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Lifestyle (w/e 7/17/26)
News (w/e 7/17/26)
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In-House Portfolio Operations Group vs External Operating Partner Firm: When to Build and When to Rent (2026)
A private equity firm that wants operating muscle has two ways to get it: build a captive operations team, or rent operators from outside. How the two models actually differ, and which fits the fund in front of you.
The consulting pyramid appears to have discovered gravity.
Real progress in a portfolio company rarely looks impressive at first.
PE returns are compressing. The industry response is more theatre.
Lifestyle (w/e 7/10/26)
News (w/e 7/10/26)
Deals (w/e 7/10/26)
Why Buy-and-Build Deals Fail: An Operator's Guide to Add-On Integration (2026)
The buy-and-build deck always works. A platform at 6x, three add-ons at 4.5x, blend the multiple down, grow the combined entity, exit the whole thing at 9x or 10x. On paper it is the most reliable value-creation story in the mid-market, which is why
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Publicis bought data and engineering when everyone else was still polishing Cannes entries.
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Publicis has done something painfully rare in agency land.
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WPP is the world’s most expensive lesson in why agency roll-ups eventually turn into archaeology.
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Big agencies are not having a bad year.
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Bending Spoons might be the most private equity company in tech.
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Private equity isn’t evil. It just has the terribly unfashionable habit of needing to make money.
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PE has a trillion dollar constipation problem.
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Public markets are getting a bit sniffy.
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Digital transformation usually means a very expensive unused login.
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Private equity has spent three years waiting for the market to reopen.
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If I were building a sales function from zero, I would start with management.
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