John Shue

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!

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A good EB-5 project has a strong and conservative financial structure that protects the investor's capital and creates enough jobs so that the permanent green card is approved. The project developer's track record as well as the EB-5 Fund Manager's track record are also crucial points to be considered. Each EB-5 project should be thoroughly analyzed for each of these important factors. #LCRCapital #EB-5 #Immigration https://lnkd.in/e2zbyZfA

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After raising nearly $1B in capital in recent months, some acquisitions are especially fulfilling - this one being the case. But, first, a thanks and brief recap. In a stage in life I’ve come to learn as 'post-achievement,' my good friend Damien Rocchi told me recently: “Jeff, you may not feel the need to share what’s been going on in your world, but there are probably many people who would like to know because they care about you.” Thank you, Damien, for the wisdom and kindness. Now, for the recap. Hard to believe, but this year marks a decade since I signed the contracts governing the sale of my former company to Baker Tilly. The years following the merger brought great experiences, scale and phenomenal people into my life - both professionally and personally. Lots of good decisions (and some mistakes) that led to a tremendous journey which included: * The privilege to work and create value across 100+ countries * Effecting large-scale, positive impact spanning multiple industry sectors, companies and the teams within them * The invitation to consider the global CEO role for a $4B organization If someone told me in 2014 that this is what would be ahead, I may not have believed it. The years since the merger were indeed great - and the people even better. My hope during the time we worked together is that I brought each of them some small measure of the significant enrichment they brought me. As in life, one’s career has seasons. In 2020 it was time for a new one to begin in mine - even if such change would not be immediate. In long being a 'free agent' post-close in the sale of my company, the pandemic marked a point of observation, reflection and clarity: it was time for a change. Specifically, it was time to return to industry as CEO through acquisition, with a focus on sectors aligned with my experience. The aim: find a company that does good work but facing an evolutionary hurdle - whether in leadership succession gap, growth, recapitalization or otherwise. Once identified, acquire it, lead it and honor the legacy of those who founded it by generating outsized market value and positive impact post-close. And to such work I took, starting in earnest in mid-2022 and joining forces with a small but mighty group of great people. Together, we raised nearly $1B of capital in support of single asset fund deals where we could lend our experience in turning good companies to into great ones. While there have been many deals in recent months, one where I can combine my love for healthy company cultures with my passion for value-creation and all things tech, mobility, space and the conquest of flight, this is an especially fun one share. Heartfelt thanks to those of you who have been part of the journey thus far, and who continue to be part of it going forward. Means a great deal. Excel always and in all ways - and keep in touch. https://lnkd.in/dsGiYnD2

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A great article by Michael Swinsburg on the evolving role of the COO, highlighting how they are transitioning from behind-the-scenes to front-facing leaders, managing diverse teams and geographies to drive strategic growth and innovation. The focus on resilience, renewal, robustness, and relationships is spot on, particularly in today’s complex and fast-changing landscape. https://lnkd.in/gjcjJqZW

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Happy news from one of our Fund I portfolio companies (which willl hopefully make our investors happy, DPI baby!): https://lnkd.in/e5bPu5qx Personal Thoughts: - My great admiration for the Biocatch team, I've witnessed your achievements and ultimate interim payoff - Bold move from Permira, you got yourselves a strong asset - Constantly reading aggregated data from the VC industry, which is good, but also very misleading. Why? Because as in the economy, even in a bear market, the good and healthy companies will ultimately thrive. Don't rely on aggregated data only

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PALO ALTO, CA. October 16, 2024 --180 Life Sciences Corp. (NASDAQ: ATNF, “180” or the “Company”), today released the following letter to stockholders from its Interim Chief Executive Officer, Blair Jordan.   Dear Stockholders:   We are excited to announce that 180 is planning to strategically enter into the online gaming industry, utilizing its newly acquired “back-end” gaming platform, which incorporates blockchain technology and full cryptocurrency operability (the “Gaming Technology Platform”). The Company plans to use this technology platform to establish a blockchain-based business aimed at the global iGaming market. Initially focusing on B2C (business-to-consumer) online casinos, the Company also plans to expand into a B2B (business-to-business) model, offering a seamless blockchain-enabled technology platform for gaming operators worldwide. In addition, management has identified certain global iGaming industry characteristics and trends that they believe make potential acquisition opportunities attractive. Management believes that the combination of the Gaming Technology Platform and the strength of a Nasdaq listing make the Company an attractive consolidation vehicle for the iGaming industry, and plan to work to identify potential acquisitions (although no targets exist at present).

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As private markets welcome more investors to the space, the how becomes as important as the why. iCapital Chairman & CEO Lawrence Calcano came on the Alt Goes Mainstream podcast to break down the how and the why. How can investors gain access to private markets in ways that work for them? How can alternative asset managers better serve those investors? How can this all be done in a responsible, thoughtful way that sets up both investors and private markets for success in the long-term? What is the evolution of the different service models that enable GPs to unlock access to private markets for more LPs? Lawrence Calcano and I discussed these topics and more on the show. Thanks Lawrence for coming on the show to share your thoughtful perspectives on the industry and its continued evolution. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. https://lnkd.in/eX7njq8b

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PE - Hedge Funds Hit by Lack of PE Exits (and one way that PE firms can boost exits) Financial Times: https://lnkd.in/edACss_X FYI - one way to get more PE exits is for the PE fund to have a domain expertise GTM and have deep knowledge on how to increase the Revenue Growth of portfolio companies which boosts cash, profits and margins. --- #pe #privateequity #business

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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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Can't wait to reconnect with the brilliant Amanda Herson and join the discussion with Maciek Gnutek and Iain Martin at Slush about our fund models and what they mean for Founders ❄ 🚀

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What's the fast river in alts? Listen to the latest Alt Goes Mainstream podcast with Mercer's Gregg Sommer & CAIS' Neil Blundell to hear how they are helping advisors approach private markets. Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered: * The case for alternatives. * How advisors currently approach alternatives and how they can think about it differently going forward. * How to think about portfolio construction that includes alternatives. * How alts can help advisors differentiate their practice and attract clients. * Following the fast river in a career and why alternatives are “the fast river.” * The meaning of “structure over strategy.” * The rise in popularity of evergreen funds. Thanks Gregg and Neil for sharing your thoughts and expertise on private markets. Thanks to our sponsor, Ultimus Fund Solutions, for making this episode possible. https://lnkd.in/eBtyw6Fm

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Great to see RSF Social Finance's flagship loan fund, the Social Investment Fund, in today's ImpactAlpha The List: Impact fund managers steer private credit to places equity fears to tread. #changemakers #socialinvestmentfund #regenerativefinance #impactinvesting #wealthmanagement

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Jake Dollarhide, cofounder and CEO of Longbow Asset Management Company, said the combined entities Expand Energy showed stronger profits than the two standalone companies, agreeing with Expand Energy executives who stated the report showed strong results. (This is not a recommendation to buy or sell any particular security.) CNBC CNBC Overtime CNBC International The Wall Street Journal The New York Times New York Post The University of Tulsa: Collins College of Business The University of Tulsa Tulsa Remote Rotary Club of Tulsa City of Tulsa Tulsa Regional Chamber Bloomberg Reuters University of Oklahoma Rotary International Oklahoma State University Oklahoma State University-Tulsa The University of Tulsa Graduate School Gathering Place Student Investment Fund The University of Tulsa Tulsa World Media Company The Oklahoman The Journal Record NYSE Federal Reserve Board Federal Reserve Bank of New York YMCA of Greater Tulsa YMCA of the USA World YMCA Federal Reserve Bank of Kansas City Federal Reserve Bank of Dallas Federal Reserve Bank of St. Louis ICE 36 Degrees North Tulsa Innovation Labs Friends of the Katy Trail Harwood International

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Hot off the press from my Cliffwater colleague William Dornbrook: Startups on Sale: The Opportunity in VC Secondaries This paper outlines our perspectives on venture capital secondaries, an asset class at an important inflection point for future growth. Structural changes in private markets, a growing need for liquidity from LPs, and near-term headwinds in the IPO market have led to increased investor interest in VC Secondaries. Amid this backdrop of highly motivated sellers and improving metrics for startup quality, we believe VC Secondaries are priced attractively.

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Great NYT article about the US private secondary market highlighting an early mover I co-founded, Forge, and another I invested in and advised that's bringing things to the next level, Destiny (D/XYZ). A couple of my heroes and colleagues, Sohail Prasad and Kelly Rodriques, are quoted extensively. Written by Erin Griffith, a veteran journalist who has followed private markets for nearly two decades, the good insights outweigh a few things that beg for clarification. The public comments, by contrast, are mostly misunderstanding and misinformation. If you've ever worked for a long time at … well, anything… and then you read a news article about it, you probably know the feeling. Private markets are not "shadowy and often enigmatic." It's not that mysterious or complicated, people. It's just a fresh approach to an old business. * rant about Stripe * The article amplifies and conflates misleading claims by Stripe disparaging forward contracts as possibly worthless with others questioning secondary stock solicitations as likely scams. Stripe is twisting stock ownership legalities as if it doesn't want its employees to benefit from shares it's been awarding them for the last 14 years, not unless and until Stripe says they can. We used to run into that at Forge, companies granting equity awards then pulling them back with hidden strings, threats, and bluster to keep control over when, where, whether, and how employees could raise cash from the stock they fully earned as compensation for their loyalty and hard work. Say an employee wants to buy a home or car, pay for medical bills or their children's education. Or leave to start their own company. Sorry, those shares management paid you in lieu of cash, they didn't really mean it. The pinnacle was Airbnb's hired gun CFO calling us "bottom feeders" for facilitating employee stock sales without his permission. As if Airbnb wasn't doing the exact same thing, in their case illegally, monetizing tenants and their apartments. Happily awareness has grown. The Airbnb guy was soon out, and the general understanding came to acknowledge that once an employee earns their stock fair and square it's theirs. Market participants see this as a matter of fairness, but more to the point as a benefit to everyone involved including the company that issued the stock. So most companies encourage a secondary market. Rather than tensions rising, the long term trend is a growing acceptance of stock sales initiated by employees and early investors. Forge, for its part, has found it more effective to work with the companies and honor their wishes rather than butting heads with them as we sometimes did in the early days. I guess Stripe didn't get that memo. Or the people who post comments to New York Times articles.

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The last several years have witnessed a significant increase in the use of continuation funds as the capital markets dried up. Now, per PitchBook, there has been a meaningful uptick in exits from those funds. Per the article: "Continuation funds have roughly doubled their quarterly exit activity, enduring as a viable liquidity solution for PE firms." Any uptick in liquidity activity is a hopeful sign that a recovery is underway. While the Pitchbook article specifically addressed activity in private equity, hopefully we will begin to see signs in the Venture space as well. Endeavor Colorado #privateequity #venturecapital #innovation #investing #founders #startups #entrepreneurship https://lnkd.in/gRW6WPNm

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I’m a strong believer in the idea that leading is largely about building empathy. The job isn’t just helping others understand the mission - it’s helping them complete the mission and building alignment through personal context. To take it a step further, you can’t be empathetic if you aren’t curious. Curiosity drives us to ask deeper questions - those questions build empathy and, then, we become more aligned.

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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. 

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🔍 Curious about the value of attending private equity conferences? Our new article breaks down 25 compelling reasons why executives should invest in their professional growth by attending these events. From networking with key industry players to acquiring strategic insights, the ROI is substantial. Read more here: https://buff.ly/3LZnxOV 💼 Learn more about Blackmore Partners: https://buff.ly/42iNmB3 📅 Have questions? Schedule a meeting with our Director Chris Melton here: https://buff.ly/46DZD46 #PrivateEquity #CareerGrowth #ExecutiveRoles #BlackmorePartners #PECareers

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