Podcast
$17.5B of deals and lessons on life
$17.5B of deals and lessons on life
Whitebox interview with Mateo Luca-Lion, 27 Aug 2025.
Richard Croft, CEO & Founder of Martley Capital
$17.5B of deals and lessons on life.
Notes from the interview:
- Capital raising comes down to four questions: how much money will we make, why do you want it, what will you do with it, and what’s in it for us.
- In 1995 you raised with pitch books and meetings. In 2005 a good story was enough. Today, the large firms dominate and smaller managers must be creative.
- A small number of global firms capture most institutional capital. The rest of the market survives by focusing on overlooked opportunities.
- The future belongs to two groups: niche specialists and the giants who act like capital markets.
- Ignore the noise of the macro. Focus on the micro, the deals you understand and the sectors in front of you.
- Target sectors where demand is greater than supply. Avoid areas crowded with capital.
- Regional offices are one such opportunity: people want to work closer to home, supply is shrinking, and regulations will reduce stock further.
- If starting out today, four options stand out:
- lead one of the big firms,
- become an operating partner,
- work in PropTech, or
- develop fractionalization.
- Fractionalization will expand access to assets, property, cars, art, and will be driven by retail investors.
- AI should improve efficiency, not replace judgment. Machines can handle repetitive tasks, but outcomes depend on quality inputs.
- The most important qualities are curiosity, hard work, and backbone. Better to act and learn than avoid decisions.
- Work should also be enjoyable. Surround yourself with people you like and keep perspective. Life is too short to make it only about money.
Read the full article here.
