January 29, 2021

Why Big Tech regulation is good for private equity, according to one CEO

[] Why Big Tech regulation is good for private equity, according to one CEO | Fortune© 2020 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our u003ca href="https://fortune.com/terms-of-use/">Terms of Useu003c/a> and u003ca href="https://fortune.com/privacy-policy/">Privacy Policyu003c/a> | u003ca href="/california-privacy-policy/#notice">CA Notice at Collection and Privacy Noticeu003c/a> | u003ca href="https://fortune.com/right-to-opt-out/">Do Not Sell My Personal Informationu003c/a> | u003ca href="http://preferences-mgr.trustarc.com/?pid=fortunemedia01&aid=fortunemedia01_pub&type=fortunemedia">Ad Choices u003c/a>u003cbr />nFORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.u003cbr />nQuotes delayed at least 15 minutes. 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(Photo by Chris Williams/Icon Sportswire via Getty Images)","caption":"","crops":[],"height":3280,"imageSize":"article-sidebar","lazyload":true,"lqipSrc":"https://content.fortune.com/wp-content/uploads/2021/01/GettyImages-1194362577.jpg?quality=60&resize=60,40","postId":2943437,"retina":true,"showCaption":false,"sources":[{"default":true,"transforms":{"resize":[130,86]},"descriptor":100}],"sourceTags":[],"src":"https://content.fortune.com/wp-content/uploads/2021/01/GettyImages-1194362577.jpg","srcset":"https://content.fortune.com/wp-content/uploads/2021/01/GettyImages-1194362577.jpg?resize=260,172 200w,https://content.fortune.com/wp-content/uploads/2021/01/GettyImages-1194362577.jpg?resize=130,86 100w","url":"https://content.fortune.com/wp-content/uploads/2021/01/GettyImages-1194362577.jpg","useBasicImg":false,"usingDataFallback":false,"width":4928,"fallbackImageUrl":"data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7","picture":false,"sizes":"100px"},"children":[]},{"name":"byline","config":{"link":"https://fortune.com/author/phil-wahba/","name":"Phil Wahba"},"children":[]}]}]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles1","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":2}},"children":[]},{"name":"dianomi","config":{"type":"sidebar"},"children":[]},{"name":"advertising-slot","config":{"align":"center","lazyload":true,"useDynamicChannel":false,"placementName":"RightRailFlex_Articles","slotId":"RightRailFlex_Articles2","themeName":"article","targeting":{"placement_name":"RightRailFlex_Articles","index":3}},"children":[]}]},{"name":"article-media","config":{"publishDate":"","type":"video","section":"Finance"},"children":[{"name":"brightcove-video","config":{"accountId":"2111767321001","disableAds":false,"disableAutoplay":false,"disableContinuousPlay":false,"disableViewplay":false,"isLeadVideo":false,"loop":false,"playerId":"HDNR3TkSj","stickyPlayerOff":false,"silentlyAutoplay":true,"videoId":"6222636685001","section":"Finance"},"children":[]}]},{"name":"article-body","config":{"mediaType":"video","premiumCategory":"F-BreakingNews"},"children":[{"name":"gutenberg-content","config":{},"children":[{"name":"html","config":{"content":" u003cp>Increased scrutiny of Big Tech's power may have some shareholders sweating it. But not so for private investors.u003c/p> u003cp>With a new Biden administration and recent threats to crack down on some of the biggest tech behemoths (from u003ca href="https://fortune.com/company/facebook/" target="_blank">Facebooku003c/a> to Amazon), there seems to be support for more regulation. And according to alternative investment manager Hamilton Lane's CEO, Mario Giannini, that might be good news for the private equity industry.u003c/p> u003cp>"Reducing the dominance of large technology companies…is probably not great for some portions of the industry, but good for private equity," Giannini tells u003cem>Fortuneu003c/em>. In Congress, which now maintains a slim Democratic majority, "I think everyone is interested in saying, ‘Amazon is too powerful, u003ca href="https://fortune.com/company/alphabet/" target="_blank">Googleu003c/a> [is too powerful],’ pick your name," he says, arguing there's bipartisan support for more regulation. u003c/p> u003cp>As to what lawmakers do about it, "I’m not sure," says Giannini, but "to the extent that they do anything to diminish the power of those companies, that's good for private equity because it creates opportunity for smaller companies." u003c/p> u003cp>To be sure, government scrutiny of large tech companies is a tale as old as time, but lately regulators appear to be turning up the heat on the biggest names: Facebook was u003ca href="https://fortune.com/2020/12/10/facebook-antitrust-lawsuit-instagram-whatsapp/">recently hit with an antitrust lawsuit alleging it has squashed competitionu003c/a>, while players like u003ca href="https://fortune.com/company/amazon-com/" target="_blank">Amazonu003c/a> and u003ca href="https://fortune.com/company/apple/" target="_blank">Appleu003c/a>, big winners of the pandemic era, have found themselves u003ca href="https://fortune.com/2020/10/07/house-panel-big-tech-antitrust-panel/">the subject of government ire over antitrust concernsu003c/a>. Google, meanwhile, is in u003ca href="https://www.cnbc.com/2020/12/17/google-faces-a-third-government-antitrust-lawsuit.html">hot water once more for its search and search advertising practicesu003c/a>. And companies like Facebook and Amazon could be u003ca href="https://fortune.com/2020/12/15/big-tech-fines-break-up-europe-antitrust-rules/">facing their own headwinds in Europeu003c/a>, too. u003c/p> u003cp>According to Giannini, whose firm has $73 billion in assets under management and advises on $474 billion in additional assets, the dominance of those FAANG names has been top of mind for private equity firms when scouting for deals. u003c/p> u003cp>"Right now, when any private equity [firm] does a deal, …if it’s not their first question, it’s one of their top three questions: ‘Is Amazon going to enter this space, yes or no?’ And that has a huge impact—'Is Google in this space?’” he says. u003c/p> u003cp>It isn't just an issue in tech. Companies like Amazon are moving into health care, for instance, by u003ca href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/amazon-s-new-pharmacy-may-steal-market-share-from-cvs-walgreens-amid-pandemic-61558230">launching online pharmaciesu003c/a>. "If all of the sudden the government [would] say, ‘I’m not going to allow Amazon to encroach in certain areas,’ then I think for private equity, oddly enough, that becomes a net positive because you do then have an opportunity with other companies," says Giannini. u003c/p> u003cp>Though some on the Street argue the threat of sweeping legislative changes to hamper Big Tech's reach is still minor, the new (albeit slim) Democratic majority in Congress poses "a clear negative for Big Tech as…we would expect much more scrutiny and sharper teeth around FAANG names," Wedbush analyst Dan Ives wrote in a recent note. u003c/p> u003cp>For private investors, says Giannini, that just "creates different opportunity sets."u003c/p> "},"children":[]},{"name":"html","config":{"content":"u003ch3>u003cspan style="font-weight: 400;">More must-read u003c/span>u003ca href="https://fortune.com/section/finance/">u003cspan style="font-weight: 400;">finance coverageu003c/span>u003c/a>u003cspan style="font-weight: 400;"> from u003c/span>u003ci>u003cspan style="font-weight: 400;">Fortuneu003c/span>u003c/i>u003cspan style="font-weight: 400;">:u003c/span>u003c/h3>nu003cul>nu003cli>BlackRock’s Larry Fink to CEOs: u003ca href="https://fortune.com/2021/01/26/blackrock-larry-fink-serious-net-zero-target/">Get serious on net-zero targets, or elseu003c/a>u003c/li>nu003cli>Elon Musk says he “kinda” loves u003ca href="https://fortune.com/company/etsy/" target="_blank">Etsyu003c/a>. u003ca href="https://fortune.com/2021/01/26/elon-musk-tweet-etsy-stock/">Should you buy the stock?u003c/a>u003c/li>nu003cli>When will Biden’s $1,400 stimulus check pass? u003ca href="https://fortune.com/2021/01/22/stimulus-check-3-irs-stimulus-checks-payments-2021-how-much-when-go-out-arrive-biden-relief-bill-1400-payments-direct-deposit/">Here’s everything to knowu003c/a>u003c/li>nu003cli>u003ca href="https://fortune.com/2021/01/26/china-going-cashless-central-bank/">China’s society is going cashlessu003c/a>. Now its central bank is pushing backu003c/li>nu003cli>Revolut disrupted banking in Europe—u003ca href="https://fortune.com/2021/01/26/revolut-banking-disruptor-europe-american-expansion/">can it do the same in the U.S.?u003c/a>u003c/li>nu003cli>Why Mark Zuckerberg’s venture firm justu003ca href="https://fortune.com/2021/01/26/mark-zuckerberg-vc-wolt-food-delivery-startup/"> invested millions in a Finnish food delivery startupu003c/a>u003c/li>nu003c/ul>n"},"children":[]}]}]},{"name":"dianomi","config":{"type":"footer"},"children":[]}]}]}]}},"componentData":{},"error":null,"loading":false,"player":{"currentTime":0,"duration":0,"loading":false,"playing":false,"seek":0,"src":"","visible":false,"volume":0.5},"route":{"status":200,"redirectTo":"","redirectStatus":0,"action":"PUSH","pathname":"/2021/01/18/big-tech-regulation-private-equity-ceo-hamilton-lane-mario-giannini/","search":"?","hash":""},"visible":{"search":false,"primaryNav":false,"freestar":false,"adminBar":false},"contactForm":{"submitting":false,"submitted":false,"failed":false,"validation":{},"redirect":""},"user":{"isLoggedIn":false,"accessLevel":null}}; ]]> Source

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