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Chief Outsiders’ Inside View: The 2019 Bain Private Equity Report
Apr 12, 2019, 12:52:45 PM — This far into private equity’s boom is bound to leave both LPs and GPs wondering how much longer the good times will last. They aren’t retreating so much as proceeding with caution and preparing for stormy weather, whenever it might arrive. The upside is there are ample ways to strike that balance, as the best GPs are stepping up their game to identify targets and sharpen diligence, while simultaneously planning for the worst.
Operating Partners: Creating Value and Driving Organic Growth
Oct 30, 2018, 1:56:28 PM — Operating Partners have a tough job! Many firms are still trying to figure out their Operating Partner strategy They don’t always have input into the deal parameters yet are called-upon to see that the Value Creation Plan fulfill the investment thesis They don’t always have a full seat at the table with the deal partners and may not reap the same type of rewards They are often in the position of working with management teams who are skeptical of their input and not always quick to accept help They are often spread thin across multiple portfolio companies with limited resources These dynamics were on full display at two events I attended recently – The PEI Operating Partners Forum and ACG’s M&A East. While Operating Partners were in abundance at the first event, the second was dominated by deal professionals and board advisors. Surprisingly, much of the messaging was very similar.
Evaluating Board Guidance vs. C-Suite Leadership
Sep 5, 2018, 1:41:01 PM — The difference between a marketing executive working inside the business and on the board A standard part of the private equity playbook is to find seasoned executives to fill seats on the boards of their portfolio companies. Increasingly that includes someone with a strong marketing pedigree who can provide advice, guidance and support to both the management team and the board on an ongoing basis. But this approach may not be enough for many mid-market firms, especially in an environment where acquisition prices are on the rise, exit multiples are shrinking, and the pressure mounts from LPs to deliver outsized returns.