John Connaughton

Secondaries and structured liquidity solutions provide creative portfolio management tools for both sponsors and investors as they alleviate the duration mis-match problem particularly exacerbated by the sustained high base rate environment. 

34

On the latest iCapital x Alt Goes Mainstream Monthly Alts Pulse, iCapital Chairman & CEO Lawrence Calcano and I welcome a special guest - Hightower Advisors Managing Director, Head of Alternative Investments Robert Picard - to discuss the operational challenges and solutions in private markets. In this episode, Lawrence, Robert, and I discuss: * How wealth platforms like Hightower and infrastructure operating systems like iCapital are creating straight-through-processing solutions across the lifecycle of a private markets investment for the wealth channel. * The importance of bringing alts directly to the advisor’s desktop. * Why improving the experience for advisors in private markets is critical to increasing adoption. * Why it’s important to build across the continuum of needs for different types of high-net-worth investors. * The importance of customization and differentiation with private markets solutions for advisors. * What is the biggest unlock to enabling greater flows of capital into private markets? * What are the implications of opening up the alts superhighway? Thanks Robert for joining us on the show for a fantastic discussion!

70

2 Comments

When it comes to building meaningful relationships in healthcare investing and the broader PE industry, strategic communication is key. That’s why, in addition to discovering strong business partners, our team at BPOC focuses on the development of human capital and real-world expertise, knowing these efforts open numerous doors to success. I recently joined Sean Mooney on BluWave's Karma School of Business Podcast’s Karma School of Business Podcast to discuss some of the top trends within the private equity landscape, my industry journey takeaways and key investment strategies. Listen to the full episode: https://lnkd.in/enA_4BQ7 #privateequity #investmentstrategy #healthcare #podcast

137

5 Comments

One of the most exciting questions from this interview was "what key attributes do private equity firms seek in targeting healthcare, biotech, and life science companies for acquisition?". Private equity firms are increasingly attracted to the healthcare, biotech and life sciences industries due to their resilience against economic cycles. Attributes that PE firms prioritize include: Stability and Growth Potential: Companies that demonstrate consistent revenue growth and have a solid track record of performance are highly attractive. The ability to withstand economic downturns and maintain steady growth is a crucial factor. Service and Software Focus: Companies that provide essential services and software solutions within the healthcare ecosystem are less vulnerable to regulatory changes and scrutiny, making them reliable investment targets. Regulatory Compliance and Low Risk: PE firms typically avoid companies with high science risk. Instead, they favor businesses with well-established products, services and technology. Specialization and Expertise: Many PE firms seek companies with specialized knowledge and capabilities that align with their strategic focus areas, ensuring they can add value and drive growth post-acquisition. Thank you to the Los Angeles Times for inviting me to participate in this issue! I am honored to be able to contribute to this piece. If you'd like to discuss any of the insights from this issue, reach out to me directly. #privateequity #lifesciences #healthcareservices #biotech #investmentbanking #businessvaluation

20

Don't miss this opportunity to be a part of the 2024 Healthcare Investor Summit! This event is geared towards healthcare investors, executives, and anyone looking to stay ahead in the rapidly evolving healthcare industry. 🖊 Review the agenda and RSVP now to secure your spot! (Limited seats available) Reasons to attend: 💡 Gain valuable insights from industry leaders and experts 💼 Discover the latest trends and opportunities in healthcare investment 🤝 Network with like-minded professionals and expand your connections 📚 Learn about successful investment strategies and case studies 🏆 Stay ahead in the competitive healthcare investment landscape

26

I've asked many executives, directors, fellow investors, and biotech professionals for the opportunity to interview them for RA Capital's Gateway (gateway.racap.com), a resource for building great boards. So far, everyone I've asked has accepted and spoken generously and authentically of hard lessons learned over their careers. Biotech is fortunate to have so many people willing to teach. Here's some of what we've talked about: * How do I create the best possible pre-reads * How to run lean R&D * So you've got M&A interest - now what? * The power of ONE (i.e. what's the most R&D one person can do?) * What makes a good board chair? * How can a board help determine the right level of staffing for a biotech? * What are smart ways boards can identify and negotiate opportunities to save money (D&O insurance, ATM fees, etc.)? And those are just some of the video interview topics. Many shared their insights in writing on compensation, audit, and much else. Gateway is open to you. Here's one insight: a role of the Chair is to preview board materials, anticipate what would confuse other directors, and extract from CEO/mgmt (Q&A, not pliers) all the key insights that the board needs to know to be productive. The Chair has to ask the dumb questions... to seek clarity so others don't have to. And to ask the hard questions in case others hesitate to. Even if the Chair is well informed, it's essential that the Chair pretend not to be informed for the sake of other directors. E.g. if the board slides don't make it clear whether the company is financed to get to a value inflection, ask that and make sure that's clear in the slides (hint: elephant slide) and in the coverletter. Ultimately, the product of the Chair's questions will be a coverletter (and bottom lines right at the top of many slides) that help all directors understand what matters to the company's prospects, what the meeting will be about, and what they will be asked to decide (if anything). Other directors will no doubt have own questions, but if Chair doesn't take that first pass, odds are high that whole board's time will be consumed with things that the Chair could have ironed out. Actually, any director can play this role. Seem obvious? If only everyone thought so. Rest assured there's much in Gateway that's not obvious. e.g. few know the hallmarks of a true crossover round. Big thank you to biotech's growing community of innovators and doers who teach via Gateway: Joshua Boger Leone Patterson Daniel Welch Lynne Sullivan Adam Simpson Laura Shawver Paul Hastings Stuart Cable Jayson Dallas Adam Koppel Ted W. Love, MD Michael Bailey Sarah Reed Tess Cameron Bill Collins Stephen Hoffman Travis Wilson Dave Madden (not complete list) And thanks to those who find time to teach in other ways: Greg Verdine David Sable Roderick Wong Stephen Knight are just a few I know. (If you teach, reach out.) If you have a tip for boards boarding better, leave in comments. :)

120

10 Comments

Regulators think they are doing good. The outcome, however, is generally the opposite of the intent. The 3.48 hours per resident day staffing rule has just been finalized for nursing homes. This will have the effect of shutting down single-entity non-profits captained by local or religiously affiliated boards who do not have the resources and also rural communities (who will use the exemption until it burns off). As such, there will be less supply of care while the demand for it is only increasing which will probably put a higher burden on emergency care sourced at acute care hospitals. https://lnkd.in/eA5TxQDU

13

Last week, Virginia Li at FirstWord Group led a fantastic discussion of the biotech markets with my public perspectives and the venture financing perspectives of Colleen Feriod Cuffaro of Canaan. A recording of our panel is available at the link below. Takeaways: * We are seeing a pick up in financing volumes but the bar for quality is still very high. It is a also longer process to get through a successful financing, but take the money if you can get it. Dilution is secondary to having a strong syndicate and runway. * Hot areas of investor focus are oncology and autoimmunity. The flavor de jour is applying traditional oncology drugs such as cell therapy and bispecifics to autoimmunity! We have seen early data in myasthenia gravis and lupus. * Gene therapy appears to have cooled off with increasing competition for treating the same disease areas with different modalities such as siRNA. https://lnkd.in/gdtmGDBY

44

1 Comment

Focus Acquisition Partners has been retained by a leading healthcare focused private equity group to search for add on acquisitions in the treatment of mental health, substance use disorders and co-occurring conditions in outpatient and residential treatment settings. The acquirer is very flexible regarding transaction structure. Acquired companies could maintain their brand identity and the owners could retain equity. Given that our client has well established portfolio platform companies operating in multiple states and care settings with a wide range of service offerings, their acquisition criteria are very broad.  ·  Private pay, in-network or Medicaid reimbursed ·  Outpatient, inpatient, residential  ·  EBITDA: Between $500K and $15M ·  Target Services: - Substance use/addiction treatment (that provide counseling services) - Mental/behavioral health treatment - Dual diagnosis - Programs tailored for adolescents, adults, or specialty populations Many transactions that Focus completes have sell side representation. If you have or know of an opportunity that meets these acquisition criteria, please contact me. Focus pays generous referral fees for introductions that lead to a completed transaction!

6

In recent years, wealth investors have expressed a strong interest in secondaries-focused funds, driven by their desire to increase transaction activity, shorten private equity dry powder durations and more. Read the full SecondaryLink article here: https://lnkd.in/dMbxwwZS

32

1 Comment

Spartan Capital Securities, LLC is excited to welcome Chromocell Therapeutics Corporation (NYSE: CHRO) as a presenting company at the Spartan Capital Investor Conference 2024, taking place on November 4th at The Pierre Hotel in New York City.   Chromocell is a pioneer in the development of non-opioid pain treatment therapeutics with a focus on modulating NaV1.7 receptors responsible for sensing and transmitting pain in the peripheral nervous system. The Company’s programs targeting the treatment of chronic neuropathic and acute and chronic eye pain are based on its patented core molecules. Chromocell Therapeutics Corp.'s leadership team includes Frank Knuettel II, Eric Lang, Simon P. Chandler, Richard Malamut, and Anke Hoppe. Conference attendees will be uniquely able to engage directly with Chromocell Therapeutics Corp. executives, gaining valuable insights into the company’s development and commercializing new therapeutics to alleviate pain.   This one-day event brings together public company executives, institutional investors, and capital market leaders. With over 30 presenting companies, it promises an unparalleled networking experience.   To secure your place at this premier event, visit: https://lnkd.in/enQCABXZ   #SpartanCapital #B2iDigital #InvestorConference #CapitalMarkets #InstitutionalInvestors #SpartanCapitalInvestorConference2024 #ChromocellTherapeutics #CHRO

7

1 Comment

During this private equity panel we will hear from some trailblazers that have successfully launched their firms and/or investment programs. I am sure they will be sharing some nuggets. Hope you can join us as we hear from Elizabeth Hartnett, Sophia Tsai, Bharath Srikrishnan and Neda Daneshzadeh. #emergingmanagers, #privateequity, #pensions, #investments.

25

1 Comment

-Looking forward to the panel at the Markets Group's Private Equity Boston Forum on Thursday morning. On the agenda for the panel: Given the current investment environment, how can we best invest, create value and find liquidity for our investors?

33

Allarity Therapeutics’ Stenoparib Shows Clear Clinical Benefit and Achieves Significant Milestone with Early Conclusion of Phase 2 Trial in Advanced Ovarian Cancer Boston (May 2, 2024)—Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a clinical-stage pharmaceutical company dedicated to developing personalized cancer treatments, today announced the early discontinuation of its Phase 2 clinical trial of stenoparib, a novel PARP inhibitor, for the treatment of advanced recurrent ovarian cancer. The patients enrolled in the trial had been pre-screened by Allarity’s unique Drug Response predictor (DRP®) companion diagnostic (CDx) in order to treat only patients with the highest likelihood of deriving clinical benefit. The trial, evaluating stenoparib given twice daily, has shown clear clinical benefit, including tumor shrinkage and long-term disease stability, in heavily pre-treated ovarian cancer patients who otherwise have limited life expectancy. These results have provided sufficient clinical proof of concept for stenoparib as monotherapy, prompting Allarity to halt further enrollment in this trial to enable and accelerate the development of a follow-on trial with FDA regulatory intent. "Based on the substantial clinical benefit observed in the early stages of the trial, we have achieved proof of concept results that surpassed our initial expectations and provided the critical insights we were seeking," stated Thomas Jensen, CEO of Allarity Therapeutics. "Concluding the trial now is the most effective way to re-allocate our financial resources to develop a follow-on trial with the fastest route to regulatory submission for stenoparib. The patients enrolled in this trial are heavily pretreated, having undergone multiple prior treatments, often including PARP inhibitors. It is highly noteworthy that stenoparib, used in patients selected with the DRP® CDx, has delivered sustained clinical benefit for such very heavily pre-treated patients in the trial.”

2

2 Comments

My first podcast series and no better co-host than Eva Yazhari! Listen in to the BCV Podcast (link in the comments) to learn how Beyond Capital Ventures invests in founders addressing the needs of rising consumer classes in India and East Africa. #beyondcapitalpodcast #beyondcapitalventures #emergingmarkets #consciousleaders

28

1 Comment

Our latest quarterly newsletter is out with #MnA stats as well as an interesting article highlighting some of past deals that were transformative and resulted in significant value enhancement for our clients that retained an equity interest post transaction. #valuedrivers #secondbiteoftheapple

12

WhatIsMyBizWorth? Since 2018, Neri Capital Partners has completed over 750 comprehensive, affordable, and accurate business valuations. Whether you are planning to exit your business, or your wealth manager is preparing your exit plan, you should know WhatIsMyBizWorth. With the completion of your comprehensive valuation, you receive three market values: Asset, Equity, and Business Enterprise Values. In addition, you also receive 13 KPIs, which are compared to thousands of other NAICS codes that are the same as your businesses, using IRS anatomized data. Your KPIs comparison is shown as (i) overperforming, (ii) underperforming, or (iii) average for your market sector. Your business valuation report is presented to you by a Neri Capital Partners Advisor, with the opportunity to ask questions and/or make recommendations to increase the value of your business. [email protected] (800) 216-4819 x0 https://lnkd.in/g4g_WMiA https://nericap.com hashtag #businessowners hashtag #babyboomers hashtag #sellsideadvisory hashtag #wealthmangement

1