John Stephen Daly

We're proud to celebrate Sector Lead, Matt Witheiler's fourth consecutive naming to Forbes’ ‘The Midas List: The World’s Best Venture Capital Investors in 2024'. Kudos Matthew Witheiler - this is testament to your enduring impact on the late-stage VC industry. https://lnkd.in/eBdHwBG4 Wellington Management did not pay a fee to be considered. Winners were selected by a data-driven approach, the Midas List is produced from a combination of public data sources and the submissions of hundreds of investment partners across hundreds of firms each year. This award was announced on June 4, 2024, a submission made in January 2024 and is based on 5 years of trailing data. The award may not be representative of any one client’s experience. The award is not indicative of Wellington Management’s future performance. Past performance is no guarantee of future results.

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Fabian Chrobog, our Founder and Chief Investment Officer, recently spoke with Will Wainewright for the Alternative Fund Insight podcast and discussed the evolution of NorthWall, the firm’s investment strategy, and the importance of creating the right culture for retention, amongst other things. “We’re focused on what we’ve always been focused on. To our investors, delivering access to uncorrelated returns in European private credit and to our counterparties, private credit capital solutions.” You can listen to the full episode here: https://lnkd.in/exwzHZpD #PrivateCredit #Alternatives #Europe 

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Secondaries and GP stakes are harmonious areas of investment: both capitalize on the growth in private markets… firms are increasingly recognizing the benefits that a partnership can bring in terms of providing capital and expertise.     Thanks to PEI for the feature and Ward Young for the partnership on the demand we’re seeing across the GP stakes landscape!  

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In a recent article published in FundFire, Meketa Capital CEO Michael Bell is quoted about the demand from retail investors for private investments and the importance of selecting the right manager. Check out the article here: https://lnkd.in/dTt-f4PB #wealthmanagement #privateequity #privatemarkets #RIAs Disclosures: https://lnkd.in/gfGBKFyH

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Great article - 100% agree with this. My question for the APAC market on the three trends highlighted in the article; Are APAC GPs willing to be more sophisticated with how they interact with the secondary markets and are they are willing to compromise on price when selling through secondary options? I think this is also a massive question facing other asset classes in APAC, Venture Capital for one - do funds also need to be more creative with exit opportunities as well given the usual methods are less tangible right now?

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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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It’s BOD & AGM season. After 9 BOD meetings and 7 AGMs there is a common theme. “Generally” Emerging Fund 1&2 managers w/o firm building experience; and Founders/ELTs who raised pre-seed generalist and family office party rounds at Seed or crossover/hedge fund capital at Series A. Same general dynamic… experience matters. #venturecapital #emergingmanagers #startups #familyoffices #lps

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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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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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WHOLE BUSINESS SECURITIZATION (WBS) - A POCKET OF FINANCING OPPORTUNITIES This week, Blackstone agreed to buy a majority stake in Jersey Mike’s and plans to finance the deal by expanding the existing whole-business securitization. What does this mean? Why are we suddenly hearing more and more about WBSs? Unlike traditional financing, WBS structures require creating new corporate structures that hold operational assets, IP, franchise agreements, or other value assets where debt is lent directly against those assets. Once those assets are in the new corporate structure, the legal documents “ring-fence” the assets in a credit box so only the WBS debt has a secured claim against those assets. Why would a company do this? Three key reasons:  1) Lower cost of capital: coupons are typically only a couple of points above SOFR 2) Longer maturities: even 50 years which is rare for corporate debt 3) Less covenants: WBS structure can lead to significant yearly dividends, asset improvement, reinvestments, and more, as long as specific ratios are covered and the operational assets maintain their value. What do creditors get in return? The underlying assets are not just collateral, they have been moved into a separate entity which gives them much greater protection. A fascinating and upcoming financing trend, let's go into more detail in the full writeup. https://lnkd.in/e2HTR3VN

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LH Partner Andrea Hippeau participated in a panel during last week's Women’s Private Capital Summit. Titled “Win Pack LPs,” the panel discussed the state of venture and how VCs can regain LP trust after many industry players invested imprudently at sky-high valuations in 2021.

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HETI RIPORT #KKR Can private equity produce excess returns above what is available in the public markets? It’s a question we’re getting from many individual investors as private equity investing opportunities have become more accessible through evergreen products. In answering this question, we start by looking at historical returns and some of the factors that have driven private equity’s outperformance relative to the public markets over time. We then address why we think private equity is positioned to continue outperforming in the future.

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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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Get ready for a deep dive into Baron Capital's investment approach at #BaronConference24! Co-CIOs Cliff Greenberg and Andrew Peck will join Director of Research Amy Chasen along with other Baron Capital portfolio managers for an exclusive look at where Baron Capital is finding the best growth opportunities. View full agenda: https://lnkd.in/ePEa3Mh9 Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting BaronCapitalGroup.com. Please read them carefully before investing. Risk: All investments are subject to risk and may lose value. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).

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Sharing an article we just wrote in Private Funds CFO by Hark Capital Founder and Managing Partner Doug Cruikshank highlighting the increase in market recognition and acceptance of NAV loans. Please click below to read the full article in which Doug highlights the changing LP perceptions of NAV solutions as sponsors continue to use them "to improve the returns of the sponsors portfolio, to the benefit of the sponsor's LPs". #NAVLoans #NAVFinancing #PrivateFunds #PrivateMarkets #PortfolioTool #ValueCreation #PrivateCredit #FundFinance #NAVSolutions #ManagementCompanyFinancing #PrivateEquity #GrowthEquity #PortfolioSolutions

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PE - Lower MM Episode from Capital Allocators podcast with great insights - Ted Seides & @Mark Johnson at Astra Capital Management Good episode from Capital Allocators: - successful PE is about great people you work closely with - find people who give your PE fund an edge - people & relationships lead to the success - find or create situation where your expertise/edge matters - nice guys finish first - consider all deal-making elements including a broad & operating business perspective - you should have deep expertise but be able to be also be a generalist - good investing requires intellectual honesty & rigor - there is no such thing as a "perfect deal" - in investing, process matters - it's also important to have a process (Mark/Astra created a "Pyramid of Value Creation") Source: https://lnkd.in/e-v-tnzu --- #pe #privateequity #business

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