essay
Latest
news
News (w/e 11/07/25)
CapitalSpring Closes Initial $505 Million Toward $1 B Target for Fund VII CapitalSpring, the Nashville shop that bankrolls franchise and multi-unit consumer businesses, just hit $505 million on the first close of its new $1 billion fund. Every dollar came from existing LPs—most upsized. That’s loyalty, or at
deals
Deals (w/e 11/07/25)
Denny’s Corporation Goes Private in $620 Million Buyout A consortium led by TriArtisan Capital Advisors, Treville Capital, and franchisee Yadav Enterprises is taking Denny’s Corporation private in an all-cash transaction valued at $620 million, including debt. Shareholders will receive $6.25 per share, representing a 52% premium to
views
AI today feels like the dot-com boom on steroids.
The pattern is almost identical, only faster, louder, and with more zeroes. In 1999, we had people registering random domain names and raising millions because they had a “web business plan.” No product, no revenue, just a buzzword and a slide deck. Sound familiar? Now it’s AI. Every company
cases
SmileDirectClub: When “Disruption” Outran Discipline
In the late 2010s, SmileDirectClub looked unstoppable. A direct-to-consumer revolution in orthodontics—cutting out the middleman, slashing prices, and promising a perfect smile from the comfort of your sofa. It was Silicon Valley swagger meets medical device economics, wrapped in pastel branding and influencer smiles. Founded in 2014, the company
events
NY PE Dinner (Nov 20)
The Not Very Private Equity Dinner Series brings together a curated mix of investors, operators, and founders for candid, off-the-record conversations. Want to join? Apply below.
events
The NVPE Private Equity Dinners
The Not Very Private Equity Dinner Series brings together a curated mix of private equity investors, operating partners, and founders for candid, off-the-record conversations. Hosted monthly in New York and Los Angeles, these dinners take place in some of the cities’ most exclusive private dining rooms and members clubs. Each
deals
Deals (w/e 10/31/25)
Francisco Partners Takes Jamf Private in $2.2 Billion Deal Francisco Partners is taking Jamf private in a $2.2 billion all-cash deal at $13.05 per share, marking an exit for Vista Equity, which held a 34% stake. Jamf manages and secures Apple devices for enterprises, posting ~$176.5
news
News (w/e 10/31/25)
GIC Tests the Secondaries Market with $1 Billion LP-Stakes Sale Singapore’s GIC—one of the most disciplined LPs on the planet—is quietly unloading $1 billion in fund stakes across 30 PE managers. When even a sovereign wealth fund wants liquidity, that’s not noise—it’s a tell.
theses
3x Thesis: Kids Are the New Luxury
Luxury is no longer worn. It’s scheduled. The modern affluent parent isn’t showing off with a Rolex.....they’re flexing through weekend fencing tournaments, bilingual tutoring, and elite chess camps. We’re witnessing the rise of child-focused conspicuous consumption. And the numbers are massive: According to the Brookings
views
Everything in life and business, compounds.
The gym sessions you skip. The calls you make. The habits you tolerate. The people you surround yourself with. It’s all compounding, every day, quietly, without fanfare. In business, we obsess over financial compounding......IRR, MOIC, reinvested profits. But the real magic (or destruction) is happening elsewhere. Culture compounds.
life
When life gives you lemons, don’t make lemonade. Don’t squeeze them, sweeten them, or start a small-batch organic lemonade brand.
Freeze the lemon and shove it as far back up life as you can. Elbow deep. Because in business, you don’t win by coping, you win by counterattacking. Most people have been trained to absorb problems politely. They call it “resilience.” They think if they just keep calm, manage