David Bonrouhi

Whiskey is emerging as a popular investment class among HNW investors according to a new report by KPMG: 27% said they plan to invest in whiskey within the next 3 years, making it the most popular form of "luxury" assets. Whiskey interest is followed by art (26%), jewelry (20%), wine (15%), and classic cars (14%). While increased capital moving into whiskey investments is likely to drive down returns in the long run, we believe the wholesale bourbon niche is still small enough to capture excess returns for investors who buy barrels in 2024. #bourboninvestments #alternativeassets #familyoffice #investmentideas https://lnkd.in/dgpdGCPd.

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The Silver Tsunami is upon us, and it's reshaping the mergers and acquisitions landscape like never before. With an estimated $10 trillion in assets set to change hands over the next decade, driven by baby boomers retiring, the opportunity for savvy investors and entrepreneurs is immense. Currently, around 30,000 businesses sell annually, but with more than 8 million baby boomer-owned businesses expected to transition, the volume of transactions could increase tenfold. This is a monumental shift that smart buyers are already preparing for. You don't need to be a Wall Street titan to benefit from this trend; many of these businesses will transition to local entrepreneurs and small business owners. Are you ready to seize a piece of this $10 trillion wealth transfer? Position yourself strategically to take advantage of this unprecedented wave of opportunities. Engage with fellow professionals and explore how you can be part of this transformation. Not sure how? Let's talk about it! #SilverTsunami #MergersAndAcquisitions #BusinessOpportunities

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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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Why Buying Your First Business is the hardest & Financing The Fear is Being seen as too risky by lenders and investors. The Solution: Prepare a solid business plan with detailed financial projections. Work with a financial advisor to enhance your credibility. Consider alternative financing options like SBA loans or seller financing.

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As we approach year-end, here's a helpful guide for General Partners and Limited Partners explaining: - What gets taxed? - What isn't taxed? - Scheduling K-1s - How venture fund earnings are taxed - VC fund write-offs - How Carta can help Check it out below (it's a quick read)!

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Thanks, Axial, for your findings. I'd rank the Management Team high in the business description. As investors, we are buying their core competencies, track record, market position, and strategic fit. #privateequity #buyout #independentsponsor #growthequity #food #beverage #CPG #healthwellness

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"Things that were once the case about public markets no longer hold true.” This week's Alt Goes Mainstream AGM Weekly dives into the new world order of investing and the spotlight that Apollo Global Management, Inc.'s recent Investor Day presentation shines on what's next. The game on the field has undeniably changed. Features of public markets - namely, indexation and correlation - have created a retirement issue even before the "Silver Tsunami" begins its crest in earnest. Alternative asset managers appear to be ready to meet the moment. As definitions of risk, return, and liquidity are questioned, a re-architecting of portfolio construction is being implemented. New strategies, new portfolio construction frameworks, new thinking, and new asset management businesses are needed in this new era. Read this week's Alt Goes Mainstream Alts Weekly for a deeper dive into this new era. I also discuss the evolution of GP stakes based on a conversation we had earlier this week hosted at Capricorn Investment Group and Partner William Orum with TPG Next's Managing Partner Pamela Pavkov and Blue Owl Capital's MD Mark O'Sullivan and include a good overview of the middle market GP stakes landscape from Crest Capital Advisors Ryan Weisenberg, MBA Candidate and team. This week's AGM Alts Weekly, brought to you by bunch, covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 PitchBook's Olivia Fishlow on J.P. Morgan's push into direct lending via both balance sheet investing and through partnerships with private credit firms. 📌 Institutional Investor's Michael Thrasher on Fidelity Investments raising its first VC fund, with comments from Fidelity's Global Head of Private Equity Karin Fronczke. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, KKR, StepStone Group / StepStone Private Wealth, Fidelity Investments, Hamilton Lane, Blue Owl Capital, Ultimus Fund Solutions, Neuberger Berman, bunch, The Carlyle Group, Capricorn Investment Group, Hightower Advisors. Subscribe👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream.

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Younger investors are risk on when it comes to investing in alternatives (private markets, crypto, collectibles). With an $84T wealth transfer to younger generations at stake, how should alternative asset managers build their brand to resonate with the next generation investor? Read the Alt Goes Mainstream AGM Weekly (brought to you by Intapp, Intapp DealCloud ) to learn more about how alternative asset managers can be effective in reaching the individual investor 👇 Alt Goes Mainstream AGM Alts Weekly 9.1.24: https://lnkd.in/etXq2di9 Alt Goes Mainstream AGM Alts Weekly 8.25.24: https://lnkd.in/en52r4bp

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Hi San Francisco! Please join our RSVP-Only Corporate sponsored Tribe Public CEO Presentation and Q&A Luncheon Event on Thursday, Jan. 16 at 1pm with Steven Ledger, CEO of Serina Therapeutics (NYSE: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform™ drug delivery technology. The presentation is titled "Enabling Continuous Drug Delivery for Parkinson's Disease & Beyond." Those interested, please contact me here or send in your RSVP to events@TribePublic.com and we do our best to accomodate at this limited seating event! - Meet with Serina’s CEO Steven A. Ledger - Learn more about their proprietary POZ Platform™ drug delivery technology that has been designed for programmable, #targeteddelivery of a broad range of small molecules. The technology has been clinically demonstrated to safely enable continuous drug delivery via a once weekly subcutaneous injection. The POZ platform is customizable, versatile and can be dosed via IV, SC or IM routes to address a broad range of clinical indications - Parkinson's disease is a progressive #neurologicaldisorder that primarily affects movement - Continuous dopaminergic stimulation (CDS) has been shown to reduce the severity of motor complications (dyskinesia) in advanced Parkinson’s patients - Discussion of the Serina IND candidate’s target product profile versus the current standard of care in providing #CDS #CEO #networking #investing #biotech #Parkinsonsdisease #healthcare #CNS #familyoffice #venture #privateequity #IPO #sanfranciso #JPM2025 #bayarea

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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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🚨 California Bill AB-3129: A New Era for Health Care Transactions? 🚨 Thanks for the detailed note: Kathryn Edgerton, Deborah Daccord, Karen S. Lovitch The recently introduced California Bill (AB-3129) aims to curb the price increases and lower service quality often linked to such acquisitions. Key Highlights: 🔸 Mandatory Reviews: Private equity groups and hedge funds must notify the AG 90 days before any transaction involving a health care facility or provider group. The AG can extend this period by 45 days, potentially delaying transactions. 🔸 Conditional Approvals: The AG can grant, deny, or impose conditions on transactions if they are likely to have anticompetitive effects or significantly impact access to health care services. 🔸 Prohibitions on Management: The bill restricts physician and psychiatric practices from entering management agreements with private equity or hedge fund-controlled entities. Impact on Digital Health Adoption: The increased scrutiny could slow down the adoption of digital health solutions, as transactions involving tech investments may face delays and additional costs. However, it could also ensure that such innovations prioritize patient care over profit. Cost of Healthcare Provision: While the bill aims to control costs, the additional administrative burden and potential delays might increase operational costs for health care providers, which could be passed on to patients. Consolidation by PE Firms: The bill could deter private equity investments, slowing down the trend of consolidation in the health care sector. This might benefit smaller, independent practices but could also limit access to capital for necessary upgrades and innovations. 🤔 Should Other States Follow? While California's approach aims to protect patients from the negative impacts of unchecked acquisitions, it also introduces significant regulatory overhead. Other states should consider the balance between oversight and operational efficiency, learning from California's experience. This bill is a double-edged sword: aiming to protect patients but risking increased costs and delayed innovation. Other states should watch closely to determine the best path forward. #HealthcareReform #DigitalHealth #PrivateEquity #HealthCareInnovation #CaliforniaLegislation

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BluWave has a deep bench of 800+ interim CFOs that allow us to quickly and expertly connect private equity firms and their portfolio companies to the exact-fit interim CFOs they need.    In one case study example, a PE firm came to us in need of a stopgap interim CFO for their automotive operations portfolio company. Here's the details of how we helped:   The Situation - Needing to make a leadership change in their portfolio company, a PE firm came to us in urgent need of an interim CFO who could focus on the portco's cash flow and working capital optimization while the search for a permanent CFO was underway. Given the protfolio company's industry, the PE firm not only needed an interim CFO with financial acumen, but one with the ability to handle a complex operational landscape and turnaround skills.   How BluWave Helped - Thanks to BluWave's deep network of exact-fit interim CFOs, we quickly connected them with a select few interim CFOs with the exact experience they were looking for.    The Outcome - The client selected their preferred interim CFO from our presented options. Their leadership marked a significant turning point for the automotive manufacturer, helping them tighten cash flow, meet reporting requirements and guide them through a crucial transition period.   When you need an exact-fit, PE-grade interim CFO, contact BluWave and we'll be ready to support.   #interimCFO #interimchieffinancialofficer

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Being prepared and understanding what can potentially delay a transaction can make a huge difference for #businessowners when selling their company. We're sharing common transaction roadblocks and how they can be avoided in our blog below:

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During our Annual Investor Day, we discussed a trend we’ve been observing in the VC market: Funds increasingly using “extra downside protection” to compensate for slow growth & inflated valuations of companies. We’re now starting to see some skeletons come out of the closet (and, ironically, they might be the driving force that will re-open the IPO window). First one out: ServiceTitan https://lnkd.in/eNMuPAe6 ps: despite the compounding IPO ratchet structure, I believe ServiceTitan is a solid company and, at the right price (factoring in all adjustments), it's a great deal!

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In PE, when you buy a company you're in business with the founders & the management team even though the PE firm owns the company. Success is a function of collaborative partnership & teamwork. PE firms that have this partnership philosophy are well positioned on the path to achieve top decile IRR. #pe #privateequity

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May is when many private companies finalize mid-year comp plans 💵 Need a reliable 409A valuation? Or has it been over a year since your last? We've got you covered! Scalar's 409A valuations keep you compliant, protect employees from tax penalties, and come with a team that supports you all the way through an audit. https://lnkd.in/gs_CtPNS

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