Lauren Hunt

CRV's recent decision to return $275M from its later-stage Select Fund highlights the growing caution around inflated valuations. As capital becomes more selective, this move signals a recalibration, especially for late-stage startups where liquidity is tighter and exits are delayed. While this news centers on a later-stage fund, we may also see new early-stage funds raising less capital going forward. With a more conservative approach across the board, founders at all stages should expect increased scrutiny and a more measured funding environment in the near term. https://lnkd.in/grG7u_KK

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Today Cleary announced a non-equity tier. It's a trend. A lot of firms are moving in this direction, and many have over the last 18 months. I have a lot of thoughts on this (surprise) but one is darker than the others. Per the most recent NALP report in January of this year, 50.31% of associates are women. The percentage of female associates of color among all associates was 17.5%. Women make up 27.76% of partners. The picture is more complicated, though. At multi-tier firms, women are only 23.7% of equity partners. (And the share of female partners of color is less than 5%). Will having 2 tiers mean that more women, potentially especially women of color, get parked in the non-equity tier in perpetuity? How do we avoid it? (This is not a prognostication of what will happen at Cleary -- it's about the expansion of this tier across firms). (My strong girl, running through the sprinklers at school)

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Our annual PE M&A market trends report for 2024 has just been published in association with Howden M&A and Arrowpoint Advisory . This is really worth a read to get the most up to date research on M&A and private equity deal terms.

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How can you maximize your company’s valuation and ensure a seamless transaction process when selling to a private equity firm? My colleague Louis Rappaport will join panel moderator Ryan Hurst (RKL LLP), Adam Bowie (Mereo Capital Partners), and Ben Kauffman (Dutchland LLC) on Thursday, September 12 at Smart Business Dealmakers Conference Philadelphia at the Union League of Philadelphia to discuss how to effectively prepare a company for a successful sale to a private equity firm, including crucial steps such as financial optimization, operational enhancements, and presenting a business as a compelling investment opportunity. #privateequity #companyvaluation #companysale

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Great Sponsor-led secondary case study written in collaboration between my partner, Mike Blume and Derek Minno of Point Capital. Derek, a veteran in the VC/PE world, has been chronicling (on SecondaryLink) the GP-led VC and now PE sector. The case study provides a detailed perspective into a sponsor-led secondary and Tail End Capital Partners' approach to these investments. The case study documents Tail End's first investment, made in August, 2021 and also Tail End's first full exit in early 2024. Tail End has actually returned 97% of capital across our first three (of eight) investments proving out the velocity of capital in the Sponsor-led secondary market. Shout out to Sebastien Burdel for the introduction to Namakor Holdings the GP in Gelpac (the investment)! And, of course, thanks to Namakor for being great partners in this transaction! Article Link: https://lnkd.in/dUftFXdz Point Capital: https://lnkd.in/dAx_j8wP #sponsorledsecondary #gpledsecondary #secondary #secondarymarket #secondaries #independentsponsor #cv #continuationvehicle #liquidity #pe #privateequity #lmm #lowermiddlemarket #gp #generalpartner

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One major mistake that founders make is ignoring industry regulations. Ignorance is not bliss here - disregard the rules and you will see how penalties or shutdowns could mercilessly kill your momentum. I've seen too many fired-up founders get blindsided by regulatory roadblocks that could've been dodged (or at times, they even chose to ignore). Data privacy, sector compliances, employment laws, IP protection - do a deep dive into what applies to you. Don't treat the legal details like a nagging chore - it can actually be your competitive edge. As you scale up, robust processes to stay compliant are an absolute must. A practical tip for founders: Regulatory gaps often also decrease the risk appetite of investors who are evaluating your business - they will often ask you to fix the issues before they invest (which can at times push the investment by months) or you get sent down the road of providing them comfort through indemnities etc., which can at times really take a monetary hit on your business. #regulations #legal #startup #founders

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In an interview with Venture Capital Journal, MoFo’s Chris McKinnon discusses his thoughts on what’s ahead for the venture capital industry this year, including investors’ enthusiasm for emerging AI companies and insights into how investors assess the investment process. https://gag.gl/azpTdh

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In an interview with Venture Capital Journal, MoFo’s Chris McKinnon discusses his thoughts on what’s ahead for the venture capital industry this year, including investors’ enthusiasm for emerging AI companies and insights into how investors assess the investment process. https://gag.gl/azpTdh

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Don’t miss the latest insights from THE CRED, where we explore wide-ranging topics across the private credit space, from PIK trends (featuring an article I co-authored with Angelina Liang and Edward Newlands), to the ABCs of ABF. You can read more via the link below. #privatecredit #THECRED

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Since joining Bates White over 18 years ago, my work has focused on mass torts and product liability cases, including numerous bankruptcies, insurance coverage disputes, due diligences, consulting, and financial reporting engagements. In this interview, I discuss how I approach solving problems while forecasting liabilities or damages, and more broadly across my work.

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We have all been eagerly awaiting a recovery in M&A activity, and it looks like the Q2 2024 data is finally showing some signs of optimism. Here is a review of Pitchbook's recent Global M&A Report for Q2 of this year. #Pitchbook #Mergers #Acquisitions

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We have all been eagerly awaiting a recovery in M&A activity, and it looks like the Q2 2024 data is finally showing some signs of optimism. Here is a review of Pitchbook's recent Global M&A Report for Q2 of this year. #Pitchbook #Mergers #Acquisitions

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We have all been eagerly awaiting a recovery in M&A activity, and it looks like the Q2 2024 data is finally showing some signs of optimism. Here is a review of Pitchbook's recent Global M&A Report for Q2 of this year. #Pitchbook #Mergers #Acquisitions

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𝘓𝘢𝘸360 spoke with my partner and chair of HSE's Securities and Capital Markets Practice Group, Alex McClean, about the implications of the SEC's rare step to further delay a decision on whether to approve or deny a proposed Nasdaq rule that would accelerate the delisting process for companies with low stock prices. Read more for industry perspectives about the decision: https://lnkd.in/eyEyx99G

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An article on how solar, wind, and storage get paid in New York's wholesale market. It's important whether getting a REC or a forthcoming Storage Index Credit contract with NYSERDA, or if you are already installed & operating. The article helps to answer a deeper question on how to maintain a reliable grid with increasing intermittent power.

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Do venture capital deals really slow down in the summer and heat up right before the end of the year? In this StartupPercolator post, Perkins Coie's Andy Shawber busts some common myths about optimal times to close your financing round. #Startups #VentureCapital #VentureCapitalFundraising #StartupPercolator

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Benchmark’s $170M partners-only fund is a strong signal of confidence in venture-backed startups, especially at a time when many firms are tightening their belts. As I noted in my post last week, CRV recently downsized its fund in response to a more cautious market outlook. While it will take time to deploy the capital, Benchmark’s decision to raise this separate fund, using primarily personal capital, suggests that they see viable opportunities ahead and believe in the potential for strong returns, despite broader market caution. This contrast in strategies highlights how firms are adapting to current market conditions - Benchmark sees untapped potential, while others take a more conservative stance. #VentureCapital #Startups #MomentusLegal #MarketTrends https://lnkd.in/gpDXjKcE

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Great insights here for pre-seed Founders. Carefully consider pre-seed sweat equity from early advisors. There could be a good reason to give it up. But be careful. If they’re on the cap table, they will be with you through to acquisition. Be sure you can work with them long term. As seen below, the % doesn’t need to be as high as you think. My advice: whatever % you’re thinking, half it!

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