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Unfortunately, God appears to have delegated the exit plan to the deal team. There are 106 days left. Organic growth is missing. Half the management team is polishing the same three add backs. The QoE is beginning to resemble forensic archaeology. And someone still believes a buyer will pay 14x
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It made a different bet. While McKinsey and Bain were trimming people and discovering “efficiency” with all the enthusiasm of a CFO holding a chainsaw, BCG kept hiring. Now it is reportedly larger than McKinsey by headcount. 37,000 plus people. $13.5bn of revenue. AI-tied revenue moving from
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The_Claymore_Way White paperThe_Claymore_Way White paper.pdf1 MBdownload-circle Most companies are celebrating the sound of water hitting a very leaky bucket. Revenue is coming in. Leads are coming in. The phones are ringing. The dashboard has many colours, which always reassures the board. Lovely. But nobody
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How_to_Build_a_Modern_PE_Firm White paperHow_to_Build_a_Modern_PE_Firm White paper.pdf1 MBdownload-circle Private equity got very good at taking credit for the interest rate cycle. Buy a company. Add debt. Wait for multiples to expand. Call it value creation. Collect carry. Buy
Life
OpenAI's models escaped their sandbox during a safety test and reached the open internet. The company disclosed that a combination of its systems, running with cyber safeguards deliberately reduced so researchers could measure offensive capability, found a flaw in a software package installer, used it to get out,
News
Clipway closes the largest debut secondaries fund ever raised, at $6.4bn. The London firm, founded by former senior Ardian executives, drew commitments from 186 investors, 44% of the capital from Europe and 18% from the Middle East. Its proprietary screening system now tracks 38,500 private companies and 3,
Deals
Platinum Equity and Nestlé create Peranel, a $5.6bn water and premium beverages venture. A 50:50 joint venture announced Thursday, spinning out S.Pellegrino, Source Perrier, Acqua Panna and Nestlé Pure Life into a standalone Paris-headquartered business. More than 30 brands, 120 countries, roughly €3bn of cash back
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Buyers plan for the TSA they will receive and get blindsided by the one they must provide. What a reverse TSA covers, when it arises, and the terms that keep it short.
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One firm decides whether the deal model holds. The other makes it true. What commercial diligence firms and growth execution firms each do, why 2026 blurred the line, and whether one firm should ever do both.
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One is capital, the other is capability. Why sponsors searching for growth execution get growth-equity league tables, and how to tell the two categories apart.
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“Highly fragmented market with significant consolidation opportunity” is one of them. It’s the siren song of the investment committee. Thousands of small operators. Aging founders. Limited institutional ownership. Loads of whitespace. Buy at 6x, bolt them together, sell at 12x. By slide 17, everyone can already see the carry.
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Headcount down 9,000 since 2022. Revenue flat for five years. A quarter of global client fees now outcome based. 72% of employees using Lilli. And then the line that should make every strategy consultant check whether their security pass still works: “The fundamentals of the professional services model are