Cameron Eskandari

Seems like COVID was the next big before/after disruptor, much like the GFC, so it's no wonder a lot of things have shifted. Thank you Kathryn Regan for your insights into COVID's effect on Secondaries as well! #womenofsecondaries #secondaries #secondarymarket #womeninprivateequity #womeninpe #womeninsecondaries

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If you are a private middle-market company seeking a Private Equity investment partner or preparing your sponsor backed business for a 2025 exit, it is more critical now to get your finance function in order. I am excited to share our observations on the challenges facing middle market companies and the critical, but frequently missing, building blocks that would improve how organizations convey their story to private markets. Creating a stable finance platform that is ready for growth will not only improve short term performance but will mitigate value destruction during a sale process. Read more here: Building Blocks That Matter

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The Information broke news that Insight Partners has just secured $10B in funding for their latest flagship fund. This is perfectly timed given their multiple $1B+ companies sold over the past week. This is a clear sight that #limitedpartners still have in their #privateallocations even during the current slow markets for #IPOs and #M&A. This would also appear to be good news for #AIfinancing and #SaaSFinancing. What do you think? #Management #VentureCapital #PrivateEquity #CapitalMarkets https://lnkd.in/gXu_s8Qj

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Is Now the Best Time to Raise a Private Equity Fund? According to industry leaders, it just might be. "I’m much more optimistic at this point in the cycle in 2024 than I was in 2023 and 2022," says Andy Lund, global co-head of Houlihan Lokey's Private Funds Group. Despite expectations of a slowdown, the first half of 2024 has been unexpectedly successful for PE managers raising capital. U.S.-based funds closed on $155 billion by the end of June, slightly ahead of the first half of 2023 (PitchBook Q2 2024 US PE Breakdown). Alex Russ, head of North America for Evercore's Private Funds Group, sees this as an ideal moment for GPs with open funds. "We saw fewer new fundraise launches in 2024 than in 2022 and 2023, leading to a slight easing, which we expect to continue into the second half of this year," he notes. However, challenges remain. LP capital is still largely locked until M&A and exit activities resume. Evercore anticipates flat PE fundraising figures for 2024 compared to 2023. Moreover, other asset classes are vying for already limited institutional capital, with private credit showing particularly strong growth. In this context, Maria Konnikova’s "The Biggest Bluff" offers an insightful analogy. Inspired by "Theory of Games and Economic Behavior" by John von Neumann and Oskar Morgenstern, the book explores von Neumann's belief that poker epitomizes the delicate balance between skill and chance that governs life. Doing well at poker isn’t just about playing well; it’s about playing well relative to everyone else. And even with the best strategies, luck plays a critical role. As Nobel-winning economist Daniel Kahneman notes, "The successful funds in any given year are mostly lucky; they have a good roll of the dice. There is general agreement among researchers that nearly all stock pickers, whether they know it or not—and few of them do—are playing a game of chance." The last two years were like drawing a bad hand in poker for those raising funds. The book also emphasizes the importance of thinking like a Strategist—something I’ve honed throughout my career. Each move requires reassessment based on new information. You need a plan that evolves with feedback and supports long-term, good decision-making. If you’ve lost your chips, was it due to an unlucky situation—or because your strategy was flawed? A recurring mantra of Poker Hall of Famer Erik Seidel is "less certainty, more inquiry." If that becomes your guiding principle, not only will you actively listen, but you will also adapt and grow. For GPs, strengthening relationships with existing LPs is more crucial than ever. Now is the time to leverage your learnings and craft compelling narratives that showcase your commitment to value creation and strategic growth. By highlighting your firm's ability to navigate complex market dynamics, you can strengthen LP alignment and foster the partnerships needed for long-term success.

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I'm very excited to announce the official launch of my impact investment fund know.capital with a $250,000 donation to the Drexel Food Lab which was founded by the omnipotent and super human Jonathan Deutsch, Ph.D., CHE, CRC at Drexel University in 2014. These funds will help build out the physical plant at the lab which will expand its capacity and capabilities to work deeper with industry both large and small, and also create more amazing experiential opportunities for Drexel's undergrad, grad, and certificate students. Jon truly runs a unique and impactful program at Drexel University's College of Nursing and Health Professions, and I can't think of a better partner with whom to embark on this journey. know.capital is an investment fund that invests at least 2/3 of our fee revenue profits in creating and operating unique nonprofit and for-profit social impact initiatives while pursuing maximum return strategies for our investors who bear no financial sacrifice for our philanthropic work. I've been working on this for 12 years (no one has accused me of working fast), and this is a culmination of countless mistakes and trial and error, and just pain and suffering (honestly). And there is more discomfort ahead of course. The pain points that I'm addressing are two fold: 1) "impact investing" is ill-defined and the impact side of the equation is unclear, and 2) nonprofits suffer from structural liabilities of fragmentation, governance structure, and fundraising dynamic that potentially compromise the pursuit of their missions and their ultimate impact. These two pain points have to be addressed concurrently since there is no other mechanism that I've been able to come up other than what I know best (Wall Street's fee business model) that can act as a sustainable funding source for needed social solutions that may not have any ROI prospects. And we need to pay nonprofit professionals more if we are to attract the best talent. We can't ask people to sacrifice "for the greater good" when they are often doing thankless work, getting paid pauper wages, and worrying whether or not they can retire with any level of financial security. From an investor's point of view, it's important to point out that this is not a zero sum equation. We're just offering another solution to investors who may care about also making a social impact of some kind, but with no financial sacrifice (have cake and eat it too). One can still have a traditional wealth manager and investments, one can still donate money to a worthy nonprofit or a university endowment, etc. We just want to expand the pie of what social impact investing and philanthropy could mean, create solutions that can potentially be massively scalable, and direct capital and world-class talent to initiatives that can potentially make the world a better place. Imagine if "Wall Street" can do that. More to come!

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The recovering deals market could get a lift from private equity-backed companies as early as the beginning of 2025. We outline what you need to know – plus what to look for in IPO candidates and portcos – in our capital considerations piece. https://lnkd.in/g-gw3hH5

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In 2005, amidst the NHL player lockout, Boston private equity banker Stephen Pagliuca proposed an audacious idea: Bain & Co., his firm, would purchase the entire NHL for $4 billion. Although owners declined, this marked a pivotal moment when private equity (PE) recognized the potential of sports teams. Today, the NHL's average club value has surged to $1.31 billion, up 948% from Pagliuca's offer, now totaling $41.9 billion (as per Sportico). The NHL, like other major leagues, now allows PE firms to own up to 20% of a team, with restrictions to maintain league integrity. This growth attracts PE firms seeking high returns beyond stock markets. As the landscape evolves, the NHL's openness to institutional investors—whether from private equity, pension funds, or other entities—reflects a broader strategy to ensure financial stability and growth in an increasingly competitive sports market. Source: https://bit.ly/3LbimLm #PrivateEquity #NHL #SportsInvestments

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Hark's Founder and Managing Partner Doug Cruikshank will join in on the following panel on September 12 at the NYC Private Debt Conference. As the lines continue to blur between NAV Solutions and Secondaries, it is important for GPs and LPs to continue their education on these key topics.  #Secondaries #FundFinance #NAVSolutions #NAVFinancing #PrivateEquity #PrivateDebt #PrivateCredit

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Secondaries and GP stakes are harmonious areas of investment: both capitalize on the growth in private markets… firms are increasingly recognizing the benefits that a partnership can bring in terms of providing capital and expertise.     Thanks to PEI for the feature and Ward Young for the partnership on the demand we’re seeing across the GP stakes landscape!  

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🚀 The latest edition of Growthink Capital's M&A Observatory is out! Here are the highlights (full report linked below) 🤝 #Deal Activity: Growthink tracked 914 closed U.S. M&A #transactions, a 17% increase from March. Corporate #acquisitions dominated, representing 60% of deals. 💰 #Valuations: With a median deal size of $115 million, the median #multiples were 2.9x Revenue and 8.3x #EBITDA. 📈 Market Dynamism: From the #spinoff and acquisition of 1842-founded Stanley Infrastructure to the $13.4 billion acquisition of NFP by Aon, M&A activity spans generations and industries. 🍔 Deal of the Month: Subway was acquired by #QSR giant Roark Capital for $9.55 billion, supported by $5 billion in debt financing. 🎯 New #Mandates: We’re leading the strategic sale of a prominent passport and visa concierge services provider. Get in touch directly with me, Eddie Clay, Anna Vitale or Jeff Jones to explore the sale of your company, #liquidity for shareholders, or growth-by-acquisition opportunities.

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Secondaries and structured liquidity solutions provide creative portfolio management tools for both sponsors and investors as they alleviate the duration mis-match problem particularly exacerbated by the sustained high base rate environment. 

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In case you missed it, the LLR Partners 2024 Growth Guide offers advice from our value creation team and portfolio company leaders. Download it in time for year-end planning: https://lnkd.in/ekaN6hQK #GrowthBits

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🔍 Want to land a role in private equity or create your own deal? Our playbook for executives offers a comprehensive roadmap to enter the PE field, emphasizing networking, strategic positioning, and leveraging resources effectively. Read more here: https://buff.ly/4flClVy 💼 Learn more about Blackmore Partners: https://buff.ly/42iNmB3 📅 Have questions? Schedule a meeting with our Director Chris Melton here: https://buff.ly/4cpKqHv #PrivateEquity #CareerGrowth #ExecutiveRoles #BlackmorePartners #PECareers

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🚀 Pleased to share the latest issue of Growthink Capital's M&A Observatory! Here are key highlights: 🤝 Deal Activity: March 2024 saw 784 closed M&A transactions in the U.S., indicating continued momentum. 🏢 Top Industries: Commercial Services, Enterprise Software, Media & Information Services, Consumer Services, and Distributors. 💰 Revenue and Earnings Multiples: Median multiples of Revenue stood at 3.3x, while EBITDA boasted a median of 12.8x, indicating healthy valuations. 💼 Biggest Deals: Notable acquisitions included a $28 billion deal, showcasing strategic moves in connectivity solutions. 📈 From companies founded in the 1800s to those emerging in 2023 and 2024, M&A activity spans across generations and industries, displaying the dynamism of the market 🎯 To explore the sale of your company, liquidity for shareholders, or growth-by-acquisition opportunities please get in touch directly with me, Eddie Clay or Jeff Jones

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What's the fast river in alts? Listen to the latest Alt Goes Mainstream podcast with Mercer's Gregg Sommer & CAIS' Neil Blundell to hear how they are helping advisors approach private markets. Gregg, Neil, and I had a fascinating discussion about how the wealth channel can approach alternatives and how they can think about both diligence and customization. We covered: * The case for alternatives. * How advisors currently approach alternatives and how they can think about it differently going forward. * How to think about portfolio construction that includes alternatives. * How alts can help advisors differentiate their practice and attract clients. * Following the fast river in a career and why alternatives are “the fast river.” * The meaning of “structure over strategy.” * The rise in popularity of evergreen funds. Thanks Gregg and Neil for sharing your thoughts and expertise on private markets. Thanks to our sponsor, Ultimus Fund Solutions, for making this episode possible. https://lnkd.in/eBtyw6Fm

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Many private markets fund managers and limited partners whose core years of experience have been in the great "up and to the right" era have limited experience or views on the darker sides of private markets, ie limited partner capital call defaults, carried interest clawbacks, LP key-person removals, funds that do not generate carried interest for team members and last but not least, funds that do not deliver 1.0x to LPs at full liquidation. This is an interesting article in Business Insider on limited partner venture capital capital call defaults SF Bay Area-based and the perspectives from 3+ Ventures,  a multi-strategy venture capital fund that invests in #distressed venture funds and #emergingmanagers. Their mission is to provide investors with diversification, early #liquidity potential, and exposure to undervalued assets across the venture capital lifecycle. #venturecapital #alternativeassets #privatemarkets #limitedpartners #capitalmarkets #fundmanagers

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Private markets fund managers and limited partners across the globe are no doubt enamored by the fundraising powers of Andreessen Horowitz as limited partners, particularly sovereign wealth funds, insurance companies and others with large minimums are lining up to make commitments and access the various strategies across the Andreessen Horowitz alternative asset supermarket which include #seed, #growth, #crypto, #gaming, #digital #bio, and now raising a private equity fund! I am not sure of the financial #returns of the strategies, but I am sure this private equity fund will be well-received by limited partners (especially #middleeast and #asiapacific) and that will continue the capital flows into the firm's other strategies and overall platform, which are often highly #oversubscribed and are able to charge premium management fees (ie higher than 2% annually) as well as tiered #carriedinterest ie 25% and above for higher than 2.0X/2.5X net performance. #fundraising #alternativeassets #privateequity #a16z #privatemarkets #venturecapital #capitalmarkets #sovereignwealthfunds #insurancecompanies #pensionfunds https://lnkd.in/g8ZaBHiY

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Had a great discussion on Raw Selection's latest episode of The Private Equity Podcast, where Alex RAWlings and I chatted about the current state of PE, how the market is evolving, the critical role data and technology plays in the industry, and the outlook for the remainder of 2024. Listen here: https://lnkd.in/g8kj_T6D

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