Steven Anderson

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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My colleague, Raj Agrawal, is out with his latest #Infrastructure Market Review for KKR. “Digitalization, the energy transition, and the digital power problem are massive challenges that require scaled capital and deep sector expertise to solve, but also present a tremendous investment opportunity to those with the ability to solve them,” he writes. He dives into these investment themes, areas of opportunity and our risk-based approach to investing 👉 https://go.kkr.com/4hXFIn1

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Forerunner Ventures just closed a $500M fund, doubling down on consumer tech at a time when many VCs have pulled back. With nearly $3B in historical AUM, FV recently led rounds into AI-driven startups like Daydream, Pie, and Mindtrip, Inc., building on their success with popular brands (and exited investments) such as Glossier, Inc. and Warby Parker and Dollar Shave Club. Kristen Green said it best: “Today’s consumers expect more—better quality, personalization, and smarter solutions." Are we on the verge of the next big wave in consumer tech? Let me know your thoughts. #Consumer #VentureCapital #AI #Startups #Innovation https://lnkd.in/g7Db7UhU

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Why has #infrastructure gone from ~1% of the private asset sphere to about ~25% over the last couple of decades? 🚀 KKR's Raj Agrawal discusses what’s driven interest in the asset class and areas of opportunity, including #digitalinfrastructure and the #energytransition, in an interview with Bloomberg TV. Give it a watch and download his 2025 Infrastructure Outlook here: https://go.kkr.com/4fhYSl5

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Houlihan Lokey is pleased to present its latest Equipment-as-a-Service Market Update.   The Equipment-as-a-Service team covers a wide range of business models, including traditional equipment rental, specialty equipment rental, route-based equipment services, transportation equipment services, vehicle fleet management, equipment dealerships, asset pooling services and infrastructure and municipal equipment services. Find out more in our latest market update here: https://lnkd.in/eqjJRqbz

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Argon Ventures is thrilled to back Joshua Summers and Scott Weller with the launch of EnFi, Inc. Radical productivity is a core Argon investment theme and EnFi’s vision is centered squarely on than objective. One of Joshua and Scott’s foundational insights is that capital is often not the limiting factor to banking services, especially in commercial lending. Credit risk analysis, underwriting and portfolio management still requires a ton of manual work and analysis. A lender’s capacity to offer loans is often constrained by its ability to gather and evaluate relevant data through the underwriting process. Data is limited, raw and in disparate places. Data quality is a constant issue. Extracting actionable intelligence from unstructured documents and raw data is time consuming and error prone. Many lenders’ ability to generate revenue and profit from underwriting activities is severely throttled by these challenges. Today, the modern AI stack finally unlocks the capabilities to reduce if not eliminate much of this friction. In addition, EnFi brings a transformational approach to portfolio management . Today, underwriting risk is most often only re-evaluated a couple of times per year. But a company’s business is actually built on a continuous stream of operational and financial data… Why not provide institutional and private lenders with daily insights through automated analysis? Grounded in these insights, EnFi’s innovative approach to Continual Risk Analysis enhances decision-making and risk management. These are very logical, market driven reasons to invest in EnFi. But of course the first reason we were excited was the opportunity to work with Joshua and Scott. There are many accolades to share about their previous founder and executive leadership and the professional successes they have achieved. But more importantly they are fundamentally good people, with creative insights and the ambition to work on big problems. Learn more in Axios’s coverage of EnFi’s $7.5MM seed round. And it goes without saying, that it will be fun working with our friends at Unusual Ventures, Boston Seed Capital and Impellent Ventures. #Fintech #AI #Lending #CreditRiskManagement #Innovation

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This is a well-articulated discussion that highlights key points many emerging founders and VC managers, especially first-time fund managers, often overlook. Love the insights Kristy Trieste! Looking forward to making a positive impact together in venture land!! BlackBay SVB Motive Partners Adam Weiss #VC #BlackBay #AlternativeInvestments #VentureCapital #PrivateEquity

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Congratulations to Setpoint on the $31M Series B! We’re excited to partner with Stuart, Ben, Michael, Victoria, Audrey, Conor, and the entire team. Over the past decade, asset-based finance (ABF) has experienced substantial growth, accompanied by a rise in private credit, non-bank originators, and the proliferation of vertically specific fintechs. Despite these advancements in ABF, its underlying processes have remained cumbersome with lenders and non-bank originators still relying on manual workflows involving paper documents, spreadsheets, and legacy systems. As one of the largest players in asset-based lending, Citi is excited to invest in Setpoint—a modern operating system designed to centralize, automate, and optimize warehouse and securitization management, streamlining the debt capital market workflows for non-bank originators and lenders. We’re thrilled to invest alongside Andreessen Horowitz, 645 Ventures, Wells Fargo, Fifth Wall, NextView Ventures, Floating Point, Vesta Ventures, Eltura Capital Management, Outrunner Capital, and many others. Arvind Purushotham, Luis Valdich, Jeff Flynn, Patrick Brett, Cyrus Johannes

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Aaron Newman and I always enjoy our Podcasts with the great Eric Tower! In this episode, we dive into the macro-elements creating both challenges and opportunities in the current healthcare services M&A market. Listen by clicking below!!!!

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Hope everyone is having a good weekend. In this week’s edition: Election Impact On Media, Sports and Tech: NYT: The 2016 election brought a surge in subscription revenue for the major national newspapers, but observers are more cautious that this election result will lead to the same bump. NYT: In 2016, there was considerable tension between the Trump administration and technology companies (and their staff) on a host of business and ideological issues. This cycle looks to be different with Twitter/X’s ownership change, more restrictions on employee activism and a general change in the political leanings at tech companies WSJ: During the first Trump administration, there were considerable clashes with the NFL over player activism and this go around during his term the US will host the World Cup and a summer Olympics, both high profile events and, in the past often politically contentious ones. WSJ: Even leaving aside polling errors, the election showed the cracks in traditional media: Ratings were very weak compared to past elections (the margin of the election also hurt ratings). Podcasts emerged as the big winner with the Joe Rogan/Trump and Alex Cooper/Harris interviews on par with network TV interviews. Film FT article on Ynon Kreiz the Mattel CEO. In the past Mattel’s TV efforts were entirely focused on selling toys with small production budgets (they were viewed as 22 minute ads). With the success of the Barbie film, the company is more focused on brand building through its TV/film efforts. From my view, I am not entirely sure what is the rationale for producing an expensive movie if not for some positive toy outcome. Sports FT on Premiere League teams significantly upgrading their stadium sizes which are far smaller those in continental Europe (or by comparison US college stadiums). Beyond reducing the impact of broadcast licenses to their P&L (though the proliferation of streaming services should ease that concern), the scale upgrade opens these stadiums to host concerts which are increasingly (i.e. Taylor Swift, Oasis) targeting the largest venues to play to maximize each date’s economics. Tech/AI WSJ on Chegg: Once a pandemic winner with at home school leading to a surge for its online subscription based education portal (study guides, answers to often asked questions etc), the rise of AI has decimated the business’s with the stock down 99% since the peak. The company had been the first one, a year ago, to warn on AI and the impact on them is accelerating

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A good article on GP led secondary vehicle considerations with market stats by Amir M. and Wade Cobb at Industry Ventures

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#Morgan_Stanley Morgan Stanley has joined several of its peers in exiting the Net-Zero Banking Alliance (NZBA), a UN-backed coalition of banks dedicated to advancing global net zero goals through their financing activities, ESG Today has confirmed. Despite leaving the NZBA, however, Morgan Stanley said that it remains committed to its climate goals, which includes an ambition to achieve net zero financed emissions by 2050. https://lnkd.in/dB8dc2M5

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🚀 Splitero Receives $300M Strategic Investment by Antarctica Capital Splitero, a leader in fintech solutions for home equity, received a $300 million strategic investment from Antarctica Capital. Under the leadership of CEO Michael Gifford, Splitero offers homeowners innovative Home Equity Investments (HEIs) that provide lump sums of cash in exchange for a share of their property’s future value—without the burden of monthly payments or refinancing low-interest mortgages. This funding from Antarctica Capital, guided by Managing Partner Chandra P., strengthens Splitero’s ability to scale its offering, especially as U.S. homeowners hold an estimated $11.5 trillion in accessible equity. This move could be transformative not only for Splitero but also for the broader market. As homeowners seek ways to leverage their equity amid record levels, this partnership positions Splitero as a go-to solution. Additionally, it signals a growing interest from private equity firms like Antarctica Capital to invest in tech-enabled solutions that address fundamental consumer needs, indicating a potential rise in similar strategic partnerships in fintech. At 733Park, we believe this partnership showcases the immense value in fintech M&A, especially when it aligns innovative solutions with the capital and expertise needed for scaling. This transaction demonstrates the powerful synergies that can be unlocked for founders and leaders contemplating an investment or acquisition. If you’re looking to maximize the value of your business through a strategic acquisition or exit, let’s connect. Reach out to 733Park, Boston’s premier fintech M&A specialists. Together, we’ll craft the best path for your company’s growth. #HomeEquity #StrategicInvestment #PrivateEquity #AntarcticaCapital #BusinessGrowth

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👏 It’s an exciting day for fintech! After more than a decade in the making, the CFPB published its final 1033 rule, which protects consumer financial data access. I spent years negotiating Plaid's first data access agreements with banks; limited regulatory guidance made this exceptionally challenging. Here is a quick recap on what happened, and - most importantly - what it means for fintech founders. ❓ What is 1033? 1033 is a section of Dodd Frank that states that a bank must make a consumer’s financial information (including txn detail) available to them in a portable format. Its critical to the functioning of fintechs and the millions of consumers they service. 🗞️ What happened today? The CFPB issued a FINAL Rulemaking for Dodd Frank Section 1033, which provides eagerly awaited details on exactly HOW banks, aggregators, and fintechs are expected to work together to make data available to consumers (data fields, format, fee structure, governance etc.). The timeline for compliance ranges from April 1, 2026, to April 1, 2030 depending on institution size​​. 👉 What does this mean for fintech founders?  👍 No additional bank fees - Several large banks have threatened to charge for data access - which would almost inevitably be passed on to the fintech customers of aggregators. The proposed rule prohibits this, which is a win for fintechs. (The downside of this is that aggregators still need to align incentives with banks in the absence of fees…) 👍 No technical standards - The rule is not prescriptive with regards to how the APIs are constructed, but does encourage standardization. This is good for fintechs because it allows the market to drive the solution and encourages more innovation on the aggregator side. We expect this to result in better data access for fintechs. Additionally, the emphasis on standardization will make it easier to retrieve and use consumer data across different financial institutions. 🚩 New Responsibilities - The proposed rule does impose some responsibilities on fintechs - notably, to disclose how the data is used, only use data for the consented use case, honor customer deletion requests, and to refrain from selling consumer data. Fintechs - even young ones - should start thinking now about how to comply and to consider these requirements in future product rollouts. Many of these terms are already included in aggregators' terms of use.  Additionally, all data access must be through APIs; screenscraping is prohibited. 👎 No protections for brokerage & payroll data access - While the rule explicitly covers bank accounts (deposit, credit, debit, prepaid), it’s silent on brokerage account & payroll data access, which is non-ideal for any fintechs accessing these categories of data today. Shameless VC plug: If you're an early stage fintech founder building something cool + world positive, let's chat at M2020! cc: Obvious Ventures

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If you’re looking to break into venture capital or harden your skills as a founder, this Chief of Staff role with Joshua Baer @ Capital Factory is a rare opportunity to gain unique behind-the-scenes insight into how deals are done, expand your network, and understand the patterns and signals for long-term startup success. Few experiences will provide the all-encompassing perspective and career launchpad that this one will.

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Securities lending plays a critical role in capital markets. It’s a sizeable market where an estimated ~$3.2T of securities are currently outstanding on loan. Securities lending is one of the few remaining parts of capital market that operates in ‘the shadows’ with no real organized exchange (~60-70% of trades are happening offline). This absence of centralized reporting drives significant information asymmetry, lack of transparency, and ultimately trading inefficiencies. 📈 Some interesting tailwinds in this space including -> 1) Growth in retail investor involvement, 2) hedge funds shoring up demand, 3) recent increased accessibility to this market with electronification and new tools, and 4) regulatory actions that could potentially introduce significant changes in the transparency of the market (e.g. SEC Rule 10c-1a ‘Securities Lending Rule’) 🔎 This is leading to interesting opportunities in next-gen trading solutions, data analytics, and ops/compliance Full article -> https://lnkd.in/eXePANKK

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PE - The Future of PE Investing Is All About...(Source: Partners Capital) Great data-driven insights from Partners Capital (an Investment Management service acting for endowments & foundations investing as LPs in PE) - by Daniel L. & Stan Miranda at Partners Capital: https://lnkd.in/eszXTMej "...we believe the Private Equity industry is currently experiencing a paradigm shift that will result in all Private Equity investors (LPs and GPs) focusing almost exclusively on the ability of the PE firm to grow portfolio company earnings faster than under the previous ownership. We refer to this as the PE owner’s post-acquisition operational value add (PAOVA), which is their set of skills and tools that are a core source of value creation. We believe the future is about identifying the firms with the greatest – and most repeatable – PAOVA capabilities." #business #pe #privateequity #investing #growth #valuecreation

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