I hear this is making it into the minutes of the latest KRS board meeting:
Harshal Shah, a private markets specialist with SIS (KRS consultant Strategic Investment Solutions), told the committee that some of the fee amounts paid to agents are “kind of enormous.” Shah also remarked that while small start up funds may need a placement agent but that for large mega buyout funds like Blackstone you do not need to pay a placement fee since SIS knows them well. Chris Tobe remarked that is very interesting since we have paid three, over $1 million dollar fees to Park Hill to access Blackstone.
While I still haven’t seen proof of anything illegal, this smells worse than bad. Flushing money down the toilet like this won’t go over so swell when it comes to a Commonwealth filled with people hurting financially.