Bruce Haymes

https://lnkd.in/epW-S5CY Well worth a read. A very thoughtful market based piece by Alison Grantham on a concerning trend.

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Flunking Sarbanes-Oxley The Boards of the Greatest Value Creators in History Did Not Adhere to “Good Governance” This article pulls material from the book "The Outsiders" by William Thorndike, Jr. which tells the story of the 8 highest performing CEOs in modern history. The information provided by Thorndike clashes directly with everything that is considered "must haves" regarding both leadership and corporate governance. What if the consensus has it all wrong? #corporategovernance #governance #boardsofdirectors #capitalism #institutionalinvestors #shareholdervalue #valuecreation #performance

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I love this! Thank you to Rachel Brown from Beauty Independent to kick-off this exchange with Andrew Ross' provocative thesis and have us all react to it. I truly enjoyed reading everyone's thoughts on the topic of the shortening lifecycle of beauty brands. Here is a snippet of mine: "Because beauty brand lifespans are shortening, it is important that we are able to differentiate brands with staying power from brands that will end up being a flash in the pan. There are much more of the latter than the former in the market right now, and if a brand is not well-positioned, it will be challenging for that brand to survive over the long-term. That’s why we focus on understanding each brand’s differentiators and long-term relevance." See more here: https://lnkd.in/esVbwnu2 and you will discover what Kevin Murphy, Odile Roujol, Rich Gersten, Tina Henry Bou-Saba, Oliver Nordlinger, Claire Chang, Manica Blain, Sonya Brown, George Birman had to say. #beautyindustry #beautyinvesting Stride Consumer Partners

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Preparedness for Change: States position themselves to react instantly to federal changes, such as rescheduling or new guidance on regulation, ensuring they are not left behind in the evolving market. Read more 👉 https://lttr.ai/ARr4V #TheClearBrands #Regulation #CliintelCapital #LetsGetClear #TriggerLaws

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PE - Investing in AI Infrastructure KKR inks a $50 Billion strategic partnership to support AI Growth - data centers and power generation: - "Advancements in AI are fueling an unprecedented demand for data centers, but a limited availability of reliable power is impeding the strategic goals of the world’s largest technology companies, enterprises, and governments looking to deploy AI." - "U.S. data center demand is projected to nearly triple by 2030, driving over $1 trillion in investment." - "A single planned data center campus regularly exceeds 1 gigawatt (GW) of power demand and requires an investment of $15 billion or more across data center and power equipment." “Data center power demand is expected to grow by 160% by 20302, a demand that will go unmet without the right infrastructure in place, which is critical to boosting productivity, supporting electrification and helping countries create a competitive edge in AI.” - Joe Bae, Co-CEO, KKR Source: https://lnkd.in/espxbiqt --------- #ai #pe #privateequity

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As many in my network know, I’m bullish opportunities in India with every trip to the region showcasing 1) transformative growth 2) high tech adoption at even the lowest income / education levels and 3) how much Indian citizens (ex the ones residing in the US 😉) LOVE their country. This doesn’t even factor in their astronomical consumption levels (have you been to an Indian wedding??) I find this post super interesting. I spent quite a bit of time in 2023 - 2024 speaking to institutional investors about the India consumer landscape, particularly as it related to tech, sports and gaming. Top 3 concerns were almost always 1) Exit ability 2) Too expensive 3) Insufficient return potential for the Fx and geo risk taken I look forward to seeing / sharing more data points like this!

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Last week, we shared the first part (1/2) of our perspectives on vertical SaaS (vSaaS), more specifically on which metrics define the performance of vSaaS businesses and outlining the benchmarks for each of these metrics. If you have not yet read the piece, give it a read here - https://lnkd.in/d94n2bgN This week we published the second part (2/2) where we call out certain strategies deployed by successful vSaaS companies like Procore Technologies Toast ServiceNow Zenoti and others that can be used to improve the metrics that matter. Read on to layer the numbers with the strats- https://lnkd.in/dPkmWFax Do reach out if you are building in the space or want to exchange notes / feedback on the perspectives. #fintech #verticaSaaS #embeddedfinance #investments

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💡𝗙𝗼𝗹𝗹𝗼𝘄𝗶𝗻𝗴 𝘁𝗵𝗲 𝗗𝗮𝘁𝗮 𝗶𝘀 𝗱𝘂𝗺𝗯𝗶𝗻𝗴 𝘂𝘀 𝗱𝗼𝘄𝗻 🤖️ As this great deck by Pip Bingemann explains: - 𝗜𝗺𝗺𝗲𝗱𝗶𝗮𝗰𝘆 = 𝗠𝗲𝗱𝗶𝗼𝗰𝗿𝗶𝘁𝘆: the fact that we have immediate data on what we do becomes a self-fulling prophecy as everyone does more of the same thing (what the data says is trending) - 𝗪𝗵𝗮𝘁 𝗦𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝘃𝘀. 𝗪𝗵𝗮𝘁 𝗶𝘀: we end up with mediocre thinking based on dashboard reporting and no Vision of what should be. 👉 Solution: use data to inform your Vision (not the other way around)

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For those of us that first voted around 1964, we have experienced 60 years of adult observation of city, state and federal governance. This article reminds us of JFK’s policies on taxes, the economy, capital expansion and persoal income growth. Well worth the read! https://lnkd.in/euuH75ZB

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This analogy is so spot-on it smacks you in the face! “It’s the difference between working at a startup vs. at Google,” said Jason Calacanis when comparing the hunger of emerging manager funds vs. the passivity of larger, established funds. That’s why we actively cultivate a network of high-quality emerging manager funds (EMFs) - they are access points to outliers generating some of the highest returns in venture. We invest in top-tier emerging managers and their outliers, providing investors access to 𝗘𝗺𝗲𝗿𝗴𝗶𝗻𝗴 𝗠𝗮𝗻𝗮𝗴𝗲𝗿 𝗔𝗹𝗽𝗵𝗮 𝗮𝘁 𝗦𝗰𝗮𝗹𝗲. Learn more: https://lnkd.in/gM6pAKza Watch the panelists in discussion with Jason Calacanis: https://lnkd.in/g_pJdjhs #EMFs #Emergingmanagerfunds #MDSV #InvestinVenture

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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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PE - Insights from "Constellation Software" Shareholder Letters Some of the key investment takeaways Constellation Software (CNSWF - https://buff.ly/3Coo3V8 ) These highlight a strategic focus on long-term growth, disciplined investment practices, and the importance of governance and engagement, all good insights for tech PE: - Disciplined Investment Approach: strict adherence to specific acquisition hurdle rates, reducing risk and underscoring the importance of rigorous investment criteria - Acquisition-Focused Growth: they target 100 acquisitions annually, underscoring an aggressive portfolio expansion strategy attractive for growth-oriented investors - Flexible Capital Structure: exploring various financing options for acquisitions, especially in downturns highlighting proactive financial health management - Long-Term Horizon: emphasis on indefinite investment holds to maximize returns, favoring long-term strategies over short-term gains - Post-Acquisition Reviews: they conduct detailed after action reviews (AARs) post-acquisition to refine investment strategy, a best practice for continuous improvement - Decentralized Decision-Making: Constellation operates with small, autonomous business units (just like portfolio CEOs & execs) to foster agile leadership and decisions (i.e. the PE firm doesn't tell the CEO what to do but works alongside collaboratively) - Behavioral Economics: Constellation incorporates insights from behavioral economics to mitigate cognitive biases, enhancing decision-making rigor Constellation Shareholder Letters: https://buff.ly/4fu29Pc ------------------ #pe #privateequity #tech #ceo #cro #saas #gtm #growth #middlemarket #boardofdirectors #board #revenue #revenuegrowth #investing #investment #finance #business

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Congratulations to our friends at San Francisco-based consumer-focused buyout private equity fund manager Encore Consumer Capital on the acquisition of Chalet Desserts in partnership with founder and CEO David Laukat and the existing management team. Chalet Desserts, based in Sacramento, CA, is a specialty manufacturer of frozen bakery desserts and baked good inclusions that are sold into the in-store bakery at #supermarkets and #convenience stores as well as #foodservice and #ingredient end-markets. The #partnership will focus on add-on acquisitions in the frozen baked goods space. Encore Consumer Capital are one of the US' leading consumer-focused private equity fund managers having raised 4 funds and over $900 million in committed capital and invested in over 40 companies in the sector. Encore Consumer Capital’s current and prior investments include food and beverage manufacturers and marketers, pet products companies, personal care/beauty companies, and food distribution companies. The firm targets companies with between $10 million and $150 million in annual revenues where Encore Consumer Capital’s strong expertise in strategy development, brand marketing, manufacturing and supply chain optimization, and distribution expansion can drive performance. It was great to spend time with the Encore Consumer Capital team in Chicago this past week and looking forward to seeing you again soon! #alternativeinvestments #privateequity #fundmanagers #buyout #consumer #frozenfood #bakedgoods #capitalmarkets #privatemarkets #chicago #sanfrancisco #acquisitions #valuecreation #desserts

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One of the most surefire ways to boost your company's exit multiple: Build a well-oiled M&A engine. PE buyers love buying companies with a track record of successful M&A...and will pay up for them. Not easy, but a powerful value driver. #PrivateEquity #ValueCreation #MultipleExpansion

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What are the pros and cons of the different types of evergreen structures? Hear from evergreen pioneer StepStone Group's StepStone Private Wealth CEO Bob Long on the vary evergreen structures. Listen to the entire "What's Your Edge" episode on Alt Goes Mainstream here: https://lnkd.in/egP3Ppdn

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Latest episode of #Origins --> Elizabeth "Beezer" Clarkson and I peel back the layers of endowment investing with Joanna Rupp,CFA, Managing Director of Private Equity at the University of Chicago. Joanna is an incredible LP with over 20 years of experience at the University's Office of Investments. She shares her holistic approach, diving into everything from manager selection to investment strategies for both large and small funds. Also --> Joanna and Beezer evaluate me and my new fund... the pros and cons and what I have to prove in the yrs to come...   Links to listen below

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Well written and worth a careful read…

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