Ross Cardell

Interested in an update on how to navigate dislocated equity markets in IR? Have a read of the key topics discussed in our event last week, co-hosted with Shore Capital Markets.

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Let’s talk Private Equity Secondaries .. “At the moment, secondary transactions provide only about $120 billion in liquidity annually for an industry with over $20 trillion in assets under management globally (this vs. US public equity markets, which turn over more than $200 billion in assets daily). But given the rapidly expanding need for liquidity solutions in private capital, the potential for continued growth is exponential. The challenge: devising the innovative structures needed to capture the opportunity at scale.” This Bain article captures the potential drivers for an exponential growth story for PE Secondaries. Chief amongst these a squeeze on liquidity. We are increasingly engaging with clients looking to further bolster their investment capabilities in this area. Be very interested to share views with market participants. #privateequity #secondaries #privatemarkets https://lnkd.in/epp_Yxm5

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🚨 Apollo, Searchlight, Vertis... NEW FUND 🚨 (20s watch) ✔️ Ralph Ackermann and Adam Johnson launch asset backed fund 💬 How do you see the market for new funds? ✍️ How do you see the opportunity within asset backed private credit?  #privatedebt #privatecredit #specialsituations #secondaries #leveragedloans #directlending #leveragedfinance #structuredcredit #creditopportunities #privateequity

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🚨 Blackstone 🚨 Blue Owl 🚨 Ares 🚨$2.65bn debt package🚨 ⭐ Financing Permira's $6.9bn acquisition of Squarespace Summary: ✔️ Blackstone 50%, Blue Owl 25%, Ares 25% ✔️$2.1bn term loan, $300m delayed draw, $250m rcf ✔️Pricing around S+500 ✔️ GA and Accel reinvesting as part of the deal ✍️ Will we see more mega-deals like this in Private Credit?  #privatedebt #privatecredit #specialsituations #secondaries #leveragedloans #directlending #leveragedfinance #structuredcredit #creditopportunities #privateequity

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Is the future of private equity moving towards evergreen funds? A recent piece by the Financial Times explores the rise of evergreen funds in the private equity sector. These funds, characterized by their indefinite investment horizons, are gaining traction, with their net asset value reaching $350bn, primarily in real estate, private credit, and buyout strategies. 💡 According to the article, evergreen funds offer flexibility and potential for longer-term investments, addressing the limitations of closed-end funds. However, questions remain about their effectiveness and how they differentiate from other investment strategies. Read more: https://lnkd.in/dfBdTp4b #PrivateEquity #EvergreenFunds #InvestmentStrategies

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🔍 Debating LP Strategy in 2024: Go Big or Go Boutique? 🤔 📈 In his latest report, "Alternatives in North America 2024," Charles McGrath delves into the dynamics of LP/GP relationships across 760 instances. The data shows a clear trend: LPs of all sizes are diversifying between large and small managers, yet the bulk of capital tends to flow towards the giants. 🏦💰 📊 But here's a twist: Despite larger managers receiving heftier sums (average $146mn from the biggest pension plans), performance insights from 600 private capital managers (2010–2021) suggest that smaller funds often yield higher IRRs. 📉🤯 🤝 For allocators pondering their next move, the data hints at a safer bet with top-quartile managers, promising more reliable returns. It’s all about balancing the scales of risk and reward. 💸🔐 🚀 #PrivateEquity #PrivateEquityFunds #PrivateEquityFirms #InvestmentTrends #CapitalAllocation #LPsAndGPs #FundPerformance #CharlesMcGrath #FinanceInsights

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Our clients within Private Equity have been intensifying their focus on investor relations this year. The landscape remains challenging, with fundraising efforts often hampered by extended closing periods and revised fund targets. However, amidst these hurdles lies an opportunity to not only fortify investor connections but also to strategically align leadership for navigating these complexities. With the stakes higher than ever, the importance of hiring executives who possess the insight and acumen to lead during turbulent times cannot be overstated. These leaders must not only understand the intricacies of private equity fundraising but also exhibit the agility and resilience needed to adapt to evolving market conditions. By prioritizing investor relations and strategically selecting leaders who are equipped to steer through slowdowns, private equity firms can position themselves for success. #privateequity #executivesearch

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Private equity (PE) firms, renowned for their strategic expertise and financial resources, often view high-performing family businesses with established track records as attractive investment opportunities. As Jersey Mike's Subs engages in discussions with PE firm Blackstone regarding a potential sale, it marks a significant move in the realm of family-owned businesses transitioning to new ownership structures. By acquiring such businesses, PE can leverage their operational expertise to drive growth, expand market presence, and enhance profitability. Additionally, the involvement of private equity could signal a new phase of expansion and innovation for Jersey Mike's, aligning with broader trends of consolidation and strategic acquisitions within the restaurant industry. This potential transaction underscores the evolving landscape of ownership, where partnerships between family businesses and private equity entities can unlock value and propel businesses to new heights of success and sustainability. https://lnkd.in/e4Xh3dx4 #StrategicExitAdvisors #mergers #acquisitions #Scalability #InvestmentBanking

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" Set a high bar for people quality " Watch this short to hear the importance of setting high standards in the hiring process for Private Equity Firms and their Portfolio Companies. - https://lnkd.in/eqVHFqjN #privateequity #hiring #portfoliocompany #rawselection

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Shasta Ventures fails to secure LPs’ approval for continuation fund deal with StepStone Group, according to a report. The deal for the remaining assets out of Shasta’s fifth fund was reportedly priced at $562 million, which was a 65% discount to the fund’s Q3 2023 valuation. #Secondaries #Secondary #SecondaryMarket #AlternativeInvestments #PrivateMarkets #Venture #VentureCapital #VC #Stepstone https://lnkd.in/dHAc_39H

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#gpstakes transactions in private markets continue with the ongoing record fundraising for the GP stakes strategy. However, I view this particular transaction as remarkable - Bonaccord Capital Partners have defined themselves as a truly disciplined, middle-market GP stakes investor who are part of the P10, Inc. platform which includes #Chicago-based leading middle market private equity fund of funds manager RCP Advisors and leading venture capital #fundoffunds manager TrueBridge Capital Partners. An investment partnership with Lead Edge Capital, a fund manager that I have closely observed grow into a truly unique growth equity platform over the past 10+ years is a GP stakes dream. Lead Edge Capital's Founder Mitchell Green is a force of nature and one of the most impressive fund managers I have ever met in private markets. Lead Edge Capital, are a growth equity firm focused on investing in market-leading #software, #internet, #consumer, and tech-enabled businesses globally. ‍ Bonaccord Capital Partners’ investment and strategic development platform will support Lead Edge Capital’s value creation initiatives and further growth. There will be no change to Lead Edge Capital’s investment process, day-to-day management, or firm operations. Congratulations and best wishes Ajay Chitkara and Mitchell Green of Bonaccord Capital Partners and Lead Edge Capital, respectively! #partnerships #alternativeinvestments #growthequity #privatemarkets #fundmanagers #capitalmarkets https://lnkd.in/emuFDxcq

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VSS Managing Director Patrick Turner recently penned an article in which he shared his thoughts on how a partnership exit approach with other equity sponsors can enable firms to consistently return capital to investors, while also generating additional upside.   "While the ability to exit a portfolio company through an M&A trade to corporate buyers often sounds attractive 'on paper,' the reality is some founders are fearful of losing control of their business even while securing a high price tag."   Read Patrick's full PE Hub article here (paywall): https://bit.ly/44GkmEl #lowermidmarket #midmarket #privateequity #partnership #exits VSS Fund Management LLC is not responsible for content posted by third parties. VSS Fund Management LLC and third parties acting on its behalf reserve the right to process, retain and monitor all electronic communications (including personally identifiable information) to the extent permitted under applicable law. By sending direct messages and/or posting comments, you consent to such processing, retention, and monitoring.

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At Rallyday Partners we believe that investing in talent acquisition strategy and execution is one of the highest ROI initiatives for companies in our market. Our Head of Architecture, Keriann Murphy, put together this great guide (link in comments) on the how / why where she talks about: - Strategy (how to incorporate core beliefs and culture) - Infrastructure (people / tools) - Process (managing the talent funnel; JDs; candidate evaluation; closing) - Pitfalls Hope it's helpful! 🤘 ❤️

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💡𝘊𝘰𝘮𝘱𝘢𝘯𝘺 𝘴𝘱𝘰𝘵𝘭𝘪𝘨𝘩𝘵 💡 - Ampersand Capital Partners   🌍 Ampersand Capital are a Boston-based private equity firm with more than 25 years of experience in healthcare investing.   👨‍🔬 Founded by Rick Charpie in the 1980s and working with more than 70 companies, notably Biosynth, Phosphorex , Genezen and Alcami Corporation (some of my favourite CDMOs).   ❓ 𝑫𝒊𝒅 𝒚𝒐𝒖 𝒌𝒏𝒐𝒘 they target companies in the $10-$200 Million range that are EBITDA-positive and provide products or services within several key healthcare sectors, including many CDMOs. 🥳 For the second consecutive year, Ampersand Capital Partners is ranked #1 globally by HEC Paris-DowJones for growth capital private equity performance!   Want to learn more, see link to their web page in the comments:   #AmpersandCapital #PrivateEquity #CDMO

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The venture #secondaries firm plans to use equity investments and structured financings, and will deploy capital via #GP- and #LP-facing transactions. Lawrence Aragon #Fundraising #PrivateEquity #DirectSecondaries #VentureCapital

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This week's private equity industry briefing: - Blackstone is in talks to acquire Jersey Mike's - Bain exits payroll software company Zellis - Blackstone hires AI exec for operating group Read and sign-up for free: https://lnkd.in/ewZG-6AZ BUYOUT NEWS Blackstone is in talks to acquire Jersey Mike's Subs, a popular sandwich chain, for $8 billion. It would be the second major US buyout of a large quick-service restaurant in the past year, following Roark Capital’s $9.6 billion acquisition of Subway. Bain Capital has agreed to sell payroll software provider Zellis for $1.6 billion to Apax. Bain acquired the company in 2017, and installed a new management team including John Petter as CEO and Abigail Vaughan – both hired in 2019 . Zellis reported a CAGR of 20% over the past three years, driven by companies’ migrating HR and payroll products to cloud-based platforms. KKR continues to be very bullish on investment opportunities in Japan. “We generated more [returns] in this market than in many other places for a lot of reasons that aren’t obvious,” said Joseph Bae. “It’s low valuations, big conglomerate structures with a lot of non core businesses, massive room for operational improvement.” Evolution Equity Partners raised $1.1 billion for a new fund targeting cybersecurity buyouts. PORTCO NEWS Prakhar Mehrotra, a former technology executive at Walmart, has been hired by Blackstone to apply AI best practices across its 230+ portfolio companies. Blackstone has built one of the larger operating groups in private equity, helping portfolio companies with everything from digital transformation and business intelligence to branding and creative. Value Add’s recent report, “AI in Private Equity,” outlines some potential use cases for AI in portfolio companies including augmenting customer service teams, marketing content creation, and advanced analytics to make better business decisions. Apollo Global Management, Inc.-owned Michaels Stores, the retailer known for crafting and DIY products, received an upgraded credit rating from S&P Global Ratings thanks to improved operating margin and cash flow. Declining transportation costs have provided an unexpected EBITDA benefit for many retailers, which could make the industry more attractive to private equity. Scott Nuttall and Joseph Bae, co-CEOs of KKR, say exit opportunities are opening up for portfolio companies. “We’re starting to get more approaches from strategic buyers,” they told the FT. “IPO markets are [also] starting to open up.”

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WeWork debt worth 5c on dollar! Well I've seen some value erosion in my time as a bond hedge fund manager but a write down to five cents that's one of the lowest recovery values I've seen in a long time but it does point to the fact that the capital structure of the company was unmanageably large valuations tenuous and the management team was not necessarily well-advised by its board nor did it follow a prudent expansion strategy I think SoftBank should have insisted in a much better non-executive board of directors and should have insisted on better checks and controls of this company especially it's management of long-term leases and other long-term obligations relative to cash flow Adam Newmann had too much control and no governance #ned #governance #leverage #bonds #pe #markets #restructuring #highyield WeWork agrees restructuring deal that shuts out Adam Neumann’s comeback bid - https://on.ft.com/44nT0Ts via @FT

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As the quarterly earnings season concludes, Goldman Sachs revisits 5 of its top 10 investing themes for 2024, shedding light on the stocks in focus alongside these themes. The five being the rise of generative AI, blurring lines between advertising and e-commerce models, rising competition in e-commerce landscapes, the impact of Al on digital advertising, and the shift of local commerce activity online. With the evolving consumer market, it will be interesting to how these trends develop throughout the year. #Investing #GoldmanSachs #MarketTrends #InvestmentThemes #EconomicOutlook

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" Set a high bar for people quality " Watch this short to hear the importance of setting high standards in the hiring process for Private Equity Firms and their Portfolio Companies. - https://lnkd.in/eXM4pHUY #privateequity #hiring #portfoliocompany #rawselection

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