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McKinsey has said the quiet bit out loud.
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Christopher Nolan has a better track record than most private equity funds.
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Blackstone is a fee machine wearing a buyout firm as a costume.
Record AUM, record fees, a 25% dividend bump, and $414 million of net realisations. The fee machine is magnificent. The exit machine is still in the shop.
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What Is a Transition Services Agreement (TSA)? (2026)
Legal sources define the TSA as a contract. Operators experience it as a countdown clock. What a TSA covers, what it costs, and why the exit is the first value-creation deadline of a carve-out hold.
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The consulting firms have found a new way to bill the same hour twice.
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The consulting pyramid appears to have discovered gravity.
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Real progress in a portfolio company rarely looks impressive at first.
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PE returns are compressing. The industry response is more theatre.
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LPs do not need more transparency theatre. They need one honest conversation.
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Private equity secrecy does not protect excellence. It protects bad behavior.
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