-Goldman Sachs Principal Strategies fund.
The culture rewarded conviction, intensity, risk-taking, and storytelling. I learned to build a thesis. Size up with conviction. Defend under pressure.
What no one taught me: how to lose money.
Then think about the upside. As a lien. A covenant. A personal guarantee. A collateral package that survives when everything else breaks.
The best training I ever received was not at Goldman, JPMorgan, or Yale.
It was losing money inside them.
Mark Walter, CEO of Guggenheim Partners, is under federal investigation.
The allegation: his insurance companies funneled billions in policyholder funds into private credit deals backing his own business empire. Without disclosure.
Federal agents seized his phone. Grand jury subpoenas issued. He just sold the Lakers to clean up the mess.
This is what conflicts of interest look like at scale.
Private credit runs entirely on trust.
Every investment manager feels the pressure to deploy.
When a deadline approaches and a deal falls short of our bar, the temptation is always the same: lower the standard just enough to get something done.
Every time, we choose to do nothing.
When it unravels, managers blame "tail risk" and not the bad decisions they made under pressure.
Two kinds of firms. Outcome-dependent firms hit short-term targets today and pay for it tomorrow. Process-dependent firms protect their principles regardless of cost.