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Explore more posts
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Evan Prislovsky
Southeast VC Update: Q2 2024 PitchBook Venture Monitor Highlights The Southeast continues to hold its position in the VC regional landscape #5 in dollars raised for Q2 2024 🥉 #3 in deal count (just behind the West Coast and the Mid-Atlantic) H1 2024 Southeast Breakdown: 📊 10% more deals than Northeast 📈 30% more deals than Mountain region, 20% more than South 💰 5% more dollars raised than Mountain region 💸 23.5% more dollars raised than South YoY Funding Trends: 📈 Southeast: Up 29% 📈 Mid-Atlantic: Up 136% 📉 Midwest: Down 67% 📉 New England: Down 11% 📈 West Coast: Up 59% Key Trend: While closing in on Mid-Atlantic numbers, we are seeing more deals but smaller rounds. This could indicate strong activity occurring in the seed & early-stage funding, despite the macro challenges. (Pitchbook classifies the Southeast as AL, FL, GA, KY, MS, NC, SC, TN, Puerto Rico, & Virgin Islands) #BuildInSE
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Peter T.
StepStone Group, a U.S. private capital firm, closed a $3.3B fund to scoop up discounted stakes in existing venture capital funds. The new fund is 25% larger than its predecessor, which was already the industry's largest. This liquidity crunch has created opportunities for firms like StepStone to purchase fund stakes at significant discounts, averaging around 30% below net asset value over the past two years, per partner Brian Borton. Another StepStone partner, John Avirett, highlighted the "massive and growing" market opportunity, with over $1T stuck in mature venture funds as exit routes remain limited. The latest fund will enable StepStone to buy stakes from pension funds, sovereign wealth investors, family offices, and individuals. StepStone recently acquired stakes in funds managed by Andreessen Horowitz, Tiger Global, DST Global, Insight Partners, Lightspeed Partners, and Thrive Capital, according to securities filings seen by Techcrunch. Additionally, the company has also made direct startup investments, acquiring stakes in U.K. digital bank startup Monzo.
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Vishnu Amble
Very interesting to see the National Football League (NFL) hired our friends at leading global investment bank PJT Partners to serve as a liaison between the league and private equity firms interested in buying stakes in teams, as a step towards attracting institutional capital which can further increase deal flow and valuations. The average NFL team is worth $5.14 billion, according to Sportico, by far the highest of any U.S. league. To buy the hypothetical average team under current league rules, a buyer would need at least $1.54 billion in cash, could add $1.2 billion in debt, and would still need to fund the other $2.4 billion from themselves or a set number of individuals who often get little of tangible value for their minority stakes. As franchise valuations continue to rise, that becomes a harder and harder financial proposition. Expanding the pool of potential buyers for minority stakes would likely increase valuations across the league. In addition to the ban on institutional money, the National Football League (NFL)’s ownership rules include a $1.2 billion debt limit for new buyers, a limit to how many minority owners a team can have, and a set amount that a team’s lead owner can hold (30% for incoming buyers). A new committee has been formed to discuss the loosening of some of those rules to make room for institutional investors ie private markets fund managers. Will the National Football League (NFL) partner with a private markets fund manager to establish a stakes platform similar to what the National Basketball Association (NBA) has established with Blue Owl Capital? I love the business of sports and I am very interested to see next steps here. #alternativeinvestments #sportsbusiness #privatemarkets #nfl #capitalmarkets #institutionalinvestors #fundmanagers #privateequity #sports
771 Comment -
Ari N.
Dan Primack of Axios has some choice words for VCs in this post. If you are an investor, LP or a founder raising money from VCs - worth the read. I tend to agree with Dan here and have some thoughts... 1) Private Equity is an ecosystem that relies on flow not a one-way transfer of assets. VC is semi-broken right now because no one wants to sell off a portfolio below performance targets. Could mean game over for the GPs. Seems like public, private and venture are all trying to remain optimistic while waiting for a drop in interest rates and an uptick in IPOs or PE buyouts to start the liquidity flow again but Fed and inflation data keep frustrating this kicking off. 2) VC have one core job as far as LPs are concerned....Create a magic black box that is a cash multiplier. Not a black hole! When and how early investments become liquid need to change also. 3) We have an 80 year old VC fund model that requires wild, best-case scenario power-law returns to generate the performance numbers the asset class promises to investors. This handcuffs GPs to staying in deals for a very long time as the early exits or lower deal multiples can drag funds performance and then their job security, fee structure, etc as I alluded to above. This also drives companies to "go big or go home" and operate with inherently more risk than stability. 4) Dan talks about the need for liquidity and to get back to the money flow. This is easier said than done as a minority investor. Incrementally easier if you and your co-investors are able to steer the company at the board level but its still "not your company" and the "market is the market" re comps/multiples and demand. 5) So - what can we, as an industry, do about this? We have to evolve. We have to have some hard conversations around the table and not let staid endowment funds and Goldman Sachs dictate how our industry looks at the future...feel like this becomes a new post or a series so I'll leave it here for now. #venture #VC #startups #privatequity
361 Comment -
Chris Gonzales
Summary: The article discusses the current venture firm fundraising market and the success of emerging VC firm A* in raising $315 million for its oversubscribed Fund II. It highlights the firm's focus on early-stage investments and its experienced founding partners. Key takeaways: Venture firms raised $9.3 billion in Q1 and it is unlikely that 2023's record-breaking total of $81.8 billion will be surpassed. A* has been successful in fundraising due to its focus on seed rounds and backing breakout companies in its portfolio. The firm's founding partners have a strong track record and diverse experience in different industries. Counter arguments: The article mentions that emerging managers are feeling the frost in the fundraising market, suggesting that not all emerging VCs may be as successful as A*. While A* has found success in raising institutional investors for Fund II, this may not be the case for all emerging VCs. #venturecapital #vc #fundraising #startups #innovation
103 Comments -
Anthony M. Gonzales, MBA
🌟 Welcome back to Private Equity Periodicals, powered by Proxet! 🌟 ☕ Grab your coffee and join us for insights from Suzanne Yoon of Kinzie Capital Partners on the unique impact of lower middle market investing, Ares Management's standout IPO for Savers Value Village, and Ronin Equity Partners' strategic acquisition of Woodmaxx. You can also check us out on Spotify and stay ahead in the world of private equity! #PrivateEquity #Investing #Proxet #Podcast
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Zorian Rotenberg
A Trade You Don't Make Inspired by the NBA Finals and from a WSJ story... There is an interesting lesson for companies to have a long-term view with some of your key people (while also having a discerning eye for talent). Summary: - There was a lot of pressure a few years ago to trade away Boston Celtics players Jayson Tatum and Jaylen Brown - critics called them overrated due to playoff failures - Turns out, the decision *not* to trade them has proven pivotal - they are central to the Boston Celtics' success in the NBA Finals - The retention of Tatum & Brown underscores the value of stability and growth within a team, countering pressures and criticisms with patience and long-term commitment to process and progress - Their performance in the Finals highlights the advantages of maintaining core players and evolve them, overcoming past past failures and solidifying their roles as integral components of a championship-contending team --- Source: WSJ - https://lnkd.in/eMUk4WQE --- #business #ceo #cro #pe #privateequity #talent #teams
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Jarrod Basger
Our latest article on the changing landscape of growth-stage business financing is out. As someone who's been watching the space evolve, it's interesting to see how new funding models are influencing the ecosystem. Excited to share insights from our experiences and discuss how these trends might impact future innovations.
262 Comments -
Caitlin Panasci
Emerging managers are a key element to a diverse portfolio. Smaller emerging private market managers tend to offer access to lower middle market and creative roll-up strategies that may not be accessible through larger firms. Emerging managers in VC have consistently outperformed established GPs since 1997 producing a higher median IRR than established managers. With emerging managers representing a smaller share of capital raised in 2022 & 2023 vs 2021, what will 2024 have in store for emerging managers? #vc #emergingmanagers https://lnkd.in/gfdXuuu5
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David Forsberg, CFA
Divestment requirements have a very real cost. This reduces the ability of endowments and foundations to support their mission driven enterprises. As the list of divestment demands grow, at what point do the consequences outweigh the perceived benefits? Hiding at the end of this article is the below quote: Golden admitted the divestment had undermined Princo’s returns, saying the endowment “would have been better off” otherwise. But he pointed to a bigger concern: the pressure to “keep adding things to divest from”. “Fossil fuels are necessarily part of getting to where the overall economy needs to be [and] it would be impossible for the world to not use fossil fuels tomorrow,” he said. “Divestment is a pretty weak tool to change the economy.” https://lnkd.in/g3SeC8rg #energy #investing #vc
211 Comment -
JT Benton
I’m a strong believer in the idea that leading is largely about building empathy. The job isn’t just helping others understand the mission - it’s helping them complete the mission and building alignment through personal context. To take it a step further, you can’t be empathetic if you aren’t curious. Curiosity drives us to ask deeper questions - those questions build empathy and, then, we become more aligned.
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Nick McEwen
Event-driven HFs gain as M&A activity ticks up 17 APR 2024 Fraser Irving (HFM) Kite Lake leads peers on a YTD basis with a 5.5% Q1 return https://lnkd.in/e8T5kEMS Event-driven hedge funds started the year in positive territory amid a resurgence in M&A activity. The strategy gained about 2.5% through the first three months of 2024, according to With Intelligence data. The average event-driven hedge fund tracked by With returned about 1.9% last month following a flat January and a rise of 60bps in February. Returns through Q1 were largely driven by a resurgence in M&A activity globally, according to industry sources. M&A activity is expected to tick up in 2024 with volumes increasing by an estimated 50%, according to a recent Morgan Stanley research note, as inflation slows and central banks signal a move towards future rate cuts. London-based Kite Lake Capital, which manages about $2bn in firmwide assets, is leading peers so far this year after a 5.5% rise in Q1. The KL Special Opportunities fund, the firm’s flagship offering, was up 10.8% last year, With Intelligence previously reported.
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Ryan Peddycord
Bloomberg recently spotlighted the risky practices that some PE firms are engaging in, like over-lending and NAV financing, which can mask underlying financial instabilities. You all know how I feel about this. At Tide Rock, we firmly believe that real value comes from operational excellence and sustainable growth, not financial engineering. Our strategy is rooted in investing to ensure that our portfolio companies achieve tangible results through disciplined and effective management. It doesn’t make sense to me how many financial engineers and analysts PE firms hire who have never run a company. They spend their time on what they are comfortable with—financial manipulation—while we, as operators, dedicate our time to what we do best: growing businesses. This hands-on, operator-focused approach sets us apart and ensures that we deliver real, sustainable value to our investors. Our approach has consistently led to an average annual growth rate of 30+% across our portfolio companies. If you're looking for a partner who prioritizes true operational excellence over financial gimmicks, reach out and find out more about how we work. #UnleveredBuyout
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James Burkett
The recently published Institutional Investor Digital Asset Study from Fidelity Investments certainly has some eye opening stats to browse through. Cudos to the team for a clear and concise overview. What stuck out most was the top reason investors cited for their change of view on the space... 💡 increased understanding 💡 This is still a new asset class, demonstrably so in the United States where acceptance has been slow. Increased education and understanding is paramount. Anyone with questions, reach out, always happy to answer incoming messages. Some other interesting tidbits: 1) Price volatility remains one of the largest barriers to entry [more thoughts to share here but at a later date...] 2) 30% of respondents saw digital assets as their own, unique asset class [interesting, what is your allocation to it?] 3) US investors remain the least accepting of digital assets [I think this really goes back to the first point of the post, increased understanding and truly think the tide is turning] If you are curious about the space, here to help through it. As someone who spent a decade working with fintechs and financial companies I get the skepticism. As an investor however, skate to where the puck is going, not where it has been the past twenty years #digitalassets #crypto #blockchain Full Survey (link below) https://lnkd.in/g7h2_Bq8
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Kosha Shah Eisenberg
After a whirlwind two decades of a corporate career – which has spanned a traditional management consulting firm, a Fortune 500 toy company, a world class entertainment agency, and a growth equity fund, I’m excited to officially share that I’m striking out on my own with Shruti Sehgal. Together, we’re proud to launch The Moonshot Company – a new kind of strategic consultancy, representing high-growth talent, brands, and investors looking to accelerate their cultural and commercial success from a place of authenticity, creativity, and intent. The Moonshot Company will specialize in integrated brand and growth strategies–culled from our prior executive careers in consumer, entertainment, media, finance, politics, and PR. Throughout my professional life, I often found myself at the center of consumer industries undergoing a major landscape shift. Shifting consumer behavior, the proliferation of social media, digitally-native consumption, and revamped business models have underpinned every business I have been fortunate to be a part of. Winter has always been coming. And it is through that lens that I learned a lot about myself as an executive. My curiosity has always found that change exhilarating - and I am particularly adept at spotting through lines and opportunity amidst a constant state of flux. Rapidly transforming industries don’t scare me, stagnation does. And yet, I have always felt a natural tension between building these industry-specific skills and the freedom to add my own interdisciplinary instincts and perspectives to bear, especially on someone else’s platform. But as the world has changed, so have I: this very tension I once thought frustrating is now a reason for being. If I could go back in time, I would tell my younger self that my own diverse range of experiences and multicultural consumer lens always has been, and will always be, as instructive to my success and growth as anything else. The future of business and culture requires differentiated voices and leaders who can bring a much wider set of skills and a unique blend of deeply-lived experiences – both personal and professional – to achieve transformational outcomes for clients, and this is the foundational vision of The Moonshot Company. Simply put: this platform didn't exist, so we built it. As mothers, former senior executives, culture-obsessed consumers, and South Asian women – Shruti and I are thrilled to put our skills, networks, and novel strategies to work for clients who share our values, and whom we feel uniquely compelled to deliver Moonshot-level results for. If our vision and founder story resonates with you, please reach out. And as we embark on this new journey, I’d love to hear more about your own Moonshot below. 🚀 💫
21246 Comments -
Vishnu Amble
Congratulations to our friends at $150 billion+ AUM private markets multi-strategy fund manager StepStone Group on closing on $3.3 billion for its sixth venture capital secondaries fund, far surpassing its target of $2.6 billion. It is the largest VC #secondaries fund raised to date, eclipsing the $1.45 billion that Industry Ventures raised for 10th venture secondaries fund last September. The 2021 acquisition of Baltimore-based venture capital #specialist Greenspring Associates has been a brilliant, complementary and highly successful partnership for both firms. And yes, I really like the fact that Greenspring Associates originated and still has a strong base in the #baltimore area. While GP-led secondaries have been far more common in private equity, it is noteworthy that the firm sees a more balanced set of investments across LP-led, GP-led and direct secondaries deals than its predecessor venture secondaries funds. The limited partner list is also remarkable: #Taiwan-based FUBON LIFE INSURANCE CO., LTD. committed $70 million, UK-based Border To Coast Pensions Partnership committed £45.7 million and the NSIA: Nigeria Sovereign Investment Authority and Montgomery County Public Schools Pension Fund both invested undisclosed amounts. Yes, #Nigeria has a sovereign wealth fund investing in alternative assets, private markets and venture capital secondaries - amazing! Prior fund limited partners included the Community Foundation of Greater Memphis, #Finland’s LUT University, the Memorial Hermann Health System, Mercy Health Foundation, @New Zealand Superannuation Fund (NZ Super Fund), #Oklahoma Police Pension and Retirement System, Samford University, School Employees Retirement System of #Ohio and State of Wyoming Treasury. I am sure many of them re-upped and even increased commitment sizing. A world-class list of global limited partners across allocator categories. Well done StepStone Group and see you again somewhere in the world sometime soon! #fundraising #alternativeassets #privatemarkets #venturecapital #capitalmarkets #sovereignwealthfunds #insurancecompanies #pensionfunds #hospitalsystems #superannuation #endowments #foundations https://lnkd.in/gUdJXRw3
803 Comments -
Peter Martenson
Very similar and a complement to Independent Sponsor led transactions targeting $15 million to $100 million plus EV, search fund deals target acquiring companies for around $15 million EV, priced at approximately seven (7x) times EBITDA or less. Over the years, companies tracked by Stanford have shown annualized equity returns exceeding 30%! The target universe for search funds and Independent Sponsors is substantial, with nearly 200,000 businesses valued between $10 million and $100 million, according to NAICS Association data. Search funds often seek out companies with retiring family founders looking for liquidity. Middle and lower-middle market financial sponsors generally avoid targeting companies worth $15 million due to high overhead costs and the need to deploy significant amounts of capital. However, for individual entrepreneurs, these micro-sized deals are not only accessible but also offer attractive bargains. This has led to the emergence of specialized search PE funds alongside Independent Sponsor transactions. Great article by the FT. #privatecapital #privatemarkets #privateequity #buyouts #growthequity #independentsponsor #searchfund #middlemarket #smallbuyout #sme #institutionalinvestor #alpha #moic #irr #privatecredit #privatedebt #familybusiness #founderowned #fT
262 Comments
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