How to Launch a Hedge Fund in 2026 | Blackstone, CPP, Stable & Canepa | Emerging Manager Masterclass скачать в хорошем качестве

How to Launch a Hedge Fund in 2026 | Blackstone, CPP, Stable & Canepa | Emerging Manager Masterclass

What do Blackstone, CPP Investments, and the top seeders actually look for in emerging managers? This all-star panel breaks down the psychology of successful founders, the dangers of "SMA Purgatory," and why finance attracts more dark triad personalities than any other industry. If you're launching a fund, or thinking about it, this is required viewing. HIGHLIGHTS: 0:00 - Intro + Panel Introductions 2:16 - Eric introduces the other panelists 3:40 - "Have you seen the fees we charge? I'm not sure I would pay them" 4:15 - Why emerging managers outperform: "They're still not rich" 5:14 - Canepa's definition of "emerging": $3-5B potential, not just spinouts 5:54 - Blackstone's $60B platform and flexible partnership structures 6:16 - Linda's "Triple A" framework: Agility, Alpha, Access 7:47 - CPP's 10-year emerging manager program 9:29 - What makes someone "investment ready"? 10:39 - "If you just want to trade, go to Millennium or Citadel" 11:20 - The scarcity of good CEO-types in fund management 13:22 - "Founders don't want to spend money on salespeople so we put it in the docs" 14:26 - "Finance has the highest percentage of dark triad psychologies" 15:04 - Why self-awareness is the #1 predictor of success 17:57 - Platform deals: "The rocket fuel of the industry" 18:40 - "Rocket fuel is highly flammable" the SMA warning 19:39 - "SMA Purgatory" explained 20:17 - The 3-tier SMA hierarchy: Asset owners, Asset managers, Platforms 21:06 - "Pod multi-managerization is coming to privates" 24:36 - Global hotspots: Asia and Europe seeing the most activity KEY TAKEAWAYS: • Triple A framework: Agility, Alpha, Access • Dark triad traits (Machiavellianism, psychopathy, narcissism) are good for making money but self-awareness is what makes great partners • "SMA Purgatory": Too much SMA capital scares off commingled fund investors • Founders must hire salespeople — seeders now put it in the docs • Best SMAs: Asset owners, Asset managers, Platforms • Pod-ification is coming to private markets (Apollo, Millennium already active) • Europe and Asia seeing surge in emerging manager launches PANELISTS: • Erik Serrano Berntsen — CEO, Stable • Marc Gilly — Partner, Canepa Global Managers • Linda Luu — Managing Director, The Blackstone Group • Yan Kvitko, CFA — MD, External Portfolio Management, CPP Investments • Max Karpel — Partner, Akin (Moderator) Recorded live at Global Alts Miami 2026