Lisa Sun

#KKR #Varsity_Brands Private equity firm KKR & Co agreed to acquire Varsity Brands, a U.S. maker of sports uniforms and school yearbooks, from buyout firm Bain Capital for about $4.75 billion, including debt, people familiar with the matter said on Wednesday. KKR will own Varsity Brands through its Americas private equity fund, the sources said, requesting anonymity because the deal has not yet been announced. KKR has committed to offering rank-and-file employees of its North America portfolio companies equity in these companies, and will do so with Varsity Brands, the sources said. This is an incentive the corporate world traditionally reserves for senior executives. https://lnkd.in/dnFHhGH2

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#PE Sentiment among PE dealmakers rose in Q1 due to more macro clarity, increased visibility into interest rates and a perceived valuation gap. Though tech still dominates sectors, its investment percentage of total deployment dipped slightly in the last 12 months. Rising activity in coming quarters will be boosted by greater availability of financing. https://lnkd.in/dNY7zD2E

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Private equity is sitting on a record $2.62 trillion in dry powder. This means huge potential for upcoming deals. With an improving M&A environment and top firms like KKR leading the charge, we're poised for a surge in activity. Still, the challenge remains in aligning valuations amidst economic uncertainties.

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Series A or B wondering when to bring in a VP of Finance or CFO? It’s a crucial decision that can shape the future of your company. At this stage, financial leadership is not just about managing numbers but also scaling processes, securing funding, and driving strategic growth. My colleague Paul breaks down key signs that it’s time to hire and indicators for choosing between VP of Finance and a CFO #FinanceLeadership #CFO #StartupGrowth #SeriesA #SeriesB #NextGenLeadership

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PE - Hedge Funds Hit by Lack of PE Exits (and one way that PE firms can boost exits) Financial Times: https://lnkd.in/edACss_X FYI - one way to get more PE exits is for the PE fund to have a domain expertise GTM and have deep knowledge on how to increase the Revenue Growth of portfolio companies which boosts cash, profits and margins. --- #pe #privateequity #business

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I had an interesting chat with Yuke Xie from the South China Morning Post SCMP recently on the evolving investment strategies of Middle Eastern institutions and family offices.    Traditionally centered on the US and Europe, these investors and institutions are now turning their attention to the dynamic economies of #SoutheastAsia.    Looking forward, I foresee Southeast Asia maturing significantly as an investment hub, driven by its vibrant entrepreneurial ecosystem and fast-growing middle class. I believe Southeast Asia could well become a third pillar of international diversification for Middle Eastern investment, and #healthcare could potentially be a focal point.    Exciting times lie ahead for our SEA team of investment professional & operators, and we are currently raising a Southeast Asia-focused healthcare growth capital fund to capitalize on this growth.   Read more about it in the following link:

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iCapital’s recent article says that “KKR has launched perhaps the most groundbreaking vehicle in the form of a conglomerate or operating company structure that owns and operates businesses alongside KKR private equity strategies and is available to accredited investors. The first-of-its-kind structure provides direct access to a diversified, fully drawn portfolio of KKR private and growth equity portfolio companies owned and operated across the globe.” Groundbreaking? First-of-its-kind? If by groundbreaking, they mean a model that Tide Rock has been successfully doing for over a decade with returns higher than any other PE fund according to Pitchbook, then sure, I guess it’s pretty cool. What's truly innovative about our approach is not just our structure, but also our performance—delivering strong returns by directly owning and operating a diversified portfolio. This model has stood the test of time! But, ya, welcome to the party! #unleveredbuyout

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An Entrepreneurial Board of Directors A Value Maximization Model For Public Companies #corporategovernance #governance #boardsofdirectors #shareholdervalue #performance #capitalism #institutionalinvestors

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This article is an impressive journalistic achievement, with interviews with several key executives and a sophisticated understanding of Amazon’s internal dynamics. I think that Amazon has the opportunity to do amazing work in the healthcare sector, but only if they expand their vision to include fostering healthier habits using all of the tools at their disposal, including their e-commerce recommendation engine. Amazon could help educate its consumers about how to lead healthier, more mindful, more connected lives. They could recommend healthier food and customize food recommendations for people with particular health needs, and they could support healthier habits and relationships through their media businesses. And Amazon would also benefit from thinking more about how people are connected to each other. With the exception of Twitch and wish lists and family sharing for media, Amazon’s businesses largely approach the consumer as an individual purchaser rather than as part of a connected community. What could Amazon do to forge better connections between people? Could Amazon foster empathy and tolerance?

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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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🔍 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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Private Equity funds are elevating their operating teams and partners as a key driver of value creation at their underlying portfolio companies. Learn how to implement these changes for greater success. #PrivateEquity #PrivateCapital David Brown I Hugh Lloyd Ellis I Kevin Desai I Steve Roberts I Mairi McInnes

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Two years ago, we launched KKR Ascendant, a strategy within KKR’s Americas Private Equity platform focused on investing in middle-market businesses. Today, we celebrated a major milestone: the final closing of the KKR Ascendant Fund. We see a significant and growing opportunity to use our leading platform and resources to help high-quality middle-market businesses grow, scale and create value for their customers and employees. One way we’re doing this: By supporting the implementation of employee ownership programs at every majority-owned company in which the fund invests. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. To date, more than 50 KKR portfolio companies have awarded billions of dollars in equity to over 110,000 non-senior management employees. Ascendant has already invested in six leading North American companies, including Alchemer, 123Dentist, Industrial Physics, Potter Global Technologies, mdf commerce and Marmic Fire & Safety Co. – and we’re just getting started. Learn more: https://go.kkr.com/3Bg5JwX

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Recently sat down with Tianyi (Tony) Sun, Director of CVC at GC International, shared a few key points on building and managing a CVC fund. How to decide the north star of the fund by balancing between strategic and financial. What to look for to build an ideal talent team. IC's role in decision-making and best practices. Just like any previous episodes, we touched on many aspects with this short recording. Drop me a line if you think I should elaborate on some of these. https://lnkd.in/g9Nj8s5W GC Ventures #corporateventurecapital #corporateinnovation

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Jefferies Financial Group's strong second-quarter results indicate a resurgence in investment banking activity. Jefferies saw a 59% increase in investment-banking revenue, driven by bond underwriting, IPO assistance, and mergers and acquisitions advice. This performance, which exceeded expectations, caused Jefferies' stock to rise by 7%. The positive results from Jefferies are seen as a promising sign for larger Wall Street firms like JPMorganChase and Citi, which are also expected to report strong earnings due to robust investment-banking fees. Despite challenges such as higher interest rates, geopolitical tensions, and cautious market sentiment, the rebound in investment banking represents a significant turnaround from the previous year's downturn in dealmaking. Read More Here: https://lnkd.in/e9888rPG Branded Hospitality Ventures Michael Schatzberg #venturecapital #investmentbanking #innovation #technology #wallstreet Yahoo Finance David Hollerith Richard Saltzman John Liguori Lindsay Kronengold Rechler Rami Gerber, CPA Ya Tung Craig Jefferies Brian Brian J. Anton, CPA

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The lack of exits from both private equity and venture capital funds over the last few years continues to have a significant impact on the behavior of large investors. Per the attached article from Institutional Investor, single family offices have moved more capital into fixed income and liquid equites (ie. the stock market). With yields on fixed income securities now higher, the move into that asset class is easy to understand. I would expect a larger allocation to fixed income to endure, as interest rates are likely to remain at or near their current level for the foreseeable future. However, I suspect that the move into liquid stocks is driven more by the need for near-term liquidity, rather than any structural change in asset allocation philosophy. The truth is that family offices need both access to growth companies AND liquidity. If exits in the private markets begin to uptick again, I would expect family offices to once again deploy capital to PE and VC. Private equity and venture capital continue to be the most effective method to access the return profile of growth-stage companies. That is not going to change. However, the liquidity side of the equation needs to return to normalcy. #privateequity #venturecapital #innovation #entrepreneurship #founders #startups #investing Endeavor Colorado Zeb King Tegan Stanbach Kathryn Dickson https://lnkd.in/g4rqxzhQ

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HETI RIPORT #PE Private equity firms that have snapped up wealth managers amid a wave of consolidation in the sector are struggling to find the exit. Buyout firms have rushed to buy wealth firms across the UK in recent years in a bid to cash in on an ageing population that is living longer. This means they want more help with their investments after the pension freedoms unlocked billions in fresh capital. As compliance and technology costs rise, and with a glut of financial advisers looking to retire and pass on traditionally sticky assets, private-equity-backed consolidators saw an opportunity to bring financial advisers together and take advantage of economies of scale. https://lnkd.in/d8ez6Bva

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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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Great to see RSF Social Finance's flagship loan fund, the Social Investment Fund, in today's ImpactAlpha The List: Impact fund managers steer private credit to places equity fears to tread. #changemakers #socialinvestmentfund #regenerativefinance #impactinvesting #wealthmanagement

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