Kerry Leigh Miller

Boards of Directors – How Relevant To The Business Is The Board? In 2014, activist investor Starboard Value successfully replaced all 12 directors on the board of Darden Restaurants. The following shows the Darden incumbent board at the time of Starboard's proxy fight, Starboard’s value creation plan initiatives, the Starboard director nominees and the before and after performance (revenue, EBITDA, EBITDA margin and stock price). Note especially the direct relevance of each Starboard nominee to the industry or some aspect of the value creation plan. How often do you see this level of relevance on public company boards?

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The future of AI is multimodal, and LiveKit is making it possible!

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𝗩𝗖 𝘁𝗼 𝗣𝗘 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀: 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗦𝗵𝗶𝗳𝘁 𝗳𝗿𝗼𝗺 𝗔𝗥𝗥 𝗔𝗹𝗹𝘂𝗿𝗲 𝘁𝗼 𝗣𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗙𝗼𝗰𝘂𝘀   Lately, I've observed a trend that seems to be gaining momentum: companies with revenues around €10M range, poised on the edge of profitability being backed by VC investors are now being presented to Private Equity investors.    The initial VC investors were drawn in by the allure of Annual Recurring Revenue (ARR). With an ARR of €10M, a growth investor is looking to exit, having entered at a €50M valuation and now seeking (at least) €100M EV. However, PEs evaluate these opportunities through a different lens, focusing on profitability multiples.     This clash of investment philosophies presents a dilemma: VCs are faced with the choice of either selling at minimal returns or steering the company towards sustainable profitability for another 2-3 years before making an exit. This dichotomy could lead to numerous instances where deals stall, as finding common ground becomes exceedingly difficult.     I wonder how this plays out in times, where LPs have high exposure to tech VCs and are eagerly looking for distributions. So far, I see only very few VC to PE transactions.    Interestingly, in the U.S., we notice a trend of PEs increasingly adopting the ARR mindset. This raises several questions for the European market: Will such transactions only materialize when international PEs step in? Are European PEs likely to follow suit? Could this lead to a recalibration of VC pricing?    Have you observed similar patterns?    #PrivateEquity #InvestmentStrategy #MarketShifts #SustainableGrowth #ProfitabilityFocus 

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https://lnkd.in/gZeefZhX Private equity funds gathered $176.7 billion in the first quarter of 2024, a drop of roughly 10 percent from the $195.5 billion recorded in the same period last year, according to preliminary findings from PEI data. Interest rate uncertainty continues to weigh on buyout and exit activity, while record dry powder for the asset class remains stacked for 2024, the data found.

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📈🏢 Aby Rosen's RFR Holding is facing a staggering $2.5B debt bill as defaults pile up! 💥 🔎 According to a recent Bisnow article, RFR Holding, a prominent NYC real estate firm, is grappling with mounting debt and defaults. The company, led by billionaire Aby Rosen, has a portfolio of high-profile properties, including the iconic Seagram Building and Lever House. 🏢🏦 📊 The firm's debt load has surged to a whopping $2.5B, with $1.1B in loans maturing this year alone. 💸 The pandemic has hit the commercial real estate market hard, causing defaults to skyrocket. RFR Holding is no exception, with defaults on several properties, including the $200M mortgage on the Seagram Building. 📉 🗣️ "The pandemic has created a perfect storm for commercial real estate," said one industry expert. "Companies like RFR Holding are facing unprecedented challenges as they navigate this difficult time." 🌪️ 🔜 So, what's next for RFR Holding? The company is reportedly exploring options to refinance its debt and avoid further defaults. 💡 With the commercial real estate market showing signs of recovery, there's hope that RFR Holding can weather this storm. 🌞 Stay tuned for more updates on this developing story! 📰🔔 #RFRHolding #CommercialRealEstate #Debt #Defaults #NYCRealEstate

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Key Investment Highlights from The Seraphim Space Index Q2 2024 🌌 Let's take a closer look at the key highlights from the latest quarter: 💰 $8.5bn invested in TTM to Q2 2024 👩‍💻 174 deals in Q2 2024 🛰 $2.4bn invested in Q2 2024 🤝 385 deals in Q2 2024 compared to 320 in Q1 2024 🚀 Space Pioneer closed the biggest deal of $208m in Q2 2024 💲 Average deal size is $18m ◾ Median deal size is $5m in Q2 2024 Check out the full Index here - https://lnkd.in/d-vf-mVN

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The 56th edition of the Alt Goes Mainstream AGM Weekly newsletter is out! A new asset manager looks to be joining the fray. Bloomberg reported this week that Todd Boehly's Eldridge Industries is planning to transform into a new firm that will combine at least six existing platforms and launch with $65B in assets. News of Boehly’s new venture highlights what’s becoming an increasingly popular trend among alternative asset managers: a focus on permanent capital. Boehly’s success in asset management has very much been a result of his long-standing focus on leveraging the power of permanent capital. The crown jewel of Boehly’s expansive Eldridge Industries empire? Security Benefit, a life insurance business based in Topeka, Kansas. Eldridge certainly isn’t the only alternative asset manager who can see the value in having permanent capital, which some call the “holy grail of private investing.” Who is the leader of them all when it comes to permanent capital? Read on for more to find out which alternatives manager has leveraged the power of permanent capital, with data and analysis from Evercore's Glenn Schorr on why not all capital raised is necessarily created equal👇 The AGM Weekly, brought to you by 3i Members covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 The Wall Street Journal's Marc Vartabedian on StepStone Group seeing an opportunity in venture secondaries. 📌 Financial Times' Tabby Kinder on Lightspeed's shifting focus to secondary markets and what it could mean for the future of venture. 📌 Bloomberg's Marion Halftermeyer on how US pensions are pursuing PE co-investment deals in a bigger way like their institutional investor peers. 📌 Bloomberg's Eleanor Duncan & Francine Lacqua on Deutsche Bank's Hoby Buvat comments about banks and private credit firms teaming up to finance major trends like decarbonization and digitization. 📌 Institutional Investor's Alicia McElhaney on Aflac's approach to GP stakes investing and portfolio management. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, 73 Strings, AltExchange, LemonEdge, PitchBook. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/ecjTxztj

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I’m thrilled to share one of the most exciting updates since our official launch in 2015. We are unveiling the Keymaker Alliance, an innovative new 501(c)(3) that stands to revolutionize the way Backstage Capital operates, supports founders, and shapes the next generation of investors. The Keymaker Alliance allows us to receive non-profit funding from individuals, foundations, corporations, and donor-advised funds. This means we can now use these funds to support high-impact investments and donations, providing immense value not only to Backstage Capital but also to the founders we serve and our community of investors. Specifically, the Keymaker Alliance enables us to: · *Invest in more pioneering startups* that drive social, economic, and environmental change. · *Expand our operations* to support more entrepreneurs and amplify our impact. · *Invest in other funds* with aligned missions, creating a multiplier effect in the ecosystem. · *Provide grants and debt funding* to ventures and initiatives that align with Backstage's values and goals. For our current investors, this initiative has the potential to significantly raise our assets under management (AUM), enabling us to pour more resources into our existing portfolio while seeking out new opportunistic plays. Our recent investments in innovative companies like ChatGPT, BoldHue, and AudioMob are prime examples of the opportunities we can seize because of our nearly decade-long journey and trailblazer status. I'll soon reveal more details about how a large portion of these donated funds will be used to create essentially an "evergreen" funding pool, allowing us to continuously support new ventures and drive sustainable growth, which is something I've wanted Backstage to be able to do for years! This initiative is not only exciting and compelling but also truly disruptive. It positions us to create a lasting, positive impact on the venture capital ecosystem, democratizing access to funding and fostering an environment where diverse and underrepresented founders can thrive. If you would like to contribute to this transformative journey (with a tax-deductible donation), please visit this site: https://lnkd.in/g7yheVvp Grants or distributions accepted from:  Individuals • Corporations • Donor-Advised Funds • Foundations Retirement Accounts • Charitable Trusts Donate any asset with established or appraisable value, such as:  Stocks • Bonds • Real Estate • Collectibles • Art  Cryptocurrency • Privately Held Business Interests Press requests: ARLAN@BackstageCapital.com

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Pending collapse of the American economy? Congress is now on a tear of rapidly increasing deficit spending and creating annual debt-service exceeding $1 trillion annually, almost 20% of the Federal budget by end of 2024. As Treasury bonds mature and have to be refinanced at higher interest rates, debt-service will rapidly increase to 25% to 30% in the short-term. Are they motivated to solve this problem of pending national insecurity? No. So what is Congresses solution going to be when debt-service exceeds 50% of the federal budget? What about 75% of the federal budget? Indeed, somewhere in the latter numbers, a default on US Treasury debt (currently $34.7 trillion) has to occur. And when this occurs, a major recession/depression will ensue because money derived from deficit spending will disappear from the national economy. Thanks to fiat currency systems and socialist economies, historically, this ineptitude by national leaders is bound to occur. So what is the solution to avoid USA economic collapse? https://lnkd.in/gyqbT6B2

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His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.” The rest is history. Today’s Alt Goes Mainstream episode features one of the legends of the venture capital industry. Peter Barris joined New Enterprise Associates (NEA) in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter's leadership, NEA saw tremendous success, growing into one of the world's largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA's AUM stands over $25B. Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus AI, and more. We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered: * The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return. * What's the “best characteristic and the death characteristic” of an entrepreneur? * In today's hypercompetitive market do VCs have enough time to make good decisions? * Why the world of venture capital is about influence. * What does it mean to earn an entrepreneur’s trust as a VC? * Why VCs with operating backgrounds can bring unique value to startups. * How NEA came up with the term "Venture Growth Equity." * How can a VC tell that a founder is good at experimentation and that they have the good judgment? * Why specialization and domain expertise are prerequisites in today’s venture industry. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences. https://lnkd.in/eEJGEFWe

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The Private Investing Cash Drought: The Big Point The Rabid Capitalist: The Big Point is a brief summary of a detailed note available to paid subscribers. Private equity funds’ cash distribution collapse has led some institutions to pause additional investing into illiquid asset classes. These asset classes have been experiencing their worst level of investment exit volumes in a decade. The cash drought will prolong the recovery in private investments, damaging existing asset owners and founders, but benefiting opportunistic investors. Complete content is available for a $15 monthly subscription. Click here to subscribe: https://lnkd.in/efrCjxRD

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Few asset classes have dominated the public discourse as much in recent years as Venture Capital (VC). During the days of low interest rates, investors tried hard to get as much capital deployed into the asset class as they could - financing capital-intensive business models ranging from electric cars to quick commerce just before they had the chance to go public via IPO or SPAC. #venturecapitalists #Limitedpartner #Generalpartner #Funds #Fundmangment #Fundmangers #Investments #LPs #GPs #VCs

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Lived experiences influence our financial decisions. Across generations, we see the differences in wealth creation and allocation. Bank of America Private Bank compiles survey data to highlight the upcoming changes to financial markets from familial wealth transfer. ( Thank you Dan for the research report ) Implications to #crypto: Quite possibly, approx $300b per year from the US alone for the next two decades could flow into crypto. This estimate is based on the wealth transfer of $42T from boomers to Gen X/Millennials/ Z and the ensuing constant wealth allocation of 10-15% in crypto.

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🌟💰 Cendana & Kline Hill Launch $105M Fund for Secondary Stakes in Seed VC Funds💰🌟 📢Cendana Capital, a fund of funds that invests in dozens of seed-stage venture firms, and Kline Hill Partners, a firm focused on buying small previously owned private assets, are announcing a new $105 million Kline Hill Cendana Partners fund, which is well above the $75 million target, reported TechCrunch. 🔊“Over the past 2 years, we’ve been hearing from our portfolio funds, ‘We have a family office that wants to sell their $2 million commitment. Would you be interested in buying it?'” said Michael Kim, founder and managing director of Cendana Capital. "As we navigate the evolving VC landscape, this fund offers a unique opportunity to buy stakes in seed-stage VC funds and startups at relative bargains," shares Michael Kim. 💡💸 Led by Kim and Chris Bull, CFA of Kline Hill Partners, this joint venture combines expertise and relationships to navigate the secondary market with precision. "Our goal is to capitalize on the current buyer's market in venture capital," says Bull. 🌐🤝 "With traditional secondary investors eyeing the venture space, the competition is fierce. However, our focus on seed-stage firms sets us apart," explains Kim. 📈💼 Cendana’s relationships with its portfolio funds, including Lerer Hippeau, Forerunner Ventures and Bowery Capital, are helping it take the lead on sourcing secondary deals. Cash-hungry venture investors, whether VCs themselves or their LPs, are increasingly looking to sell their illiquid positions to secondary buyers.  As they embark on this venture, the firms are poised to make a significant impact on the VC ecosystem, providing much-needed liquidity and unlocking new opportunities for growth. "The future looks bright for Cendana and Kline Hill's joint endeavor," concludes Bull. 🌟💰 With the demand for liquidity in the VC space at an all-time high, Cendana and Kline Hill's initiative couldn't come at a better time. By facilitating secondary transactions in seed-stage funds, they're not only providing relief to cash-hungry investors but also fueling innovation and growth in the startup ecosystem. 🌱💡 As the venture capital landscape continues to evolve, partnerships like these will play a crucial role in ensuring the health and sustainability of the industry. With their proven track record and strategic approach, Cendana and Kline Hill are well-positioned to lead the way forward. 🚀🌐 ✅ Looking to raise capital for your #fund and increase the international pool of your LP #investors?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments?   ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE #VentureCapital #SecondaryMarket #SeedFunding #Innovation #StartupInvesting #Entrepreneurship #CendanaCapital #KlineHillPartners #VCInvestment #SeedStage #LiquidityOpportunity #FutureofVC #InnovativePartnerships

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I will be sharing tips/clues we use at Calder to identify “real” buyers - those most likely to submit an offer. You may find it interesting that ~10% of buyers that inquire, sign NDAs, and are approved actually move forward seriously on a given business opportunity so it’s paramount for our team to spend time with those 10%. The problem is that we don’t know at the outset who they are. So here’s clue #1: “If the buyer’s first question is related to the asking price, they are unlikely to be serious.” #buyingabusiness #mergersandacquisitions #investmentbanking #sellingabusiness

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Tune in to the upcoming webinar by Shils Entrepreneurial Fund on July 16th at 7 pm Eastern Time. The webinar, titled "Raising Capital and What it Takes," will feature Jane Levy, the Co-CEO of Plan Forward. This webinar is an invaluable resource for anyone looking to gain confidence in the process of raising capital from angels, family offices, and venture capitalists. #FamilyOffice #VentureCapital #Investors #Invest #Capital #Finance #ReverePartners #FundRaise #Tech #PrivateEquity #Equity #StartUp #Founders

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Are you the CEO of a lower-middle market company? Do you sometimes feel alone at the top? Scaling a business is tough. It’s even tougher without the right support. That’s where AlphaEquity Builder steps in. Here’s what we offer: → A community of like-minded peers: CEOs, serial entrepreneurs, mentors, and veteran investors. → Tailored strategies to propel your business forward. → A pay-for-performance guarantee for accelerating the value of your business. We help you build a scalable company that’s attractive to investors and acquirers. Our proven framework ensures you’re positioned for premium transaction outcomes. For qualified lower-middle market businesses: → We build an enterprise value profile that measures your company’s scalability score, valuation multiple, and comparable attractiveness. → We compare your business to tens of thousands of others. → And we absorb the cost to get to know you and your business better. Because time doesn’t stand still. Every day your business isn’t tracking to achieve scalable growth is a day you can’t get back. Ready to see if your business qualifies? Talk with an advisor now. Email us at CompanyValue@AlphaEquityBuilder.com. Don’t wait. Scale your business and get acquirers knocking at your door. Let’s discuss how we can accelerate your valuation timeline and pathway to scalability. Comment ‘interested’ below if you’re ready to take the next step. Or continue the conversation at our next Learn Live event https://lnkd.in/eJDFsJdG hashtag #crowdscale hashtag #LearnLive

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