How awesome is the private-equity business? Private-jet awesome. That's the message that Bertram Capital vice president Michael Chang likely hoped to send to friends when he posted an album of photos to Facebook from his firm's trip to Cabo San Lucas. Slightly less awesome reality: Bertram had to borrow the jet from Benchmark Capital, and investors who put money in Bertram may not be that impressed with the firm's goofy display of extravagance. Selections from the photos, which show Bertram executives behaving like high-schoolers on a museum field trip:
Update: Michael Chang writes:
This was indeed a firm sanctioned event to express our appreciation to the top intermediaries who had been kind enough to send us investment opportunities at the start of our new fund. In fact, we just had our annual meeting to our LPs today and discussed the biathlon with them. They found it a creative way to drive increased deal flow to the firm.
There you have it: Creative!