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Goldman’s Marc Nachmann warns of ‘deployment pressure’ from evergreen funds

admin — Tue, 04 Nov 2025 19:44:34 +0000

A version of this article appeared in CNBC’s Inside Alts newsletter, a guide to the fast-growing world of alternative investments, from private equity and private credit to hedge funds and venture capital. Sign up to receive future editions, straight to your inbox.

Wealthy individuals have been pouring into alternative assets in recent years, thanks in part to the explosion of evergreen funds, a certain type of fund specifically structured to allow for more liquidity. The catch is, the capital that goes into these funds often has to be spent right away, and that may be creating distortions in the markets.

Think of this deployment structure as a gift card with $100 on it. In the traditional, illiquid model (typically sold to institutional investors) a fund manager can take that gift card and spend it whenever he or she wants – perhaps when assets go “on sale.” But that’s not how it works with evergreen funds. Their hypothetical $100 starts to lose its value each day the money isn’t spent. Therefore, they’re incentivized to buy assets as soon as they can snap them up.

That may be palatable if evergreen funds represent a small proportion of the overall marketplace, but with their rapid ascension, some experts are raising concerns that too many managers are spending too much money all at the same time.

That dynamic, at best, could put a ceiling on future returns. At worst, well — things could get ugly.

Goldman Sachs’ Marc Nachmann runs asset and wealth management for the firm. Goldman has its own “G-Series” suite of open-ended funds across a variety of investment strategies. Nachmann said that while returns could ultimately be limited by the proliferation of evergreens, he thinks it will also create differentiation, similar to a “credit cycle.”

“Some people will let the deployment push investing decisions,” Nachmann said in an interview. “One of the concerns is, are you feeling too much pressure from the flow in the evergreen fund, and are you ending up doing deals that are not as good of a return – or not as good deals – because you have deployment pressure.”

Nachmann added that type of pressure is something he pays close attention to.

“As an example, I don’t have deployment targets for my team, because the last thing I want is anybody feeling like they have to deploy for any reason,” he said.

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The universe of evergreen private market funds is estimated to be about $427 billion, according to PitchBook, and with current trends, total assets could surpass $1 trillion within the next five years. That compares with the market for traditional, drawdown funds, which has about $15 trillion in assets and is expected to grow to more than $20 trillion over that time frame, according to PitchBook.

In addition to Goldman, many of the largest managers – including Apollo Global, Brookfield and KKR – have these types of products. And to be sure, multi-asset managers can offer diversified evergreen funds – spanning multiple industries, strategies and asset classes – which can allow them to shift allocations to areas where they see the most opportunity.

However, one of the strategies where there’s perhaps the greatest risk of market distortion is in the secondary market, where the alternative investors purchase and sell existing ownership stakes – usually at a discount.

As more evergreen funds flood the markets, that discount is narrowing. In the first half of 2025, evergreen funds offered to buy secondaries at 91.1% of net asset value, on average, according to PitchBook, citing Campbell Lutyens data. That represented 432 basis points more than the average pricing in the broader market, up from a 403 basis point differential in 2024.

The competition for secondary deals has already “bruised traditional buyers,” according to Pitchbook, noting that attorneys advising on these transactions said their traditional buy-side clients are often losing out to retail funds in auctions.

The key question is whether too much money in the private markets causes the private market premium to ultimately disappear.

“Deployment is the issue,” said Rajib Chanda, who is head of asset management at Simpson Thacher, leading the design, development and structuring of products by alternative asset managers who are broadening access. “People want to have certainty as to timing and amount of deployment – that is a feature for the consumer and a bug for the investor.”

And it’s worth noting: That trade-off for liquidity does not mean that investors in evergreen funds can get their capital out anytime. Goldman’s Nachmann also said it’s important to educate retail investors that “semi-liquid” does not mean “liquid.”

“These are illiquid private assets, so you cannot expect the same liquidity as you have from buying a public stock, that you can go and buy and sell any minute,” Nachmann said. “That is really important – that education and that communication is out there. And that goes then to asset allocation: What percentage of your assets can be illiquid?”

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Salesforce’s Marc Benioff apologizes for saying Trump should send National Guard to San Francisco

admin — Sat, 18 Oct 2025 13:00:55 +0000

Salesforce Chief Executive Marc Benioff publicly apologized Friday for suggesting President Trump should send National Guard troops to San Francisco, saying his earlier remarks “came from an abundance of caution” and that he no longer believes federal intervention is needed to ensure public safety.

“Having listened closely to my fellow San Franciscans and our local officials, and after the largest and safest Dreamforce in our history, I do not believe the National Guard is needed to address safety in San Francisco,” Benioff wrote on X.

“My earlier comment came from an abundance of caution around the event, and I sincerely apologize for the concern it caused.”

Salesforce Chief Executive Marc Benioff publicly apologized Friday for suggesting President Trump should send National Guard troops to San Francisco. Bloomberg via Getty Images

The billionaire philanthropist and longtime Democratic mega-donor, 61, added that San Francisco “makes the most progress when we all work together in a spirit of partnership.”

Benioff thanked Mayor Daniel Lurie, the San Francisco Police Department and city officials for helping ensure the success of Dreamforce, Salesforce’s annual technology conference that drew roughly 50,000 visitors this week.

Benioff’s remarks mark an effort to calm tensions that have mounted since his interview with the New York Times last week, in which he said he supported Trump’s idea of deploying the National Guard to San Francisco to help fight crime.

“We don’t have enough cops, so if they can be cops, I’m all for it,” he told the paper.

The billionaire tech mogul told the New York Times last week that he would support a move by Trump to send National Guard troops to San Francisco. REUTERS

The comments were met with strong criticism from city leaders and longtime allies in the tech and philanthropic communities. Lurie and District Attorney Brooke Jenkins rejected the idea, noting that crime in San Francisco has fallen to a 70-year low.

“To see tear gas and all the things that are happening — we don’t want that chaos here,” Jenkins said earlier in the week.

Having listened closely to my fellow San Franciscans and our local officials, and after the largest and safest Dreamforce in our history, I do not believe the National Guard is needed to address safety in San Francisco. My earlier comment came from an abundance of caution around… pic.twitter.com/7TRdTu7hdq

— Marc Benioff (@Benioff) October 17, 2025

The fallout continued through the Dreamforce conference.

Prominent venture capitalist Ron Conway, a major Democratic donor and early backer of companies including Google and Airbnb, resigned from the board of the Salesforce Foundation, writing in an email that he “barely recognize[s] the person I have so long admired.”

Two scheduled Dreamforce performers, comedians Kumail Nanjiani and Ilana Glazer, also dropped out of the event. While Salesforce attributed the cancellations to illness, both entertainers have previously criticized Trump’s policies and rhetoric.

Local leaders in San Francisco took umbrage at the suggestion that National Guard troops were needed to combat crime. Anadolu via Getty Images

Benioff later brought in comedian David Spade to close the conference.

The controversy prompted broader reflection among San Francisco’s business and philanthropic circles.

Laurene Powell Jobs, founder of the Emerson Collective and widow of Apple co-founder Steve Jobs, criticized Benioff’s recent comments in an essay published Friday in the Wall Street Journal, writing that “giving that expects control is anything but generous.”

Powell Jobs cited comments by Benioff touting his charitable donations to the city, in which he said: “If there is anyone who’s doing more for the local community, I want their name, because I’m very competitive.”

Benioff said he supported bringing in the National Guard out of “an abundance of caution” in light of the Dreamforce conference that took place in the city this past week. AP

“The message beneath that comment was unmistakable: In his eyes, generosity is an auction — and policy is the prize awarded to the highest bidder,” Powell Jobs wrote in the Journal.

The Post has sought comment from Benioff.

Despite the criticism, Salesforce announced this week that it plans to invest $15 billion in San Francisco over five years to advance artificial intelligence initiatives.

Benioff, who has alternated between describing himself as an independent and a moderate Republican, has long been one of the city’s most prominent business figures and donors, helping fund hospitals, schools and homeless services.

Benioff said in his Friday post that he remains “fully committed to a safer, stronger San Francisco.”

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Louis Vuitton owner LVMH in talks to sell Marc Jacobs in deal that could fetch $1B: report

admin — Sat, 26 Jul 2025 05:07:54 +0000

French luxury goods group LVMH is in discussions to sell fashion label Marc Jacobs in a deal that could fetch around $1 billion, the Wall Street Journal reported Friday, citing people familiar with the matter.

In 2024, Bloomberg reported that LVMH was exploring strategic options for the label with advisers after receiving interest from potential buyers, though the company denied the claim at the time.

The Bernard Arnault-led company has been discussing deals with multiple parties, including Reebok-owner Authentic Brands, Brookstone-owner Bluestar Alliance and Vera Wang parent WHP Global, the newspaper said on Friday.

French luxury giant LVMH is in discussions to sell fashion label Marc Jacobs in a deal that could fetch around $1 billion, the Wall Street Journal reported. Getty Images for Marc Jacobs

Reuters was unable to immediately verify the report. LVMH, Marc Jacobs and the potential buyers did not immediately respond to Reuters’ requests for comments.

The Journal said that a deal could be finalized soon, provided talks don’t fall apart.

Dealmaking in the luxury retail sector has drawn attention in Europe. Earlier this year, Prada acquired Versace from Capri Holdings, combining two iconic Italian fashion brands in a $1.4 billion deal.

LVMH’s second-quarter sales, which include products such as Louis Vuitton handbags, Dior dresses and Moet & Chandon champagne, came in slightly below market expectations.

The Bernard Arnault-led LVMH has been discussing deals with multiple parties. AP

French luxury brands have been navigating prolonged market challenges, including a downturn and the potential impact of US import tariffs.

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Hedge fund big and Kamala Harris fund-raiser Marc Lasry accused of sexual harassment by former executive he claims is trying to extort him for $50M

admin — Fri, 25 Oct 2024 03:31:39 +0000

Hedge fund honcho Marc Lasry was accused of sexual harassment in a lawsuit by a former executive at his firm – less than a week after the billionaire lodged his own complaint claiming that she was trying to extort him for $50 million.

Lasry — the co-founder of Avenue Capital Group and a major fund-raiser for Democratic presidential candidate Kamala Harris — allegedly forcibly kissed and groped Gina Strum, according to her complaint filed Wednesday in New York State court.

“Lasry sexually abused [Gina] Strum on a continuing basis during the course of her employment,” the lawsuit alleged.

Gina Strum alleges that Marc Lasry sexually abused her for years. Faith Jason Adrian

Strum, who worked in business development at Avenue from 2009 to 2013, also sued Lasry for discrimination and retaliation. The complaint includes discrimination claims against Lasry’s sister and Avenue co-founder Sonia Gardner.

Lasry and Avenue had filed a suit last Friday against Strum accusing her of demanding $50 million to keep her from spilling dirt on him and the firm.

“Ms. Strum’s desperate attempt to claim that Mr. Lasry acted inappropriately and sexually harassed her are completely not true,” an Avenue spokesman told The Post on Thursday.

“Avenue on October 18 filed a lawsuit against her for defamation. They refused to pay her extortionate demands. Her claims filed yesterday include further statements that are defamatory and false. Mr. Lasry, and Avenue will respond to Ms. Strum’s false defamatory statements and defend their reputations to the full extent of the law,” the rep added.

Daniel Kaiser, one of Strum’s lawyers, claimed Lasry filed his suit in a preemptive attempt to silence his client.

Marc Lasry is a prominent figure in hedge fund circles, the Democratic Party and the NBA. Sportico via Getty Images

The 65-year-old Lasry, who is married and has five kids, has claimed that Strum’s alleged threats began soon after she left the firm.

She received a severance package for an undisclosed sum and continued to work as a consultant for Avenue over the past decade, according to Lasry’s lawsuit.

Gina Strum was a public face for Lasry when raising funds. Will Ragozinno/BFA / Shutterstock

Strum’s countersuit alleges that Lasry began sexually harassing her soon after she was hired and continued through this year when she was a consultant for the firm.

“Lasry made it clear to Strum that he wanted both a romantic and sexual relationship with her, despite Lasry being married,” the complaint alleged.

Strum was “appalled” by Lasry’s request and immediately turned him down, her suit alleges.

But that allegedly didn’t dissuade Lasry, the former owner of the NBA’s Milwaukee Bucks.

“Throughout her employment, Lasry frequently forced Strum against her wishes and without her consent to hug Lasry so that he could press against her breasts and grope her,” the suit alleges.

Lasry painted a different picture in his lawsuit

He alleges that Strum sent him inappropriate emails and texts, including one saying, “You are a lovebug to me.”

The mogul has been raising money for Democratic Presidential Nominee Kamala Harris, including organizing a Zoom call in July to rally financial support among fellow Wall Street bigwigs.

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Billionaire Marc Lasry says former hedge fund executive is trying to blackmail him for $50M: lawsuit

admin — Tue, 22 Oct 2024 01:10:56 +0000

Hedge fund titan Marc Lasry claimed a former female executive at his firm was trying to blackmail him for $50 million by threatening to spread false allegations about the firm, according to a lawsuit filed by the billionaire.

The Avenue Capital Group co-founder accused Gina Strum of threatening to make it “really, really, ugly” for Lasry and his company unless he forked over the money, according to the complaint, which was filed Friday in New York State court.

Strum was a senior vice president and then a senior managing director at Lasry’s Park Avenue firm from 2009 to 2013, according to public records.

Milwaukee Bucks Co-Owner Marc Lasry holding up the 2021 NBA Championship Trophy. NBAE via Getty Images

Lasry — the 65-year-old former owner of the Milwaukee Bucks and a major Democratic fund-raiser for Vice President Kamala Harris — claimed in the lawsuit that Avenue gave Strum a severance package in 2013 after she threatened to make false accusations about the firm.

The company, which Lasry co-founded with his sister Sonia Gardner, also agreed to keep Strum on as a consultant if she could not find another job “rather than face undue fallout from a public report of false accusations,” according to the complaint.

However, her contact with Lasry over the past decade “veered towards the personal, obsessive and simply inappropriate,” the lawsuit alleged.

“Plaintiffs suffered through Ms. Strum’s conduct because they concluded that, if they did not, she would carry out her malicious threats to damage them,” the complaint claimed. “In retrospect, the decision to engage with Ms. Strum and accede to her demands was misplaced, as Ms. Strum was unable (or unwilling) to find another job and always returned to demand work and money from Avenue.”

Lasry’s former senior managing director allegedly called him a lovebug. Bloomberg via Getty Images

Strum — who got her undergraduate degree from the University of Illinois at Chicago in 1999, according to her LinkedIn account — allegedly sent the married Lasry lurid emails and texts.

In one message, she wrote “Black and navy are your colors. I remember the first time I met you . . . You were in a black turtleneck. I started sweating,” according to the complaint.

In another, Strum allegedly said, “You are a lovebug to me.”

Lasry is a major Democratic fund-raiser and has long supported Kamala Harris. AP

Her lawyer Daniel Kaiser refuted the allegations, telling Bloomberg News the lawsuit was “blatantly fabricated and retaliatory, a continuation of his attempt to control and harass Ms. Strum.”

The Post reached out to Strum and Kaiser for comment.

During her stint at the firm, Strum would accompany Lasry to raise funds from pensions like Philadelphia’s and the New Hampshire Retirement Systems, according to public records.

Chelsea Clinton worked at Lasry’s firm from 2006 to 2009. Getty Images for Hearst

Strum started her own firm, Calamos Avenue Management in 2019, according to her LinkedIn account.

That same year, Strum and Avenue agreed she would be paid $750,000 for some consulting work, the complaint alleged. But after Strum was paid the final installments on that deal earlier this year, she “renewed her extortionate threats,” according to the lawsuit.

An Avenue spokesperson told The Post: “Ms. Strum … has repeatedly threatened to smear the reputations of Mr. Lasry, Avenue, and Ms. Gardner, with the stated and malicious intent to destroy their business. This lawsuit aims to bring that to an end.”

Avenue, which specializes in buying distressed assets, has $12 billion in assets under management.

The firm had famously hired Chelsea Clinton, the daughter of the former president and the former secretary of state, from 2006 to 2009.

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