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PitchBook calls it headwinds. A dozen states call it the law.
PitchBook blames rates and utilisation. Its sharpest number is a 36% collapse in the one structure a dozen states just legislated against.
NVPE Editorial
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Secondaries set another record. A quarter of deals failed or paused anyway.
The secondary market transacted $124 billion in the first half, a record on every measure Lazard tracks. Roughly 27% of transactions failed or were paused, which is also in the report.
Deals
KKR is offering UGI less than the stock was worth in 2018
A 21% premium is easy arithmetic when the reference price spent eight years falling. The board that refused to sell a division in 2024 now weighs selling the company below its old high.
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The best executive search firms are also the worst executive search firms.
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That is now half the value creation plan.
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The executive search market has its own little cartel, and at least it has the decency to wear a suit.
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Somewhere around 2019, every PE firm became "operationally focused."
Deals
Stripe and Advent are offering PayPal roughly what it was worth in 2015
The reported bid is $60.50 a share, about $53 billion. When eBay cut PayPal loose in 2015, the market said $49 billion.
Views
Most PE strategy decks could change logos unnoticed.
Deals
In February Workday's answer was its founder. In August it might be Silver Lake.
Reuters says Silver Lake has spent months in talks over a take-private at more than $50 billion. Six months ago, Workday's answer to the same problem was paying its founder $138.8 million to fix it in public.
Views
Brookfield's $12.5 billion of carry has spent years almost arriving.
Brookfield's release is headlined 15% earnings growth. Consolidated net income fell 33%. Between the two sits $12.5 billion of unrealised carry, of which the firm converted $121 million after selling $40 billion of assets.
What Is a Digital Maturity Assessment?
A structured diagnostic that scores how a company uses digital channels, data and technology to generate revenue, and turns the score into a ranked, costed investment list. What it covers, what the output should be, and why most of them change nothing.