What It Takes

By the end of my university pitches, I had raised the better part of the $100 million, the money that founded Sallie Mae. Putnam gave me a lesson in raising money that would stay with me throughout my career as I raised fund after fund at Blackstone. Investors are always looking for great investments. The easier you make it for them, the better for everyone.

“Why in the world did you ever hire me?” I asked. We were sitting in the small employee cafeteria, eating off plastic trays. “You wasted your money. I haven’t accomplished a thing.”
“I had a hunch.”
“Really? What kind of hunch?”
“That one day you’d be the head of my firm.”
I sat there, astounded. “What?”
“Yeah,” he said. “I have a sixth sense about these things.”
I left for the Reserves thinking Wall Street was crazy.