Victoria Lakers

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

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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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An interesting view of the state of non-profits in 2024 by the Centre for Effective Philanthropy: 1) Leadership burnout 2) Budgets - what to do with surpluses? 3) Growing funder commitments in grant practices As an industry - we need to do better! https://lnkd.in/g_C-zJq5

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Tax Loss Harvesting (TLH) strategy has been around for decades. Recently, there have been many innovations in this strategy to make it evergreen. A few challenges with traditional way of doing TLH is the limited number of rebalances per year as well as the ossification of the portfolio over the years. One innovation has been to use this strategy over a long/short equity portfolio that allows for consistent harvesting. This works great for diversifying a concentrated stock position. Here is a recent paper from AQR Capital Management on this topic. https://lnkd.in/eb4msgaD Another innovation is using options overlay to create a convex anti-correlated return stream to long beta as Jerry Peters explains in his interview with Dean Curnutt. We constantly evaluate how these new ideas can help our client squeeze more out of their dollars. #TrilliumSquare Thanks to Chad R. Morgan, CFA, Josh Rogers and Richard Citrano for your insights on this topic! https://lnkd.in/ej5f_GzM

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This article aims to shed light on the critical aspects of fee transparency so plan sponsors can best help the plan but also relay relevant details to participants. https://ow.ly/XnbQ50RspwI

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Great insights for GPs and Fund CFOs navigating the disrupted fund banking market.

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Finishing up a productive week at the annual Milken Institute Global Conference in California. It was an honor to participate in a panel discussion on the significant changes we’ve seen in asset management over the past few years, and what they mean for our business moving forward. My thanks to fellow panelists Kamal Bhatia from Principal Asset Management, Dan Bienvenue, CFA, CAIA from CalPERS, Katie Koch from The TCW Group, Tony Minella from Eldridge, and our moderator, Matt Brown from CAIS. I truly enjoyed our conversation and the opportunity to share and compare insights on the issues affecting our business.   From the generational amount of cash still sitting on the sidelines, to the rise of alternatives from being the subject of a mostly academic exercise to one that carries significant urgency for investors today, it was a privilege to share my thoughts and those of our clients on such an important stage. Milken offers a unique opportunity for our industry to talk openly about the challenges we face and opportunities we see in serving those who entrust us with their financial futures. And a conference like Milken reminds me of two fundamental truths that guide our firm through all market cycles and environments: access is what drives alpha for investors so it’s our job to find more ways to provide them with more of it, and if we focus on the things we can control and the fundamentals of what we do – investment excellence and world-class service for our clients – then we’ll be ready for volatile and uncertain market conditions. #MIGlobal

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Some of my most rewarding professional experiences resulted from accepting roles leading organizations in distress or turmoil, many of which resembled roles perched on a #glasscliff. I shared some strategies to successfully "scale the cliff" in my latest article for Crain's Chicago Business. Check it out here https://lnkd.in/gUn7ufgT and share your suggestions for others considering similar roles or if you don't have a subscription, you can find it here: https://lnkd.in/ggDNuKST

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Is your executive compensation program ready for an IPO? Discover best practices for private companies and learn why we believe "an effective pay plan can help attract and retain top talent, motivate senior leaders to achieve defined business objectives, align their interests with shareholder outcomes, and improve the company’s overall financial performance."

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All areas of commerce are benefitting from data analysis, and our industry is no different. And when it comes to hard data, Henry Schwartz is among the very best. Good, punchy interview here fresh from the OIC on many hot topics in the listed options space, including the rise of the "ProTail" customer using options strategically. #Options #OptionsStrategies #Cboe #SPX #VIX #XSP #OIC #0DTE

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We talk a lot about fiduciary duty for organizations, but what are we doing to support the financial health and wellness of nonprofit employees? Please read this piece... It's an issue that needs to be addressed across the sector.

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Why does Employee Ownership work? Ellen Frank-Miller, PhD's recent Op-Ed at ImpactAlpha sums up the Employee Ownership "playbook" perfectly. And now that the top-secret EO "playbook" is out there, I might as well amplify Ellen's prescription for all to see: - Award meaningful ownership stakes to employees; - Transform operational practices to give employees more control over decisions that affect them and more autonomy to do their jobs the best way they know how; - Upskill frontline supervisors to help them manage their teams collaboratively and shed the command-and-control style that’s so counterproductive to achieving shared goals; - Activate the above-and-beyond employee behaviors that power better financial results; and - Enjoy superior returns for investors, wealth-building for employees, and all the community benefits that come from healthier businesses, workers, and families. Employee Ownership is nothing more but nothing less. This is the "playbook" that we are following at Southeast Acquisition Capital, along with a select few emerging and established managers, with surely many more to come. -- At its most basic level, employee equity is just a deal term or a part of an HR benefits package. True Employee Ownership happens when equity is paired with fundamental changes in the way that employee owners perceive their relationship to their employers (developing "organizational identification"), as well as changes to their actual work output (through a "social exchange obligation"). Or in non-academic terms, we refer to this simply as "employee owners thinking, acting, and feeling like owners." I've always said that I can't wait for the day that Southeast Acquisition Capital loses a deal to another firm pursuing Employee Ownership buyouts, because from then on we can just call them "buyouts", and Employee Ownership -- both the equity piece and the quality jobs piece -- will have truly become "market" and many more millions of employee owners will be better off for it. Thanks for the shout out, Ellen Frank-Miller, PhD, and I look forward to working more with the Ownership Impact Index by WORC (Workforce & Organizational Research Center)! Apis & Heritage Capital Partners KKR Ownership Works Mosaic Capital Partners Teamshares American Working Capital, LLC Verit Advisors https://lnkd.in/eremKFj5

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As a mom of two daughters, I often find myself referrring to the life advice I give them when advising Chestnut Advisory Group's clients. In this clip, Robert Morier's OCIO selection question on this recent Dakota Live! podcast led me to once again draw from my reservoir of parental advice. Bottom line: successfully selecting the right OCIO to partner with starts with strong self-knowledge. (Shout out to Cecilia Kiker and Nicole Kiker for putting up with my 'wisdom' -and often heeding it!) Podcast replay info below. #OCIO #institutionalinvestors #assetmanagement #investmentconsultants #investmentsolutions

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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

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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. :)

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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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Great event this past week discussing the rising prevalence of interval funds and tender offer funds. In particular, we see a lot of opportunity for fund managers of products that have traditionally offered closed-end funds to reach new investors who are eager for exposure to their asset class and strategies, especially within private credit.   Thank you to the moderator and panelists for such an insightful discussion: Camille Clemons, Jay Laurila, Morrison Warren, Rob Kenyon, CETF®, Michael Townson

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