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One of the most exciting questions from this interview was "what key attributes do private equity firms seek in targeting healthcare, biotech, and life science companies for acquisition?". Private equity firms are increasingly attracted to the healthcare, biotech and life sciences industries due to their resilience against economic cycles. Attributes that PE firms prioritize include: Stability and Growth Potential: Companies that demonstrate consistent revenue growth and have a solid track record of performance are highly attractive. The ability to withstand economic downturns and maintain steady growth is a crucial factor. Service and Software Focus: Companies that provide essential services and software solutions within the healthcare ecosystem are less vulnerable to regulatory changes and scrutiny, making them reliable investment targets. Regulatory Compliance and Low Risk: PE firms typically avoid companies with high science risk. Instead, they favor businesses with well-established products, services and technology. Specialization and Expertise: Many PE firms seek companies with specialized knowledge and capabilities that align with their strategic focus areas, ensuring they can add value and drive growth post-acquisition. Thank you to the Los Angeles Times for inviting me to participate in this issue! I am honored to be able to contribute to this piece. If you'd like to discuss any of the insights from this issue, reach out to me directly. #privateequity #lifesciences #healthcareservices #biotech #investmentbanking #businessvaluation

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🖥️ New on Theory Meet Practice: Professor Caroline Flammer from Columbia | SIPA and founding director of the Sustainable Investing Research Initiative (SIRI) discusses the value for investment practitioners of looking beyond the confines of their portfolios: http://ms.spr.ly/6041W9KvB Topics of the conversation with the MSCI Sustainability Institute’s Mohammad Umar Ashfaq: —   Unpacking diversity, equity and inclusion, how companies pursue it and its impact on a firm’s financial performance —   The value of applying systems-level thinking to address climate-related financial risk —   Scaling private climate finance for developing countries

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We were thrilled to have Steffen Landauer, Senior Managing Director and Head of Talent Development at Evercore, join Aaron Wallen and Ramona G. in this week’s Intro to Human Capital Management class. Steffen shared invaluable insights from his extensive career, emphasizing a "leaders teaching leaders" approach. Drawing from his time at Evercore, Goldman Sachs, Citigroup, and Hewlett Packard, Steffen stressed that those who have already achieved success are often best positioned to lead the development of future leaders. One of his key messages was the need for HR to deeply integrate with the business. "People respect what HR does, but they find it overly bureaucratic," Steffen explained, underscoring the importance of aligning with business needs and speaking their language. He encouraged HR professionals to adopt a proactive approach, working alongside the business to develop solutions: "You shouldn't approach challenges by asking what we should do (within HR)... You need to go out to the business and ask themwhat you should do. You then find a way to make it happen." Steffen also discussed the idea that leadership can be learned, noting that the most important factor is the willingness to grow—something uniquely human that enriches our workplace experience. The intangible, often hard-to-define experiences we gain from engaging with one another are the same qualities that will help us redefine our value as we begin to work alongside AI. While AI will help personalize learning in new ways, Steffen emphasized that the most meaningful leadership growth still comes from human experiences like mentorship, connection, and the interpersonal relationships that technology simply cannot replicate. We’re grateful to Steffen for sharing his innovative approach to leadership development with our class.

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#Bain_Capital BOSTON – November 18, 2024 – Bain Capital today announced it completed fundraising for its latest Global Special Situations Fund, bringing the total amount raised for its second vintage of funds to $9 billion. This capital base includes Global Special Situations Fund II, which received $5.7 billion in total commitments, inclusive of co-investments and separately managed accounts, and $3.3 billion from the firm’s previously closed Special Situations Asia and Europe regional funds. The successful fundraise positions Bain Capital as one of the largest special situations investors in the world. Bain Capital’s Special Situations strategy combines bespoke capital solutions with strategic partnership to meet the diverse needs of companies, entrepreneurs, and asset owners across all market cycles. The team brings together credit and equity expertise, as well as corporate and real asset capabilities, to provide solutions that cannot be met by traditional providers. With more than $20 billion total assets under management, the strategy brings a differentiated ability to provide both capital as well as operating value-add. https://lnkd.in/dr32itat

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Private equity compensation can be surprising—annual cash may seem moderate compared to some IB or Tech roles, but over the medium to long-term, in the right seats, it can get very exciting. Many factors influence how funds and companies structure their compensation and benefits, but fund size often dictates their capacity and serves as a benchmark among peers. When negotiating, it's crucial to consider the economics of the fund. There are countless ways to structure compensation to align yours and the funds interests whilst incentivising desired behaviour. It's all a conversation to find an equitable outcome. #privateequity #venturecapital #growthequity #compensation #financecareers

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Earlier this week, S&P Global released an article highlighting the recent prevalence of Capital Raises as part of bank M&A transactions in 2024. Below, I summarized the two primary topics covered. - Capital Raises as a Dual Revenue Stream: "A strict regulatory environment in 2024 produced a silver lining for investment bankers as banks in M&A transactions moved to raise capital to ease regulatory approval." Bill Burgess, Co-Head of Financial Services Investment Banking at Piper Sandler, feels this trend will continue in 2025. He added, "Even if the Trump administration eases regulatory scrutiny, as some expect, regulators always favor more capital." - Top Investment Banking Fee Earners: KBW checked in at #1 in U.S. Bank M&A Advisory Fees for 2024, earning $70.7 million and advising on five of the largest deals, including the $25 million fee from Independent Bank Group’s sale to SouthState Corp. Piper Sandler was #2, led by WesBanco Inc.'s planned purchase of Premier Financial Corp., in which Piper Sandler advised Premier. Raymond James rounded out the top 3, advising the buy-side of both the SouthState-Independent Bank Group and WesBanco-Premier Financial deals, as well as advising Heartland BancCorp in its planned sale to German American Bancorp Inc., valued at $347.0 million at announcement. * From a talent perspective, we've already seen the dramatic uptick in hiring within the space from the Analyst to the MD Level. This is likely the last year until the next dip in the market to readily find top execution bankers, and with a reasonable price tag. Same thing with calling officers. Announced but not closed 2024 M&A deals and larger pipelines are beginning to limit the pool of top calling officers. That said, there is talent available. Individuals who aren't completely satisfied with their current situation are interested in finding that "ideal" seat for what could be the next "hot" deal market. #bankmergersandaquisitions #bankcapitalraising #depositoryinvestmentbankinghiring

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In the season finale of Brex's Controllers Classified podcast, BCV partner Sarah Hinkfuss spoke with Erik Zhou to discuss the VC investment landscape and how BCV approaches due diligence for growth-stage companies. For founders, there are three things that are important to share with investors: 1. Your unit economics, or how you think about your business drivers. It’s by far the most important thing today and those inputs (e.g. customer cohort data, gross margin, sales and marketing costs) give you a complete picture of the business. 2. Your business model, or how you think about your future. It doesn’t have to be a huge, complicated spreadsheet. Rather, it’s an important instrument to show people how you think about the business. What is your view of the future and what do you believe are the most important drivers of the business? 3. Your memo, or your narrative. A popular format today is to tell your story in a memo, not a deck, and it’s great because the writing process forces more complete thoughts to give investors a full view of your business and vision.

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A Salary Report for Vice Presidents based in Massachusetts within the Private Equity sector. When looking at Vice President compensation in Private Equity, it’s clear that the size of the firm—measured by assets under management—plays a crucial role in salary expectations. Based on data from a survey of 50 Vice Presidents, we can see distinct salary bands and bonus structures across firms of varying sizes. <500M AUM VPs working in firms with under $500M AUM earn between $100,000 and $250,000 per year, with a median salary of $183,182. Interestingly, 46% of VPs in these smaller firms receive a bonus of 50% or less of their salary. Only 73% of these professionals participate in carry or profit share, which could reflect the limited scope for wealth creation in firms of this size. 500M - 5BN AUM As firms grow, so do the rewards. VPs in firms with AUM between 500M and 5BN see their salaries range from $150,000 to $300,000, with a median of $232,600. Bonus structures are slightly more generous here, with 45% receiving a bonus of 50% or less. In terms of long-term incentives, 70% of VPs in mid-sized firms benefit from carry or profit sharing. >5BN AUM In the biggest firms, the stakes—and salaries—are highest. VPs in firms managing over $5BN earn between $150,000 and $480,000, with a median salary of $260,000. Despite the larger pay checks, only 32% receive a bonus of 50% or less, signalling that many VPs in this category enjoy substantial bonuses. 79% are granted carry or profit sharing. KEY TAKEAWAYS - Smaller firms offer lower salaries but have a slightly higher percentage of VPs participating in profit-sharing schemes. - Mid-sized firms provide the most balanced package in terms of salary, bonus, and long-term incentives. - Larger firms can offer the most lucrative salaries but are more competitive when it comes to carry or profit sharing. Understanding these dynamics can help VPs and aspiring Private Equity professionals position themselves within the market and negotiate compensation packages that reflect the value they bring to their firm. This breakdown underscores the importance of firm size in shaping compensation strategies in private equity, giving professionals insight into what they can expect as they climb the ranks in this highly competitive industry. #salaryreport #privateequity #vicepresident #compensation #massachusetts

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#Family_offices Family offices in North America allocate 35% of the average portfolio to private equity, the highest regionally, according to the UBS Global Family Office Report 2024.  In its latest report, UBS surveyed 320 single-family offices globally with an average net worth of $2.6bn and covering over $600bn of wealth.  By region, family offices in North America allocate 35% of the average portfolio to private equity and 8% for hedge funds; in Latin America, 18% and 2%; in Switzerland, 18% and 3%; in the rest of Europe, 22% and 4%; in the Middle East, 27% and 5%; in North Asia, 18% and 6%; and in Southeast Asia, 19% and 5%. https://lnkd.in/gYA_BMuG

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New research by Cambridge Associates and BCG shows that private equity and venture capital firms whose ownership is predominantly women or people of color may unlock access to differentiated deal flow for their limited partners and other investors. Read the full article here: https://ow.ly/TlZC50RQxvt

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For private equity firms, innovative talent strategies are a critical component of driving value creation and ensuring competitive agility. In the latest private equity recruiting report from Hunt Scanlon Media, BTG’s Kelsey O'Neal and Jeff Camarra detail how successful firms are deploying experienced, capable interim executives to provide specialized expertise and objective perspectives that are vital during transitional phases and rapid transformation. Read the report: https://lnkd.in/dktjHXgi Scott A. Scanlon #PrivateEquity #InterimExecutives #Recruiting #TalentInnovation

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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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As we roll into the New Year and people think about potential changes, I wrote a few notes on how to get into the private equity universe (this should be broadly applicable to private capital in general). This is mostly for analysts / associates through post-mba hires: 1. Demonstrate your work - model stuff. Note: very few people do this. One of the biggest questions we ask is Can the person do the work (I'd say over half of candidates from IB fail model tests, fwiw)? And much of the work is grinding through excel, creating models, financial analysis, forecasting (informed by asking great questions), and then creating memos. The best way to demonstrate this is to put together a case study! Pick a public small cap and create a buyout thesis. Put a model together. Put a 5 - 10 page deck together. Bonus points if it aligns with the firm's strategy. If you don't feel great about your ability to do this right now, then learn! So many public resources available to learn how to model, etc. 2. Demonstrate your work - investment thesis. Note: very few people do this. Understand the firm's thesis and go create thoughts and ideas around this! Upwork is such an easy and great resource to help landscape a market. Are you stuck finding the right information? Create a roadmap of questions / resources that you'll need to flesh out the work and then present the roadmap (ie. be thoughtful!). 3. Love the work. Right or wrong, these positions in most firms are grinds. You'll often work 7 days a week and 70+ hours. You'll miss stuff you don't wanna miss, and sometimes for dumb reasons. If you don't love this work or the idea of this job - and that's OK! - it will come across during the interview process. You are competing against people who are fighting tooth and nail to get into this industry and they're doing it with a great attitude and a smile. Plan accordingly. 4. Finding a job is a full-time job. When I was in B school I cold-called 150 firms and met with 40 ("hey Bob, I'm in NYC on Wednesday can you grab a coffee for 20 minutes?"...) This was 2010 and the world was ending and no one was hiring. If you are just dropping resumes it will be a tough road. Create a proactive strategy (landscape the PE firm market - who, what, where, why, how?) and learn the basics of cold outreach and networking etiquette (this will take you super far in your career, too). Go have coffees! One last comment - all of these things demonstrate super high agency, which is one of the most important pieces of criteria in an interview process. If you can demonstrate the technical skillset and high agency, and do it with a great attitude, you'll be in a good place. Good luck 🤘 👊

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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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-Looking forward to the panel at the Markets Group's Private Equity Boston Forum on Thursday morning. On the agenda for the panel: Given the current investment environment, how can we best invest, create value and find liquidity for our investors?

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Last week gave me so much energy. During #NYTechWeek, I hosted an intimate dinner with inspiring people alongside cohosts Lo Toney (Plexo Capital) and Ed Zimmerman (First Close Partners). It's definitely tough to see the headlines - the decrease in progress of women and people of color participating across asset classes (i.e. VC funding) and in business leadership (i.e. boards). This is not a "diversity issue" - this is an 𝐄𝐕𝐄𝐑𝐘𝐎𝐍𝐄 issue. We all lose out with less innovation and fewer problems receiving the financial and social capital they require. What's not making headlines (at least not enough)? The people who are still running full steam at systems change, even when it's hard. Those building community while doing it, and bringing talented folks along with them. I was thrilled to welcome incredible LPs and GPs to the table for an unflinching discussion about the current market, climate, and how they're building and funding the teams reshaping venture capital. Big thanks to our LPs and everyone who joined us! Keep going. Accel Impact Holdings Action Potential Venture Capital AIN Ventures Ansa Capital Field Ventures NextEquity Partners NOEMIS Ventures Open Opportunity Fund Type Capital Ulu Ventures BLCK VC SomosVC VCFamilia GV (Google Ventures)

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CFO Compensation In Private Equity-Baked Building Products Market: A Salary Survey 📰 In an ever-evolving business landscape, understanding the compensation packages for C-suite executives, particularly Chief Financial Officers (CFOs), in the Building Products market is crucial for both employers and employees alike. A recent salary survey conducted by Raw Selection provides a comprehensive look into the compensation trends for CFOs within private equity-backed companies, segmented by company revenue: up to $50 million, $50 million to $150 million, and over $150 million. CFO Compensation in Companies with Revenue Up to $50 Million In smaller companies with revenues up to $50 million, CFO salaries show significant variation. The survey found the lowest salary in this bracket to be $115,000, with the highest reaching $260,000. The median salary for CFOs in this category stands at $202,000, indicating a competitive compensation for financial executives steering smaller enterprises. When it comes to bonuses, a majority (83%) received less than 50% of their salary as a bonus, with the lowest bonus percentage at 10% and the highest at 75%. Equity participation is relatively moderate in this group, with 44% of CFOs holding an equity stake in the organization. Read more here: https://lnkd.in/eMgJ2uNW #privateequity #rawselection #salarysurvey #blogpost

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How Evercore Used Innovative Solutions to Attract Early Talent 🎯 Many of our partners look to us to help them by delivering memorable experiences that sets them apart from the competition. This is exactly what Evercore did when they faced challenges in attracting and upskilling candidates from a wider range of backgrounds. They sought a practical approach to make students remember their brand but also provide a meaningful educational experience. Our solution? ✅ Collaborated with their campus recruitment team to develop a scalable, virtual solution for long-term recruitment needs and demographic targets. ✅ Created three attraction events introducing M&A concepts and building knowledge incrementally. ✅ Delivered events where students acted as Junior Analysts, culminating in individual performance reports for the hiring team. ✅ Helped Evercore scale their attraction capabilities and expand their reach. Read Chelsea Herritt, Head of US Campus Recruiting’s testimonial to learn more https://lnkd.in/eFYe27jc Want to attract proven, diverse talent to your institution? Get in touch with our team today. #Recruitment #Hiring #Graduate #InvestmentBanking

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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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