Zachary White

Smartsheet has entered a definitive agreement to be acquired by Blackstone and Vista Equity Partners for $8.4 billion in an all-cash deal. Smartsheet shareholders will receive $56.50 per share, representing a 41% premium over the 90-day average share price. The transaction is expected to close by the end of January 2025, subject to regulatory approvals and shareholder agreement. After the deal, Smartsheet will become privately held, continuing operations under its brand. There is a 45-day "go-shop" period allowing alternative proposals. Here are a few thoughts: Blackstone and Vista bring extensive experience in tech, positioning Smartsheet for accelerated global expansion. High valuation shows continued private equity interest in software companies, especially those with strong SaaS models. As a private company, Smartsheet may gain flexibility for product innovation and restructuring without quarterly public market pressures. The 45-day "go-shop" could lead to other high-profile bidders, signaling competitive interest in enterprise work management solutions. This acquisition could drive consolidation in the collaborative work software market, setting a trend for future acquisitions. #privateequity #deals #dealflow

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I often feel like "Future of Work" means everything and nothing all at the same time. But what does it mean when we say we are investing in the future of work at Reach Capital? In general, I like to think that we are investing in products and tools that help to elevate workers and create pathways for economic mobility, wherever they are in their careers - exploring careers, landing the job, up killing / Reskilling, supporting and augmenting them throughout their work, providing the benefits/enablers they need to thrive in the workplace, and more. We've invested in companies, including WorkWhile (a worker-first on demand labor marketplace for hourly workers), Replit (collaborative IDE for developers), Stepful (training for the allied healthcare workforce), Take2 AI (simulation-based talent acquisition), Hopps (on-demand expert help marketplace), and so much more. As the concept of work, continues to change rapidly we've surrounded ourselves with an amazing advisory board that supports us and our portfolio companies (Maisha Gray-Diggs (MGD), Dermot O'Brien, Gordon Trujillo, Ekpedeme "Pamay" M. Bassey, Guillermo Miranda, David Landman, Ph.D., Q Hamirani) and have committed to continuously learn (check out our latest ReImagineWork report linked in the comments).  If you're building a company that is focused on improving the future of work, please reach out! You can find me at [email protected]. Some areas I'm personally interested in right now: 👩‍⚕️ Tools to augment clinicians and reduce burnout (e.g. workflow automation tools, business-in-a-box for self employment, health system focused retention and engagement tools) 👩‍🏭 Products that help to increase supply / liquidity or improve the productivity of existing supply, through learning in the flow of work, in supply constrained markets (e.g. manufacturing) 💻 Skills inference tools that surface skills insights from the work people actually *do* and help large enterprises with workforce planning

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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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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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Lots of great tidbits in this article: "CAIS Group, which consults on alternative investments, sorted through figures on deals from the Institute for Private Capital and found that boosting revenue growth and margins added almost twice as much value than multiple expansion during the decade following the 2008 financial crisis." "In the over-stimulated post-pandemic economy, where consumers snapped up goods with abandon, companies never had to sell a thing, Romanowicz said. Now you really need to hustle. You need to create a sales force, so firms are trying to rebuild that capability, because that muscle was kind of lost.” "Without the tailwind of low rates and tame inflation, private equity firms will have to concentrate on basics like margin expansion that make companies better, Anuj Ranjan, Brookfield’s head of private equity, said at the firm’s investor day this month."

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Read our latest article on Creating an Ownership Culture. This piece dives into how fostering a sense of ownership among employees can lead to remarkable outcomes for both the team and the organization. Here at KKR we are committed to providing ownership to all employees in all new controlled deals, building on recent successes of our Broad-Based Ownership Program. Whether you're a leader seeking to enhance your company's culture or an employee interested in the dynamics of workplace engagement, this article offers valuable perspectives. 👉 Read article here: https://lnkd.in/ejVc2ffd You can download the full report here: https://lnkd.in/ee_vT2rs #Leadership #BusinessCulture #EmployeeEngagement #KKR

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In his latest article, Drew Schardt discusses private equity performance across different macroeconomic environments. Read here: https://gag.gl/p38pDu

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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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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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After a whirlwind two decades of a corporate career – which has spanned a traditional management consulting firm, a Fortune 500 toy company, a world class entertainment agency, and a growth equity fund, I’m excited to officially share that I’m striking out on my own with Shruti Sehgal. Together, we’re proud to launch The Moonshot Company – a new kind of strategic consultancy, representing high-growth talent, brands, and investors looking to accelerate their cultural and commercial success from a place of authenticity, creativity, and intent. The Moonshot Company will specialize in integrated brand and growth strategies–culled from our prior executive careers in consumer, entertainment, media, finance, politics, and PR. Throughout my professional life, I often found myself at the center of consumer industries undergoing a major landscape shift. Shifting consumer behavior, the proliferation of social media, digitally-native consumption, and revamped business models have underpinned every business I have been fortunate to be a part of. Winter has always been coming. And it is through that lens that I learned a lot about myself as an executive. My curiosity has always found that change exhilarating - and I am particularly adept at spotting through lines and opportunity amidst a constant state of flux. Rapidly transforming industries don’t scare me, stagnation does. And yet, I have always felt a natural tension between building these industry-specific skills and the freedom to add my own interdisciplinary instincts and perspectives to bear, especially on someone else’s platform. But as the world has changed, so have I: this very tension I once thought frustrating is now a reason for being.  If I could go back in time, I would tell my younger self that my own diverse range of experiences and multicultural consumer lens always has been, and will always be, as instructive to my success and growth as anything else. The future of business and culture requires differentiated voices and leaders who can bring a much wider set of skills and a unique blend of deeply-lived experiences – both personal and professional – to achieve transformational outcomes for clients, and this is the foundational vision of The Moonshot Company. Simply put: this platform didn't exist, so we built it. As mothers, former senior executives, culture-obsessed consumers, and South Asian women – Shruti and I are thrilled to put our skills, networks, and novel strategies to work for clients who share our values, and whom we feel uniquely compelled to deliver Moonshot-level results for. If our vision and founder story resonates with you, please reach out. And as we embark on this new journey, I’d love to hear more about your own Moonshot below. 🚀 💫

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Summary: The article discusses the current challenges faced by VC firms in attracting new capital, but highlights how established firms like Kleiner Perkins are still able to raise large funds. It also touches on the potential impact of AI on investment strategies. Key takeaways: Many VC firms are struggling to secure new capital in a tepid IPO environment. Established, brand-name firms like Kleiner Perkins are still able to raise significant funds. AI is emerging as a potential game-changer in the investment landscape. Counter arguments: It may be premature to attribute Kleiner Perkins' fundraising success solely to AI; other factors could also be at play. The article may overlook smaller VC firms that are also finding success in fundraising. #venturecapital #vc #venture #startups #artificialintelligence

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The lack of exits from both private equity and venture capital funds over the last few years continues to have a significant impact on the behavior of large investors. Per the attached article from Institutional Investor, single family offices have moved more capital into fixed income and liquid equites (ie. the stock market). With yields on fixed income securities now higher, the move into that asset class is easy to understand. I would expect a larger allocation to fixed income to endure, as interest rates are likely to remain at or near their current level for the foreseeable future. However, I suspect that the move into liquid stocks is driven more by the need for near-term liquidity, rather than any structural change in asset allocation philosophy. The truth is that family offices need both access to growth companies AND liquidity. If exits in the private markets begin to uptick again, I would expect family offices to once again deploy capital to PE and VC. Private equity and venture capital continue to be the most effective method to access the return profile of growth-stage companies. That is not going to change. However, the liquidity side of the equation needs to return to normalcy. #privateequity #venturecapital #innovation #entrepreneurship #founders #startups #investing Endeavor Colorado Zeb King Tegan Stanbach Kathryn Dickson https://lnkd.in/g4rqxzhQ

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Should I use only equity for my search fund acquisition? 👇 If you can convince enough shareholders to part with their cash in order to purchase a company, this is the simplest way to go. A few thoughts: 1. Equity carries no covenants or external limits on how you and your team run the company. 2. Since there’s no debt, you have a higher risk tolerance. 3. Equity investors are patient. Debt holders are not. 4. Investors get well rewarded for shared success. If you do well, they do very well. This can make it easier to raise capital. 5. Some companies are not a good fit for debt. Lenders like predictable cash flow, hard assets and a history of profitability. 6. Equity is easy to raise compared to debt, which involves due diligence, counterparty risk, and tight terms. On the other hand, equity is expensive. You will have to give away the value of the money up front, and more.

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A huge congrats to the Tactyc by Carta team!! You've built an amazing product and have been great partners to those using the platform. I routinely hear from users that are impressed with the speed and quality of help that Tactyc provides to their partners. VC is changing (slowly) and managers need to build better data-driven decision making systems. The market operates on 'pirate rules' - fall behind, left behind. If you're Tactyc Curious, I'd be happy to share how I integrate it into Fund workflows. #VC #emergingmanagers Coolwater Capital #datadriven #VentureFinance #VCfundmanagement #Venturecapital

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Private Equity Myth BUSTED: Myth Busting Time.... The Myth: PE firms are ruthless negotiators who care only about their own bottom line. THE TRUTH: The best PE firms build partnerships, not adversaries. Sellers want to work with buyers who understand their vision and respect their legacy. Great PE buyers lean into this by building trust and showing how they will steward the company’s future. A competitive price is important, but so is: A commitment to growing the business. Keeping key employees. Preserving or enhancing the company culture. Novice buyers view sellers as opponents. Great buyers see them as partners. This mindset wins deals—and helps everyone walk away feeling like they’ve won.

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Working At A Family Office Can Be Great. But It’s Not For Everyone Most family offices are small teams that aren’t fully institutionalized. This inevitably means that employees get tasked with work that is outside of their original job description. That’s half the fun but also most of the annoyance. You either thrive on it or this world isn’t for you. F Partners Read The Full Article Here: https://lnkd.in/dFMJn_HZ #singlefamilyoffice #familyoffices #familyoffice #privatemarkets #privateinvestors

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🤔 Sounds like Pearl IO paid these guys...We didn't, but it doesn't hurt that they highlight how and why we exist and how we approach supporting PE partners succeed. Check out this recent Alvarez & Marsal webcast. Quick summary / takeaways: Generative AI is reshaping PE by accelerating deal execution, enhancing problem identification speed, and deepening analysis. Neat to see dialogue within PE continue regarding opportunities to enhance methods and outcomes. #PE #PrivateEquity #AI #Innovation #DataAnalytics #duediligence #diligence #portfoliomonitoring #valuecreation https://lnkd.in/dD3wznWS

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Part of the sports asset class is knowing from front to back the entire sports asset value chain, and the interconnected nature of the market. Most folks… don’t even know. At all. In fact this week alone there’s a been a handful of family offices trying to understand more about the industry from our deal flow… Everyone thinks teams, the big 4 professional leagues… and honestly those just don’t have the outsized returns (normally). Think of it this way- you go into a stadium and you buy a pretzel, a drink and go sit down at your seat. What you didn’t consider is the value chain and the companies that know the propensity of the market to get you there… a sports company focused on- digital advertising for the food and drink, maximizing your purchasing power, the POS system itself, you bought those seats on a ticket exchange platform, even the subiminal fan experiences around you that maximize your ability to enjoy… and spend both there and recurring at home. All in the sports value chain. Now imagine being in a fund that has placements in all of these from front to back bringing NAV growth, outsized returns by positioning and interconnected value of other portcos, and cash distributions. 🤔

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