Author: Third Wire Editorial
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Due Diligence 201: Why Some Evergreen Funds Charge You Fees on Borrowed Money.
It’s a classic scene from Goodfellas. Henry Hill explains how the mob squeezes every penny from a business until it collapses. “They buy your truck, but somehow you’re still paying for the gas.” Well, welcome to the world of evergreen fund fees. One of the most overlooked costs in alternative…
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Third Wire Counterweight Newsletter: March 2025
To subscribe to our newsletter, visit us on LinkedIn: By most measures, Q1 has been bonkers–and yes, that’s the technical term for it. We all read or watch the news, so I don’t think I need to rehash the highlights (or lowlights, as the case may be). But one theme that…
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Asset Allocation 201: Synthetic vs. Strategy Replication
In the early 2000s, several firms attempted to synthetically replicate hedge fund indices using statistical modeling and liquid ETFs. The problem? They reverse-engineered the risk/return profile but not the underlying investment strategy. The results looked good on paper—until the global financial crisis hit. When markets turned, these models failed to…
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Third Wire Counterweight Newsletter: February 2025
To subscribe to our newsletter, visit us on LinkedIn: I don’t even know where to start this month. Those of you who know me know I had a difficult time keeping my mouth shut while we were planning our latest fund. Like I said in my recent LinkedIn post, I got…
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Third Wire Eyes Private Markets Evolution — Brings Investors New Fund Based on Morningstar PitchBook Buyout Replication Index
First Fund to Offer Access to Morningstar Indexes’ New AI-driven Private Equity Replication Index—No Lock-Ups, No Performance Fees, and Monthly Liquidity Chicago, IL—February 18, 2025—Third Wire Asset Management, a team of industry veterans dedicated to improving access to alternative investments responsibly, today announced it has launched the Third Wire /…
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Third Wire Counterweight Newsletter: January 2025
To subscribe to our newsletter visit us on LinkedIn: Well, here we go – 2025! 🙂 Last month, I shared a link to a conversation I was fortunate to have with William J. Kelly, CAIA (former CEO of CAIA Association, Congrats on the retirement!!!) and Andrew Akers, CFA from PitchBook. True…
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Third Wire Counterweight Newsletter: December 2024
To subscribe to our newsletter visit us on LinkedIn: Happy Holidays! As we wrap up 2024, I hope you’re planning some well-deserved time with family and friends. We’re cooking up some great things to kick off 2025, so we’re a little swamped, but we will definitely enjoy a little R&R to…
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Industry Perspective: A Candid Conversation About the Future of Private Equity – Evolution, Revolution, or Replication?
Listen to the full discussion here: The transcript below has been edited to improve readability. Introduction While the broader private equity industry is seemingly united in its continuing push around ‘democratization’ and ‘evergreen’ funds, we believe the real story about the best way for individuals to access the Private Markets…
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Third Wire Counterweight Newsletter: November 2024
To subscribe to our newsletter visit us on LinkedIn: You know what keeps me up at night? 🙂 Actually, not much keeps me up at night. I sleep like a baby. But it did seem like a dramatic way to introduce our latest (and first) paper, The ‘Problem’ with Alternative Investments.…
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Third Wire Counterweight Newsletter: October 2024
To subscribe to our newsletter visit us on LinkedIn: I’ve been sitting here thinking about what to cover in this month’s introductory letter. I’m having the semblance of an idea for a longer thought piece: goals-based asset allocations vs. liquidity (or lack thereof). How can illiquid investments, over time, complicate the…