Wendy Yang

I could not be prouder to announce that I've joined the board at Furthr | B Corp™ Tikto Capital + syndicate have been invested in Furthr for 1.5 years over which time we've seen the business > 4x revenues which is a direct read-across to brilliant environmental outcomes for businesses like Aspen Insurance Group, Form3 and Gattaca + their employees too. I've watched the business grow, delight customers (*very* positive NRR), build a platform, make acquisitions and level up internally. What's more, they've done this with a business model that is core-profitable. Never have I come across a business which delivers on its promises to employees, customers, shareholders and the environment in such a way. A lss act. Here's to the next chapter Henry, Paul, Margot, James, Crawford, and team.

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It’s always nice to see lower mid market PE firms successfully raising capital. Yes, fund raising since beginning 2023 has shifted quite strongly into much larger hands making fund raising harder for the smaller funds. However, this news from Apiary Capital LLP shows that the mid market continues to have a compelling investment story to tell and owner-managed companies in this space that are looking for capital to grow should be encouraged. #privateequity #midmarket Stuart Clowser Francesca Merlini https://lnkd.in/ezdjEw3D

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Listed PE firms holding $722bn in ‘dry powder’ - https://lnkd.in/eWq-xn9j TOP STORY: Earnings data compiled by Bloomberg has revealed that listed PE firms are amassing significant capital ahead of a resurgence in dealmaking, with seven major firms reporting a combined $722bn in dry powder as of 30 June, a 9% increase from the previous year.

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Private markets hold immense potential, yet they remain significantly underutilised in the UK. While private markets represent 15% of client assets globally, in the UK, they account for a mere 2%. This gap is an opportunity waiting to be seized. According to a recent NextWealth survey, several challenges keep advisers hesitant: 👉 Regulatory complexities create #uncertainty 👉 Concerns about #illiquidity make advisers cautious 👉 Valuation complexities add layers of perceived risk 👉 Accessibility barriers limit client engagement Even more striking, two-thirds of advisers never discuss private markets with their clients! The conversations that do happen tend to focus on accumulation, overlooking the potential of private markets as a diversification and growth tool across various strategies. We are at Mara, believe these barriers are not insurmountable. With the right structures in place, private markets can be simplified, accessible, and aligned with the needs of advisers and their clients. Our mission is to bridge this gap. We specialise in bespoke SPVs and feeder fund structures, enabling fund managers and advisers to access private markets efficiently, reduce complexity, and engage a broader range of investors. Through partnerships with different sponsors, we’re making private markets accessible in ways that weren’t possible before. The UK has a tremendous opportunity to embrace private markets as a mainstream asset class. By simplifying access and overcoming these long-standing challenges, we can unlock significant value for both investors and advisers. If you’re ready to explore how private markets could work for you, Drop me a message! #PrivateMarkets #InvestmentManagement #WealthManagement #FinancialAdvisors #AlternativeInvestments #PrivateEquity #VentureCapital #AssetManagement #CapitalMarkets #InvestmentSolutions #FinancialInnovation #InvestorEducation #PortfolioDiversification #UKFinance #MaraInvest https://lnkd.in/e4m2TnFg

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#Hargreaves_Lansdown Hargreaves Lansdown backed the £5.4 billion bid for the FTSE 100 fund manager today from a private equity consortium, a deal that will end its time as a listed company. The Bristol-based finance firm has been listed in London since 2007. It said today that the final offer valued its shares at 1140p in cash and would include a 30p per share dividend for the financial year which ended on 30 June. Compared to the Hargreaves Lansdown share price before the approach was first made in April, the price is at a premium of over 54%. The consortium is made up of CVC, Nordic Capital and ADIA. Hargreaves Lansdown is named after its founders – Peter Hargreaves and Stephen Lansdown – who set it up as an investment tip sheet. It now runs a state-of-the-art trading platform from which clients can run their own portfolios and pensions. https://lnkd.in/dKpizupy

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Recent M&A market performance is showing significant signs of recovery from the lows of H2 2023, with the growth in PE and PE-backed deals leading the charge.

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For investors monitoring their private market portfolio, it is paramount that the data from GP reports is understood so it can be extracted on an apples-to-apples basis. Colmore’s INSIGHT team, made up of former LPs have a deep understanding of GP reporting and nuances such as regional accounting differences, enabling us to standardize data seamlessly, no matter where funds are located. With us, LPs gain confidence knowing they’re receiving consistent, reliable data that’s ready for analysis across their private market portfolio. Want to know more? Request a demo today and see how Colmore simplifies complex reporting: https://okt.to/8uX6Rz #colmoreinsights #privatemarketreporting #privatemarkets #LPs #privatecapital

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🚨 The Most-Read M&A Advisory Deal Today: Citi, Lazard and Goldman Sachs Advise in Mars' Monumental $35.9 Billion Acquisition of Kellanova - Deal Summary Krugman Insights offers Reliable and Comprehensive Insights across M&A, Investment Banking, Private Equity, and Asset Management. 🔎 Financial Advisor on the Deal: Citi, Goldman Sachs, Lazard 🔎 Debt Providers on the Deal: Citi, J.P. Morgan 🔎 Legal Advisor on the Deal: Kirkland & Ellis, Sullivan & Cromwell LLP, Simpson Thacher & Bartlett LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates 💡 Citi has played a pivotal role as the financial advisor in Mars' $35.9 billion acquisition of Kellanova, marking a significant reshaping of the global snacking industry. Under the definitive agreement, Kellanova shareholders will receive $83.50 per share in cash, representing a 44% premium over its recent average stock price and valuing the company at 16.4 times its last twelve months' adjusted EBITDA. ✅ Get 1 month FREE and read the FULL article here: https://lnkd.in/d_kzKhvE ✅ Sign up to our new FREE M&A Weekly Newsletter '3 DEALS SUNDAYS': Comment your email down below #MergersAndAcquisitions #MandA #InvestmentBanking #PrivateEquity #AssetManagement #FinancialAdvisors #LegalAdvisors #MarsIncorporated #Kellanova #StrategicAcquisition #BusinessGrowth #KrugmanInsights #Deals #Advisory #Finance #Citi #goldmansachs #lazard #jpmorgan

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How do elite private equity firms like KKR realise value in their portfolio companies? Here’s how ⬇️ ✅ Follow me @Hassan Akram and @city careers coach for more insights on getting into elite careers 💪 I’m an ex elite recruiter for elite finance and corporate law careers telling you exactly how to get in

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🚀 The Hundred's £400m Fundraising Milestone: A Game-Changer for UK Cricket? The Hundred has attracted substantial private equity interest, with firms like CVC Capital exploring a potential £400 million investment (allegedly). This injection of capital is a clear reflection of the appeal that new formats bring to the sports market. But it also raises an important question: why has UK county cricket struggled to secure similar external financing? 🏏 While The Hundred is thriving, county cricket has found it challenging to modernize its offering and attract audiences or investors. The contrasting fortunes underscore the importance of innovation in sports, especially in terms of format, audience engagement, and commercial appeal. What's also striking is the shift in global sports investment patterns. Traditionally, UK investors sought opportunities in India, but now the tide is turning—Indian investors are looking at UK sports teams, with growing interest in cricket and football. The appeal of established UK franchises, combined with the commercial potential of new formats like The Hundred, is transforming the landscape. As UK cricket evolves, can the county game reinvent itself in a similar way? And what lessons can other sports learn from The Hundred’s success in capturing both audience attention and investor confidence? #SportsBusiness #Cricket #Investment #PrivateEquity #TheHundred #CountyCricket #UKSports #IndianInvestment #InnovationInSports https://lnkd.in/eJwjC_Hi

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Private equity has been buying more and more of the UK over the past decade, with thousands of listed or private businesses now snapped up by buyout funds and venture capital investors. Iconic British businesses like Morrisons, Pret a Manger and Asda have been swallowed up by private capital, with deals like the takeover of Hargreaves Lansdown also looming on the horizon. Private equity deals in the UK reached a peak of over 1,900 in 2021, with £152bn spent in the space of 12 months, according to data from Pitchbook. In total, more than a trillion pounds have been spent on UK private equity deals since the start of 2014. While the industry was fuelled by a decade of low interest rates, the number of deals fell as central banks began a monetary tightening cycle to combat inflation in 2022. ✍️ Elliot Gulliver-Needham Read the full story here 👇 https://lnkd.in/eY3F7mut

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🚨 The Most-Read M&A Advisory Deal Today: Rothschild & Co Advises on IBM's $150 Million Acquisition of SiXworks Limited - Deal Summary FULL ARTICLE LINK BELOW ⬇ Krugman Insights offers Reliable and Comprehensive Insights across M&A, Investment Banking, Private Equity, and Asset Management. 🔎 Financial Advisor on the Deal: Rothschild & Co 🔎 Key Stakeholders: IBM, SiXworks an IBM company 💡 This strategic move enhances IBM's capabilities in the UK public sector, particularly in high-security environments. SiXworks, a trusted partner to the UK Ministry of Defence, specializes in digital transformation, offering end-to-end solutions from project inception to maintenance. Under the terms, IBM's acquisition of SiXworks, valued at $150 million, bolsters IBM's consulting services, particularly in cybersecurity, data, and AI. This follows IBM's purchase of Octo, positioning it as a top digital transformation partner for the U.S. federal government. ✅ READ THE FULL ARTICLE HERE: https://lnkd.in/dkG8YXjU ✅ TRY 30 DAYS FREE: https://lnkd.in/eBHYx37M #Rothschild #IBM #SiXworks #MergersAndAcquisitions #InvestmentBanking #DigitalTransformation #Cybersecurity #DefenceSector #StrategicGrowth #MarketExpansion #FinancialAdvisory #Deal #Consulting #PublicSector #TechSector #Career #Success

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#LongStoryShort: What’s behind Clearlake Capital Group’s acquisition of a London-based credit specialist? The private equity heavyweight acquired MV Credit from Natixis Partners earlier this week, strengthening its foothold in the $800 billion direct lending market. The Financial Times reports the deal is worth "several" hundred million dollars. MV Credit, which specialises in European credit investments and CLOs, will expand Clearlake’s credit business by around $5 billion. “Often for us the credit business has been the canary in the coal mine . . . which has a direct effect on our private equity business,” José E. Feliciano, a co-founder of Clearlake, told the Financial Times. This acquisition is part of a wider trend in asset management, where PE firms are bulking up in areas like infrastructure and credit to create more stable, fee-generating revenue. Indeed, consolidation among private market firms has accelerated in recent years. In your view, will this trend continue? #PrivateEquity #PrivateCredit #FinancialMarkets #IndustryNews

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Goldman Sachs sells LMR stake for up to $258m amid valuation concerns Goldman Sachs’s private equity investment firm, Petershill Partners PLC has sold an 18% stake in hedge fund LMR Partners for up to $258m in a move aimed at addressing investor concerns about the accuracy of the firm’s asset valuations, according to a report by The Times. Listed investment vehicle Petershill, which is majority-owned by Goldman Sachs, stated that the sale price was “marginally above” the $195m valuation of the stake at the end of last year. LMR Partners’ leadership made an initial cash payment of $107m, with a second payment of $111m to follow. An additional performance-based payment of up to $40m has also been agreed. Launched by Goldman Sachs in 2007, Petershill was listed on the London Stock Exchange in 2021 during a robust IPO market, with shares priced at 350p. At the time, JP Morgan and Lazard invested £157.5m and £129.5m, respectively, while Goldman Sachs sold shares worth £475.6m. On Wednesday, Petershill’s shares closed 3.5p higher at 219.5p. The report cites data from FactSet as revealing that funds managed by Goldman Sachs remain the largest owners of Petershill with a 79.5% stake. Lazard meanwhile, has reduced its holding from 3.2% to 0.85%, while JP Morgan has nearly divested its entire stake, which originally stood at 3.9%. Petershill’s shares have been trading at a 40% discount to the book value of its assets, highlighting market concerns over the sale prices it could secure for its 26 minority stakes in private equity firms, hedge funds, and property investment managers. Deutsche Bank analyst David McCann noted that the LMR sale reflects Petershill’s ability to accurately evaluate its portfolio, which is primarily made up of private market companies. “This could help alleviate concerns about the group’s ability to realise value from its holdings,” McCann said. J.P. Morgan analysts echoed this sentiment, stating that the sale demonstrated the “significant value” in Petershill’s collection of minority stakes. They suggested that Petershill could benefit from consolidation in the private markets by potentially realizing higher values from some of its current stakes if partner firms were acquired by other managers. Petershill’s co-heads, Ali Raissi-Dehkordy and Robert Hamilton Kelly, remarked that selling the LMR stake aligns with their strategy of shifting focus away from hedge funds toward private markets, which they view as offering “attractive growth opportunities.” #hedgefund #assetmanagment #news

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Extremely worrying data about VC funding in the UK. While we all understand that taxes must go up to pay for the mismanagement of the Covid crisis by the then administration - allied to economic headwinds caused by Brexit - surely we must also protect the parts of our economy that can stimulate jobs and growth...ie - early-stage business?! In my opinion the most impactful and simple way to do this would be to increase the SEIS allowance to £1m from £250k and make it applicable to companies upto 5 years from their initial trading date from the current 3 year limit. This will bring a huge amount of fresh capital into the early-stage investment market...especially if the govt increases CGT overall. If we don't protect early-stage innovation we will never get out of economic trouble. #earlystageinvestment #venturecapital #SEIS #funding

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🗞️ Private Markets Update or Brownlow's Downlow if you're Lewis Cowell! It's not only the Presidents Cup where the USA seems to have the upper hand 🏌️‍♀️ - Continuing investment into the Wealth Management space as TPG acquire a minority stake in Homrich Berg at $1bn valuation Sector: Wealth Management 🪙 #Atlanta - Fit bods aren't stopping as L Catterton acquires a majority stake in pilates chain [solidcore] Sector: Fitness/Wellness 🤸‍♂️#Virginia - Blackstone & Vista Equity Partners nearer to close on Smartsheet acquisition Sector: Software/business systems 🖋️ #Seattle - Vista Equity Partners invests in Gnosis Freight, growth  Sector: Software/shipping 🛥️ #SouthCarolina - UK based Index Ventures focused on resourcing investment teams in their New York location 🌆 more customers, more investors, who wants the UK sun anyway? - NPM Capital invests in Jeco Energies Sector: Electric ⚡#Antwerp - Summa Equity acquires NetGuardians Sector: FinTech ⚙️ #Switzerland - KKR acquire IQGeo , one on the board for the UK! 🫅out of the UK's own Silicon Valley #Cambridge Any that I've missed? If you have value creation experience in the above industries or a track record with the above funds, reach out for a chat! #privateequity #venturecapital #prviatemarkets #investment #growth

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Investment team build - how it worked out: A new alternatives investor in Abu Dhabi was looking to build a team, starting with 3-4 hires to cover global funds, co-investments and directs. They wanted a diverse team to focus on North America, Europe and Asia whilst the CIO needed people who could dive straight into deals without training. The major challenge was – and usually is – pitching the opportunity to Investment Bankers, Growth Equity and Buyout investors who prefer to hear about established firms; and weren’t keen to take much risk if relocating. After a 4 round interview process, next up is the leap of faith. The usual hurdles came up: upcoming bonuses, notice periods and sometimes partners who also need to find a new role here. A lot of time is spent getting to know someone’s motives, family/plans, career goals, how they think about money, quality of life and anything else they want to talk about. While steering through interviews, offers, resignations and relocation, the CIO had doubts over hiring people who were “too similar” – leading to tough calls to let down a couple of Associates and a VP simply because the team needed to add a mix of different languages or geographical experience. That’s not to mention a CFO mindful of budgets – before agreeing it was costing a fraction of the $200m+ per year they planned to deploy.   Looking back – extremely proud of my team for managing it to completion, with an Investment Manager from North America, a Director from within the UAE, and over the course of a few months, two Associates from Asia. ⭐ The best part – not just filling seats or fees, but building strong relationships, a very satisfied client, and a high-performing team.

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"Not all Private Equity firms are created equally and there are definitely firms out there that are very spreadsheet driven" Join Nick McLean and Alex RAWlings to hear them discuss more about the Private Equity Industry ... Apple Podcasts: https://lnkd.in/eBKDTXwM Spotify: https://lnkd.in/euGbDEAc YouTube: https://lnkd.in/eBqECbTd #privateequity #rawselection #theprivateequitypodcast

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