Someone asked me today whether there are any deals to do right now.
My response, as always, was a question: “What are your return requirements?”
If you need to get to an 8% / year unlevered yield, then I can probably put out $3-5MM / year (eg not very much).
If you’re willing to live with a 5-6% / year unlevered yield, we can put out very large amounts of capital (probably $50MM / year).
In light of the above, as the chief fundraiser for Adaptive, my job is to find / cultivate capital providers who can live with a reasonable yield… otherwise, it’s very, very difficult for us to grow!