Michael Birshan

𝗧𝗵𝗲 𝗨𝗞’𝘀 𝗠𝗼𝗱𝗲𝗿𝗻 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗮𝗹 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 - 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗶𝗻𝗴 𝘁𝗵𝗲 𝗣𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗳𝗼𝗿 𝗜𝗻𝘄𝗮𝗿𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗔𝘁𝘁𝗿𝗮𝗰𝘁𝗶𝗼𝗻 𝘛𝘩𝘦 𝘜𝘒 𝘨𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵’𝘴 𝘪𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺 𝘨𝘳𝘦𝘦𝘯 𝘱𝘢𝘱𝘦𝘳 𝘴𝘦𝘵𝘴 𝘰𝘶𝘵 𝘢 𝘧𝘳𝘢𝘮𝘦𝘸𝘰𝘳𝘬 𝘧𝘰𝘳 𝘨𝘳𝘰𝘸𝘵𝘩 𝘢𝘯𝘥 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘵𝘵𝘳𝘢𝘤𝘵𝘪𝘰𝘯 𝘵𝘩𝘢𝘵 𝘪𝘯𝘸𝘢𝘳𝘥 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘨𝘦𝘯𝘤𝘪𝘦𝘴 𝘢𝘯𝘥 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭𝘴 𝘢𝘳𝘦 𝘭𝘪𝘬𝘦𝘭𝘺 𝘵𝘰 𝘸𝘦𝘭𝘤𝘰𝘮𝘦. 𝗔 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗶𝗻𝗴 𝗶𝗻𝗵𝗲𝗿𝗶𝘁𝗮𝗻𝗰𝗲 Back in June this year, just before the general election, a succinct article in FDI Intelligence set out some of the challenges awaiting the incoming government. Following years of uncertainty and economic shocks, the UK was underperforming in investment attraction, including job-creating greenfield FDI. The broader picture was one of low GDP growth, productivity growth and business confidence. 𝗦𝘂𝗺𝗺𝗶𝘁𝘀 𝗮𝗻𝗱 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 The new government has made it absolutely clear that it intends to turn the situation around. On October 14th, at the International Investment Summit, plans to create a ‘pro-business environment’ were presented to an invited audience of global business leaders. On October 17th, the government published its green paper (for consultation) - Invest 2035: the UK's modern industrial strategy, focused on tackling barriers to investment and leveraging the UK’s areas of strategic advantage. 𝗖𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗮 ‘𝗳𝗶𝗿𝗺 𝗳𝗼𝘂𝗻𝗱𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁’ After years of uncertainty and challenging conditions, the approaches set out in Invest 2035 are likely to be welcomed by organisations and professionals working to attract investment. Reassuring themes include... 𝗖𝗹𝗶𝗰𝗸 𝗼𝗻 𝘁𝗵𝗲 𝗹𝗶𝗻𝗸 𝘁𝗼 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝗿𝗲𝗮𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗮𝗿𝘁𝗶𝗰𝗹𝗲 𝗮𝘁 𝗖𝗹𝗮𝗿𝗶𝘁𝘆'𝘀 𝗜𝗻𝘄𝗮𝗿𝗱 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗠𝗮𝗿𝗸𝗲𝘁𝗶𝗻𝗴 𝗯𝗹𝗼𝗴. #InwardInvestment #FDI #IndustrialStrategy #StrategicMarketing #LeadGeneration #EconomicDevelopment #PlaceMarketing

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We are living in a world that embodies our Industrial Transformation & Supply Chain Technology investment thesis at REFASHIOND Ventures: The Industrial Transformation Fund: Escalating Geopolitical Tensions & Great Power Competition; The Climate Crisis & Severe Weather; Consumer Behavior & Demographics. Join us. #IndustrialTransformation #SupplyChain #Innovation #Technology #Startups #VentureCapital 

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HETI RIPORT #UK #impact_investments Impact investments managed in the UK reached £76.8bn at the end of 2023, a 33.3% increase on 2020 figures, according to a study published yesterday by the Impact Investing Institute. The report, entitled The UK impact investing market – Size, scope and potential, was produced through a market survey and engagement with more than 100 stakeholders, estimates the amount of direct impact investments for which the majority of investment management activities occurs from the UK (the capital managed may be invested outside of the UK). It shows an increase of £19.2bn compared with the end of 2020, when the first iteration of the report estimated the size of the market at £57.6bn.

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You will never retain great companies when your stock market is perceived as unattractive. LSE has a chronic lack of liquidity. Of the $11.9 billion raised via IPOs in Europe this year, just over 2% was in the UK—the lowest in decades, according to data compiled by Bloomberg. This compares to an average share of 31% between 2012 and 2023, the data shows.

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Buy-and-build continues to be one of private equity’s most popular strategies, but a sustained period of higher interest rates is making it a lot harder to drive returns. In our webinar recording, Bain expert Alexander De Mol explores this topic in detail.

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Buy-and-build continues to be one of private equity’s most popular strategies, but a sustained period of higher interest rates is making it a lot harder to drive returns. In our webinar recording, Bain expert Alexander De Mol explores this topic in detail.

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"But despite these important omissions, Han Feizi does make four interesting arguments about the positive effects of China-style industrial subsidies. Roughly, these claims are: --Subsidizing production improves consumer welfare by creating abundance --Subsidizing market entry improves consumer welfare by increasing competition --Industrial subsidies correct various negative externalities --Industrial subsidies accelerate innovation The first of these ideas is just wrong, but it’s useful to explain why it’s wrong. The third one is true for a relatively narrow range of goods. Argument #2 is a little bit interesting, and argument #4 is very interesting. So let’s go through these ideas." https://lnkd.in/giYpwp-w

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Emerging AI opportunities in industrial operations include supply chain planning, procurement enhancements, manufacturing optimization, and engineering augmentation. To succeed, leaders must prioritize use cases with the highest ROI and focus on capturing value while delivering results. https://atbain.co/3YRdZM7

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In the context of the ongoing debate between the UK’s Chancellor and the FCA, this Management Today article [https://bit.ly/4c9la7f] is a timely reminder of the need for leaders in the financial sector to find a way to become more agile and innovative. This article explores how leaders can skilfully manage the paradox of balancing innovation with the discipline necessary for regulatory compliance to drive positive transformation and strong financial performance. #Leadership #Innovation #Regulation #FinancialServices #Culture #Transformation #HeidrickAndStruggles

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Delighted that our report has been picked up by a number of leading publications, including the Sustainability Times section of the Financial Times with a great article by Claudia A. R. De Meulemeester I hope the attention drives more action from all large business in the UK to accelerate the cost savings, credibility (and hence valuation) improvement and of course the massive environmental benefits #netzero #FTSE250 #emissions #sustainability #scope3

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Discover the reasons behind the $135B decline in UK M&A deal value in 2023 by watching our webinar recording featuring Bain's M&A experts, Peter Horsley and Suzanne Kumar, as they delve into Global and UK M&A industry insights.

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"There are always multiple ways to win – In our second session, you can see the diversity of different approaches to winning. Dave Yuan from Tidemark and Adam Bain have VERY different styles to growth investing and Matt Auxier from University of Chicago has invested across the landscape of growth and early stage. This serves as a reminder that there is no single way to win and the importance of owning your own playbook, rather than following those of others." https://lnkd.in/g3JH6-aQ

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It’s that time of the year again, and it was fantastic to join >850 participants at Private Equity International Women in Private Markets conference over the past two days, forging new relationships and re-connecting with peers and advisors in intense exchanges on outcomes of the year and what’s in the pipeline for 2025. The buzzwords of this year’s discussions were “#valuecreation”, “#debt” and “#democratisation”. Key thoughts: 🧭 State of Play. As private markets democratise with a fresh influx of capital, managers with strongest track record of scaling and value creation are concentrating even more capital. Ability to scale and maintain decision independence to provide allocation of funding to where it’s most needed will remain an industry conundrum for years to come. ⚡️Energy Transition. #EVs, #hydrogen and #batteries as “emerging stars” of #transition to the new energy system continue to present both opportunities and challenges, as investors think how these fit into the risk spectrum of their portfolios. Future energy systems will be more efficient, with new technologies creating new network effects – the whole value chain will need to make sense. 📈 Inflection. Public markets have been quicker to rebalance, with several landmark take-privates completed by infrastructure funds during the year. With private markets deal environment still on the slower end of the past ten-year track record, we start to see signs of activity uplift, especially in the #energy and #digital themes. Have we reached the inflection point in deal environment? Investors are cautiously optimistic about 2025, with some confidently predicting it to be the “year of mega-deals”, and others expecting to see their allocation to infrastructure to double before the decade concludes – can’t wait! #WIPM24 #infrastructure #womeninprivatemarkets Charles Gould, Deborah Zurkow, laurie mahon, Roopa Murthy, Patricia Rodrigues Jenner Ph.D.🌏, Sara Sulaiman, Nadine Wagner, Işıl Tanrıverdi Versmissen, Valentina Di Venuta, Julia Giese, Jinny Cho, Manjari Govada, Safaa Berkia, Teia Merring, Pascale Labrecque, Jasmine Ko, Wee Kii Teh, Rohini Pahwa, Vica Irani, Katya Romashkan, Juliette Vignon

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Taavet Hinrikus and I made the Financial Times Due Diligence email. https://lnkd.in/ez2AuGQx One 'unintended consequence' is that if there is a 45% tax on carry and CGT (raising £40m per year, remember) it for all intents and purposes closes the door on new VCs in the UK. Especially started by teams from non-traditional backgrounds. To meet the GP commit, you need to be already part of the 'wealthy' as you cannot rely on the value you create - nearly half of it will disappear - to fund it. We have both had extremely successful startups which are few and far between. The smaller number of new VCs will therefore more likely increasingly be for people who have inherited the capital or can draw it from their already rich family. Probably not want they have in mind with this policy.

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I do try to avoid making political statements let alone critiques, mainly because most of the times I do not understand politics enough and always I dislike them. However, I think I have read enough history to be able to say that the current political class in most cases is some of the most mediocre, irrational and imprudent history has seen. I'll get personal here, because I speak for myself and not in representation of anyone I work with or for. And I'll say Starmer's statement is the most stupid one he could have made to open and justify the tax measures he seeks to implement. I'm saying the statement is stupid, not that he as a person is - just to be clear. Most of us knew this was comming, few of us would have expected he would be this mediocre about the anouncement. Saying that "people with shares or assets" are not working people is the perfect example of cheap populist politics. I said I would get personal, here it comes - I cannot remember the last time I woke up later than 5.30 am outside of my holidays; I cannot remember the last time I went to bed without having to intentionally park worries about projects. And this includes working ethics forged aver 7 years of a degree that was pretty harshly demanding for the first 3-4 of them. So indeed I cannot remember not willingly embracing the responsibility of work since I was at least 18. And not average work, hard work. And I am not alone - most of my friends and loved ones who I respect and admire have undergone the test of discipline and juggling family and personal demands with the most self-demanding working ethics. Whether that has yielded at one level or another has nothing to do with them being working people. Establishing a correlation between assets or shares and "working people" to justify burdening further those who have achieved what they worked hard for is a pathetic way of assuming that his voters are stupid enough to believe in generalisations or propaganda. The UK has been a place I have respected and enjoyed since the age of 7 and as a full resident since 2013, but the level of mediocrity in its Parliament at this moment is very likely to translate into the downfall of its economic advantage and, without a doubt, the loss of respect of those who for many years have willingly worked hard to contribute to its prosperity. In the same fashion that it would be irrational and poor to make generalisations about those living off the benefits we all contribute to, it is the same absurdity to feel in a position of speaking the way this Government speaks. Populism and lack of rigor is indeed rotting the political system. #populism #starmer #ukpolitics #taxreview #labouruk

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This might be quite a meaningful exit for Startup Europe... US private equity group TPG is in talks to buy a stake in second-hand fashion site Vinted at a €5bn valuation, reports the Financial Times. Vinted originated in Lithuania in 2008. It was last valued at €3.5bn in May 2021 when it raised $304M (Series F). Cumulatively it has raised about $600M. It posted a net profit for the first time in its 2023 annual report, of €17.8m, and saw revenue increase 61% year on year.  #startups #exit #lithuania Sifted Mind the Bridge Isidro Laso Giovanni Iozzia

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