David York

Thanks, Axial, for your findings. I'd rank the Management Team high in the business description. As investors, we are buying their core competencies, track record, market position, and strategic fit. #privateequity #buyout #independentsponsor #growthequity #food #beverage #CPG #healthwellness

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With the proliferation of the GP Stakes market and with the overabundance of fund level management fees flowing through PE management companies, most private equity GPs have been perversely incentivized to raise, and applauded when they do, as large of successive fund as the market will bear by prioritizing distributable cash to the Partnership and NFRE over fund performance (because GP Stakes deals are a multiple of NFRE excluding carried interest). Further, there is a simple math equation where if one raises a large enough successor fund one can underperform the prior fund and still make more carried interest⁉️ Over the last decade, most GPs have been accelerating fundraising and drastically increasing fund sizes. In order to rationalize and substantiate larger fund sizes and come back to market sooner, minimum EBITDA to pass at IC has gone up dramatically and the velocity of capital deployment has quickened at a myriad of GPs. As successive funds sizes increase 77%(what I see as the mean average for the LMM and MM across Fund II - Fund IV) like clockwork with some GPs even doubling or tripling fund sizes, including one Fund III at ~$400M and their Fund V at over $2B (representing a 500% increase), they are almost always not increasing firm resources / staffing up in lockstep because again, NFRE is paramount and so is deliberately paying higher purchase price multiples for larger companies in order to deploy the much larger fund as quickly as possible. Additionally, with NFRE in mind, GPs are strongly incentivized to introduce additional strategies - small market, growth, debt, etc., which are arguably distracting and detract from the primary responsibility of maximizing the “flagship” fund’s performance. When LPs “ok” or encourage a PE fund’s drastic fund size increase by re upping or committing as a new LP, GPs can significantly underperform in comparison to their prior fund and still make more money. For example, in the past 8-9+ years, with usually only ~2 years between funds, the majority of PE firms have increased their successor fund size by 60-80%+ and are producing lower returns. GPs can significantly underperform their prior fund, yet make more money… Example: Fund I - $400M $8M / yr Fund Level Fee 2.75X MOIC = $140M carry pool Fund II - $680M (70% increase) $13.6M / yr Fund Level Fee (70% increase) 2.25X MOIC = $170M carry pool = a 21.4% increase in the carry pool even with a 18% decrease in performance. Yet, the GP is more valuable. 👉 It’s finally time for the market to prioritize discipline. Discipline when it comes to purchase price multiples paid, leverage utilized, strategy drift, and fund size increases. #privateequity #business #management #growth #fundraising #partnership #innovation

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The rigid exit environment has prompted #GPs to launch continuation funds to provide more flexible timing for portfolio company exit. #privateequity #valuecreation https://lnkd.in/gr-9b9db

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Excited to join industry leaders in LA to explore the future of non-traditional investments. I’ll be speaking at the Private Wealth Southern California Forum, hosted by Markets Group, on 12 November. Together, we’ll discuss how innovations in alternative assets are reshaping the investment landscape. Thank you to Markets Group for providing the platform to explore these transformative developments. #PrivateEquity #Innovation #Technology #Entrepreneurship #VentureCapital #Investing #Finance #Alternatives #Startups #Speaker

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An Entrepreneurial Board of Directors A Value Maximization Model For Public Companies #corporategovernance #governance #boardsofdirectors #shareholdervalue #performance #capitalism #institutionalinvestors

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📢 "Culture eats strategy for breakfast." – Peter Drucker I couldn’t agree more. Building a strong, purpose-driven culture is the cornerstone of long-term success, especially in the Private Equity industry. Proud to be working side by side with an exceptional co-founding Partner & team to shape and strengthen the culture of our firm—a culture that fuels innovation, purpose, resilience, and impactful results in emerging markets. 📈 #PrivateEquity, #LPs, #GPs, #sustainableinvestments, #MDBs, #DFIs, #Growthcapital.

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The new quarterly review is live! Each quarter, I dive into the latest trends and shifts in the venture capital market, covering both the broader macro perspective and the unique insights we’re seeing at Florida Funders. Check out my latest article to stay informed on what’s shaping the VC landscape and how we're navigating it at FF. Always eager to hear your thoughts – let’s keep the conversation going! #VentureCapital #FloridaFunders #MarketInsights

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We are excited to announce the launch of Bluespine, our newest fintech venture creation company! Bluespine, today emerges from Stealth with their $7.2 million seed round led by Team8, with participation from other strategic partners. At Team8, we’re focused on tackling industry-wide challenges, and Bluespine’s mission is no exception. Targeting the broad U.S. healthcare industry, their AI-powered, evidence-based approach to medical overbilling is a game changer for self-insured employers who struggle with bloated healthcare costs. Their solution tailors claims reviews to each employer’s unique health plan design and coverage terms to discover, recover, and prevent unwarranted medical charges. Congratulations David Talinovsky (Co-Founder & CEO), Gal Frishman (Co-Founder & CTO), and Yossi Mansano (Co-Founder and VP R&D) on this achievement. We’re proud to be your backers! Read more about Bluespine, their early traction with large employers and Fortune 500 companies including Mattel and David Shield, and the funding round in CTech by Calcalist: https://lnkd.in/djXYNYFk 

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Series A or B wondering when to bring in a VP of Finance or CFO? It’s a crucial decision that can shape the future of your company. At this stage, financial leadership is not just about managing numbers but also scaling processes, securing funding, and driving strategic growth. My colleague Paul breaks down key signs that it’s time to hire and indicators for choosing between VP of Finance and a CFO #FinanceLeadership #CFO #StartupGrowth #SeriesA #SeriesB #NextGenLeadership

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Key Investment Highlights from The Seraphim Space Index Q2 2024 🌌 Let's take a closer look at the key highlights from the latest quarter: 💰 $8.5bn invested in TTM to Q2 2024 👩‍💻 174 deals in Q2 2024 🛰 $2.4bn invested in Q2 2024 🤝 385 deals in Q2 2024 compared to 320 in Q1 2024 🚀 Space Pioneer closed the biggest deal of $208m in Q2 2024 💲 Average deal size is $18m ◾ Median deal size is $5m in Q2 2024 Check out the full Index here - https://lnkd.in/d-vf-mVN

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Exciting to see infinitas capital and Opportuna featured in Bloomberg as part of the growing conversation around family offices and the secondary market. With liquidity tightening and investor demand building, Opportuna is seizing the potential of venture secondaries, offering an avenue to unlock liquidity and realize solid gains within a shorter timeframe. To learn more about @Opportuna and our strategy, reach out to Alban C. or Christopher L.R. Chuffart

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BluWave has a deep bench of 800+ interim CFOs that allow us to quickly and expertly connect private equity firms and their portfolio companies to the exact-fit interim CFOs they need.    In one case study example, a PE firm came to us in need of a stopgap interim CFO for their automotive operations portfolio company. Here's the details of how we helped:   The Situation - Needing to make a leadership change in their portfolio company, a PE firm came to us in urgent need of an interim CFO who could focus on the portco's cash flow and working capital optimization while the search for a permanent CFO was underway. Given the protfolio company's industry, the PE firm not only needed an interim CFO with financial acumen, but one with the ability to handle a complex operational landscape and turnaround skills.   How BluWave Helped - Thanks to BluWave's deep network of exact-fit interim CFOs, we quickly connected them with a select few interim CFOs with the exact experience they were looking for.    The Outcome - The client selected their preferred interim CFO from our presented options. Their leadership marked a significant turning point for the automotive manufacturer, helping them tighten cash flow, meet reporting requirements and guide them through a crucial transition period.   When you need an exact-fit, PE-grade interim CFO, contact BluWave and we'll be ready to support.   #interimCFO #interimchieffinancialofficer

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Unlock the potential of the Lower Middle Market! 📈 Discover how executives can tap into the LMM to drive value creation, increase cash flow, and secure lucrative roles in private equity. Our latest guide, "Unlocking Value in the Lower Middle Market: A Numbers-Based Playbook for Executives," offers actionable insights and strategies to excel in this dynamic space. Don’t miss the opportunity to monetize your expertise and create new streams of income! 💼 Discover more about Blackmore Partners: https://buff.ly/42iNmB3 📅 Have questions? Schedule a meeting with our Director Chris Melton: https://buff.ly/46DZD46 #PrivateEquity #ValueCreation #LowerMiddleMarket #ExecutiveRoles #BlackmorePartners

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Pear VC Startup Equity Calculator for Early Hires Pear VC head of talent Matt Birnbaum created this calculator to determine the equity for early hires. You can read more here How to structure startup equity for early hires https://lnkd.in/ggmpT5-Y https://lnkd.in/gjsvths6

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The Silver Tsunami is upon us, and it's reshaping the mergers and acquisitions landscape like never before. With an estimated $10 trillion in assets set to change hands over the next decade, driven by baby boomers retiring, the opportunity for savvy investors and entrepreneurs is immense. Currently, around 30,000 businesses sell annually, but with more than 8 million baby boomer-owned businesses expected to transition, the volume of transactions could increase tenfold. This is a monumental shift that smart buyers are already preparing for. You don't need to be a Wall Street titan to benefit from this trend; many of these businesses will transition to local entrepreneurs and small business owners. Are you ready to seize a piece of this $10 trillion wealth transfer? Position yourself strategically to take advantage of this unprecedented wave of opportunities. Engage with fellow professionals and explore how you can be part of this transformation. Not sure how? Let's talk about it! #SilverTsunami #MergersAndAcquisitions #BusinessOpportunities

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We are so excited to announce our investment in Misha van Beek and Sebastian Janisch, CFA Janisch, and their company, Bayesline, Inc. Bayesline is a risk management software built for the speed of markets - not for the speed of humans. The challenge? The world is in constant flux, with countless interdependent variables changing all the time. Building and updating risk models can take days - or even weeks. An eternity in the world of asset management. Enter Misha and Sebastian. They’ve built an AI-powered platform capable of delivering risk assessments in seconds. For those old enough to remember, it feels like the introduction of spreadsheets with Lotus 1-2-3 (for Gen Z: Microsoft Excel) in the 1980s - revolutionizing financial planning and modeling forever. Their product is as transformative for traditional assets as it promises to be for digital ones. Creating something as sophisticated as Bayesline requires a rare blend of IT, risk management, and quantitative expertise - paired with experience at institutions like BlackRock and Bloomberg. During our due diligence, one expert estimated that only about 20 people worldwide possess the skill set to tackle what Misha and Sebastian are building. Now that’s a moat we like. We’re proud to join Misha and Sebastian on their journey alongside wonderful co-investors like Y Combinator, 468 Capital, and Multimodal Ventures. #bayesline #riskmanagement #blockchainfounderscapital #startup #venturecapital #fintech

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Bloomberg's Gillian Tan reported this week that HPS Investment Partners, LLC, a $117B alternative asset manager, has been discussing a potential IPO with prospective investors. What will it take for the next wave of alternative asset managers to go public and who could be next? Read this week's Alt Goes Mainstream AGM Alts Weekly for thoughts on how firms can prepare to go public: ➡ Align on ambition. ➡ Streamline the structure. ➡ Build the brand. ➡ Deepen the distribution. This week's Alt Goes Mainstream AGM Weekly, brought to you by Intapp (Intapp DealCloud ), covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 PitchBook's Janelle Bradley on PitchBook data about GP deal count growing due to the trend of industry consolidation among alternative asset managers. 📌 Institutional Investor's Michael Thrasher on BlackRock's report on secondaries that finds deal volume to be pacing for record high figures. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, KKR, StepStone Group / StepStone Private Wealth, Hamilton Lane, Blue Owl Capital, 73 Strings, Ultimus Fund Solutions, bunch, Hightower Advisors, Goldman Sachs Asset Management. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eVrveeEt

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Last week Peak Energy announced its $55M oversubscribed series A, which Xora Innovation led, joined by lead seed investor Eclipse (Greg Reichow, Ryan Gibson), as well as TDK Ventures (Anil Achyuta), TechEnergy Ventures (Alejandro Solé), Doral Energy-Tech Ventures (Roee Furman), Lachy Groom, and Tishman Speyer (David Aron). Special thanks to 🌱🤝🌍 Anil Achyuta for the original introduction.   Peak is commercializing a new standard in grid-scale energy storage systems based on sodium-ion batteries. Peak’s market is benefiting from the twin tailwinds of renewables and AI, and the company has just the right founding team to scale at "ludicrous speed".   Landon Mossburg, Co-Founder and CEO, is one of the most phenomenal team builders we have had the privilege of backing. He brings deep experience in building battery gigafactories from his prior role as Chief Automation Officer of Northvolt, where he didn’t shy away from sleeping on factory floors for months in Northern Europe.   We have a special place in our hearts for entrepreneurs who have the grit to spend 10 years+ building deep tech startups from the foundational stage to commercialization. Cameron Dales, Co-Founder, President and Chief Commercial Officer, has done it not only once, but twice, at Symyx Technologies and Enovix (current market cap $2.65B).   Liam O'Connor O’Connor, Co-Founder and COO, previously scaled major portions of Tesla’s and Apple’s supply chains, flying over 500,000 miles a year when required. Liam has a deep understanding of what it takes to build resilient supply chains in hypergrowth mode, having previously scaled from <$5B to $40B in spend over a matter of a few years.   The climate tech sector is in need of more entrepreneurs who truly understand what building on a massive industrial scale means. We couldn’t be more excited that Landon, Cam and Liam have decided to apply their talents to enabling grid-scale energy storage.

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