Asset Management

The 340B program can materially shape healthcare deal economics, but its impact is often hidden within reported earnings. This article examines how investors can separate durable operating performance from 340B-dependent profits, quantify regulatory downside through EBITDA sensitivity analysis, and incorporate that exposure into valuation, leverage, and investment decisions.

Seven real founders, seven different ways to fund an asset management firm. Here's what they have in common — and what each pathway actually requires of the person attempting it.

Ray Dalio started Bridgewater from his apartment with no sponsor, no anchor investor, and no reported founding capital. Here's how publishing his own reasoning became the entire trust mechanism.

Bobby Jain raised $5.3 billion to build an independent hedge fund from scratch. Two years later, he gave that independence back. Here's what the fastest, best-funded launch in this series reveals about what infrastructure actually costs.

Mohnish Pabrai had no Wall Street pedigree — just an IT consulting company he built and sold, and $1 million from eight friends and family members. Here's how that became a real asset management firm.

Fidelity has never taken outside capital, never gone public, and has stayed in the same family for four generations. Here's the acquisition that started it all, and what permanent control actually costs.

Two Lehman veterans started Blackstone with $400,000 of their own money and no leveraged buyout experience. Here's how advisory fees and one anchor investor got them to their first fund.

John Bogle launched Vanguard without raising a single new dollar, using a legal quirk and a restriction that accidentally became the entire index fund industry. Here's how it actually happened.

Larry Fink lost $100 million in a single quarter at First Boston, then convinced institutions to trust him with billions two years later. Here's the mechanism that made that possible — and what it actually requires of a founder today.

A $100M fund only deploys $80M — management fees are extracted before a single investment is made, yet LPs must generate returns on the full $100M. Here's the structural asymmetry between who provides the capital and who controls it. Article 2 of 4 in the Venture Capital Reality Series.