Video by National Association of Investment Companies via YouTube
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In a compelling conversation, Howard Sanders shares his firm’s investment strategy, detailing the history and evolution of secondary funds from its origins following the dot-com bubble through the 2008 financial crisis to recent years when more sophisticated investors leverage secondaries as a strategy to reach their targets in private equity, real estate and other alternatives quicker than through primary investments.
Sanders also describes the influence that his entrepreneurial father—who went from being a radio station general manager to owning a substantial interest in several radio stations—had on his career. In the candid discussion, Sanders also recounts the heartbreak that came with raising Auldbrass’ inaugural fund, where the team sought to raise $250 million but managed to raise only $17 million. “It was really devastating to us after being two years in the market.”
Additionally, Sanders discusses the challenges of being a first-time diverse manager, how the term ‘emerging manager’ has been co-opted by firms not led by women or people of color, and his optimism about the diverse asset management segment’s future. Finally, he provides a look into how he sees Auldbrass Partners evolving over the years and the innovation that more sophisticated entrepreneurs are bringing to the industry.