While other private credit managers capped withdrawals amid market panic, Blackstone took a different approach. It used its own balance sheet and $400 million from its executives to ensure all investors could pull their money out. This was a unique move to signal confidence and protect its brand, especially with retail investors.

New CEO Mark McLaughlin resisted board pressure for a quick IPO, arguing that going public is a starting line, not a finish line. He first focused on hiring key leaders and building scalable systems to ensure the company could operate successfully in the public markets, not just survive the IPO event.

Lloyd Blankfein suggests that while he ran Goldman post-IPO, it still had a private partnership mentality focused on maximizing earnings. He views his successor as completing the IPO process by shifting focus to pleasing public shareholders through smoother earnings to achieve a higher valuation multiple.

Reflecting on his public company experience, Zayo's CEO advises creating super-voting shares for insiders during an IPO. This concentrates control and makes the company a much less appealing target for activist investors who can't easily gain influence.

Venture capitalist Bruce Booth explains that bankers, lawyers, audit firms, and VCs all have strong financial incentives for a company to go public. This creates systemic pressure that may not align with the company's best long-term interests.

iCapital's CEO argues against rushing to an IPO, citing the distraction of stock volatility. To retain employees who hold equity, the private company provides periodic opportunities for them to sell a limited portion of their holdings. This balances the need for liquidity with the benefits of staying private.

Operating a public company isn't just a change in funding; it's like running two entities. One is the operational business, and the other is a public-facing organization requiring constant management of institutional investors, which significantly distracts from core business goals.

An operating partner's value extends beyond strategic advice to hands-on involvement in critical processes. This includes interviewing and selecting the right investment bankers for a portfolio company's exit, leveraging their industry experience and relationships to optimize the outcome.

To prevent newly-minted millionaires from coasting after the IPO, Blackstone implemented an eight-year stock sale restriction. Crucially, unvested shares could be clawed back for poor performance, ensuring partners remained highly motivated and aligned with the firm's long-term success.