Udai Bishnoi V3.mp4

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Udai Bishnoi V3.vtt

ENGLISH

{{00:00:10}}
Sculptor is a $35 billion alternative
asset manager with investments

{{00:00:15}}
in corporate credit, real estate,
equities, and asset based finance.

{{00:00:20}}
Our involvement in ABF dates back to
2008, so post GFC regulations or bank

{{00:00:26}}
regulations forced banks to deliver.

{{00:00:30}}
And pull back from
certain lending markets.

{{00:00:33}}
Two asset classes emerged from that.

{{00:00:35}}
One was the direct lending
business, and the second one was

{{00:00:37}}
asset based finance business.

{{00:00:39}}
We with a handful of few other asset
managers focused on asset based

{{00:00:44}}
finance as their core strategy.

{{00:00:45}}
The evolution of sculptors, asset based
finance mirrors the capital shift on

{{00:00:51}}
de-leveraging or de-risking on the bank
side to capitalize on these opportunities.

{{00:00:56}}
Sculptors strategically.

{{00:00:58}}
Grew their infrastructure and asset
capabilities first by acquiring

{{00:01:04}}
those securities and then building
infrastructure to acquire the loans,

{{00:01:09}}
and finally to provide capital
solution and liquidity to non-banks

{{00:01:14}}
by either acquiring the assets.

{{00:01:16}}
Or by providing financing to those assets.

{{00:01:26}}
Asset-based finance is a vast sector
that covers a lot of sub-sectors now.

{{00:01:32}}
At no point in time, all the asset
classes have favorable market conditions.

{{00:01:38}}
By restricting an asset manager to a
narrower mandate or just a specific asset

{{00:01:45}}
class, they are forced to invest capital
even in unfavorable market conditions.

{{00:01:50}}
At Sculptor, we deploy a. Flexible
multi-sector approach that allows us

{{00:01:56}}
to rotate capital into most compelling
risk reward sectors or opportunities.

{{00:02:02}}
Now, it's easier said than done.

{{00:02:04}}
You can't just build that strategy.

{{00:02:06}}
The first key is to have a deep
expertise across so many different

{{00:02:09}}
asset classes, which can only be built.

{{00:02:12}}
By many years, even decades of
investing a second is to able to

{{00:02:18}}
pivot between different sectors.

{{00:02:20}}
You need a robust infrastructure.

{{00:02:22}}
At Sculptor, we have spent several years.

{{00:02:25}}
Building those infrastructure, data
repository and deep expertise to look

{{00:02:30}}
at the data, clean the data, gather
the data, and analyze the data that

{{00:02:34}}
allows us to be ahead of the market
and predict the trend in performance.

{{00:02:38}}
And finally, the sourcing
needs to be different too.

{{00:02:41}}
When you are looking at a narrower
mandate, handful of relationship

{{00:02:44}}
and repeat transaction can source
you investment opportunities.

{{00:02:48}}
But when you look at a multi-sector
approach, your sourcing channels

{{00:02:51}}
should be different and has need to
have much different variety to it.

{{00:02:56}}
We at Sculptor, has a very collaborative
approach across our different strategies.

{{00:03:02}}
So we have credit real estate, equities.

{{00:03:05}}
And asset based credit
all sit under one roof.

{{00:03:07}}
And we share ideas, deal flow
pretty seamlessly across all

{{00:03:13}}
these different strategies.

{{00:03:14}}
And that is a key to be able to
acquire or source different deal

{{00:03:20}}
flow across different assets.

{{00:03:27}}
First, let's take a stock of
macro environment, very important.

{{00:03:31}}
Because volatility is
high, inflation is sticky.

{{00:03:34}}
Trade policies is creating
a lot of uncertainty.

{{00:03:37}}
Growth might be an issue.

{{00:03:38}}
So all these creates an
uncertain, volatile environment.

{{00:03:42}}
If you look at the history,
generally these environments

{{00:03:45}}
create strong opportunities for
an investment manager who takes an

{{00:03:49}}
opportunistic multi-sector approach.

{{00:03:52}}
So that's one that's a good positive.

{{00:03:53}}
The second is the size of.

{{00:03:55}}
Asset based finance universe, asset
based finances estimates range

{{00:03:59}}
from 5 trillion to 15 trillion.

{{00:04:01}}
So the universe said is
expensive and it's evolving.

{{00:04:06}}
We started with traditional assets
falling under asset based finance,

{{00:04:09}}
like residential, consumer commercial.

{{00:04:12}}
And hard assets.

{{00:04:13}}
Today, the landscape has evolved
into nav landing to IP royalties.

{{00:04:19}}
There are newer and newer asset costs
falling under this umbrella that

{{00:04:23}}
helps us underwrite or unlock many
different investment opportunities.

{{00:04:28}}
And finally, the approach at
sculptor is to underwrite assets.

{{00:04:33}}
Are opportunities that have an element
or require underwriting skills from

{{00:04:39}}
other sectors, which is corporate credit.

{{00:04:41}}
Real estate on equities.

{{00:04:42}}
And as I mentioned earlier, we sit under
one team, one umbrella, and that allows

{{00:04:48}}
us to underwrite transactions, which a
smaller manager cannot underwrite because

{{00:04:53}}
they don't have those capabilities.

{{00:04:55}}
And for larger managers to underwrite
or, collaborate between big teams.

{{00:05:01}}
becomes harder.

{{00:05:02}}
And so we are quicker and efficient to
underwrite those complex transaction

{{00:05:05}}
and unlock that complexity premium.

Sculptor is a $35 billion alternative
asset manager with investments

in corporate credit, real estate,
equities, and asset based finance.

Our involvement in ABF dates back to
2008, so post GFC regulations or bank

And pull back from
certain lending markets.

One was the direct lending
business, and the second one was

We with a handful of few other asset
managers focused on asset based

The evolution of sculptors, asset based
finance mirrors the capital shift on

de-leveraging or de-risking on the bank
side to capitalize on these opportunities.

Grew their infrastructure and asset
capabilities first by acquiring

those securities and then building
infrastructure to acquire the loans,

and finally to provide capital
solution and liquidity to non-banks

Or by providing financing to those assets.

Asset-based finance is a vast sector
that covers a lot of sub-sectors now.

At no point in time, all the asset
classes have favorable market conditions.

By restricting an asset manager to a
narrower mandate or just a specific asset

class, they are forced to invest capital
even in unfavorable market conditions.

At Sculptor, we deploy a. Flexible
multi-sector approach that allows us

to rotate capital into most compelling
risk reward sectors or opportunities.

The first key is to have a deep
expertise across so many different

By many years, even decades of
investing a second is to able to

At Sculptor, we have spent several years.

Building those infrastructure, data
repository and deep expertise to look

at the data, clean the data, gather
the data, and analyze the data that

allows us to be ahead of the market
and predict the trend in performance.

And finally, the sourcing
needs to be different too.

When you are looking at a narrower
mandate, handful of relationship

and repeat transaction can source
you investment opportunities.

But when you look at a multi-sector
approach, your sourcing channels

should be different and has need to
have much different variety to it.

We at Sculptor, has a very collaborative
approach across our different strategies.

And asset based credit
all sit under one roof.

And we share ideas, deal flow
pretty seamlessly across all

And that is a key to be able to
acquire or source different deal

First, let's take a stock of
macro environment, very important.

Because volatility is
high, inflation is sticky.

Trade policies is creating
a lot of uncertainty.

So all these creates an
uncertain, volatile environment.

If you look at the history,
generally these environments

create strong opportunities for
an investment manager who takes an

Asset based finance universe, asset
based finances estimates range

So the universe said is
expensive and it's evolving.

We started with traditional assets
falling under asset based finance,

Today, the landscape has evolved
into nav landing to IP royalties.

There are newer and newer asset costs
falling under this umbrella that

helps us underwrite or unlock many
different investment opportunities.

And finally, the approach at
sculptor is to underwrite assets.

Are opportunities that have an element
or require underwriting skills from

other sectors, which is corporate credit.

And as I mentioned earlier, we sit under
one team, one umbrella, and that allows

us to underwrite transactions, which a
smaller manager cannot underwrite because

And for larger managers to underwrite
or, collaborate between big teams.

And so we are quicker and efficient to
underwrite those complex transaction