The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 11, 2026
Richie Capital Group did not disclose fund performance returns, exposure figures, or cash allocation levels in this commentary, which instead evaluates structural asset allocation dynamics across public and private markets. Over the past two decades, higher compliance costs and abundant private capital led to a 40% contraction in publicly traded U.S. companies from 6,917 to 4,010, alongside $900 billion in public-to-private buyouts. While this migration shifted substantial small-company growth into private equity, the manager argues that the structural advantages of private equity are deteriorating in the current regime. The macroeconomic framework highlights a pivotal transition as structurally elevated inflation expectations sustain higher interest rates, ending decades of downward rate momentum that fueled leveraged buyouts. Higher borrowing costs now compress purchase multiples, depress exit valuations, extend holding periods, and lower internal rates of return. Furthermore, the private equity industry faces severe liquidity friction, burdened by more than $600 billion in aged dry powder and a backlog exceeding 30,000 unsold portfolio assets facing limited partner distribution demands. No individual corporate holdings or single-stock trades were detailed in the letter. Instead, Richie Capital Group frames public small-cap equities as an increasingly superior vehicle for accessing smaller, growing, and profitable operating businesses. By allocating to public small caps, investors exchange private-market control for valuation transparency, daily market liquidity, and portfolio flexibility without enduring illiquidity traps or aggressive bidding multiples.
Public small-cap equities offer an attractive avenue for gaining exposure to profitable, growing smaller businesses by trading private-equity control for transparency, liquidity, and allocation flexibility.
Structurally elevated inflation and higher interest rates will likely persist, sustaining pressure on private equity valuations and making liquid public small-cap equities more attractive.
Neutral / Balanced
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