Orlando Bravo on his firm's $100 million investment in FTX

Q: Finally, I have to ask about your investment in FTX. 

A: It was obviously a mistake.  And we have personally apologized to investors in our growth fund.  It wasn’t a large investment—$100 million—but it was a big mistake and an embarrassing one.  It wasn’t a diligence mistake.  Diligence mistakes are when you miss a lawsuit, or you miss a trendline.  This was a judgment mistake.  I said even before the issues at FTX that we’re not going to make any more crypto investments, because I was not loving the business practices we’re seeing in crypto. 

~ Orlando Bravo, co-founder of private equity firm Thoma Bravo (over $120 billion AUM), "He Might Be Tech’s Last Bull. Here’s Why the Founder of Thoma Bravo Is Still Buying.," Barron's, January 21, 2023

Kevin O'Leary on his investment in FTX

So much due diligence had already occurred.   If you look at the cap table of who was investors in this company, it's a Who's Who of financial services.  I'm one of them.  We're all embarrassed.  We feel foolish.  But luckily, when I look at the long-term, thank goodness I make more good investments than bad ones.

~ Kevin O'Leary, "Kevin O’Leary Gets Candid on SBF, FTX Crisis," The Daniela Cambone Show, 4:00 mark, December 1, 2022